Boston-based Author Health, a hybrid care platform for Medicare Advantage members with serious mental illness and substance use disorders, launched with $115 million in financing. 

General Atlantic led the round with participation from Flare Capital Partners. 

WHAT IT DOES

Author Health provides virtual and in-person psychiatric care for Medicare Advantage recipients with a mental illness or substance use disorder. The company uses a team-based approach, joining physicians, therapists, community health workers, nurses and therapists. The company initially launched in South Florida in collaboration with Humana. 

The funding will help Author expand into new markets and develop partnerships with other insurance and healthcare companies. 

"By aligning Medicare Advantage health plans and clinicians to improve health, and using a combination of technology and community relationship-building to open access for hard-to-reach populations, Author Health is primed to meet the growing demand for psychiatric care on a national scale," Katherine Hobbs, CEO of Author Health, said in a statement.

MARKET SNAPSHOT

According to the Census Bureau, the senior population has grown significantly over the past ten years, driven by the aging of the baby boomer generation. As society experiences the demographic shift, referred to as the "gray tsunami," there's expected to be an increasing need for senior care options to meet the group's demands. 

Another company focused on providing mental health assistance to seniors is Rippl, which offers mental health services to seniors with dementia and other cognitive conditions. In September the company launched with a $32 million seed round led by ARCH Venture Partners and General Catalyst.

MyndVR, a virtual reality digital therapeutic company, also partners with insurance plans to offer seniors behavioral health services.