Osmind Closes $15 Million Series A Funding to Expand its Next-Generation Neuropsychiatry Software Platform
Osmind, a healthcare technology company developing the first digital infrastructure for neuropsychiatry, has announced its Series A funding closing at $15 million. Funding will support key hires and further expand its electronic health record (EHR) and research platform. Osminds solution currently serves over 215 mental health practices in 38 states across the country. The organization will continue to develop its research platform, which enables the discovery, development, and delivery of new diagnostics and therapeutics for treatment-resistant mental health conditions.
DIGITAL MENTAL HEALTH TECHNOLOGIES
Confidence in digital health technologies’ and tools’ potential continues to progress as health systems continue to invest in a more digital health care experience – focusing on connecting with, communicating with, and monitoring patients outside the health system’s walls. Digital patient access has undergone a significant evolution during the pandemic, and consumer preferences have evolved along with it.
Health systems are under tremendous pressure to provide convenient access to care for patients while tightly managing operational costs. At the same time, over the past decade, patients (consumers) have taken a more active role in educating themselves and directly managing their health. And with more than 80 percent of consumers now researching their healthcare options, new technologies provide consumers new ways to engage in healthy living and manage certain conditions. In other words, technology is empowering consumers to take control of their health.
An estimated one-third of patients with depression are treatment-resistant, meaning they have failed two or more adequate trials of conventional therapies. The current mental healthcare landscape focuses largely on subclinical patients and promoting wellness, leaving a high unmet need for more effective, personalized treatment options for patients with acute or severe conditions. Osmind delivers real-world insights at scale to drive therapy development and inform best practices for patient care in a field experiencing rapid change. The company aims to usher in a new era of neuropsychiatry by powering advancements similar to those made in oncology over the past decade—leveraging technology and data to enable precision mental healthcare.
THE OSMIND SOLUTION
Osmind is on a mission to empower clinicians and researchers to bring innovative mental health treatments to patients who need them most. According to the organization’s website, its EHR is the first and only software that solves specific challenges faced by innovative mental health practices. The EHR anchors a digital infrastructure that unlocks precision psychiatry and informs best practices for patient care. This platform enables the discovery, development, and delivery of next-generation treatments such as novel classes of molecular therapeutics, neuromodulation techniques, psychedelic medicines, medication-assisted therapy, and digital technologies.
Osmind’s modernized EHR is the first and only software that solves specific challenges faced by innovative mental health practices. It allows clinicians to track measurement-based outcomes for intensive treatment modalities, deliver more tailored care, automate compliance processes for the U.S. FDA and insurance companies, and streamline patient and practice management. The software also aggregates de-identified real-world data to accelerate research and development of new mental health treatments and diagnostics such as psychedelic medicines, neuromodulation, digital therapeutics, digital phenotyping, and neuroimaging.
- Online EHR built precisely for practices serving treatment-resistant mental health patients
- The only EHR built with patient engagement as a priority
- Includes Osmind Outcomes + Engagement Platform completely integrated
- Includes a web-based portal for providers and mobile app + web portal for patients.
OSMIND OUTCOMES + ENGAGEMENT PLATFORM
- Outcomes platform and patient engagement tool (adjunct to EHR) in your patients’ palms
- Improve clinical care, decrease administrative burden, and increase revenue.
- Beautiful patient mobile app maximizes compliance and makes it fun to use for a premium patient experience, increasing patient satisfaction.
- Includes a web-based portal for providers and a mobile app + web portal for patients.
Osmind promotes its solution as one looking to revolutionizing mental health. The solution targets forward-thinking psychiatrists who practice measurement-based care and treat patients with refractory or complex conditions. Designed by, and built for, general psychiatrists and interventional psychiatrists. Osmind’s technology streamlines the unique clinical and administrative workflows while strengthening the bond between practitioner and client.
According to the organization’s website, its solution looks to:
- Simple charting, intake, scheduling, superbills, e-prescribing, and more
- Measurement-based care via patient app with automated follow-ups
- Answering your questions with near 24/7 in-house support
OPTIMIZE PATIENT EXPERIENCE TO BOOST OUTCOMES AND REVIEWS
- Monitor progress through automated validated questionnaires, secures messaging, and patient journaling
- Digital out-of-network insurance reimbursement submission through patient app
- Automated monitoring and follow-ups with patients
- Deliver highest quality experience to boost reviews and referrals
CHAMPION MEASUREMENT-BASED CARE FOR BETTER OUTCOMES
- Improve patient outcomes and significantly increase the therapeutic effect size
- Detect symptom deterioration faster and increase rates of detection
- Increase therapeutic efficiency – faster symptomatic improvement
- Detection of acute situations
- Increase patient adherence to medication and treatment protocols
- Patients feel more engaged and informed and in control
With this Series A funding, Osmind will also expand its research collaborations, building on initiatives already in progress with top academic institutions, life sciences companies, and industry partners such as Fluence and The Ketamine Taskforce for Access to Safe Care and Insurance Coverage.
Osmind has a bold vision for the future — one in which mental health is no longer a worldwide crisis. To get there, it needs solution developers, patients, providers, and researchers all on-deck to advance mental health research and neuroscience. Enabling cutting-edge research in academia, life sciences organizations, payers, and health systems, Osmind focuses on advancing new therapeutics, precision diagnostics, and care management programs. The organization’s research arm is looking to build the digital technology infrastructure and research engine for treatment-resistant mental health, precision mental health, psychiatry, FDA-approved psychedelic medicine, interventional psychiatry, and other innovative approaches within neuroscience and neurotech.
Software including clinical trials e-source, research participant engagement, and multimodal data collection.
Real-world evidence platform that generates insights for researchers. We achieve both breadth and depth.
SERIES A INVESTORS
According to the announcement, financing was led by Future Ventures, joined by existing investor General Catalyst and new investors Tiger Global, Offline Ventures, and Yahoo! co-founder Jerry Yang’s AME Cloud Ventures. A number of angel investors also participated, including Joshua Kushner (co-founder of Oscar Health and Thrive Capital), Adrian Aoun (founder of Forward), Jonathan Hirsch (founder of Syapse), Alice Zhang (co-founder of Verge Genomics), Bay Gross (co-founder of Cityblock Health), and Linhao Zhang (co-founder of TrialSpark). The company also announced the addition of Miki Kapoor (co-founder of Verana Health) as an advisor.
Osmind will use this funding to make key hires and continue scaling its EHR, which currently serves over 215 mental health practices in 38 states across the country. It will also continue to develop its research platform, which enables the discovery, development, and delivery of new diagnostics and therapeutics for treatment-resistant mental health conditions.
Osmind is building the operating system for neuropsychiatry. Our mission is to empower clinicians and researchers to bring innovative mental health treatments to patients who need it most. Osmind’s EHR is the leading software solution designed for progressive mental health providers to track outcomes, streamline workflows, and increase client engagement for evidence-based practices. The EHR anchors a digital infrastructure that generates insights for researchers to unlock novel therapeutic approaches and precision psychiatry. For more information, visit osmind.org and join the conversation on Twitter or LinkedIn.