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Image Credits:Two Chairs: CEO Alex Katz and chief clinical officer Colleen Marshall
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When Alex Katz foundedTwo Chairs in 2017 , he hard believe that in - person therapy is the most effective for behavioural wellness .
Two Chairs used engineering science — a proprietary matching algorithm — to find the best potential healer for its clients , but intervention convey place primarily inside one of the inauguration ’s half a dozen stylishly design clinic located in prime locations throughout the San Francisco Bay Area .
But when COVID-19 erupt and the whole existence move online , the fellowship was impel to reconsider its boldness - to - face approach . While Two Chairs now operates at least one brick - and - trench mortar site in each of the three states it serve — California , Washington and Florida — the majority of the society ’s more than 500 therapist treat clients virtually .
The acceptation of the remote - first treatment theoretical account has belike help the company to grow quicker ( and certainly less expensively ) than it would have had it continued to stress seeing patient in person . Two Chairs read its revenue expanded eightfold over the last three year .
On Tuesday , the company announced a $ 72 million Series C fairness and debt funding round lead by Amplo and Fifth Down Capital , bringing Two Chairs ’ entire funding to $ 103 million . Amplo also direct the company’s$22.5 million Series Bin August 2019 . The debt portion , which comprised the nonage of the latest majuscule , was provided by Bridge Bank .
Two Chairs is one of the latest therapy inauguration to kindle substantial financing round . Last hebdomad , Grow Therapy , a three - sided mental health political platform for healer , payers and patients , raised an$88 million Series Cround precede by Sequoia .
Katz says that the chief difference between his company and other virtual behavioral health chopine , including Talkspace and Teladoc - have BetterHelp , is that Two Chairs engage the “ vast legal age ” of its therapist while most competitors concentrate with their clinician . “ That enable us to select therapists that we intend are really mellow quality , and then we can train them on how to use measurement - base care , ” he explain . Clinicians who use measurement - based care ( MBC ) could improve outcomes and abridge costs by appraise patients ’ progress against stock metric , but only a small portion of healer use MBC in their pattern , allot to Katz .
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Availability of remote therapy from independent clinician , install innovation and startups like Two Chairs has been helping work out the shortage of genial health master in the U.S. , but Katz says that on-line psychotherapy is not the catholicon .
“ While it has produce easier to find oneself a healer because of unlike digital platforms , it ’s still just as hard to discover the right therapists and really high - timbre care , and that ’s the problem we ’re trying to solve , ” he read . “ We still have far more demand than we can serve . ”
Two Chairs will expend its new capital to hire more therapist , expand into fresh state and amend its applied science . The company presently offers its services for the price of a co - pay to Aetna and Kaiser Permanente health insurance policy bearer and bill $ 226 a session for other individuals .
As for whether AI could one sidereal day replace genial health professional person , and therefore make a business like Two Chairs even more effective , Katz was n’t so certain it ’s going to happen anytime soon . “ It is such a human , emotionally drive job , and that ’s only possible [ to do well ] with a great therapist in the room , ” he said .
