Insurance provider Enthea offers psychedelic therapy coverage as a social benefit

Insurance provider Enthea offers psychedelic therapy coverage as a social benefit

Enthea, a provider of psychedelic healthcare insurance plans, announced on Tuesday that the company will launch its services in 40 markets across the United States next year, giving employers the ability to offer assisted therapy per psychedelic as a workplace perk. The announcement follows Enthea’s successful $2 million investment round led by Tabula Rasa Ventures, the premier psychedelic accelerator for early-stage startups.

Ketamine and other psychedelic drugs show great promise as effective treatments for multiple serious mental health conditions, including anxiety, depression, substance abuse, and post-traumatic stress disorder. Enthea noted in a statement that 21 million adults in the United States live with major depressive disorder and 12 million suffer from post-traumatic stress disorder, while another 20 million suffer from stress-related disorders. substance use.

While the potential for psychedelic drugs to treat these and other mental health conditions is encouraging, mainstream health insurance providers are likely years away from offering coverage under health care sponsored plans. the employer. As a result, access to psychedelic-assisted therapy is largely restricted to patients with the financial resources to pay for it out of pocket.

With its new offering, Enthea offers a turnkey operation that makes it easy for employers to include these treatments as part of their health coverage for employees and their families. His plans currently cover ketamine-assisted therapy. MDMA-assisted therapy and psilocybin-assisted therapy will be added as they become approved by the Food and Drug Administration, which is expected to happen over the next few years.

“Key to Enthea’s mission is to make psychedelic-assisted therapies affordable, accessible and equitable for as many people as possible through its network of providers – so that they are not just available to the wealthy but to all who would benefit,” the company wrote. “Enthea provides a turnkey operation that makes it easy for employers to include these treatments as part of their healthcare coverage for employees and their families.”

“Through the creation of the nation’s first network of psychedelic healthcare providers, Enthea is taking a big step forward in creating access to these new evidence-based healing options,” said Sherry Rais, CEO. and co-founder of Enthea. “And as a workplace benefit, this treatment becomes affordable. Next year, most employers in the United States will be able to offer these innovative, insurance-covered treatments for the first time.

Enthea reports that employers who offer assisted psychedelic therapy as part of health coverage can expect a positive impact on employee productivity, reduced medical costs, increased employee retention, and reduced turnover. . Additionally, companies can benefit from becoming a more attractive place to work for young workers, who often seek employers with more generous and innovative benefits.

Enthea partners with Dr. Bronner’s to offer psychedelic therapy

Earlier this year, Enthea partnered with natural soap brand Dr. Bronner’s to make the San Diego-based company the first employer to add ketamine-assisted psychotherapy to its existing health insurance plans. Both companies believe that psychedelic-assisted therapies have significant potential to heal and improve quality of life and should be accepted as part of mainstream healthcare.

“Many members of Dr. Bronner’s All-One family who have had mental health issues have availed themselves of ketamine-assisted therapy and have passed on their sincere thanks for the incredible healing impact it has had” , said David Bronner. , CEO of Dr. Bronner’s. “Enthea makes the experience seamless for our staff as well as our end, and I cannot recommend them highly enough. May all who need it benefit from this healing medicine and therapy!”

Enthea has spent the past two years building the infrastructure necessary to scale and commercialize this concept. In January 2023, it will launch services in New York, Austin and the San Francisco Bay Area, with the goal of opening in 20 major US cities by the middle of next year and 20 more in by the end of 2023. The national launch follows a $2 million seed funding round led by Tabula Rasa Ventures, the premier business accelerator for early-stage psychedelic startups.

“From our perspective, Enthea could be the most impactful organization the psychedelic therapy industry has seen to date,” said Tabula Rasa Ventures founding managing partner Marik Hazan. “No other company is taking such an innovative approach in using market forces to increase access to psychedelic therapies. We see the long-term financial benefits this can have on our healthcare system. Tabula Rasa is fully aligned with Enthea’s vision and is excited to help create a next-generation health advantage.

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