Health IT, Startups

Telepsychiatry business 1DocWay raises $1.7M to support expansion to 11 states

CEO and cofounder Samir Malik, said the $1.7 million will be used primarily across product support, sales and marketing.

1DocWay, a company that combines telemedicine and psychiatry has raised a new seed round to support the growth of its business from seven to 10 states. 1Doc Way has hired seven people to support the expansion. In an emailed response to questions, CEO and cofounder Samir Malik, said the $1.7 million will be used primarily across product support, sales and marketing.

The telepsychiatry startup’s b2b model involves partnering with hospitals and their mental health professionals with community health centers, skilled nursing facilities, military bases, critical access hospitals and other care settings that need psychiatric services for their Medicare and Medicaid patients.

iSeedVC led the round and Rock Health, Asset Management, Great Oaks Venture Capital, and Waterline Ventures participated, among others.

From where I’m sitting I’ve noticed a significant increase in digital health and other companies that are either dedicated to supporting mental health or have added that to their platform. That’s especially true in the area of telemedicne generalists who se value, particularly from an employer wellness standpoint of providing services for things like depression, anxiety and other areas.But more recently we are seeing it with companies like Lyra Health which wants to add digital care coordination, although that has been greeted with a certain amount of skepticism by professionals who see challenges to providing better mental health services as more deeply rooted.

Malik said in emailed responses to questions that he has noticed more companies coming into the space and is collaborating with some of them, such as Quartet, and Genoa.

Broadly speaking, between Medicaid expansion, a focus on outcomes and a greater social awareness of the importance of mental health, entrepreneurs, providers and investors in healthcare are realizing how important mental health is to the healthcare economy. There are other companies in this space as well (Quartet, Genoa, etc) that we are actively partnering with too.

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