RiverMend Health, the premier provider of scientifically driven behavioral health services to those suffering from alcohol and drug dependency, eating disorders and other addiction-related diseases, today announced a $60 million round of funding led by Norwest Venture Partners. As part of the new investment, Edmund Bujalski will be appointed as CEO, with Dr. Ryan Harris, Norwest partner, joining as RiverMend Health's chairman of the board and Dr. Mark Gold as chairman of the RiverMend Health Scientific Advisory Board.
According to Harris Williams & Co., demand for mental health services has reached an all time high and continues to escalate, while the resources needed to treat patients have plummeted. This turbulent cycle of supply and demand has resulted in shorter treatment stays and growth in outpatient and community based-services.*
'Addiction, obesity and mental illness are some of the nation's most pressing healthcare challenges. Our team has been working diligently to develop sustainable solutions that are rooted in lifelong recovery strategies, bringing together the world's leading experts and a nationwide network of rehabilitation facilities to conduct evidence-based treatment, research and education,' said Edmund Bujalski, CEO of RiverMend Health. 'The investment and partnership from Norwest, and the firm's deep expertise in health services, healthcare outcomes assessment, and global reach will enable us to treat more patients and expand into new markets, more effectively, across the US.
RiverMend Health has experienced tremendous milestones as it tackles today's biggest health issues. In its two and a half years of operation, the company has grown from four to 350+ employees across 15 nationwide locations. Doubling down on its commitment to scientifically-backed treatment methods, RiverMend has gathered over 30 top advisors across two scientific advisory boards, and has forged relationships with key medical centers, such as Medical College of Georgia at Augusta University, Northwestern University and University of Southern California.
'RiverMend Health is solving a salient issue for a historically underserved population,' said Dr. Ryan Harris, General Partner at Norwest and chairman of the board at RiverMend Health. 'Over the past two and a half years, the company has built recovery models that truly restore lives of patients suffering from debilitating chronic conditions. Our investment in the company speaks to its leadership in the treatment, research and education of addiction-related diseases through collaboration with the nation's most renowned clinicians and top treatment facilities.'
RiverMend Health integrates evidence-based medical treatment methods into every aspect of addiction treatment, rehabilitation and recovery. The company's physicians, many of whom are Board Certified in the specialty of Addiction Medicine, have direct input into all components of a patient's treatment, from designing his or her individualized treatment program to providing personal, direct one-on-one medical care.
'General awareness of mental health and addiction, along with research and treatment, has been shortchanged for too long,' said Dr. Mark Gold, chairman of RiverMend Health Scientific Advisory Board. 'RiverMend Health's Scientific Advisory Board is laser-focused on evidence-backed treatment, research and education, complemented by a network of experts in behavioral health services. Together, we are advancing RiverMend's vision of helping individuals truly treat and overcome their addictions -- a lifelong commitment.'
RiverMend Health's Scientific Advisory Board for Addiction includes many of the world's preeminent experts in the field of addiction, behavioral health, neurology, neuropsychiatry, epidemiology, psychology, psychiatry and neurobiology. See more at: http://www.rivermendhealth.com/scientific-advisory-board-addiction.html#sthash.miNV66TY.dpuf.
About RiverMend Health
RiverMend Health is a provider of scientifically driven, specialty behavioral health services to those suffering from alcohol and drug dependency, dual disorders, eating disorders, obesity and chronic pain. Founded on the belief that addiction and obesity are the nation's most pressing healthcare challenges, the company brings together the world's preeminent experts and a network of rehabilitation facilities to provide neuroscience-driven treatment and holistic care, research and education. To learn more visit www.RiverMendHealth.com or call (877) 879-3312.
[*Source: Harris Williams & Co. 'Behavioral Health Industry Overview']
About Norwest Venture Partners
Norwest Venture Partners (NVP) is a global, multi-stage venture capital and growth equity investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages approximately $5 billion in capital and has funded more than 575 companies since inception. Headquartered in Palo Alto, Calif., NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late-stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. For more information, please visit www.nvp.com. Follow NVP on Twitter @NorwestVP.