Mount Laurel-based Array Behavioral Care recently said it closed its latest equity round to further expand its state-of-the-art behavioral therapy healthcare, led by CVS Health with a $25 million investment. Existing investors also participated in this round and provided additional funding.
Array Behavioral Care has provided telepsychiatric services for over 20 years. The clinic provides virtual behavioral health services in hospitals, community clinics, primary care offices and patient homes nationwide. It is part of her Aetna network of providers. CVS acquired health insurance company Aetna in 2018.
This funding builds on the long history between Array and CVS Health and opens the door to new levels of collaboration to expand access to high-quality behavioral care.
“Array has been a consistently strong mental health care provider within Aetna’s network,” said Cara McNulty, president of behavioral and mental health at CVS Health. “As CVS Health drives innovation in care delivery, we look forward to working with Array to enhance access that complements existing services in new ways.”
With CVS Health as a new investor, Array will advance quality and timely behavioral care in new and existing markets through enhanced service delivery and operations, innovative technology and an expanded practice team Scale faster to provide more access to
“The Array team has over 20 years of telepsychiatric experience, during which time they have been at the forefront of creating, implementing, and evolving virtual mental health programs across the continuum of care. From the first telepsychiatric encounter in , to today’s online patient care from home, we have remained true to our mission of providing patients with the behavioral health care they deserve, regardless of their vision level or setting. Array co-founder and CEO Geoffrey Boyce said: “We continue to lead the charge to transform access to modern behavioral health care. We are proud to do so with our existing partners and CVS Health.”
An estimated 150 million Americans, or 40% of the population, live in areas with a shortage of federally designated mental health professionals. According to a U.S. Department of Health and Human Services study, only 27.7% of the national need for mental health professionals is being actively met. A shortage of mental health professionals prevents patients from receiving the care they need, which has a negative impact on their health. Virtual care models enable a more equitable distribution of clinical resources, especially in rural and underserved communities, removing barriers that limit access to patients and improving mental and physical health among clinicians. collaboration can be enhanced.
Array co-founder and chief medical officer James Varrell, Ph.D. “It is clear that telebehavioral care is one of the most meaningful ways to address the clinician shortage and mental health crisis. It gives me peace of mind knowing that we are leading in quality and clinical excellence first and foremost.”
Virtual solutions also benefit psychiatrists, therapists and other clinicians. These physicians are often plagued with excessive administrative work that undermines the time they can spend directly caring for their patients.
CVS Health joins other industry leaders and early investors in Array Behavioral Care, including Wells Fargo Strategic Capital, Health Velocity Capital, Harbor Point Capital, HLM Venture Partners, OCA Ventures and OSF Healthcare.
Wells Fargo advised Array on the transaction with the team led by Puneet Chandhok.