1DocWay has raised $1.7 million to expand its telepsychiatry service, MedCityNews is reporting. iSeedVC led the round, with participation from Rock Health, Asset Management, Great Oaks Venture Capital, and Waterline Ventures.
The money, according to the company’s CEO and cofounder Samir Malik, will be used primarily across product support, sales and marketing.
The funds will be used primarily across product support, sales and marketing.1DocWay partners with hospitals and their mental health professionals to offer their services to other healthcare facilities that need psychiatric services for their Medicare and Medicaid patients. Moreover, they also work with other mental health service providers, such as Quartet, and Genoa.
“Broadly speaking, between Medicaid expansion, a focus on outcomes and a greater social awareness of the importance of mental health, entrepreneurs, providers and investors in healthcare are realizing how important mental health is to the healthcare economy,” Malik said. “There are other companies in this space as well (Quartet, Genoa, etc) that we are actively partnering with too.”
1DocWay is focused on bringing access to care to the 80 million Americans who currently live over 50 miles away from the nearest behavioral health provider. Using the service, hospitals can expand their reimbursable services to underserved areas, build their referral base, and reduce the high cost of comorbid patients suffering from multiple chronic and mental illnesses.