Headway is reimagining mental health care across the US by making it easier for therapists to accept insurance.
1 in 4 people in the US has a treatable mental health condition. However, accessing that treatment can have several insurmountable barriers for many, resulting in them suffering through their mental health problems. Breaking down those barriers, including accessibility and cost, could be the key to helping a large percentage of the population live happier and healthier lives.
80% of therapists in the US do not accept insurance. Without insurance, sessions cost in the range of $100-$300, making it unattainable for many. The administrative duties required to utilise insurance makes it impractical for many therapists, especially solo practitioners. The time commitment required on paperwork and follow-ups to collect payments from the insurance company is too much of a financial burden to be worthwhile.
That’s where Headway comes in. Like some other digital mental health companies, including Ginger and Unmind, it’s looking to improve access. Founded in 2019, this innovative digital mental health startup is using software solutions to streamline accepting health insurance. Currently, over 4000 therapists and psychiatrists are using the platform to see patients remotely and in-person while accepting insurance without handling the insurance-related administrative tasks themselves.
Solo and group practices, both in and out-of-network, can apply to provide care through Headway. Once accepted, therapists can begin seeing clients through the platform in 1-2 months. Practitioners can move their current clients to the service and attract new ones with their portfolios. New clients seeking mental health care can find the best therapist for them, whether online or in-person and know that they will pay $20-$50 per session instead of $100-$300. The platform collects payments from several popular insurance companies and pays practitioners twice a month.
In May 2021, Headway had an incredibly successful Series B round where they raised $70 million from big-name investors. In addition to the $26 million they raised six months earlier, this capital will expand the number of states they operate in and the insurance plans they work with. Headway is actively working towards a new system for accessing mental health support across the entire country.