We know that telehealth is seeing an incredible rise right now, and it is worth noting that the reach of telehealth and telemedicine is reaching all parts of medicine. Now, we have Pelago, which is backed by Y Combinator, and it has just announced a new Series C round of funding for $58M. It is a telehealth clinic that uses cognitive behavioral therapy to help people with tobacco, alcohol, or opioid addiction to get rid of it. It is worth noting that Pelago was previously known as Quit Genius when they raised their Series B round.
“Pelago offers its integrated substance use management to employer and health plan populations, with specialized treatment for tobacco, alcohol, and opioid use disorders along with support for adolescents.” He added that Apart from the fact that medical approaches can be hit-and-miss, they can also be very expensive. According to a survey, around 67% of adults in the U.S. who struggle with an alcohol or illicit drug use disorder remain in the workforce. However, the cost of treating substance use disorders for each individual enrolled in employer-sponsored insurance can be prohibitive, with an average of a minimum of $15,640 annually.
Pelago says that ”its remote CBT program includes a physician-led care team of physicians, nurses, counselors, and coaches. The company diagnoses each user and develops a personalized care plan for users. Pelago members have regular sessions with virtual care teams in the app, consisting of health coaches or licensed drug and alcohol counselors. Its in-app telehealth capabilities include video and audio calling and a direct-to-therapist chat interface. Therapists also can request structured wellness checks for their members. It also offers PelagoRx, a medication-assisted treatment (MAT), through confidential prescriptions.\”
Yusuf Sherwani, CEO of Pelago, said, ” the company plans to use the proceeds to bring on more users, advance its clinical research efforts, and develop further products\”. Pelago expanded its offering to include virtual therapy sessions and adolescent services. The virtual clinic’s medication-assisted treatment for substance use disorders is available across 50 states for adults and teens. It treats across all acuity levels along with co-occurring mental health conditions.