Innovative behavioral health company works with payers and health systems to enable value-based care for mental health and substance use populations
Forge Health, the first and only behavioral healthcare provider with a proven, national payer-validated ability to drive clinical outcomes that span all areas of health, today announced a growth funding round led by HC9 Ventures. Forge plans to use the funds to accelerate expansion of its market-leading mental health and substance use treatment model that seamlessly integrates digital health and in-person clinics, enhance its technology capabilities, and grow value-based partnerships with additional payers, health systems, Accountable Care Organizations (ACOs), government agencies, and employers.
Founded in 2016, Forge Health is a mission-driven outpatient mental health and substance use treatment provider dedicated to delivering the highest quality, affordable, and effective “one-stop-shop” care to individuals, families, and communities in need, especially those with moderate to severe conditions. The Company is in-network with over 30 commercial and government health plans, and through new and expanded population health partnerships with leading health plans and health systems, Forge now manages more than 270,000 members under its value-based partnership model.
“The current behavioral health delivery system is broken – care is extremely fragmented, emphasizes point solutions, and fails to properly address the whole person. The need for accessible, affordable, and effective care is more important now than ever,” said Eric Frieman, Co-Founder and CEO of Forge Health. “The HC9 team’s extensive experience and success in building transformative companies and driving healthcare innovation make them the perfect partner as we accelerate the expansion of our proven care model, and we’re confident that this investment will solidify our position as the market leader as well as be the catalyst for new ground-breaking partnerships.”
Forge Health has a history of successfully partnering with key industry stakeholders to deliver transformative, value-based mental health and substance use care to increase access, lower costs, improve care quality, and provide an exceptional patient experience. Forge operates clinics in New Jersey, New York, Pennsylvania, Massachusetts, and New Hampshire that provide both in-person and digital mental health and substance use treatment when and where clients need it – delivered virtually or in-person at beautifully-designed, welcoming technology-enabled offices. The Forge care model utilizes multidisciplinary clinical teams, data analytics, and streamlined care delivery to provide individualized, whole person care that addresses mental health and substance use issues concurrently, while also driving improved health outcomes.
“We’re proud to work hand-in-hand with Forge Health’s dedicated and experienced team as they lead the charge in driving innovation, improving care delivery, and shaping the future of behavioral health care,” said Richard Lungen, partner at HC9 Ventures. “Over the past two decades, the HC9 team has built and grown leading companies that have shaped the future of healthcare, so we know firsthand what it is like to operate and grow industry-transforming businesses. We are excited to bring the power of our experience to support Eric and his team as well as to accelerate the growth of an innovator like Forge – where we will not only drive enterprise value creation, but, more importantly, positively impact the lives of many Americans who are in dire need of Forge’s whole-person care.”
The financing comes as Forge continues to scale rapidly and follows exciting news from August 2021, when Inc. Magazine named Forge Health as No. 202 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment: its independent small businesses.
Forge Health is preparing to announce results from clinical research showing improved medical utilization and health outcomes for its patients a full 12 months after treatment for mental health and substance use. This first-of-its-kind study demonstrates how the Forge Care Model’s coordinated, multi-disciplinary approach positively impacts the physical health of patients suffering from underlying behavioral health issues.
About HC9 Ventures
HC9 Ventures is a New York-based venture capital firm that invests in early-stage healthcare companies. With more than seven decades building, operating, growing and investing in healthcare businesses, the HC9 team delivers the critical insights, relationships and expertise necessary to refine product-market fit and execute successful go-to-market strategies. This is the HC9 power of experience: the ability to drive a meaningful inflection in the growth trajectory of emerging businesses. At a time when capital is abundant, HC9 delivers truly differentiated value.
About Forge Health
Forge Health is transforming behavioral health through an affordable and effective technology-enabled care model that seamlessly integrates digital health services and in-person care. Forge delivers in-network, evidence-based outpatient treatment for substance use, mental health, or trauma issues when and where clients need it – delivered virtually from the comfort, privacy, and convenience of their home or in-person at our beautifully-designed, welcoming technology-enabled offices.
Forge’s Veteran and First Responder services division (Forge VFR) has earned a distinct reputation and trust by providing the highest quality behavioral health care to active-duty service members, Veterans, first responders, and their families. This includes making history with a first-of-its-kind partnership with the VA to enhance the access to behavioral health care to reduce suicide. Through this partnership, Forge works with the VA to provide care in underserved areas and ensures Veterans and their families get the highest-quality care.
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Contacts
Media
Paul Belle Isle
pbellisle@forgehealth.com
