This morning digital mental health and wellness company Modern Health announced that it scooped up fellow behavioral health startup Kip for an undisclosed sum.
Kip’s tool was designed to digitally match up clients with qualified therapists. Once a patient is matched, it kicks off Kip’s hybrid model of care. The client can meet the therapist one-on-one in-person. After that, the client can get wraparound digital app services.
Patients are able to access a virtual tool that track observations, feedback and outcomes concerning their mental health. The idea is to be able to track progress over time and any changes made.
Meanwhile, Modern Health specializes in providing employers and their staff with a package of mental health benefits that are coordinated within an app. Patients take a self-assessment and Modern can put together a personalized care plan.
According to Modern Healthcare, Kip’s integration will boost the company’s ability communicate with patients and provide assessment and analytics tools that can personalize care. The tools are also aimed at increasing a patient’s understanding of their health and progress.
WHY IT MATTERS
Mental health conditions such as anxiety and depression are very common. In fact, according to the Anxiety and Depression Association of America, anxiety is the most common mental illness, impacting 40 million adults in the U.S. Additionally, the organization reports that, in 2017, 17.3 million adults in the U.S. had at least one major depressive episode.
The coronavirus pandemic has also put a strain on many individuals' mental health. According to the CDC, during late June, 40% of U.S. adults reported struggling with mental health or substance abuse.
As a result, we’ve seen a rise in adoption of digital mental health tools and funding for these tools.
THE LARGER TREND
In December, Modern Health closed a $51 million Series C funding round, which brought its valuation to $500 million. At the time, the company said it would use the new funds to add new offerings and expand its network of providers.
ON THE RECORD
“The missions of Kip and Modern Health are closely aligned: Bring high-quality, data-driven mental health care to as many people as possible,” Ti Zhao, Kip's cofounder and CEO, said in a statement. “We are excited to let Kip’s legacy live on through Modern Health as we make our shared vision a reality for employers across the world.”