December 2, 2021
Independence to Invest in Quartet Health
Independence Health Group (Independence) and Quartet Health (Quartet) today announced that they have formed a strategic partnership to achieve speed to quality mental health care for all patients across conditions, acuity levels, and insurance type. This new partnership builds on the whole person health initiative that Independence and Quartet announced in February 2021 to better integrate mental and physical health care.
As a part of the new collaboration, Quartet raised more than $60 MM for its next stage of growth, led by Independence with participation from existing investors GV and Oak HC/FT. Also, Gregory E. Deavens, president and CEO of Independence, will join Quartet's Board of Directors, effective immediately.
"Independence believes that integrating physical and mental health is central to improving overall health and well-being," said Independence CEO Deavens. "This core belief underlies Independence's efforts to collaborate with partners and clinicians to integrate care delivery. It is also why Independence is partnering with and investing in the next phase of Quartet's strategic growth and development. We share a vision and commitment to solving mental and physical health challenges in an integrated way."
Quartet is an independent technology and services company that uses SmartMatch capabilities enabled by sophisticated data and analytics to quickly connect patients to mental health solutions that fit their preferences, match their clinical needs, accept their insurance, and link with the rest of their healthcare experience. In the first eight months of Independence and Quartet working together, more than 1,100 mental health and primary care clinicians in Southeastern PA have signed-up to use the Quartet platform, and more than 2,500 members have been connected to the Quartet platform for care.
"At Quartet, we've seen firsthand the skyrocketing demand for mental health care services during the COVID pandemic to support the 40% of US adults who have experienced a mental health condition," said Puneet Singh, CEO of Quartet Health. "As a caregiver to one of the millions of people with complex mental health needs, I know first-hand how important it is that all people get an accurate diagnosis, find the right provider quickly, access affordable in-network care, and know that treatment is helping. I am excited to work with Independence to build an equitable mental health care system, in turn connecting countless Americans to timely access to the high-quality care they want and deserve."
The strategic partnership will enable Quartet to continue building capabilities to enhance the support given to both patients and clinicians:
"Quartet's data, analytics, and technology capabilities provide a unique and differentiated offering in the behavioral health care market," said Quartet Board member Annie Lamont, Co-Founder and Managing Partner, Oak HC/FT. "We look forward to continuing to collaborate with Greg and his team who share Oak HC/FT's commitment to equitable, whole-person health and increased access to that nationwide."
"As a physician, I've seen the challenges of integrating behavioral healthcare with our broader medical system first-hand," said Quartet Board member Krishna Yeshwant, MD, Managing Partner, at GV. "A technology-driven patient approach differentiates Quartet's integrated behavioral healthcare platform and services. I'm excited for the company to build on this model, and deliver faster, quality care to more people during a time when patients need it most."
About Quartet Health
Quartet is a leading tech-enabled behavioral health company that works with health plans, systems, and provider groups to deliver speed to quality behavioral health care for all. Through sophisticated data and analytics, along with personalized services, Quartet exists to advance quality care as defined by four measures: speed to care, seamless patient experiences, improved health outcomes, and affordability. To date, nearly 300,000 patients have been referred to Quartet, 80% of which are from primary care. The company is backed by venture funding from top investors including Oak HC/FT, GV (formerly Google Ventures), F-Prime Capital Partners, Polaris Partners, Deerfield Management, Echo Health Ventures, Centene Corporation, and Independence Health Group.
About Independence Health Group
Independence Health Group, headquartered in Philadelphia, delivers innovative health and well-being solutions throughout the country. Through our subsidiaries, we offer a wide range of market-leading health plans and specialty services. Our portfolio includes coverage for national businesses, large employer groups, small businesses, and individuals; portable benefits for when you travel or live abroad; Medicare supplemental and Medicare Advantage products; Medicaid; and specialty services such as vision and dental coverage. Independence Health Group is an independent licensee of the Blue Cross and Blue Shield Association.