What you should know:
– Enthea, the leading insurance plan provider for psychedelic healthcare, announced a $2 million fundraising round led by Tabula Rasa Ventures to provide psychedelic-assisted therapy as a workplace benefit .
– Funds will be used to launch Enthea’s services in 40 markets across the United States in 2023 as well as grow its customer base and provider network to increase access to new evidence-based healing options evidence that has been shown to be highly effective in improving symptoms of a wide range of behavioral health conditions over an extended period. It is expected to channel $600 million in employer funding to psychedelic-assisted therapy by 2026.
– Enthea has already signed Daybreaker, Tushy and Guinn Partners, and plans to add 100 more customers by the end of the year. It has also received 90 letters of interest from vendors in 26 states and will onboard 6 new vendors into the network in early 2023.
Why Psychedelic healthcare?
The United States is going through a mental health crisis as 21 million adults suffer from major depressive disorder and 12 million from post-traumatic stress disorder and 20 million from substance use disorder. An ever-growing number of clinical studies show that psychedelic treatments such as ketamine-assisted therapy can be highly effective in improving symptoms of a wide range of behavioral health conditions over an extended period.
Enthea is helping with this mental health crisis by providing employer funding for these new treatments. Since traditional health insurers are years away from adding this coverage, the cost to patients prohibits widespread adoption. 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 everyone. those who would benefit from it. 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. His plans currently cover ketamine-assisted therapy; MDMA and psilocybin assisted therapies will be added as they are approved by the FDA over the next few years.
“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.
Psychedelic Therapy as a Workplace Perk
Enthea has spent the past two years building the infrastructure necessary to scale and commercialize this concept. In January 2023, it will launch its services in New York, Austin and the Bay Area with the goal of opening in 20 major US cities by mid-2023 and another 20 by the end of 2023 (see complete list). To create this offer of psychedelic therapy as a workplace perk, Enthea developed several core competencies:
– Evidence-based medical policies for psychedelic therapies that are regularly updated based on clinical developments and FDA approvals.
– Standards of care and benchmarks across the Enthea provider network to ensure quality, positive patient experiences and positive treatment outcomes.
– Easy treatment authorization and reimbursements to providers, while protecting employers from protected health information.
– A range of customizable options to suit business and personnel needs.
Companies can expect a positive impact on productivity from healthier employees, reduced medical expenses (particularly when a mental disorder is combined with a chronic disease, e.g. diabetes), increased employee retention and reduced turnover. Some companies will benefit by becoming a more attractive place to work for younger workers, who tend to seek employers with more generous and innovative benefits.
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