- June 18, 2019
- Posted by:
- Category: venture capital funding
Medicaid, which supports nearly one in five Americans to access health care, is the largest payer of mental health care in the United States. The average spend of a Medicaid beneficiary with mental health conditions is 4x greater than someone without. This excess spend often shows up through physical health complications and costly episodes such as emergency room visits. Research shows that when mental health is integrated with primary care, patient health improves and cost of care goes down.
"Access to mental health care is critical for overall health," said former Congressman and Quartet Board Member Patrick J. Kennedy. "For far too long, those living with mental health and addiction challenges – including Medicaid beneficiaries – have faced a separate and unequal system of care in this country. Now, as rising rates of overdoses and suicides continue to devastate families nationwide, we must prioritize integrated care that treats the body and the mind."
Quartet enables the integration of mental health and primary care through scalable products and services built for the provider community. Through a HIPAA-compliant technology platform, Quartet supports collaborative care teams at the local level, placing both primary care and mental health providers at the center of patient care. Physicians are supported with data and resources to better identify patients who may have underlying mental health conditions, and empowered to easily connect their patients to a trusted network of mental health providers. Sharing treatment plans, notes, and updates on clinical assessment results, primary care and mental health providers are empowered to support the overall mental and physical health of their patients.
"Through deepening our partnership with Quartet, we are focused on ensuring that people in all communities can access the care they need," said Jesse Hunter, Executive Vice President, Mergers and Acquisitions, and Chief Strategy Officer for Centene. "We are pleased to work with Quartet and other health care innovators to advance the role technology and services can play to improve the integration of mental health and primary care."
Quartet announces expansion of platform to support more members of the patient care team
Supporting patients with mental and physical health conditions – including those on Medicaid – often takes a team. Today Quartet is announcing a new feature of the company's Care Team product that will enable clinicians, clinically-adjacent providers, and community-based professionals – such as case managers – to support patients and connect them to mental health care. This will empower a greater number of professionals to support patients to get the right care at the right time.
Over time, the Care Team product will deliver a unique opportunity to care for the full patient journey, including a more collaborative approach with all stakeholders who are a part of a member's care journey. This product evolution is highly relevant for Medicaid beneficiaries, many of whom are served by Federally Qualified Health Centers (FQHCs) and other community resources, and have numerous non-clinical professionals as a part of their care team.
"We are committed to building a health care system in which every person with a mental health condition gets the care they need," said David Wennberg, MD, MPH, CEO of Quartet. "In all we do, the patient is our north star. Centene's partnership enables us to continue to support the experience of individuals in need of mental health care services, including Medicaid beneficiaries and their team of care providers."
Quartet raises $60M in Series D investment
As integrated mental health care becomes a priority throughout the healthcare industry, Quartet is leading the way to advance this reality. Recently Quartet completed a $60M Series D funding round, bringing total funding raised to date to $153M. The dynamic consortium of Series D funders – including Centene Corporation, and returning investors F-Prime Capital Partners, GV (formerly Google Ventures), Oak HC/FT, and Polaris Partners — will fuel continued growth as the company works to help ensure people with mental health conditions get the care they need.
Quartet is a pioneering healthcare technology company striving to improve the lives of people with mental health conditions. We connect people to a personalized care team to get them the right care at the right time. Our collaborative technology platform and range of services brings together physicians, mental health providers, and insurance companies to effectively improve patient outcomes and drive down healthcare costs. Backed by $153MM in venture funding from top investors like Oak HC/FT, GV (formerly Google Ventures), F-Prime Capital Partners, Polaris Partners and Centene Corporation, Quartet is headquartered in NYC and is currently operating in several markets across the United States – Pennsylvania, Washington, Northern California, New Jersey, North Carolina, Louisiana, and Illinois.
|06/04/2015||$7,000,000||Series A||Oak Investment Partners, Polaris Venture Partners, Shulman Ventures|
|14/04/2016||$40,000,000||Series B||F-Prime Capital Partners, GV, Oak HC/FT, Polaris Venture Partners|
|05/01/2018||$40,000,000||Series C||Deerfield Management Company, L.P., F-Prime Capital Partners, Oak HC/FT, Polaris Venture Partners||Polaris Venture Partners|
|17/06/2019||$60,000,000||Series D||Centene Corporation, F-Prime Capital Partners, Google Ventures, Oak HC/FT, Polaris Venture Partners|