Ginger saw rapid growth over the past year, including triple sales and engagements
On-demand mental health company Ginger has achieved an astounding result in the past 12 months: Not only has the company increased its sales roughly three times over the past year, but the demand for Ginger’s coaching and clinical services has since grown Beginning to triple the COVID-19 pandemic.
“For example, in the week of March 8, 2021, demand for behavioral health coaching support increased 270% and demand for therapy and psychiatry increased 365% compared to pre-COVID-19 averages,” said Russell Glass, CEO of Ginger me.
In addition, Ginger has nearly tripled its workforce and increased the number of people who have access to Ginger to over 10 million. Now the company added another feather to the cap: unicorn.
On Wednesday, Ginger announced a $ 100 million Series E funding round, led by funds managed by Blackstone Growth, bringing the total funding to over $ 220 million. The new funding gives the company a valuation of $ 1.1 billion.
Along with the funding, it was also announced that Ram Jagannath, Global Head of Healthcare for Blackstone Growth and Blackstone Tactical Opportunities, has joined Ginger’s Board of Directors.
“Ram is in line with Ginger’s belief in the critical importance of access to mental health. His deep expertise as a health investor will be invaluable to Ginger as we continue to grow and scale through employers, health plans and government payers. The world-class health team by Blackstone fits in perfectly with the Ginger culture. ” said glass.
Ginger employs a collaborative care model, which means that when someone is using it for the first time, they are first set up with a so-called “coach” rather than a therapist or psychologist. Coaches are people who have been supervised for at least six months under clinical supervision and who usually have a certificate in behavioral health coaching from one of the major universities, but who do not have a license to provide a level of therapy.
The app uses technologies like natural language processing that can be used to monitor member chats as well as the trainer’s determination to determine if more care is needed. If so, a therapist or psychologist will be called in to work with the coach to give that person the care they need.
This combination of the availability of trainers around the clock and the technology that can be used to personalize this care enables the system to treat far more patients per hour or day than in a system that does not have the same collaboration and collaboration consists . It also ensures that people receive the right level of care and not overuse this higher level.
Ginger has over 200 companies serving their employees, including Delta Air Lines, Sanofi, Chegg, Domino’s, SurveyMonkey, and Sephora. Members can also access the service through Ginger’s health plan relationships, including Optum Behavioral Health, Anthem California, and Aetna Resources for Living.
Last year, Ginger introduced a value-based model as an alternative to its existing fee approach, where therapy and psychiatry sessions are reimbursed through their health plan. In the value-based model, employers can offer any eligible employee and adult dependent access to Ginger for a fixed fee. This includes unlimited self-directed care, behavioral health coaching on demand around the clock and a predetermined number of therapy and psychiatry sessions.
“Ginger’s care providers work together as a team to ensure high quality care that enables members to get better faster and reduce costs for everyone. The extensive data source means we can safely take risks and work in this model We’ve built – we’ve got a lot of research and evidence to help us personalize care and better predict what makes people healthy, “said Glass.
In the past 12 months, nearly 60% of Ginger’s new customers have adopted the value option for their employees, and the company plans to use part of this new round of funding to further expand access to this model through additional partnerships with multinational employers and health plans .
In addition, the company plans to use the funds to expand its reach to support underserved populations through new government paying relationships and collaborations with nonprofits, as well as acquiring technology and clinical services to improve its on and scale. call for mental health system. While the company has active deals in the pipeline, Glass said it couldn’t disclose anything specific at this point.
“”Since Ginger’s inception, we’ve acquired assets from organizations like Lantern and Live better Support our technology platform and library with self-guided content. We are always looking to keep scaling our services and acquisitions are one way to achieve that, “he told me.
The other news announced on Wednesday is the hiring of Jesse Silver as Ginger’s new Chief Product Officer. Silver was previously Vice President of Product at Omada Health, led design work at IDEO, and most recently was SVP of Product at PAX Labs. As CPO, Silver will be responsible for developing the experiences of Ginger members and clinicians, including the Ginger Member App, as well as the Ginger EMR for trainers, therapists and psychiatrists, called the Ginger Care Hub, and various other integrations around the world Health care ecosystem to improve access to care.
“Jesse is an experienced product and innovation leader who is passionate about the user experience. In addition to his experience at Omada Health, IDEO and most recently PAX Labs, Jesse is a perfect cultural fit for Ginger,” he said Glass.
Ginger’s growth comes as the conversation about mental health changes and how it’s paid for: while Mental health services were once a purely personnel responsibility. It is now the responsibility of every business leader: from CEOs and CFOs to risk managers and experts in diversity and inclusion.
“We’re seeing a rapid increase in executives and board members who rise to this challenge and want to support the mental health of their employees. And health plans are recognizing how a company like Ginger can help them resolve the imbalance between supply and demand for mental health care,” said Glass.
“While I don’t have a crystal ball on the specifics of where we’ll be in five years’ time, I am confident that we can pursue our vision of a world where mental health is never an obstacle.”
(Glass will be speaking at our Future of Mental and Behavioral virtual event on May 19. We will have high-level VCs and C-level executives from leading mental and behavioral companies like BetterHelp from Teladoc, Amwell, Doctor on Demand and Kaiser Permanent, Bessemer Ventures and more)
(Image source: ginger.com)