Press Release (ePRNews.com) - CHICAGO - Nov 23, 2017 - Chicago-based Regroup Therapy, the telepsychiatry-as-a-service company, has accepted an investment from Frist Cressey Ventures.
Coming off a year of record growth and an initial $6.1 million Series A funding raise, Regroup announced that the Nashville-based investor would also participate as a stakeholder in the business.
“We were in a privileged position to have our Series A round well oversubscribed,” said founder and CEO David Cohn. “However, we felt that Frist Cressey’s involvement would be the ideal way to close out the Series A raise formally, given their broad experience in the healthcare sector. They are already adding value in helping us expand our footprint and identifying new team members.”
Frist Cressey Ventures, co-founded by former Senate Majority Leader Bill Frist, MD and private equity pioneer Bryan Cressey, invests in healthcare technology and services businesses that improve quality of care, outcomes and well-being.
Senator agmrc Frist praised the company’s advancement and vision in addressing an unmet need: “We’ve witnessed Regroup Therapy’s revenue jump over 1,000% in 12 months. This exceptional growth is a consequence of the clear and present need for behavioral health services in almost every health entity across the U.S. More importantly, behind these numbers are patients receiving access to services that they may otherwise not have received.”
David Cohn agrees, “The shortage of psychiatrists in the country is severe. Nearly 55% of counties in the country have zero mental health clinicians. We work with hospital systems, outpatient facilities, clinics and correctional facilities to provide their patient populations with access to our high-quality psychiatrists, APNs, and social workers through telehealth.”
Regroup currently has 30 full-time employees and a network of over 3,000 behavioral health clinicians. These clinicians work with patients via live, synchronous video to provide care through the healthcare entities where those patients already have existing relationships.
Bryan Cressey expects Regroup’s growth to continue: “Not only are we seeing a rise in patient demand for these services, providing increased access to behavioral healthcare adds value by improving outcomes and lowering costs. A scalable platform to deploy telepsychiatry will continue to impact lives and advance healthcare forward.”
Frist Cressey joins the Series A with OSF Ventures, OCA Ventures, and Boston-based HLM Venture Partners as investment partners in Regroup Therapy.
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