This week’s Psychedelic Groundbreaker is Ketamine Clinics Los Angeles. Ketamine Clinics Los Angeles is a world-renowned provider of Ketamine Infusion Therapy for depression and other mood disorders. As one of the first Ketamine Clinics to open in the US in 2014, KCLA has pioneered this cutting-edge treatment. With an 83% success rate, the practice consistently raises the bar in this new field of medicine. A progressive, innovative, and evidence-based clinic.
What’s this article series about? Psychedelic Groundbreakers is a get-to-know-you-style blog series highlighting prominent and groundbreaking companies in the psychedelics industry.
What’s your company vision?
Our vision is to provide lasting relief to people suffering from mental health disorders. We are committed to providing exceptional care by treating each patient with an effective blend of science, compassion, and results. We see opportunity in new, innovative treatments that can better address the mental health crisis.
Why was your company started?
Too many of the friends and family of founders Dr. Steven L. Mandel and Sam Mandel suffered from treatment-resistant mental health disorders with little to no relief. The conventional treatments have been stagnant for 50 years with little to no innovation. Ketamine Clinics Los Angeles was created as an essential solution when Dr. Mandel combined his 35 years of experience as an anesthesiologist with his M.A. in psychology to use an anesthetic to treat mood disorders. Co-founder and chief operating officer, Sam Mandel, brought a passion for patient advocacy and combined it with an eclectic entrepreneurial background to create an organization dedicated to service.
What’s been the biggest challenge so far?
Right now, insurance companies will generally not cover the cost of ketamine infusion therapy. Unfortunately, this makes the treatment cost-prohibitive for a lot of people who are in dire need. Hopefully, insurance companies will start to recognize the incredible results ketamine infusion therapy provides to patients, as well as the long-term cost savings of covering this treatment. Additionally, the education gap is large, even among clinicians. A big focus of KCLA’s mission has been and continues to be educating patients and providers alike on what [ketamine therapy](http://ketamineclinics.com) is, how it works, and how to distinguish reputable clinics from those that are sub-standard.
What excites you most?
Our 83% success rate is what keeps us going. The ability to help so many people dramatically improve their lives, often within days, is incredibly exciting to us. We get to see people become better parents, spouses, employees and have a positive effect throughout their community as a result of their own transformation. We maintain ongoing relationships with most of our patients, so we actually get to see their lives improve and the lives of those around them improve. There is nothing better than this.
What is your biggest lesson learned when raising capital?
We are completely self-funded. In some ways, this has slowed our growth, although we have grown to be a team of 10 full-time employees in a 3,600 sq ft suite, and provided over 14,000 infusions in a relatively short time. We chose this path out of a commitment to quality over quantity and a desire to never compromise on our vision. We are just entering the initial stages of raising capital now and so far our biggest lesson has been to go slow and hold true to our values. To ensure that the people we work with have more to offer than just a check – that they share our vision. There is a large amount of untapped potential in this field and that should be a driving factor among investors.
Did you notice any type of investor differences while raising money?
We have had conversations with many investors from all over the world and of all different backgrounds and financial structures, including private equity, venture capitalists, publicly traded companies, wealthy individuals, and more. Some just want to cut a check, while others want to be very involved in the operations. We’ve been offered 100% stock, 100% cash, and everything in between. Very few investors actually care about the patients and are heavily focused on financial gain, which is disappointing. Making money is important, but there are a lot of ways to make money. We hope those who stick around in this space will make patient’s needs #1. If they do that, the money will come.
Describe your business model in 10 words or less
Every patient is a VIP. Relieve as much suffering as possible.
What tips would you give founders entering fundraising?
Focus on what differentiates you from others and how you can deliver results for patients. Make sure you really understand the treatment and the space before you take meetings.
We’d like to thank Ketamine Clinics Los Angeles for being a part of the Psychedelic Groundbreaker series. Stay tuned for more profiles on leaders in the psychedelic industry, and click here to learn more about Ketamine Clinics Los Angeles.
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