Telehealth start-up Options MD raises US$3.8m in funding to expand mental health platform

The US telehealth start-up Options MD has announced US$2.35m in pre-seed funding to increase patient access to critical care and treatments for severe, treatment-resistant mental illnesses.

Options MD provides care for treatment-resistant depression (TRD) by using a personalised care model, including proprietary treatment-matching software.

The company’s clinicians put together treatment plans, including treatments that range from pharmacological protocols and behavioural treatments to non-pharmaceutical methodologies and lifestyle changes.

Co-founders, Morgan Hewett and Kyle Pierce, aim to prevent thousands of deaths from suicide by addressing the US$64b whitespace that is treatment-resistant mental illnesses.

“Options MD is addressing the white space that exists for the estimated 32 million patients who are most challenging to the mental health system – those struggling with severe and treatment-resistant mental illnesses,” explained Pierce. 

“Unlike the host of mental health platforms that focus only on patients suffering from milder mental health issues, Options MD has committed to supporting patients diagnosed with the most severe and chronic cases of mental illness.

“These patients have not responded to two or more medications of adequate dosage or duration.”

Hewett added: “Instead of being incentivised to only offer one or two treatments, at Options MD, we believe care should be comprehensive and personalised.

“Through our virtual platform, we are nurturing one of the country’s largest communities for treatment-resistant depression. We are focused on providing high-touch, high-quality care for this historically difficult-to-treat patient population.”

Recent reports show the US telehealth market size was valued at US$23.8b in 2021 and is expected to hit US$309.9b by 2030.

Dr Carl Marci, medical advisor at Options MD, said: “The average patient in Options MD’s community has suffered from chronic depression for 10 years, has already tried seven medications and is in a state of hopelessness by the time they access Options MD.

“By combining digital assessments with human interactions and advanced care planning, Options MD is in a unique position to make an impact on one of the most critical populations within mental health.”

Mary Grove, managing partner at Bread & Butter Ventures which led the funding round, said: “Options MD’s mission resonates through its transformative approach to bringing together care navigation, clinical treatment, and community support for those experiencing treatment resistant depression.

“Bread & Butter Ventures’ investment in Options MD underscores our confidence in its leadership team to succeed in the mission to democratise access to quality care for patients who are painfully lacking effective options in today’s market and to drive disruption and innovation in the behavioural health industry.”

The fresh funding round will bring the company’s total pre-seed funding to nearly US$4m and will support the expansion of clinical operations and medical research.