Octave Expands Aetna Partnership to Meet Mental Health Demand in California

Company has grown provider team 5x and is planning new clinics

SAN FRANCISCO, April 5, 2022 /PRNewswire/ -- Octave is partnering with a fourth major insurance company, making its mental health services available in-network to more than 12 million people nationwide. The company – which already offers in-network benefits to members of Anthem Blue Cross and Health Net / MHN in California and the United Healthcare UMR plan for Mount Sinai employees in New York – is now adding Aetna commercial plans in both California and New York.

"We're thrilled to be part of one of the nation's largest insurance networks," said Sandeep Acharya, co-founder and CEO of Octave. "When Octave and Aetna first partnered in New York in 2021, we both saw the potential to quickly expand to more states and bring high-quality, accessible mental health care to as many people as possible."

The Aetna partnership now covers nearly 3 million lives across Octave's markets - more than 1.5 million commercial plan members in California and 1.3 million in New York.

Meeting Unprecedented Demand in CA

The announcement is part of Octave's plan to deepen its footprint across California, to better meet the unprecedented demand for mental health services in the state: Reports of mental health need have tripled among adults in California since the start of the COVID-19 pandemic, and of those people, nearly 30% reported not receiving the counseling or therapy they needed – a rate higher than the national average.

As it opens up insurance access, Octave has met the need in California by:

• Growing its provider team 5x, making nearly 200 therapists with a broad range of specialties available in-network throughout the state and ensuring that most clients can get care within 10 business days.
• Adding more California locations, including new clinics opening soon in Westwood LA and Oakland.
• Planning the re-opening of its physical clinics for summer 2022 (subject to COVID-19 restrictions) to offer in-person and virtual therapy options for its clients.

"California has no shortage of mental health solutions, but there is a shortage of places to get high-quality therapy that's affordable, available, and able to provide care for a broad range of needs. Our focus for the past year has been to tackle this problem in a meaningful way," Acharya said.

"California also isn't an exception. We're building a sustainable model of care that we'll be able to expand to more states soon, and are grateful to partners such as Aetna for their commitment to better mental health care for all."

About Octave

Octave is a modern mental health practice creating a new standard for care delivery that's both high-quality and accessible. With in-person and virtual clinics in California and New York, the company offers personalized care plans for individual therapy, couples therapy, family therapy, and groups, while pioneering relationships with payers to make care more affordable through insurance. Grounded in science, Octave enables clients to experience profound change that is as measurable as it is meaningful. Learn more at www.findoctave.com

SOURCE Octave Health Group