Headway is an NYC-based company building a mental healthcare system where patients can access insurance-covered therapists. It operates a provider network of 34,000 clinicians across race, gender, ethnicity and specialty who use its platform to run their private practices. Patients can schedule care within 48 hours via one-click booking or obtain care through referrals. The company focuses on simplifying private practice operations so providers can concentrate on delivering clinical care. Headway plans to accelerate platform development and expand into Medicare Advantage and Medicaid to reach millions more, according to CEO and founder Andrew Adams. The company recently raised $100M in a Series D to fund these efforts. Headway builds a healthcare system to help people find quality in-network mental health care by removing historic barriers faced by providers, payers, and patients. The company has developed a software-enabled network of therapists who accept health insurance and is powering more than 300,000 appointments per month. Launched in April 2019, Headway is led by founder and CEO Andrew Adams and is based in New York City. The company raised $125M in a Series C that valued it at $1 billion. Headway intends to use the funds to expand operations and broaden its business reach. The article does not disclose revenue figures. Headway operates a three-sided marketplace and back-end platform that helps patients find and afford therapists, enables therapists to accept a wider range of insurance plans, and provides insurers with a conduit to bring patients to in-network providers. The company’s platform is free for patients and aims to reduce the friction therapists face accepting insurance. Headway has expanded beyond its New York metro origins to cover multiple U.S. states and is aiming to be nationwide this year, while planning hires to grow its team to about 300 people. Operational metrics in the article note more than 3,000 therapists on the platform, roughly 2,000 new patients joining per month, and about 30,000 appointments per month (300,000 total facilitated to date). The company reports that 89% of appointments are currently remote and that revenue grew nine-fold in the past year. Headway will use the new funding to expand partnerships, accelerate hiring, and open in new regions. Headway operates a two-sided marketplace and software stack that helps patients find therapists who take insurance and helps therapists manage appointment booking, billing and claims. The company says it has about 1,800 therapists on its books in the New York area and that tens of thousands of patients have used the service. Headway does not charge patients or therapists; it takes a commission from insurance providers for enabling access to more therapists and billable work. The startup will use the Series A to expand to more cities, widen its pool of therapists and build more technology to improve search and recommendations. The company has noted a shift from largely in-person care pre-pandemic to roughly 90% virtual visits today and could extend into tools that support customer-facing telehealth workflows. Headway has not disclosed a valuation.

Total raised

$321M

Funding rounds

4

Latest round

Series D

Latest activity

Jul 2024