First announced in January, the behavioral telehealth provider’s fundraise is set to expand its provider network as well as its market presence.
Forefront Telecare, a virtual care company specifically focused on behavioral health, has closed out a Series A funding round announced earlier this year with the addition of two new investors: Tech Council Ventures and Boston Millennia Partners. They join the round’s prior investors Spring Lake Equity Partners and the Ziegler Link●Age Fund.
Forefront has sized the funding round at a total of $15 million, having previously left the total fundraising unsaid back in January. In addition, the company said that it has opened a new office in Hamilton, New Jersey.
WHAT THEY DO
Forefront Telecare specializes in providing virtual behavioral telehealth to seniors, and in particular targets Medicare patients in rural hospitals and skilled nursing facilities. The company’s HIPAA-compliant platform encompasses software, hardware, and a nation network of behavioral health specialists.
WHAT IT’S FOR
As before, Forefront said that it is planning to use its investment to grow its network of telepsychiatry providers, further develop HIPAA-compliant telehealth platform and push its business into new states.
Behavioral health is becoming an increasingly established subset of the wider telehealth industry.
For instance, it’s been more than two years since MDLive announced that it would be offering virtual psychiatric services to patients in all 50 states. It is also being used by the Department of Veteran’s affairs. Similarly, the Department of Veterans Affairs has been using telemedicine to treat multiple mental health conditions including OCD, sexual trauma and addiction.
ON THE RECORD
“Forefront’s ability to leverage technology and services to improve the capacity of psychiatrists to serve their patients will help bridge the gap between behavioral health provider supply and patient demand,” Frank Silva, principal at Boston Millennia Partners. “We are encouraged to work with this talented team to solve a complex problem that affects millions of Americans.”
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