#USA #New York #mental health #Virtual Therapy #Handspring Health

Handspring Secures $12 Million Funding to Strengthen Youth Mental Health Care

In a major development for mental health care, Handspring, a pioneering provider of virtual therapy aimed at youth and their families, has successfully raised $12 million in a Series A funding round. This investment, led by Cobalt Ventures, attracted participation from a remarkable lineup of investors, including NextView Ventures, nvp capital, and several health plans, highlighting a significant alignment with payers who support effective and evidence-based mental health models.

A Commitment to Quality Care

Handspring is committed to addressing the national shortage of qualified pediatric mental health providers by focusing on developing a workforce of full-time, well-trained therapists. Unlike many platforms relying on gig-based models with minimal oversight, Handspring invests in its clinicians through comprehensive onboarding processes, weekly consultations, and continuous training. This investment is crucial as the demand for mental health services, especially among children and young adults, continues to rise.

The therapy modalities offered include skills-based Cognitive Behavioral Therapy (CBT), Dialectical Behavior Therapy (DBT), exposure therapy, and a pioneering Complex Care program. The latter is specifically designed to aid high-risk youth who often find themselves underserved and neglected by traditional outpatient services. It aims to prevent unnecessary referals to emergency departments or intensive outpatient programs, allowing children and families to receive the appropriate care they need.

Demonstrating Impact

Handspring's dedication to effective, quality care is reflected in impressive patient outcomes. Following treatment, 96% of families reported an improvement in their daily lives, while the company's Net Promoter Score (NPS) stands at a remarkable 82, indicating high satisfaction and trust among users. Notably, 84% of patients dealing with anxiety and 79% suffering from depression showed clinical improvement by the conclusion of their treatment, based on validated clinical scales.

Integrated Technology for Seamless Care

At the heart of Handspring's innovative service delivery is a fully integrated technology platform. This includes custom-built portals for patients and providers, an AI-powered clinical scribe, and a therapist matching engine. These tools not only streamline operational processes but also enhance the overall experience for families seeking mental health support. Ensuring a strong clinical fit from the outset is a priority, allowing for a tailored approach to each individual’s needs.

CEO and co-founder Sahil Choudhry emphasizes the importance of maintaining high-quality standards in mental health care: "Patients deserve more than just an available therapist – they deserve evidence-based treatment, genuine therapeutic relationships, and measurable progress towards recovery." This funding is crucial for Handspring to continue evolving its systems with a focus on the long-term well-being of every family they assist.

Broader Family Engagement

Additionally, Handspring adopts a unique whole-family approach by engaging parents in the therapeutic process, ensuring they have the tools needed to support their children even outside therapy sessions. The co-founder and president, Kwasi Kyei, remarked, "Handspring is addressing the complex challenges faced by children, teens, and young adults... It doesn't stop there; we involve the whole family to foster a supportive environment."

With this funding, Handspring plans to deepen its clinical programs designed for complex patient demographics, enhance partnerships for value-based care, and further develop its proprietary technology platform. This focus includes creating more AI tools aimed at automating processes and improving care outcomes.

About Handspring

Handspring Health is redefining mental health support for the next generation. By delivering evidence-based therapy to children, adolescents, young adults, and their families, Handspring aims to create personalized and timely care rooted in measurable outcomes. With a dedicated team of licensed professionals equipped to handle various mental health issues, the company is committed to empowering young individuals and their families toward a brighter and healthier future. To learn more about their services, visit handspringhealth.com.