Author Health, which provides mental healthcare and counselling for Medicare Advantage recipients, has announced launch of services in Florida’s Fort Lauderdale and Miami, after raising $115 million in funding led by New York-based General Atlantic and Boston’s Flare Capital Partners.
The multi-payer firm’s launch in South Florida is in collaboration with insurer Humana. It expects to expand to other locations early next year, besides adding Medicare Advantage and Special Needs Plan to its range of services.
‘Underserved Segment’
“Our nation is clearly struggling to meet the health and social needs of people with behavioral health conditions, and those needs are only increasing within our aging population,” said Author Health CEO Katherine Hobbs, a psychiatrist. “Author Health was born out of the necessity to fundamentally shift how our health system prioritizes behavioral health and preventive services.”
Humana president and CEO Bruce Broussard called to attention “the devastating effects” of untreated mental health and substance use disorders, and said the company already observed “positive outcomes” of the program in South Florida.
Author Health believes mental healthcare is underserved in the Medicare community, even though one in four Medicare recipients has a mental illness, and 40% of Americans over the age of 50 with serious mental illness cite a lack of access to care. Aiming for a “team-based” approach to psychiatric care, the company is creating pools of physicians, nurses, therapists, and community health workers that can offer virtual and in-person care. It is also integrating services with primary care, and exploring ways in which counselling could address the psychological aspects of physical conditions such as diabetes, high blood pressure, and cardiovascular disease.
‘Vital Societal Need’
“Building and supporting more robust care options is essential for the U.S. to be able to respond to the growing need for mental health and substance use services, particularly amongst seniors and people with disabilities,” said Robbert Vorhoff, managing director and global head of healthcare at General Atlantic.
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Established in 1980, General Atlantic is a global growth equity firm. Founded by Chuck Feeney, co-founder of Duty Free Shoppers, the firm had more than $75 billion in assets under management as of March 31. General Atlantic’s most recent fund, worth $7.8 billion, was raised in 2021. Its recent portfolio investments include Authentic Brands Group, Odoo, Pharvaris and Atoss Software
Flare, co-founded by managing partners Michael Greeley and Bill Geary in 2013, has raised $805 million so far. Greeley, who has worked at Morgan Stanley, was previously a founding general partner of Flybridge Capital Partners. Geary served North Bridge Venture Partners since its inception in 1994. With over 60 portfolio investments, Flare’s recent bets include Axuall, Rosarium Health, Oshi Health, knownwell and Hospital for Special Surgery.
Author Health also named Dr. Pei Nie, geriatric psychiatrist and former VP of Medical Affairs at Amwell and Aligned Health, as its chief medical officer.
