Driving Innovation in Mental Health Services

About the client

In an era where mental health care is more critical than ever, Regroup Telehealth has emerged as a trailblazer in the field of telepsychiatry and teletherapy. Headquartered in Chicago, Regroup Telehealth is committed to breaking down barriers to mental health care access and transforming the way these essential services are delivered. By leveraging cutting-edge technology and a vast network of highly skilled mental health professionals, Regroup Telehealth is bridging the gap between patients in need and accessible, high-quality mental health care.

Opportunity

Regroup Telehealth, a telepsychiatry and teletherapy startup based in Chicago, found itself at a pivotal point, actively seeking innovative growth strategies and opportunities. The CEO reached out to Fulton&Co for assistance in business, technology, and fundraising strategy. Through a strong collaborative partnership, Fulton&Co expertly guided Regroup Telehealth through a successful pivot, resulting in substantial fundraising and accelerated growth.

The Pivot

Fulton&Co, leveraging their expertise in business strategy and fundraising, collaborated with Regroup Telehealth to address the unique challenges in the mental health industry. Mental health certification requirements often result in therapists residing in close proximity to universities. Consequently, populations living in areas far from these educational institutions may face significant challenges in accessing mental health services. Telehealth has emerged as a vital solution to bridge this gap, making mental health care more accessible to underserved communities and rural populations.

Through extensive research and analysis, they identified several key insights that would reshape Regroup’s business model:

Based on these insights, Fulton&Co proposed a strategic shift to provide the software for free, attracting over 1,000 therapists to Regroup’s platform. This would allow the company to sell approximately 4 hours of time per mental health professional to healthcare organizations, as well as sell the remaining 4 hours per week of each therapist’s available time to other clients. The new strategy transformed Regroup into one of the largest mental health practices in the world, based on available hours.

Capitalizing on the extra hours available from these mental health professionals, Regroup Telehealth established partnerships with hospitals and health groups to offer their services. By selling the additional hours to these organizations, Regroup Telehealth effectively expanded the reach of mental health care, bridging the gap between patients and providers. This innovative approach not only generated revenue for the company but also ensured that mental health services were more accessible to those in need, including patients in hospitals and healthcare facilities.

Going Public

Results

The strategic partnership with Fulton&Co proved to be a turning point for Regroup Telehealth. The company successfully raised over $6 million in funding, which enabled them to expand their services and reach more patients in need of mental health care.

InSight Telepsychiatry and Regroup Telehealth merged on December 10, 2019, to become the largest and most comprehensive telepsychiatry service provider in the United States. The merger brought together a robust network of providers and an impressive group of clinical and executive leaders with extensive experience and expertise across different care settings and patient populations for underserved individuals and communities.

The collaboration between Regroup Telehealth and Fulton&Co demonstrates the power of strategic partnerships and well-executed pivots. By identifying new opportunities, refining their business model, and securing significant funding, Regroup Telehealth was able to overcome challenges and ultimately achieve a successful merger with InSight Telepsychiatry. This partnership underscores the importance of adaptability and innovation in the ever-evolving landscape of telehealth and mental health care.

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