NeuroFlow plans to double its work force next year as it seeks to boost sales of its mental healthcare management platform.
As it moves ahead, the company is drawing on $7.5 million in Series A funding announced Monday. San Francisco-based Builders VC led the funding round, with participation from Dreamit Ventures, Spring Point Partners, Red & Blue Ventures and AWT Private Investments. Earlier this year, NeuroFlow won the Health IT track of MedCity’s INVEST Pitch Perfect contest, part of the INVEST conference in Chicago.
Based in Philadelphia, NeuroFlow has developed a technology platform designed to help providers blend behavioral health into their overall care and remotely monitor patients.
Between 25,000 and 30,000 patients should be on the platform by the end of December, up from 3,000 at the same time in 2018, said Chris Molaro, co-founder and CEO of NeuroFlow.
“I think that is evidence in and of itself that we’ve hit a nerve,” Molaro said in a phone interview.
Organizations using the platform include Philadelphia-based Jefferson Health, the U.S. Air Force and the Veterans Health Administration, as well as more than 200 private clinics around the U.S., said Molaro, a U.S. Army veteran.
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Eyeing continued growth, the company plans to hire for clinical, financial and sales leadership positions, Molaro said. Founded in 2016, NeuroFlow employs 28 but expects to double in size by the end of 2020. It is aiming to reach between 250,000 and 300,000 patients on its platform over the same time frame.
“Our onus is will people actually adopt this,” Molaro said. He was confident given the benefits of better coordinating behavioral care.
“The research and data are overwhelming that when you do those things and do them well, you reduce the cost of care,” Molaro said. And, he added: “You actually improve health outcomes not just on the behavioral health side, but overall.”
Among patients on the platform, 70% have seen a reduction in anxiety symptoms while 75% experienced the same for depression, according to Molaro.
The results are helping to attract investors.
“In the sea of mental health solutions, NeuroFlow stood out to us as being the one that was most ‘clinical grade.’ They had the only solution we found that effectively connects providers and care teams to the right information and mental health resources to make their care more effective,” Builders VC partner Mark Goldstein said in a press release. Goldstein, who led the NeuroFlow deal, also is chair of the UCSF HealthHub.
NeuroFlow’s platform works by giving providers an ongoing window into their patients’ mental health. It also can help provider teams coordinate care, Molaro said.
Providers invite patients onto the NeuroFlow platform by asking them to download the company app or visit its website before an appointment. Patients also can be added through their electronic health records, similar to how a doctor might order a lab test.
Patients regularly enter information on their mood, sleep patterns and other factors. That data goes to providers and is recorded in patient EHRs. Providers can use the information to remotely monitor a patient’s potential for mental health issues like depression and anxiety and to develop treatment plans. The plans could include recommendations for exercise and meditation. Patients, meanwhile, can earn real-world rewards for completing recommendations and staying engaged with their mental health.
Photo: Feodora Chiosea, Getty Images
