US HealthVest Secures $55 Million Debt Financing to Expand Behavioral Health Services to Underserved Communities

VCBeat (WeChat Official Account: vcbeat) has learned that US HealthVest, headquartered in New York, USA, announced the completion of a $55 million debt financing on April 5 local time. This debt financing includes a $30 million long-term loan provided by VSB and a $25 million long-term loan from a third-party company.

Since its establishment in 2013, US HealthVest has cumulatively raised over $151 million. Reportedly, US HealthVest completed a $36 million Series A financing round in 2013, a $50 million Series B round in 2016, and a $10 million Series B+ round in 2018. The funds from this round will be used to expand the service scope of US HealthVest, providing health services to more communities.

US HealthVest is an innovative company providing behavioral health services. Founded in 2013 by Dr. Richard Kresch, the former founder and CEO of Ascend Health Corporation and Heartland Health Developments, US HealthVest delivers care to patients with mental illness and substance use disorders in underserved communities by establishing new healthcare facilities or partnering with existing healthcare providers. The hospitals offer free mental health and addiction crisis assessments to patients 24/7.

US HealthVest hospitals design specialized medical programs to meet the needs of specific patient populations, offering services that include psychiatric intensive care, veteran care, postpartum care for women, and pain management. Physicians, nurses, and therapists develop personalized care plans for patients, continuously refining these plans during hospitalization based on treatment outcomes to achieve optimal therapeutic results. US HealthVest currently operates six healthcare facilities, including Chicago Behavioral Hospital, Lake Behavioral Hospital, Silver Oaks Behavioral Hospital, Smokey Point Behavioral Hospital, Ridgeview Institute-Smyrna, and Ridgeview Institute-Monroe.

“SVB is a trusted partner, and we are pleased to secure debt financing from SVB to support our continued expansion and provide behavioral health services to a growing number of communities,” said Dr. Richard Kresch, President and Chief Executive Officer of US HealthVest.

“We are delighted to have the opportunity to partner with US HealthVest’s experienced management team, providing them with capital support to grow their business,” said Joe Hammer, Managing Director of Healthcare Corporate Finance at Silicon Valley Bank. “Delivering behavioral health services in community settings is critically important, and we are proud to support US HealthVest in realizing its vision of providing high-quality, personalized care to patients.”

Silicon Valley Bank (SVB), established in 1983 and headquartered in California, specializes in partnering with companies in the fields of internet technology, life sciences, clean technology, healthcare services, and premium wine. Through 27 offices across the United States and seven international business offices, SVB provides global clients with industry expertise, financing, cash management, corporate investment, and international banking services.

Reference link:

https://www.svb.com/industries-we-serve

http://www.finsmes.com/2019/04/us-healthvest-receives-55m-financing-led-by-silicon-valley-bank.html

(Compiled by Liu Na)