Genoa, a QoL Healthcare Company, is acquiring the nation’s largest outpatient telepsychiatry provider 1DocWay, and is launching the Genoa Telepsychiatry platform to connect mental health providers and patients.
The company is taking this step to support increased demand for mental health services in the Community Mental Health Centers that work with Genoa. Telepsychiatry can fill the gaps in supply and demand for this kind of services, including psychiatrist availability. Providing psychiatry services through telemedicine has been demonstrated to be well received by both consumers and providers, serving as a novel method to improve access to care.
Genoa is the nation’s leading behavioral health specialty pharmacy, integrating pharmacists into the care team to improve outcomes and reduce costs.“When our partners suggested that we help them find novel remedies to their shortage of psychiatrists, we set out to find ways to assist. We believe telepsychiatry can be a key answer as its early adopters have touted its acceptance and efficacy in delivering accessible and quality mental health care,” said Mark Peterson, Executive Vice President, Strategy and Corporate Development of Genoa. “The shortage of psychiatrists is a major issue in the behavioral health industry, and the addition of 1DocWay’s team and tools will help us provide a solution to this challenge.”
Genoa is the nation’s leading behavioral health specialty pharmacy, integrating pharmacists into the care team to improve outcomes and reduce costs. Offering telepsychiatry as an extension of existing high-touch medication management services underscores their commitment to the behavioral health community.
At the end of last year, 1DocWay has been selected to participate in the VilCap USA: Health IT 2014 program, launched by Texas Medical Center (TMC) and Village Capital to target digital health startups. Then in July 2015, the company has scored $1.7 million to expand its telepsychiatry service. That round was led by iSeedVC led the round, with participation from Rock Health, Asset Management, Great Oaks Venture Capital, and Waterline Ventures.