Leading Telepsychiatry Provider MindCare Announces Merger With PsychNow
NASHVILLE, Tenn., March 5, 2020 /PRNewswire/ -- One of the nation's leading telepsychiatry providers, MindCare Solutions Group (Nashville, TN), has today announced a merger with Dallas-based PsychNow effective March 1, 2020.
MindCare is the leading provider of 24/7 telepsychiatry and telebehavioral health services to acute care and behavioral health facilities, primary care and specialty outpatient clinics, and correctional facilities across the country. MindCare delivers over 100,000 telepsychiatry consults and evaluations annually by dedicated provider teams working with multiple layers of clinical leadership ensuring the delivery of high-quality psychiatric services.
The telebehavioral health market is anticipated to grow from approximately $3 billion today to $15.2 billion in 20261. In order to service this 25% year-over-year growth, MindCare's digital service integrates behavioral care into a variety of healthcare settings through a secure, end-to-end telehealth platform to reduce costs and improve outcomes. Internal studies have shown that the platform shortens the length of stay in an emergency department by driving down the average time to a psychiatry consult from 5+ hours to under 30 minutes.
According to MindCare's CEO David Morris: "PsychNow has enjoyed considerable success in meeting the psychiatry shortage across Texas, and they certainly share MindCare's philosophy when it comes to raising the quality of care and delivering an exceptional experience to our healthcare partners and their patients. They will be a welcome addition to the team."
PsychNow is a strong regional telepsychiatry company providing services throughout Texas to over 30 acute care and behavioral healthcare facilities and outpatient clinics. PsychNow was founded in 2017 by two board-certified psychiatrists and an experienced behavioral health executive with the goal of providing access to high quality psychiatric care to patients in underserved areas. "PsychNow has built a dynamic team of dedicated providers who embody our vision for patient care and service delivery," said Morris.
"Joining with Mindcare allows us to expand our reach in Texas and beyond with a company that shares our vision for unmatched patient care and unparalleled customer service. Combining resources and expertise allows us to raise the bar on the delivery of quality telepsychiatry services," said Jennifer Wood, PsychNow's CEO who will join MindCare's executive team. Dr. Dante Burgos and Dr. Raza Sayed will assume roles on MindCare's clinical leadership team.
This latest merger is part of MindCare's aggressive growth strategy and will broaden their reach into more than 200 clinical settings across the US, as the company continues to set a new standard of care in the growing field of telebehavioral health — increasing access to high quality psychiatric care for patients when and where they need it most.
"By bringing MindCare and PsychNow together, we are building on the strengths of each organization to create a single, leading telepsychiatry company that leverages best practices to support our partners and deliver exceptional behavioral healthcare to patients," said Donald Phillips, Chairman and CEO of lead investor WP Global Partners. "This strategic combination enhances MindCare's position in the market to continue to grow with current and future healthcare partners."
About MindCare
MindCare Solutions, established in 2013, is a leading provider of telepsychiatry and telebehavioral health services based in Nashville, Tennessee. MindCare partners with healthcare organizations to deliver best-in-class, end-to-end telebehavioral health services that combine evidence-based care pathways, an advanced technology platform (MindCare Connect™), and high-quality providers. Implementing MindCare's services has improved access to care, increased patient flow, enhanced patient and provider satisfaction, and reduced client costs. For further information, visit: mindcaresolutions.com
1Harris Williams, Behavioral Telehealth: Identifying Growth Assets in a Promising Segment, Retrieved October 2019, from https://www.harriswilliams.com/article/behavioral-telehealth-identifying-growth-assets-promising-segment
MEDIA CONTACT:
Jennifer Wood
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SOURCE MindCare Solutions
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