Valera Health announced a $44.5 million round of funding marking a major milestone for the mental health company. For Valera’s CEO Dr. Thomas Tsang, this means making “quality mental health care accessible for those most in need, including those with serious and persistent mental illness.” By giving access to virtual mental health treatment for serious illnesses, Valera is hoping to change the scope of the industry.
From the press release:
NEW YORK, Oct. 31, 2022 /PRNewswire/ — Valera Health, the leading virtual mental health provider serving high acuity patients, announced today the closing of a $44.5M growth equity raise led by Heritage Group, a healthcare-focused private equity firm, with participation from Cigna Ventures, Horizon Healthcare Services and existing investors, which include Windham Ventures, AXA Venture Partners, Aquiline Technology Partners, Trinnovate Ventures (BCBS AZ), Figure Eight Investments, Watershed VC, and Alsora Capital.
Valera Health is a leading virtual behavioral healthcare practice that delivers high-quality care to patients through a team-based model that includes licensed therapists, nurse practitioners, case managers, and psychiatrists. Valera partners closely with healthcare systems and health plans to deliver comprehensive clinical care to their patients and members. Valera is the only mental health provider with a comprehensive quality strategy based on NCQA HEDIS measures with an emphasis on evidence-based treatment plans, which allows the practice to manage high acuity mental health patients.
“Valera’s ability to engage patients, improve outcomes and reduce total cost of care for populations ranging from lower acuity to the seriously mentally ill population has established the practice as a leader in the behavioral health space,” said Lauren Brueggen, Partner at Heritage Group. “We are excited to partner with Dr. Thomas Tsang and the entire Valera Health team as the company continues to increase access to high-quality behavioral health care and expands its deep partnerships with the leading health systems and health plans across the country.”
Valera offers personalized services to everyone in need of mental health care, including those in rural and urban communities, and in provider shortage areas. It serves BIPOC and LGBTQ+ communities through culturally-intentional care and a diverse, multilingual provider network where more than 50% of clinicians self-identify as Black, Hispanic, or Asian. Valera partners with health plans and provider groups that cover over 50 million lives across several states.
“Valera’s focus on evidence-based care and its holistic approach to treatment enables providers to deliver exceptional care, including to those that suffer from high acuity conditions,” said Tom Richards, global leader for strategy and business development at Cigna. “We remain excited about our relationship with Valera, and look forward to helping support the company’s growth nationwide so that they can continue to provide the highest-quality clinical care to our most vulnerable customers.”
“We are honored to partner with Heritage Group and to deepen our partnerships with Cigna, Horizon Healthcare Services and Blue Cross Blue Shield Arizona,” said Dr. Thomas Tsang, CEO of Valera Health. “This financing will enable us to make quality mental health care accessible for those most in need, including those with serious and persistent mental illness.”