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DotCom Therapy Closes $13 Million Series A Funding to Address Shortage of Mental Health Resources for Children Across Healthcare Systems
DotCom Therapy (DCT), the most comprehensive pediatric teletherapy provider, today announced that it has raised $13 million in Series A funding to drive the expansion of its pediatric teletherapy resources, especially within healthcare systems nationwide. The expansion will help to address the dire widespread shortage of professional therapists and mental health resources in that sector.
The financing was led by New Capital Partners with participation from LRVHealth and OSF Ventures. As part of the funding, Will Cowen, general partner of LRVHealth, Stan Lynall, CPA, vice president of investments for OSF Ventures, and James Outland, managing partner of New Capital Partners, have joined DotCom Therapy’s Board of Directors alongside Mark Bakken of HealthX, Dr. Colleen Kraft, 2018 president of the American Academy of Pediatrics, and Rachel Mack Robinson, DotCom Therapy’s founder and president. DotCom Therapy will use the capital to advance the features and functionality of its proprietary technology, Zesh, grow its customer base of schools across the country, and scale its partnerships with providers and payers in the healthcare industry.
DotCom Therapy currently provides services for over 400 schools and health systems across 38 states. For example, Akeela Inc., one of Alaska’s oldest and most diverse Behavioral Health programs, offers preventative mental health services to 18 communities throughout the state. Through its partnership with DotCom Therapy, Akeela implements collaborative care pathways and teletherapy services to children and families in rural and urban communities in southcentral and southeast Alaska.
“This funding will fuel our expansion across healthcare systems, where the widespread therapist shortage is overburdening staff, greatly impacting the patients and families they serve,” said Robinson. “Through the work we’re doing with OSF Healthcare, the direct access LRVHealth can provide through its network of strategic health system partners, and New Capital Partners’ experience building healthcare and telehealth companies, we believe we have the right team in place to grow our partnerships with health systems and payers by ensuring we’re delivering the technology and support to reach more kids in need.”
As a trained speech language pathologist, Robinson founded DotCom Therapy in 2015 after working at a neurology clinic. Through that work, she witnessed firsthand how the shortage of qualified therapists and difficulty accessing care negatively impacted children’s growth and development. Through its diverse network of qualified therapists, DotCom Therapy now provides the highest quality mental health counseling, speech therapy, occupational therapy, and behavioral services to schools, healthcare systems and families across the country.
The funding comes on the heels of DotCom Therapy’s ranking on the Inc. Magazine 5000 list, a recognition of America’s fastest-growing private companies, and its partnership with Little League® to provide participants of the 2021 Little League Baseball and Softball Regional and World Series tournaments with access to mental health and emotional well-being support.
“DotCom Therapy is already a major disruptor in pediatric teletherapy across the education and healthcare sectors. This funding will help expand their reach into healthcare systems that desperately need high-quality mental health resources during this critical time,” said Outland.
“DotCom Therapy’s comprehensive services, 5-star patient ratings and 97% retention rate of its unparalleled roster of professional therapists is an outstanding fit for any health system that needs to expand the help and resources they can offer to children in need.” According to The Centers for Disease Control and Prevention (CDC), it can be challenging for some families to access mental health care for their children, particularly if it is not readily available through their healthcare systems. Nearly 1 in 5 children have a mental, emotional, or behavioral disorder, such as anxiety or depression, attention-deficient/hyperactivity disorder (ADHD), disruptive behavior disorder and Tourette syndrome. While children with these disorders benefit from early diagnosis and treatment, only 20% of them receive care from a specialized mental health provider.
“The pandemic drew a spotlight on the mental health crisis impacting children and families,” said Robinson. “DotCom Therapy is a proven solution to the ongoing therapist shortage that benefits patients while improving operational and financial performance for healthcare systems, making it a win/win for all.”
About New Capital Partners New Capital Partners (NCP) is a private equity firm comprised of former operators headquartered in Birmingham, Alabama. NCP makes investments in niche technology and services companies in the healthcare, financial and business services industries. Leveraging their extensive operational experience, NCP helps create significant value in portfolio companies by cultivating true partnerships with management teams and focusing on one core goal: Building Great Companies.
For more information, visit www.newcapitalpartners.com
About LRVHealth LRVHealth is the "Inside Healthcare" venture capital platform. LRVHealth's investors include leading provider, payer, and vendor organizations, comprising a network that touches one in three healthcare consumers across the U.S. Together, this network collaborates to identify, invest in, and adopt innovative solutions to the industry's most pressing needs. Founded in 2000 by an experienced team of healthcare investors, operators, and advisors, the LRVHealth team provides early-stage capital, operating experience, and industry insights to build the next generation of great healthcare companies.
For more information please follow LRVHealth on Twitter (https://twitter.com/lrvhealth) and LinkedIn (https://www.linkedin.com/company/LRVHealth), or visit www.LRVHealth.com.
About OSF Ventures and OSF Healthcare OSF Ventures specializes in venture optimization, partnering financially and operationally in companies that improve patient outcomes and reduce costs to healthcare systems. OSF Ventures is a division of OSF Healthcare, an integrated health system owned and operated by The Sisters of the Third Order of St. Francis, headquartered in Peoria, Illinois.
For more information, please visit https://www.osfhealthcare.org/
About DotCom Therapy DotCom Therapy is the most comprehensive pediatric teletherapy provider for healthcare and educational organizations serving families across the nation. With a 5-star patient rating and 97% retention among its network of professional therapists, DCT provides the flexibility families and organizations require to meet the mental health, behavioral, speech, and occupational therapy needs of children in their care. DCT is headquartered in Madison, Wisconsin with team members and therapists located across the United States.
For more information, follow DotCom Therapy on Twitter (@DotComTherapy) or LinkedIn (https://www.linkedin.com/company/dotcom-therapy), or visit www.DotComTherapy.com.