Psychedelic healthcare insurance plans provider Enthea announced it will launch its services into 40 markets across the US in 2023 with the idea of making psychedelic-assisted therapies affordable, accessible and equitable through workplace benefits.
To aid in the rollout and help its provider network grow, Entea raised $2 million in a seed round led by Tabula Rasa Ventures.
“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, the company’s co-founder and CEO.
Rais added that, as a workplace benefit, the treatment becomes affordable; she expects that most US employers will be able to offer these innovative treatments next year.
On behalf of Tabula Rasa, managing partner Maria Velkova stated that they decided to invest in Enthea due to the shared belief that psychedelic-assisted therapies (PAT) are highly effective and should be accepted as a tool in standard mental healthcare practice.
“From our perspective, Enthea could be the most impactful organization the psychedelic therapeutics sector has seen to date. No other company is taking such an innovative approach using market forces to increase access to psychedelic therapies. We see the long-term financial benefits this can have on our healthcare system,” added Marik Hazan, Tabula Rasa managing partner and founder.
Enthea will offer employers funding by allowing them to include these new treatments as part of their health care coverage to employees and their families. While plans currently cover ketamine-assisted therapy, MDMA and psilocybin-assisted therapies will be added following FDA approval expected in the next one to two years.
With growing clinical evidence showing psychedelic treatments such as ketamine-assisted therapy can be very effective in improving symptoms for a wide range of behavioral health conditions over a sustained period of time, businesses can expect a positive impact on productivity from healthier employees, reduced medical expenses, increased employee retention and lower turnover.
Some companies might even benefit by becoming a more attractive workplace for younger workers, who tend to seek employers with more generous and innovative benefit offerings.
Enthea spent the last two years building the infrastructure needed to scale and bring the inclusion of PAT as a healthcare benefit to market, including evidence-based medical policies regularly updated with clinical developments and FDA approvals; standards of care and credentials across its provider network; easy treatment authorization and reimbursements to providers while shielding employers from Protected Health Information; and a range of customizable options based on the company's business and personnel needs.
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.
In January 2023, it will launch its services in New York City, Austin and the Bay Area with the goal of opening in 20 top US cities by mid-2023 and another 20 by the end of 2023.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga Cannabis Conferences are coming to Los Angeles
Join the Benzinga Cannabis Market Spotlight: California, and unlock the future of cannabis at the premier networking event in Culver City on February 22. Connect with top industry leaders, gain insider insights into the investment landscape, and shape the evolving markets in California and beyond. Don’t miss this chance to be at the forefront of the cannabis industry’s growth and innovation! Join now.