MindCare Announces Acquisition of Ohio-Based Psych360 August 24, 2022 – One of the nation’s leading tele-psychiatry providers, MindCare Solutions Group (Nashville, TN), has today announced an acquisition of Ohio-based Psych360 effective August 16, 2022.
MindCare Solutions Group is the largest provider of 24/7 tele-psychiatry to the Telehealth services market in the U.S. is expected to grow from $17B to $31B by 2027 (1). In order to service this ~20% year-over-year growth, MindCare Solutions Group’s digital service integrates behavioral care into a variety of healthcare settings through a secure, end-to-end tele-health platform to reduce costs and improve outcomes.
Internal studies have shown that the platform shortens the length of stay in an emergency department by driving down the average time to a psychiatry consult from 5+ hours to under 30 minutes. According to MindCare Solution Group’s CEO David Morris: “Psych360 is a pivotal provider of care in the Long-Term space to thousands of patients, and we believe that, together, they will help our mission to deliver the best possible care and experience to our patients and healthcare partners.” Psych360 provides comprehensive mental health solutions to long-term care communities including skilled nursing facilities, assisted living communities and group homes. In 2018, Psych360 partnered with Physician Growth Partners (“PGP”), a healthcare services private equity firm, to execute on its vision of becoming a leader in the space through capital and operational support.
Founded in 2015, the Company has grown to service nearly 300 communities throughout Ohio, Pennsylvania, West Virginia and Missouri. In the last 12 months, Psych360’s Board Certified Mental Health Providers have conducted over 85,000 patient encounters to improve the mental health and overall quality of life of the residents they serve. According to Psych360’s Chief Executive Officer (CEO), Rocco Coniglio, “Joining with MindCare Solutions Group allows us to improve patient care a step further by providing continuity of care and increased interdisciplinary collaboration from the long-term care, rehab and acute hospital setting. We will increase our options for psychiatric placement and can follow patients from those acute settings to the nursing home. Added Psych360’s President and Chief Medical Officer (CMO), Nicole Coniglio, “This gives us the ability to reach more patients affected with mental illness and will directly impact the mission of Psych360. We will now have the opportunity to expand our offering across the country which is incredibly exciting and important to us.”
This latest acquisition will broaden MindCare Solutions Group’s presence in the long-term care space, as the company continues to set a new standard of care in the growing field of tele-behavioral health. MindCare Solutions Group engaged Stephens Inc., LBMC and Waller Law to serve as its advisors on the acquisition of Psych360.
1.) Ibis World: Telehealth Services, Retrieved February 2022, from https://my.ibisworld.com/us/en/industry-specialized/od5775/industry-outlook