The demand for digital health services have skyrocketed with the pandemic. The number of patients using virtual care, telemedicine, and other digital health startups is increasing, and so are the startups’ fundings.
In this article, we will discuss one such American digital health startup and how its recent funding will help ease the lives of mental health patients.
Minded- A telehealth company managing mental health medications
Minded is a USA based, direct-to-consumer telehealth platform that helps mental health patients manage their medications. Founded in 2021, the company recently raised $25 Million in seed funding.
What problems is Minded addressing?
While the number of people reporting mental health issues is increasing, there is a decrease in psychiatrists available to address their issues. Americans have to wait for weeks or even months before their first doctor visit. Mental health issues like depression, anxiety and insomnia can worsen by the time of doctor visit.
Also, anxiety, depression and insomnia have long term medications. The patients have to visit the doctor every 90 days, only to renew the same medications. The process is not only time consuming but also expensive.
Minded helps in solving these two issues by providing-
- Virtual consultations with certified psychiatrists or nurse practitioners within 24 hours.
- Regularly refilling your prescriptions
How does Minded work?
Minded is a telehealth platform for mental health patients on regular medications for anxiety, depression and insomnia. All the user needs to do is-
- Complete a free online assessment
- Get on a video chat with certified psychiatrists or nurse practitioners
- Discuss existing medications or adjustments
- Get the prescriptions sent to your local pharmacy or delivered to your doorstep.
How much does Minded cost?
Minded works on a monthly subscription model. The subscription will cost $65 per month per user. Subscription includes-
- A prescription medication plan
- Monthly video appointments
- Unlimited messaging and medication adjustments
- Regular prescription refills
Door delivery of medications costs $8 per medication, additional to the monthly subscription.
In terms of cost, a regular in-person visit to psychiatrist costs somewhere around $300 per visit, Minded cuts the expenses of mental health patients up to 50%.
Who founded Minded? And why?
Minded was co-founded by
- David Ronick, co-founder of Stash
- Gaspard de Dreuzy, co-founder Voyager and Pager
- Chris Dennis, Chief Behavioural Health Officer at Landmark Health
David, CEO and co-founder of Minded, suffered from mental health issues and found it difficult and expensive to get care from expert psychiatrists. He recalled paying $300 for a 5 min doctor visit, only to renew the same prescription.
Having experienced the frustration first hand, David, with the other co-founders, started Minded in 2021 to offer more accessible and convenient solutions to mental health patients.
Funding raised by Minded
Minded raised $25 million in seed funding in the month of February. Participating investors include Streamlined Ventures, Link Ventures, The Tiger Fund, Trousdale Ventures, TheFund, Unicorn Ventures, founders of Care.com, among many others.
Currently, Minded handles medications for anxiety, depression and insomnia only. And provides services to patients in New York, California, Florida, New Jersey, Illinois, Texas and Pennsylvania only. The company plans to utilise the funds to expand the mental health issues addressed.
It plans to expand its services throughout the United States. It is also looking forward to exploring partnerships to tap into genetic testing and psychedelics for treatment-resistant depression.
To conclude
“Minded is the only company specialising in managing mental health medications. They do not offer talk therapy. That allows us to go deeper and provide innovative treatments. That’s something we always want to stay on the cutting edge of.” -David, CEO and co-founder, Minded.
The funding will ensure that mental health issues are addressed, and innovative solutions are developed to cure them.
“Minded aims at creating positive impact at scale by forging real human connections between people in need and experts who can help them, by using advanced technology.”- Ullas Naik, founder, Streamlined Ventures.
In the era of the pandemic where mental health issues are taking the front seat, digital healthcare startups like Minded are on their mission to help more and more people.
