innovaTel Telepsychiatry Reports 50 Percent Overall Revenue Growth in First Half of 2021, Plans Further Investments to Meet Accelerating Demand for Virtual Behavioral Care Services
Company plans to enhance national clinical recruitment initiative and platform expansion significantly with a focus on same-day care to support accelerated demand for behavioral health services following COVID-19
ERIE, Pa., July 28, 2021 /PRNewswire/ -- innovaTel, a leading national behavioral health provider, announced its recent performance, reflecting accelerating demand for virtual behavioral healthcare services. In the first-half 2021, innovaTel achieved 50 percent year-over-year organic revenue growth and a 60 percent expansion in its provider network. As of June 30, 2021, innovaTel is delivering care in 27 states and employing almost 100 behavioral health clinicians, including psychiatrists, psychiatric nurse practitioners, and licensed clinical social workers.
To support the continued expansion of its virtual care delivery platform, innovaTel plans to make additional investments in clinical recruitment and credentialing, training, and professional development as well as launching a measurement-based outcomes and analytics platform in collaboration with Mirah. These investments are being funded internally.
Commenting on the current climate for behavioral healthcare, innovaTel CEO and co-founder, Jon Evans, explained, "The number of people in need of behavioral health services is increasing beyond the capacity of traditional in-person healthcare delivery, and we believe telepsychiatry is the only way to bridge the access gap to meet the demand."
Additional performance highlights include:
- 40 new contracts closed
- Significant growth of CCBHC-designated clinics through a partnership with the National Council of Mental Wellbeing
- Launched Substance Use Disorder (SUD) service module, including medication-assisted treatment MAT
- Increased employed clinical workforce by 60 percent compared to the first half of 2020
- Appointed Mike DeSimone as Chief Operating Officer
- Expanded sales team to focus on national growth and regional specialization
- Added two new strategic and independent board members, Mike Gaffney and Linda Rosenberg
innovaTel Board Chairman Nauman continued, "As adoption, funding, and investing for virtual behavioral health and addiction treatment continues to rise, we anticipate this growth to continue. We are committed to bringing timely access to quality treatment to the entire country."
About innovaTel Telepsychiatry:
Founded in 2014 by clinicians, innovaTel Telepsychiatry is a behavioral health as a service (BHaaS) and platform company, continually operated by founding members, dedicated to improving mental health outcomes for individuals and communities by providing timely access to a national network of qualified psychiatrists, psychiatric nurse practitioners, and licensed clinical social workers. innovaTel was named one of Modern Healthcare's 2021 Best Places to Work in Healthcare. For more information, visit www.innovatel.com.
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Erica Johansen
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