Lead investment from Magellan Health highlights pressing need for tech-enabled behavioral health integration and collaborative care solutions
NeuroFlow, the market leader in solutions supporting technology-enabled behavioral health integration, announces today the initial closing of a $20M Series B financing round led by Magellan Health (NASDAQ: MGLN), in addition to a syndicate including previous investors. Magellan is a leader in managing the fastest growing, most complex areas of health, including behavioral health, complete pharmacy benefits and other specialty areas of healthcare.
With record growth in telehealth adoption and historic spikes in depression and anxiety due to the ongoing pandemic, workflow augmentation solutions and the delivery of effective behavioral health care have been identified as top priorities in the industry. NeuroFlow’s technology increases access to personalized, collaborative care while empowering primary care providers, care managers, and other specialists to most effectively support patient populations by accounting for and addressing behavioral health.
“Behavioral health is not independent of our overall health — it affects our physical health and vice versa, yet most underlying behavioral health conditions go unidentified or are ineffectively treated. Most healthcare providers are overburdened, so introducing the concept to account for a person’s mental health in addition to their primary specialty can be overwhelming and lead to inconsistent and inadequate treatment,” said Chris Molaro, NeuroFlow chief executive officer. “Technology, when used strategically, can enhance and augment providers, making the concept of holistic and value-based care feasible at scale and easy to implement.”
Magellan Health’s network of more than 118,000 credentialed providers and health professionals are now poised to join NeuroFlow customers across the country by leveraging the best-in-class integrated data and analytics platform to meet the rising demand for enhanced behavioral health services and support. By partnering with and investing in NeuroFlow, Magellan has the opportunity to accelerate further adoption of NeuroFlow’s behavioral health integration tools, and drive collaborative care initiatives with its own customers as well as its vast network of credentialed providers and health professionals across the country.
“Together with NeuroFlow, we will pave the way for a personalized, whole health approach that is fueled by leading edge digital capabilities,” said Ken Fasola, chief executive officer, Magellan Health. “Our goal is to support optimal experience and outcomes for members and deliver transformative technology for our clinical professionals. This partnership is beneficial in achieving the best outcomes through measurement-based care, and best in class technology.”
NeuroFlow will use the Series B proceeds to scale operations and support its growth in data analytics, artificial intelligence, and direct health record integrations. NeuroFlow’s contracted user base has grown 10x to over 330,000 in support of nearly 200 commercial health systems, payers, accountable care organizations, independent medical groups, and federal agencies to provide technology-enabled care solutions.