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Utah company secures $3 million to expand telehealth services

Telehealth could see boom because of coronavirus (5).png
In a time when isolation, stress and anxiety are heightened, millions of dollars of funding was secured to help expand telehealth services for Americans. (Photo: KUTV)

In a time when feelings of isolation, stress and anxiety are heightened, millions of dollars of funding was secured to help expand telehealth services for Americans.

Tava Health, an accessible mental telehealth platform for employers, closed a $3 million seed round led by Peterson Ventures last week. The funds will help expand and make resources more accessible for patients.

RELATED: COVID-19 has people across the country avoiding hospitals, even for emergency care

“Mental health issues are among the most pressing problems of our generation, affecting nearly all of us to some degree.” Dallen Allred, CEO of Tava Health, stated in a press release. “The unfortunate reality is that meeting regularly with a therapist is just as expensive and difficult today as it was decades ago. By partnering with employers and removing barriers to care through technology, we’re paving the way for their people to get excellent professional care with unprecedented ease.

The modern workforce is beginning to expect a quality mental health benefit as a hallmark of any great employer, and we’re proud to be on the forefront of making this possible.

Immediate care is vital during the pandemic, especially when patients can't make it to the doctor's office. Over the past week for nearly two months, Tava Health has nearly doubled its number of patients served, according to a press release.

“Even prior to the outbreak of COVID-19, nine out of ten employees wished their employers would do more to support their mental health, recognizing that it leads to greater work productivity and higher job satisfaction,” Randall Lloyd, partner at Peterson Ventures, stated in a press release.

These trends are only accelerating with millennial and Gen Z employees, and are unfortunately made more acute by the unique health crisis we face today. Robust mental health assistance will be a critical differentiator for modern employers who want to attract, retain, and get the most out of their employees.

According to a report by Forbes, telehealth is not going away anytime soon.

Based on a survey by Sage Growth Partner and Black Book Market Research, 57% of people reported they are more likely to use telehealth services now than previously and 33% would even leave their current physician for a provider who offered telehealth access.

Before the pandemic, only 25% of consumer respondents had used telehealth. Now, it's more vital than ever before.

Lisa Mazur, a partner at McDermott Will & Emery specializing in the digital healthcare space, told Forbes, “Telehealth was already experiencing significant momentum and growth prior to this public health emergency, and its continued trajectory has been solidified by the vital role it is playing in care delivery today.”