PsychMD's Nationwide, Safe-Supplied AI-Driven Ketamine Therapy With US Vets In Mind

Ketamine-assisted therapy is increasingly becoming an alternative for those seeking assistance in their mental health treatments outside of traditional pharma and psychotherapy.

The field has undergone movement in the past months, particularly its telehealth version amid the COVID pandemic, as well as a reorganization of in-clinic businesses and employee insurance plan options. 

A new, comprehensive offer involves an AI-powered telemedicine model called PsychMD. Benzinga spoke to Dr. Bryan Henry -up next in the Wonderland Conference this Nov- and Glenn Dennis, founder and CEO of the fully compliant U.S. ketamine therapy provider.

Securing Supply And Care

PsychMD’s parent company, Fortress Pharmaceuticals, which operates in 46 states and provides full control over ketamine’s supply chain, has a national provider network of about 7,800 partners for in-person exams. 

The two make up a steady digital health business, which is now taking its high-quality clinical care, standards and national availability to new heights with a new partnership that will offer a combination of ketamine and VR meditation services.

The telehealth platform is licensed in 44 states and can currently handle up to 10,000 patients, says Henry, adding that an investment aims to scale up 10 times that capacity.

“We're methodically saturating different demographics - men, women, and now psychedelic patients,” added Dennis. “But client touchpoints dictate our growth, we won't sacrifice quality or ratings. We're positioned to scale exponentially.”

Finer Points

The treatment’s initial trial included about 50 patients. “We wanted to make sure we had the SOPs and operation manuals ready before full launch,” Dr. Henry explained. “With 50 patients, we were able to optimize everything before going public.”

Using two in-depth apps in order to keep it simple and the best experience possible for patients, there’s not so much set protocols nor oversight, but rather a set of SOPs for them to follow, always streamlining their journey.

The service’s pricing structure involves a first-month pay of $1,200, encompassing Oculus VR sets (one-time pay,) apps, medicine, and sessions with physician integration specialists; and $399 for the following months.

Ketamine will come in the form of oral dissolvable troches, bypassing the liver with a quick onset of action. Sessions are 45-50 minutes “so it's very suitable for at-home use, unlike IV which requires a practitioner present,” says Henry.

Veteran-Centered, Regulations-Compliant

Serving accessible psychedelic-assisted therapy to veterans, particularly those dealing with PTSD, is PsychMD’s primary goal.

The parent company’s organizational structure and operations span 44 states with adherence to local legal requirements.

AI-powered virtual therapy sessions can further extend access to mental health support, “without sacrificing the patient experience,” for all but specifically for the veteran population which, Henry says, has been abandoned during recent clinic closures. 

Regarding upcoming changes to the Ryan Haight Act, Dennis explained that, while the DEA’s recent deadline extension allows the continuation of therapy via telemedicine without requiring inpatient visits through Nov. 2024, the company works closely with the federal agency and has a world-class compliance team behind.

“It seems more lenient allowances may be made for opioid treatment, while psychedelics like ketamine may see tighter restrictions,” Dennis told Benzinga. “But we've built a network of referring physicians across the country, which will allow us to operate within the Ryan Haight regulations when they take effect. We're positioned well for telemedicine prescribing when that time comes.”

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Photo courtesy of PsychMD.