NASHVILLE, Tenn.–(BUSINESS WIRE)–MindCare Solutions Group, Inc. (MindCare), one of the nation’s leading telepsychiatry providers, today announced the firm’s acquisition of Psych360.
According to a recent report, the Telehealth services market in the U.S. is expected to grow from $17 billion to $31 billion by 2027. To serve the 20 percent year-over-year growth in this market, MindCare’s digital service integrates behavioral care into a variety of healthcare settings through a secure, end-to-end telehealth platform that reduces costs and improves outcomes while reducing the average psychiatry consult from more than five hours to under 30 minutes.
MindCare’s CEO David Morris noted, “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.”
In the last 12 months, Psych360’s Board Certified Mental Health Providers have conducted more than 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.”
MindCare Solutions Group, Inc. engaged Stephens, LBMC and Waller Law to serve as its advisors on the acquisition of Psych360.
About MindCare Solutions Group, Inc.
MindCare Solutions Group, Inc. is the largest provider of 24/7 telepsychiatry to emergency rooms nationally and delivers more than 200,000 telepsychiatry consults and evaluations annually. Leveraging dedicated provider teams who work with multiple layers of clinical leadership, MindCare ensures high-quality psychiatric services. MindCare is a portfolio company of WP Global Partners, a Chicago-based private equity firm investing in the lower-middle market.
About Psych360:
Psych360 provides comprehensive mental health solutions to long-term care facilities including skilled nursing homes, 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.
Contacts
MindCare Solutions Group, Inc.
info@mindcaresolutions.com
