For an undisclosed sum, Modern Health, a company specialising in mental health and wellness, revealed that it has acquired behavioural health startup Kip.
Kip has developed a tool enabling clients to be digitally connected with qualified therapists. Once a patient is successfully matched, Kip’s hybrid treatment model is initiated. The client can meet the therapist in person. He or she can then benefit from integrated digital application services.
A virtual tool allows patients to track their observations, comments and mental health outcomes. The concept is to be able to track progress over time and monitor eventual changes.At the same time, Modern Health is focusing on providing employers and their staff with a set of mental health services integrated with the application. Patients undergo a self-assessment after which Modern Health can develop a customised care plan.
According to Modern Healthcare, Kip’s integration will enhance the company’s ability to communicate with patients and provide assessment and analysis tools that can personalise care. While the implementation of these tools also focus on enabling patients to better understand their health status and progress.
THE RISING NEED FOR MENTAL HEALTH INNOVATIONS
Awareness of mental health conditions such as anxiety and depression has increased significantly in recent years.
According to the Association of America, more than 40 million adults in the United States suffer or have suffered from some form of anxiety, while the organisation reports that in 2017, 17.3 million people experienced at least one major depressive episode.
These numbers have only increased as a result of the pandemic, with the CDC reporting that 40% of American adults experienced mental health or addiction problems as of late June.
As a result, there has been an increase in the development of digital mental health tools and in investor interest in their funding.
MENTAL HEALTH AT THE HEART OF HEALTHECH INNOVATIONS
Currently valued at $500 million, following a Series C investment totalling $51 million, the company has committed to using new funds to develop new services and expand its provider network.
Modern Health may be at the forefront of innovation in mental healthtech, but other companies such as Vida Health and Happify Health have come to compete with their own employer-focused benefit plan offerings for employees.
ADDRESSING MENTAL HEALTH IN THE WORKPLACE
As stated by Ti Zhao, Kip’s cofounder and CEO “The missions of Kip and Modern Health are closely linked: Bring high-quality, data-driven mental health care to as many people as possible,” while striving to make Modern Health and Kips shared vision a reality by targeting the need for improved mental health awareness within the corporate environment.