Access. After all the drug development, and capital raises, and FDA approvals – it will be the ability of patients to actually access these therapies that will dictate the success of the psychedelic medicine renaissance.
And in the U.S., more than anywhere else, this means health insurance.
At the moment there are no insurance providers offering health insurance benefits for employers and employees; and with 80% of Americans getting their health insurance through their work, this is a major gap that needs to be solved.
Enter Enthea. Enthea is a licensed, third-party administrator of health insurance benefits working to provide safe and affordable access to psychedelic-assisted psychotherapies. They offer turn-key benefit plans that allow employers and insurance companies to cover this new class of healthcare services.
“Through the creation of the country’s first psychedelic healthcare provider network, Enthea is taking a big step in creating access to these new, evidence-based healing options,” said Sherry Rais, CEO and Co-Founder of Enthea. “And as a workplace benefit, this treatment becomes affordable. Next year, most employers across the U.S will be able to offer these innovative treatments, covered under insurance, for the first time.”
Currently, patients who receive psychedelic therapy in the U.S. (only ketamine therapy at the moment) need to pay out of pocket and then hope that their insurance provider will re-reimburse them (fun fact: most of the time they won’t). It’s an inefficient model that hurts both patients, employers, and the future of the industry.
Enthea has already successfully launched its first pilot benefit program. Earlier this year, Enthea partnered with natural soap brand, Dr. Bronner’s
, as the first employer to add ketamine-assisted psychotherapy to its existing health insurance plans.
“Many members of the All-One family at Dr. Bronner’s who have been struggling with mental health challenges have availed themselves of ketamine-assisted therapy, and have relayed their deep heartfelt thanks for the incredible healing impact it has made,” reported David Bronner, CEO of Dr. Bronner’s. Some employees have publicly shared their positive experiences with this new treatment.
And proving the demand for these therapies, Enthea has recently closed a $2 million seed round raise, led by Tabula Rasa Ventures. The funds will be used to launch its services into 40 markets across the U.S., with plans to expand to 100 in the next year.
According to Enthea’s CEO Sherry Rais, there’s a huge list of companies, big and small, expressing interest in adding these benefit plans to their currently employee offerings.
See our interview below with Sherry Rais, CEO & Co-Founder of Enthea.
And click here for a look at Enthea’s Deal Board Opportunity
