$60M Series D funding round fuels continued expansion nationwide,
with a growing focus on supporting Medicaid beneficiaries with mental
health conditions
NEW YORK–(BUSINESS WIRE)–Quartet, an innovative health care technology and services company,
today announced a strategic partnership with Centene Corporation (NYSE:
CNC) to ensure the most vulnerable populations have access to mental
health care.
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.
About Quartet
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.
Contacts
Rob Cronin
917-414-5289
Jen Long
617-784-3245
[email protected]
