NEW YORK — AbleTo, Inc., a provider of technology-enabled behavioral health solutions, has closed $36.6 million in new financing, led by Bain Capital Ventures and also includes health insurer Aetna. All of AbleTo’s existing investors, including .406 Ventures, Sandbox Industries, HLM Venture Partners, and Horizon Healthcare Services, Inc. also participated in the round.
AbleTo plans to use the new funds to accelerate scale and expansion of business operations, enabling the company to strive for its ultimate goal of successfully treating millions of people with behavioral health conditions. A number of the largest national health plans, leading statewide Blues plans, and large employers use AbleTo’s platform to connect patients with AbleTo’s nationwide network of behavioral health providers. These providers treat the underlying behavioral health issues associated with medical conditions and life events using AbleTo’s evidence-based, structured treatment protocols, thus improving medical outcomes and decreasing the overall cost of care. Presently in the United States, over 34 million adults (17% of the adult population) have both a behavioral health and a medical condition, and this combination is estimated to drive $300 billion in avoidable health care costs and lost productivity per year.
“As AbleTo continues to expand by investing in our technology platform, clinical programs, and people, we are changing the face of behavioral health and increasing the impact we’re having on those with behavioral health needs,” said Rob Rebak, President and CEO, AbleTo. “We are thrilled to add investors like Bain Capital Ventures and Aetna who have a demonstrated commitment to thinking holistically and supporting innovation to address the mental health crisis in this country.”
Aetna and AbleTo have been working together since 2011 to treat Aetna patients nationwide. As part of this collaboration, the companies have published and presented outcomes data jointly, including an outcomes study published in the American Journal of Managed Care. This study demonstrated a 31% decrease in total hospitalizations and a 48% reduction in hospital days over a six-month follow-up in a commercial population, driving significant cost savings per patient.
“Given the importance of behavioral health in managing one’s overall health, I have long been an advocate that we take a much more holistic view of health that connects both mental and physical wellness,” said Karen Lynch, President of Aetna. “Aetna’s collaboration with AbleTo improves consumers’ access to behavioral health services, and delivers improved outcomes in support of our mission to provide access to holistic care to our customers.”
AbleTo raised its Series A round from .406 Ventures in 2013, and has now raised a total of $57.4 million in funding.