Behavioral health telehealth provider adds Bain Capital and Aetna to its list of backers.
AbleTo, a company that provides remote mental health counseling, today announced that it has raised $36.6 million in Series D funding, including investment from some noteworthy sources.
Bain Capital Ventures joined a group of investors that includes .406 Ventures, Sandbox Industries, and Horizon Health Services, among others. With Bain’s investment, their Managing Director Yumin Choi will join the board at AbleTo.
"By integrating evidence-based treatment, structured data capture, and predictive analytics, AbleTo has developed a robust platform that enables insurers and employers to address an important unmet need,” Choi said in a statement.
AbleTo aims to help address behavioral health issues, present in tens of millions of American adults, by connecting patients remotely with licensed therapists and coaches. The company’s website notes that their network contains over 300 experts in the 50 states, focusing on the intersection between behavioral conditions and medical conditions. Patients are able to receive private, personalized counseling via telephone or video connection.
“Today, a number of the largest national health plans, leading statewide Blues plans, and large employers use AbleTo's platform to connect patients with AbleTo's nationwide network of behavioral health providers,” according to the statement.
Insurance giant Aetna, which has worked with AbleTo since its inception in 2008, contributed to the funding round. In 2015, the companies jointly published an outcomes study in the American Journal of Managed Care, one of Healthcare Analytics News’s sister publications. That study compared the outcomes of over 200 patients who used the service for an 8-week intervention to those of 180 controls, and found a 31% drop in all-cause hospitalizations and a 48% reduction in hospital days during a 6-month follow-up.
"Aetna's collaboration with AbleTo improves consumers' access to behavioral health services, and delivers improved outcomes in support of our mission to provide access to holistic care to our customers,” the insurer’s President, Karen Lynch, said.
AbleTo has now raised a total of $57.4 million. According to its statement, the money will go towards “enabling the company to strive for its ultimate goal of successfully treating millions of people with behavioral health conditions,” by allowing it to accelerate their expansion and scaling efforts.
"As AbleTo continues to expand by investing in our technology platform, clinical programs, and people, we are changing the face of behavioral health and increasing the impact we're having on those with behavioral health needs," said Rob Rebak, President and CEO of AbleTo, adding that the firm is “thrilled” to add investors Bain and Aetna to its efforts.