Workit Health will use the funding to meet demand for its easy-to-use, evidence-based addiction telemedicine program.
Posted: October 21, 2021 at 8:00 a.m. EDT|Update: 2 hours ago
ANN ARBOR, Mich., 21 October 2021 / PRNewswire / – Workit Health, the nation’s leading provider of virtual treatment for substance use disorders, today announced a $ 118 million investment round led by new YorkGlobal private equity and venture capital firm Insight Partners, with participation from CVS Health Ventures, FirstMark Capital, BCBS Venture Fund and 3L Capital. This investment comes on the heels of increased demand for telemedicine options during the COVID-19 pandemic, leading to a 400% increase in Workit Health memberships over the past 18 months. The funding will be used to accelerate Workit Health’s growth in new markets, as well as expand its primary and psychiatric care offerings, bringing effective care for substance use and related conditions to people in the privacy of their own. House.
âWorkit is at the forefront of massively accelerating the uptake of telemedicine, which is critical to addressing the overdose crisis that has been exacerbated by COVID-19. The risk factors associated with substance use have increased dramatically, âsaid Lisa mclaughlin, co-CEO of Workit Health. âThis latest round of funding helps us expand our relationship-based, telehealth and value-based approach into new areas that desperately need simple, reliable solutions like Workit. “
“We are establishing a new model of addiction care in America and are proud to work with partners at the forefront of high growth health care and technology,” says Robin mcintosh, co-CEO of Workit Health. âWe lost a record 90,000 people who died of overdoses last year due to an outdated treatment system. Thousands of inpatient programs have been closed, leaving patients nationwide stranded and denied access to care. as easy as downloading an app. Our ultimate goal is to democratize access to drug addiction care for all who want it.
Clinically proven low barrier substance use care
Since the company was co-founded by McLaughlin and McIntosh in 2015 after their own experiences with faulty treatment systems, Workit Health has grown into the most comprehensive and widely covered virtual addiction care program. Workit improves outcomes for substance use disorders and concurrent conditions, enabling people to receive evidence-based clinical care, including drugs for substance use and mental health, as soon as they are found. ready, via the Workit app.
- 84% of Workit members stay in the program for more than 30 days, compared to an average of 33% of patients remaining on traditional treatment in the first month. 41% of Workit members receive treatment for more than a year.
- Workit members report a reduction in addictive behaviors, as well as a decrease in anxiety and an increase in healthy habits like exercise and controlled spending.
- The Workit Health app is the highest rated telemedicine addiction app on iOS and Android, with over 600 reviews and an average rating of 4.7.
National expansion and addition of new programs to meet demand
Workit Health provides licensed clinical support for substance use disorders and related conditions in ten states: Alaska, California, Florida, Michigan, Minnesota, New Jersey, Ohio, Oregon, Washington and Texas. In addition, Workit currently offers a nationwide coaching and counseling program. Workit’s clinical and counseling programs are currently covered by insurance for over 93 million lives. This new investment will allow Workit to expand into new regions this year and next, with plans to be national by 2023.
“Insight’s investment in Workit Health is a testament to their results and impact: they are leading the revolution to modernize addiction care,” said Nicole shimer, vice president at Insight Partners. âWe look forward to supporting Workit’s long-term vision to help more people through United States break free from drug and alcohol addiction. As part of the round, Nicole shimer, will join Workit’s board of directors with Pierre Segall, Managing Director of Insight Partners as a member of the board of directors.
âWorkit Health’s evidence-based virtual offering is transforming the way substance use and mental health care is delivered to people with many forms of addiction,â said Josh flum, Director of Strategy and Business Development, CVS Health. âBuilding on our existing relationship, this investment in Workit Health once again demonstrates CVS Health’s commitment to making healthcare more affordable, accessible and simpler.
Workit Health is focused on harm reduction, and its licensed clinicians and counselors prioritize honesty and commitment over an âon the cart, off the cartâ approach. This holistic approach allows members to collaborate with clinicians and licensed counselors on their own goals of care. The program includes telemedicine and electronic prescription drug visits to a local pharmacy, as well as online recovery groups, an interactive therapy program, and direct messaging with a care team. In 2021, Workit Health’s offerings expanded to include primary care for common physical conditions such as hepatitis C and PrEP, and psychiatric care, including depression, anxiety, insomnia and ADHD. .
About Workit SantÃ©
Workit Health is the leading provider of clinically proven telemedicine treatment for substance use disorders, offering online therapy, drug assisted treatment, psychiatric support and primary care through the Workit Health mobile app. Workit brings the gold standard of drug treatment into the privacy of homes when they are ready for help, enabling people to break free from drugs and alcohol over the long term with a minimal disruption to their daily life. Workit Health partners with individuals, health plans and employers. To learn more about Workit Health: https://www.workithealth.com.
About Insight Partners
Insight Partners is a leading global venture and private equity firm investing in high-growth ScaleUp technology and software companies driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies around the world and has raised through a series of funds over $ 30 billion in capital commitments. Insight’s mission is to find, fund and work successfully with visionary executives, providing them with hands-on and hands-on software expertise to drive long-term success. Through its people and portfolio, Insight fosters a culture around the belief that ScaleUp businesses and growth create opportunity for all. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About CVS Health Ventures
CVS Health Ventures is a dedicated corporate venture capital fund that invests and partners with high potential and early stage healthcare companies. Aligned with the objective of CVS Health, the fund targets investments in the areas of healthcare transformation, comprehensive human care, consumer-centered health and disruptive technology activation. In addition to investing, CVS Health Ventures connects promising entrepreneurs with CVS Health’s unparalleled business capabilities and consumer touchpoints to support their growth. Learn more at cvshealth.com/ventures.
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