Quartet Health, a startup focused on behavioral health and primary care, has tacked an extra $7.5 million onto its $60 million Series D round courtesy of a new investment from Echo Ventures — the joint venture arm of Cambia Health Solutions and Blue Cross of North Carolina — as well as Deerfield Capital, a representative of the company told MobiHealthNews.
The announcement comes as the startup announced a new partnership with Cambia Health Solutions that will help connect mental health patients in the US northwest to appropriate care services.
“Mental health is an important part of a person’s overall health, yet we know that it can be difficult to get connected to the right care,” Quartet CEO Dr. David Wennberg said in a statement. “We’re thrilled to partner with Cambia to make it easier for both patients and providers.”
WHAT THEY DO
Quartet’s integrated platform links providers, payers and services together in its aim to more effectively deliver mental and primary care.
Physicians are provided access to data that can help them identify patients with undetected mental health conditions, and through the tool can quickly refer them to a mental health specialist. The platform also allows providers to share treatment plans or other relevant information to collaborate on the care of their patients, while patients have access to personalized support from Quartet’s customer service team.
This new partnership will initially be targeting Cambia’s regional health plan members living in Washington state, with plans to expand into Oregon, Idaho and Utah.
WHAT IT’S FOR
In addition to supporting the Cambia partnership, Quartet’s full Series D round aims to fuel the company’s expansion efforts. Of note, the company said during the summer that it hopes to reach Medicaid beneficiaries who are in need of behavioral health services.
THE LARGER TREND
The $7.5 million raise brings Quartet’s fundraising total to roughly $161 million, and follows eight-digit rounds headed by GV in 2016, F-Prime Capital Partners and Polaris in 2018 and Centene Corporation in June. The platform has seen a number of deployments and partnerships similar to Cambia’s over the last few years, including one announced earlier this year with Blue Cross of North Carolina, which participated in this latest contribution.
With that being said, the company did raise a few eyebrows during the back part of 2018 due to the departure of a few key executives and a slew of scathing Glassdoor reviews.