Virtual Psychiatry Provider Talkiatry Raises $210M
Talkiatry, a large U.S. virtual psychiatry provider, has raised an oversubscribed $210 million Series D funding round. The company, which employs over 800 full-time psychiatrists, plans to use the capital to expand its in-network partnerships with health systems and payers.
- This latest funding round brings Talkiatry's total capital raised to $245 million since its founding in 2020. Notable previous investors include Andreessen Horowitz, Left Lane Capital, and Perceptive Advisors. - The company's business model is built exclusively on partnerships with insurance providers, accepting plans from over 60 insurers, including major carriers like Aetna, Blue Cross Blue Shield, Cigna, Humana, and United Healthcare. It does not accept cash-pay patients. - Talkiatry distinguishes itself by employing its psychiatrists as full-time, W-2 employees rather than contractors, a common practice in the telehealth industry. This approach is intended to ensure higher quality and more consistent care. - Since its launch, the company has facilitated over one million patient visits. A study published in the *Journal of Medical Internet Research* found that after an average of five appointments, 67% of Talkiatry patients no longer showed clinically significant anxiety symptoms, and 62% no longer had clinically significant depression symptoms. - The platform serves patients aged five and older across 45 states, offering treatment for conditions such as ADHD, anxiety, bipolar disorder, and depression. Initial appointments for adults are 60 minutes, with 30-minute follow-ups. - Competitors in the virtual psychiatry and mental health market include services like Talkspace, SonderMind, American Well, and Teladoc Health. - Talkiatry's billing model often includes multiple CPT (Current Procedural Terminology) codes for a single visit, typically one for medical evaluation and another for psychotherapy, reflecting the combination of medication management and talk therapy. - The company has been a vocal advocate against the proposed rollback of telehealth flexibilities for prescribing controlled substances, which were initially implemented during the COVID-19 pandemic.
