NEW YORK--(BUSINESS WIRE)--Mindful Care Inc. (formerly Mindful Urgent Care), which brings the urgent care model to the mental health industry, today has officially announced that it has closed its $2.7 million oversubscribed Series A funding round.
The round was led by Sopris Capital with participation by the Caruso Foundation, the University of Chicago, Venkon Group, and others. The funds will be used to help Mindful Care open new urgent mental healthcare locations and expand its online solutions. Mindful Care previously closed a $1.5 million friends and family round in 2020.
“Mindful Care’s same-day mental health services addresses a large unmet need and fills a critical gap in care” said Mark Groner, Partner at Sopris Capital, who joins the Mindful Care Board of Directors. “Sopris is excited to partner with Mindful Care due to the Company’s unique product offering, rapid growth across several geographics, and strong management team.”
Patients have to wait 6-8 weeks on average to see an in-network mental healthcare provider during which time their symptoms can worsen. People struggling end up in emergency rooms, self-medicating with drugs or alcohol, or resorting to self-harm.
"Mindful Care has created a solution that is timely given the spike in need since the start of the pandemic. Access to care remains an issue and patients need a reliable and dependable service that is focused on quality of care and strong clinical outcomes, making Mindful a leader in its field,” said Dr. Hugh Taylor, chair of Obstetrics, Gynecology and Reproductive Medicine at Yale School of Medicine.
The Total Cost of Care (TCOC) to the healthcare system is in the tens of thousands per single hospitalization. Mindful Care’s ability to provide immediate help to patients in need improves outcomes and lowers TCOC by decreasing preventable emergency room visits and hospitalizations.
Dr. Tamir Aldad, the CEO and founder of Mindful Care wanted to bring the Urgent Care model to mental health by offering same-day access to psychiatric care, including medication to stabilize symptoms in addition to group and individual therapy. The company works with nearly all insurance providers to ensure its services are available to patients and offers affordable self-pay rates.
“Mental Health can be an invisible illness and when someone who is really struggling is told they will need to wait several weeks to see a specialist it can feel like a lifetime,” said Dr. Aldad. “We wanted to create a solution that meant mental health and psychiatry patients of all economic backgrounds could receive urgent care. This additional funding will enable us to quickly expand our offerings to more patients across America as we work to change the face of mental healthcare.”
Mindful Care in 2018 placed first at the University of Chicago’s Polsky Center for Entrepreneurship and Innovation Global New Venture challenge and second in the Edward L. Kaplan, ’71, New Venture Challenge, which is recognized as one of the top-ranked accelerator programs in the nation. After this, the company opened its first location in West Hempstead, New York. Since then, it has opened an additional seven locations in the Greater NYC area, two in New Jersey, and two in Chicago. To date, Mindful Care has helped over 20,000 patients receive urgent mental health treatment preventing countless suicides and hospitalizations.
About Mindful Care
Mindful Care is the first ever same-day mental health company focused on providing psychiatric care, group therapy, and individual therapy. Providing same or next-day care, at-home and in-person treatment at an affordable cost, Mindful Care has flexible and accessible options for every client. Services that Mindful Care offers include: MicroTherapyⓇ individual therapy, MindFitⓇ Group Therapy, psychiatry, and a combination of psychiatry and therapy. In addition, Mindful Care provides Mental Health Urgent Care for immediate mental healthcare needs and offers access to GeneSight, a DNA service that determines how a patient’s body will respond to potential medications. This enables patients to make informed decisions when it comes to prescriptions, saving them time on trial-and-error when they need help the most. Through assessing an individual patient’s needs using the business’s flexible options, Mindful Care is a flexible, accessible, and affordable option for all who want to seek mental health services. For more information, visit mindful.care.
About Sopris Capital
Founded in 2002, Sopris Capital is a US-based venture capital firm that invests in early-stage high-growth healthcare and B2B technology companies. Sopris seeks to be a value-added partner to emerging companies with validated business models, evidence of product/market fit, and a passionate management team that can capitalize on the market opportunity. Learn more at: www.sopriscapital.com.