Bicycle Health Raises $27 Million Series A To Expand Treatment and Access For Opioid Use Disorder Nationwide
Coverage from UnitedHealthcare, Aetna, Medicare, Medicaid Makes Treatment More Affordable to More People in Need
BOSTON, June 22, 2021 /PRNewswire/ -- Bicycle Health, the leading virtual care provider of evidence based treatment for opioid use disorder (OUD) today announced a $27 Million Series A investment led by Questa Capital with participation from City Light Capital, Emily Melton and previous investor SignalFire. Since the start of the pandemic, Bicycle Health has grown 30% month over month and is now the largest virtual care platform for OUD by geographic footprint and insurance coverage. The company will use the capital to expand its rapidly growing clinician network, partner with additional payers, invest in research and continue building local community partnerships to reach those without other treatment options.
Founded in 2017, Bicycle Health provides confidential, convenient and clinically-validated Medications for Addiction Treatment (MAT) and Integrated Behavioral Health support via telemedicine, for the treatment of opioid use disorder. Available in over 20 states and growing, Bicycle Health creates customized treatment plans for each patient, delivered by a team of medical providers, behavioral health clinicians and clinical support specialists. Treatment is delivered virtually, and includes synchronous and asynchronous access to the patient's care team, same day prescription refills for medication management, access to peer support groups and psychotherapy, and regular in-home diagnostics testing to monitor a patient's progress. Bicycle Health also provides referrals to primary care and community support services to address Social Determinants of Health.
In addition, Bicycle Health is announcing national in-network insurance coverage from UnitedHealthcare, Aetna, Medicare and Medicaid in select states, helping to make treatment more affordable for more patients in need.
"Since COVID-19 hit, patients with opioid use disorder have really suffered. Overdose deaths due to opioids is up 29%, in person clinics have shut down and 40% of counties in the US have no opioid use disorder provider", said Ankit Gupta, Bicycle Health CEO/Founder. "Our mission is to provide confidential, convenient and affordable whole person care to anyone who needs help".
"We at Questa are honored to support Ankit and the experienced team at Bicycle in their efforts to combat OUD, a disease that causes profound damage to millions of individuals, their families and our society" said Ryan Drant, Managing Partner at lead investor Questa Capital. "Bicycle has a team with a demonstrated ability to scale, and is a leader in providing virtual care for OUD using the clinically-validated model of MAT. We have evaluated various treatment models used to care for individuals with OUD and have conviction in the effectiveness of Bicycle's patient-centered model."
To learn more or get started with Bicycle Health, visit www.bicyclehealth.com
About Bicycle Health:
Bicycle Health offers confidential evidence based virtual care for opioid use disorder, from the comfort of your home. We provide access to a highly trained team of medical experts, a customized treatment plan, same day prescription refills for medication management and access to peer support groups and therapy. Our mission is to provide high quality, affordable, convenient and confidential opioid use disorder treatment for those in need, with a vision to help anyone with a chronic disease live a happy, healthy and fulfilling life.
About Questa Capital:
Questa Capital is a venture growth equity firm focusing on investments in expansion-stage healthcare companies. Questa seeks out disruptive, technology-enabled business models that help improve patient lives, streamline market inefficiencies, and provide better quality care. The firm partners with superior management teams to help build innovative market leaders in the healthcare technology, services and medical devices sectors. Questa is led by industry veterans in healthcare investment and operations who have invested in and advised more than 50 growth-stage companies. More information is available at www.questacapital.com.
SOURCE Bicycle Health
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