WALTHAM, Mass.--(BUSINESS WIRE)--Eleanor Health, the first addiction and mental health provider delivering comprehensive, whole-person care through population- and value-based payment models, today announced it has closed a $50M Series C financing led by General Catalyst. The Company received significant participation from existing investors including Warburg Pincus and Town Hall Ventures, as well as new participation from Northpond Ventures and Rethink Impact, a venture capital firm investing in tech-forward organizations with female and non-binary leaders.
Eleanor’s fundraising announcement comes on the heels of President Biden’s State of the Union that underscored the severity of the mental health and addiction epidemic in the United States. 40 million Americans struggle with addiction and serious mental illness. In the last year, more than 250,000 lives were lost in the United States due to overdose, suicide, and alcohol-related conditions, devastating families and communities across the country.
“Mental health and addiction are some of our biggest health crises, but the problem is not just about access to care,” said Corbin Petro, CEO and co-founder of Eleanor Health. “Only one in 10 people with SUD and less than half of people with a mental health condition receive treatment, largely due to stigma, quality of care, and cost. Our population- and value-based models are designed for the 9 out of 10 people that may never receive care because of these barriers. We are so happy to partner with investors like General Catalyst to further our mission of helping people affected by addiction and other mental health conditions live amazing lives.”
Eleanor Health will use the newly-raised capital to foster new risk-based, population health partnerships, expand into new markets, including Texas, and continue building its proprietary care delivery and analytics platform to help scale its evidence-based, data-driven, whole-person care model in communities across its six current markets. By the end of 2022, Eleanor Health will manage more than 60,000 members under its innovative partnership models, a population that traditional models struggle to reach.
“We are thrilled to join Eleanor on its mission to transform the way we treat, pay for, and deliver care to those suffering from addiction and mental illness” shared Chris Bischoff, Managing Director at General Catalyst. “Eleanor's model of providing high value care that addresses all of their members’ health needs is fully aligned with our Health Assurance thesis. We are excited by the team's ability to drive sustainable outcomes and total cost of care reduction across large populations, and are deeply impressed by their accelerating traction with national and local payers."
Here are some fast facts about Eleanor Health that you should know:
- Eleanor Health is leading the industry with population-based partnerships, which require proactive engagement of the most complex, highest cost, and highest risk members with a risk-based payment model tied to both quality improvement and reductions in total cost of care. To date, Eleanor has launched local partnerships with Tufts, Amerigroup, Optum and a national partnership with Aetna’s commercial business.
- These partnerships allow Eleanor to expand its impact by changing how improved health and care is paid for. By the end of 2022, Eleanor will manage more than 60,000 members and be available to over 22 million individuals as an in-network insurance benefit.
Eleanor offers the only care model for mental health and addiction that is evidence-based, data-driven, tech-enabled, and founded in harm reduction. This care model, which includes medication-assisted therapy, psychiatry, individual and group therapy, peer recovery coaching, health navigation, and nurse case management, coupled with Eleanor’s diverse, compassionate teams, delivers superior clinical outcomes. In fact:
- 84% of members report improvement in substance use
- 70% of members report an improvement in depression & anxiety
- Members experienced an 84% reduction in emergency department and inpatient utilization
- While technology, including Eleanor’s proprietary member tools and data-driven personalization of care, allows for telehealth and efficient care team communication, Eleanor recognizes the value of a blended care model that allows for in-person and community-based care that meets members where they are.
- Eleanor is led by two female founders, Corbin Petro and Nzinga Harrison, who launched the company in 2019. Built on a foundation of diversity, Eleanor has assembled compassionate, mission-driven teams that reflect the varying races, ethnicities, gender identities and expressions, religions, and ages of its community members.
“We don’t always see the technology sector leading the fight on something like addiction and mental health,” said Jenny Abramson at Rethink Impact. “The last two years have reinforced the needs for a radical transformation of addiction and mental health treatment. By leaning into more blended care models, innovative payer partnerships and with strong, diverse leaders at the helm, we think that Eleanor has the capacity to be the change that people struggling with addiction and other mental health conditions need.”
To learn more about Eleanor, please visit: www.eleanorhealth.com
To inquire about partnering with Eleanor, please visit: https://www.eleanorhealth.com/who-we-are/partner-with-us.
About Eleanor Health
Eleanor Health provides evidence-based, whole-person care specializing in addressing the unique complexities of individuals and populations with substance use disorders and mental health needs. Eleanor leverages proprietary technology and data-driven insights, compassionate teams, and population- and value-based payment to deliver superior clinical and financial outcomes. To learn more, visit: www.eleanorhealth.com