Quartet Secures $7.5M in D+ Funding and Partners with Cambia Health Solutions to Enhance Mental Health Care Integration

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on November 27, 2019, local time, Quartet, a New York-based health technology company, announced the completion of a $7.5 million Series D+ financing round led by Echo Health Ventures and Deerfield Capital. Earlier this June, the company had closed a $60 million Series D financing round.

Additionally, Quartet announced that it is partnering with Cambia Health Solutions, based in the Pacific Northwest.

Quartet, founded in 2014, achieves the integration of mental health and primary care by building network platforms and services for healthcare providers. Through its HIPAA-compliant mental health network platform, Quartet collaborates with care teams across various regions. By providing care teams with access to stored data information, the platform enables them to identify potential patients with mental health conditions more quickly and easily establish contact with them. Primary care and mental health providers will assist patients through shared treatment plans, updated clinical assessment results, and other collaborative measures.

Through its partnership, Cambia Health Solutions will be able to leverage Quartet’s mental health platform to identify patients in need of psychological care. Once a patient is referred by the platform, Cambia can facilitate connections between the patient and psychiatrists within Quartet’s network, based on the patient information provided. The platform is HIPAA-compliant, enabling specialists to share patients’ initial assessment results, which will benefit subsequent care.

The development of online mental health platforms is closely linked to Medicaid beneficiaries. These platforms are supported by U.S. Federally Qualified Health Centers (FQHCs) and community resources, with many non-clinical professionals serving as part of their care teams. Medicaid, the U.S. public insurance program, provides healthcare coverage to nearly one in five Americans and is the largest payer for mental health services in the country. Data shows that Medicaid beneficiaries with mental illness incur average healthcare expenditures four times higher than those without such conditions. This excess spending is often driven by physical health complications, emergency department visits, and related factors. Research indicates that integrating mental healthcare with primary care improves patient health outcomes while reducing medical costs.

Dr. Cheryl Pegus, Chief Medical Officer of Cambia Health Solutions, stated, “We are committed to finding a mental health solution that enables people to receive care on their own terms.”

In the past, patients with mental health conditions often had to wait months to secure an appointment with a psychologist or therapist. Quartet’s mental health network platform aims to provide patients with rapid access to mental health resources and remote counseling services delivered by mental health professionals. Quartet has provided treatment services to more than 60,000 patients across China.

Cambia Health Solutions, founded in 1996 and headquartered in Portland, United States, is a non-profit integrated health management company. The company’s products and services include medical information technology and software development, retail healthcare, and more.

Centene Corporation, a Fortune 100 company in the United States, was founded in 1984 and is headquartered in St. Louis, Missouri. As a diversified multinational publicly traded healthcare company, it is committed to providing a range of services to individuals and groups with limited or no insurance coverage through government and commercial healthcare programs.

Echo Health Ventures, established in 2016 and headquartered in Washington, U.S., is a private equity firm focused on investing in the early and late-stage development of startups in the healthcare sector. It has completed 14 investments to date.

Deerfield is an investment management firm dedicated to advancing the healthcare industry through investments, information gathering, and philanthropy. Founded in 1994, the firm primarily invests in companies within the public healthcare sector and currently manages over $8 billion in assets. Deerfield’s investment portfolio spans the entire healthcare landscape, ranging from early-stage pharmaceutical research companies to mature healthcare service and medical device enterprises.

(Compiled by Zhao Siyun)