The emotional roller coaster of the past year has caused mental health to become a growing concern for individuals across the country. With healthcare resources in heightened demand due to the ongoing pandemic, more people have turned to the digital world to find help during these times.
Alma is one of the companies forced to close the doors of its in-person sites, but in doing so, it developed a way to address growing demand for remote care. With its provider-first approach, this startup is on a mission to make quality mental healthcare simple and affordable for people nationwide. With $28 million in Series B funding, it’s one step closer to reaching this goal.
Its platform aims to support mental healthcare providers accepting their clients’ insurance, ultimately lessening the cost of sessions for clients. Independent providers can purchase a membership to become part of Alma’s network, enabling them to build their private practices while Alma takes on the job of corresponding with insurance companies in their stead. Members receive access to practice management tools, insurance contracting and revenue cycle management resources.
Insight Partners led the raise that will allow Alma to expand its national network and grow its team as well as invest in product development and increase its offerings of in-network care options. Additionally, the company plans to double down on improving the quality of the services its members provide. It’ll attempt to do this by offering providers digital tools to facilitate outcomes-based care.
“We believe that, when mental-health providers have the support they need, mental healthcare gets better for everyone,” Dr. Harry Ritter, Alma’s founder and CEO, said in a statement. “By providing great clinicians with our technology platform and business support services, we’ve helped our members seamlessly transition their practices to teletherapy while offering more affordable care by taking insurance.”
To date, Alma has raised a total of $40.5 million in funding, according to Crunchbase News. Currently, the company has several available positions listed on its website for roles in product and engineering, marketing, business development and more.
