Quartet Health, a leading value-based care-focused technology and services provider based in New York City, has recently been acquired by NeuroFlow, another behavioral health-focused technology company. This acquisition comes shortly after the divestiture of tele-psychiatry provider innoTel, which was acquired by Iris Telehealth.
In a blog post, Quartet Health expressed that their leadership team was focused on finding organizations that aligned closely with their vision and purpose. They found that alignment with NeuroFlow and Iris, believing that these companies prioritize putting patients first and ensuring that mental health care is accessible and affordable.
While the exact reasons for Quartet Health’s sale and the decision to sell in parts are not clear, their blog posts suggest that each entity sold complements the services of their respective acquirers. NeuroFlow’s software focuses on integrating behavioral and physical health service workflows, tracking care quality, and risk management. The acquisition of measurement-based care software company Owl in June 2024 further enhances NeuroFlow’s capabilities. Quartet Health’s expertise in behavioral health value-based care enablement services strengthens NeuroFlow’s patient referral and care navigation offerings.
Quartet Health had raised significant funding from venture capital firms and non-traditional investors, including health plans. Over seven rounds, the company raised $266 million, with their latest disclosed funding round of $51 million in February 2022. Their previous round was led by Independence Health Group, a Blue Cross Blue Shield licensee, and included investors such as GV, Oak HC/FT, Centene Corp., F-Prime Capital Partners, and Polaris Partners.
Founded in 2014 by Arun Gupta and Steve Shulman, Quartet Health has been a pioneer in leveraging technology to improve access to and quality of behavioral health care. The acquisition by NeuroFlow marks a new chapter for Quartet Health as they continue their mission to transform the mental health care landscape.
