The company more than tripled its sales in 2020 as therapy sessions increased 6,000%
The way we think about mental health has come quite a long way in a short space of time, to the point where people are far more open than ever about their struggles. One of the most important changes has been to see physical and mental health no longer as two separate things, but as intertwined. Healing from mental health problems can help with physical health problems and vice versa.
This is the approach taken by Vida Health, a virtual care provider that connects patients to a marketplace of national providers covering a range of different conditions, including high blood pressure, obesity, diabetes, anxiety and depression.
On Wednesday, the company announced a $ 110 million Series D round led by General Atlantic and supported by Centene, AXA Venture Partners (AVP) and Ardea Partners. Returning investors include Ally Bridge Group, AME Cloud Ventures by Yahoo founder Jerry Yang, Aspect Ventures, Canvas Ventures, Guidewell, NGP Capital and Workday Ventures.
Founded in 2014, Vida Health offers a collaborative care model that includes access to practitioners such as trainers, licensed therapists, registered dietitians, diabetes counselors and personal trainers to help members manage chronic diseases.
The Vida platform also has more than 30 health trackers and is integrated into over 100 apps and devices, including scales, heart rate monitors, blood pressure cuffs, activity trackers and glucometers, which can be sent directly to employees or members.
In the mental health field, Vida offers evidence-based programs such as cognitive behavioral therapy and mindfulness-based stress reduction for problems such as stress, anxiety, depression, and resilience. It also gives therapists 24/7 access to text, audio, and video.
Vida is one of the few companies that combines mental and physical health and doesn’t see them as separate entities, said Stephanie Tilenius, founder and CEO of the company.
“If you look at our population, the average consumer we enroll as either a member of a payer or an employer has 3.3 conditions. We’ll bring them in and we’ll get their claims data, their prescription data, so we pretty much know and we do really develop a personalized approach. If they have diabetes, obesity and depression we give them a diabetes management program that is tailored to their goals, ”she said.
For example, the company also has its Weight Loss + program, which combines mental health skills development with personalized health coaching to change behaviors that affect weight. Members get access to a registered nutritionist or certified health coach with whom they can participate in weekly one-on-one conversations via text, audio and video in real time. The program is tailored to each user and contains data from the app and device integration of Vida as well as data on medical claims and biometric data.
“It’s an integrated model that gives you access to help with your diabetes and depression. You have two providers, a trainer or nutritionist, a therapist who will measure your progress over time.” Said Tilenius.
“Depending on your conditions, you will receive different digital therapy programs. We use evidence-based programs that get real results and we ship devices to your home. So we track all of your activities and in this case, if you have diabetes, we regularly check your glucose or weight and offer this integrated approach. “
In terms of results, the company has shown a 60% to 70% reduction in depression or anxiety, and a 1.5% to 2% reduction in A1C diabetes.
Vida clients include employers like Boeing, Visa, Cisco and eBay, as well as some of the largest health plans in the country like Humana and Blue Cross Blue Shield. Centene is not only an investor, but also a customer of Vida. Previously, the company had used Vida for its health insurance product Ambetter in 20 states to target members with chronic conditions. Many of the Centene members who have enrolled at Vida are being treated for physical and mental ailments at the same time.
For the future it is planned to continue investing in the Ambetter business and also to expand into other areas with Centene, said Tilenius.
“They have 20 million lives, they have Medicare and Medicaid, and they have a lot of different options for us to look for an addition: You just bought Magellan in mental health, so there are many different areas that can do it . ” we look at each other. “
Vida has seen strong growth since early last year, more than tripling its sales, in part due to a 6,000% increase in therapy sessions. In addition, the company was selected as part of CVS Health’s Point Solutions Management service, and Vida was the first major virtual chronic care platform in the US to bring an extensive Spanish experience to the market that made it possible for the population to serve the population in states like Texas and Florida.
The company plans to use the new funds to expand its network of clinicians, mental health trainers, dietitians and licensed therapists to meet the increased demand. In the past year, the company expanded its existing network by more than 400% and has grown to 1,000 providers in 50 states. The Company expects similar growth this year.
The funding will also serve to expand the commercial effort, which means doubling the size of the sales team while deepening machine learning skills.
“We use ML for both our customer and vendor experiences. We use it to customize the in-app experience, deliver content, and perform analytics. We are constantly personalizing with machine learning from a consumer perspective,” said Tilenius.
“On the provider side, we also use ML to provide the provider with the best, most up-to-date information to make it as efficient as possible. We call them super human and give them the data they need to properly maintain.” In the right time.”
For example, the company has A chatbot called VidaBot that automates some of the lowest priority work outside of the doctor to relieve them and focus their efforts on more important work. That could be Analysis of a food log or remote monitoring of blood glucose data by the patient, both of which can be performed by a bot.
All of this ultimately boils down to Vida trying to be an ongoing care provider for chronic physical and mental illness.
“Right now we have a lot more of a ‘bed and medication’ system where we are given reactive care and we tend to treat chronic illnesses and mental illnesses when it is too late or too expensive. We try to make sure that this one Virtual-first approach to chronic care is the way forward, “she said.
“We all need to use digital tools and actual digital providers to speak directly to consumers and deliver this daily solution to managing chronic physical and mental health in a way that is much, much cheaper than we are.” Today and pretty much everyone in every country, and we have a great opportunity to change the way we provide chronic care around the world. “