Virtual mental health company to grow clinical operations, commercial, and technology teams to help health systems and community health centers deliver timely and appropriate care to patients in need
Iris Telehealth (“Iris”), a leading provider of telepsychiatry services for health systems and community health centers across the U.S., today announced that it has raised $40 million in Series B funding, led by Concord Health Partners. With this funding, Iris will accelerate its plans to improve outcomes for patients with serious mental illness by further assisting their partner healthcare organizations in helping care for and triage patients across the continuum, matching the right next level of care with each patient.
Founded in 2013, Iris is dedicated to delivering quality, sustainable behavioral health care so organizations can better support the patients who need it most. Serving almost 200 hospitals and community health centers, Iris has grown exponentially over the last 18 months, as healthcare organizations seek to provide timely, quality care to their patients. Iris’s combination of high-quality providers, best-in-class support, expertise to optimize care models, and technology has enabled healthcare providers to reimagine how behavioral health services are provided across the continuum of care.
Concord Health Partners (“Concord”) invests in expansion stage healthcare companies with innovative technologies and services that lower costs, improve quality, and expand access to care. Concord has a strategic partnership with the American Hospital Association (AHA) and a broad base of strategic limited partners to support portfolio companies and accelerate growth.
“Iris has an impressive track record of partnering with health systems and other providers to enhance behavioral health services by facilitating access to the appropriate level of care,” said James Olsen, Founder and Managing Partner of Concord Health Partners. “We are excited to support Iris, expand its reach and further enhance its technology capabilities.”
Columbia Pacific Advisors was an initial Iris investor and is now expanding its commitment to further support the Company as it expands access to much-needed behavioral health care services.
“We have seen Iris grow for many years and believe it is just getting started,” said Stan Baty, Co-Founder and Managing Partner of Columbia Pacific Advisors. “We look forward to helping the Company scale to support more healthcare organizations and patients in need of quality behavioral health care.”
“For the past nine years, Iris’s goal has been to provide high-quality virtual behavioral health services to help healthcare organizations increase access to life-saving care and improve patient outcomes,” said Andy Flanagan, CEO of Iris Telehealth. “This funding will help us quickly scale our services to support more healthcare organizations. We plan to leverage this funding to make a positive, long-term impact on mental health care in communities across the country.”
With behavioral health patients accounting for 56% of total health costs and 77% of U.S. counties facing a psychiatrist shortage, providing timely, quality care to patients with serious mental illness has never been more critical – or challenging. Through this capital, Iris plans to help address this challenge by investing in four main areas to accelerate the expansion of its behavioral health services:
- Expanding the clinical operations team to meet growing customer demand and ensure long-term customer health.
- Scaling the go-to-market strategy to deliver quality, sustainable behavioral health care to more enterprise health systems and community health centers.
- Enhancing the product and technology capabilities to help health systems manage patients across the continuum, ensuring the right patient is receiving the right care at the right time.
- Augmenting the team of clinical and corporate employees to meet the increasing needs of patients and partners while maintaining a culture that is supportive, connected, and rooted in the shared mission of helping organizations meet their goals through exceptional care.
About Iris Telehealth
Iris Telehealth helps healthcare organizations consistently increase access to quality mental healthcare for their patients by providing the clinicians, staff support, and knowledge to build a sustainable telepsychiatry department. With clinical grounding and emphasis on human relationships, Iris Telehealth identifies best-fit providers for each unique organization and ensures long-term commitment to meeting their partner’s needs, allowing them to provide the highest quality care to their patients and community.
About Concord Health Partners
Concord Health Partners (“Concord”) is a healthcare private equity firm that invests in growth-stage companies with innovative technologies and solutions that advance healthcare through lower costs, improved quality and expanded access to care. The Concord team is comprised of healthcare sector specialists with deep industry knowledge and a broad network of strategic relationships. For more information, please visit concordhp.com.
