axialHealthcare, a care optimization company navigating substance use issues for patients, providers, and health plans, today announced it has closed $15 million in equity financing to accelerate its expansion into the substance use disorder (SUD) treatment and recovery sector, led by previous institutional investors Oak HC/FT, .406 Ventures, BlueCross BlueShield Venture Partners (BCBSVP), and Sandbox Advantage Fund. The company also announced it has launched a new modernized brand identity that reflects the company’s expanded scope, both of which are designed to meet the needs of patients, providers, and health plans during the evolving opioid overdose epidemic.
“While early prevention and risk mitigation efforts will continue to be critical, it’s become increasingly apparent that addressing the next phase of the opioid epidemic and SUD in general requires a greater focus on treatment and recovery,” said Carter Paine, Chief Executive Officer at axialHealthcare. “This funding will support the market launch of an end-to-end platform that offers personalized solutions from risk to recovery, with a new emphasis on connecting and aligning what is a fractured ecosystem for recovery. In collaboration with our client partners, we are devoted to finding a better way to support patients and families struggling with the complexities of SUD.”
The opioid epidemic in the United States is evolving. Although opioid overprescribing has decreased, drug overdoses and hospital admissions have increased while access to quality treatment continues to be inadequate, as evidenced by the 80% of individuals with SUD who are not receiving any kind of treatment. To address this shift, the company has expanded its scope from using proprietary analytics focused on risk prevention and mitigation for patients with elevated opioid or polydrug-related safety concerns to also encompass treatment conversion and adherence for patients struggling with SUD.
The new treatment and recovery focus couples high-tech and high-touch, creating a more hands-on approach to whole-patient care that enables recovery. When patients in need of treatment are identified, axialHealthcare’s clinical team assesses individual patient needs, connects them with appropriate treatment, and provides peer recovery support specialists to guide them throughout their journey to sustained recovery. To assist overburdened providers, peer recovery specialists engage patients on a consistent and long-term basis to encourage care plan progress and connect to community and social resources, all in support of sustained recovery.
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To represent its new services-based approach to improving patient care, the company also launched a modernized visual identity conveying expertise and empathy, including a new logo and website.
“With more than 19 million Americans suffering from SUD, there’s a dire need for a comprehensive solution that can address the changing epidemic our country is facing, and the axialHealthcare team is uniquely positioned to be that solution,” said Nancy Brown, General Partner at Oak HC/FT and longtime axialHealthcare Board Member. “axialHealthcare has been a leader within the prevention landscape and their new expansion into treatment offers clients an end-to-end solution that improves patient outcomes no matter where they are on the substance use spectrum.”
Source: BioSpace