Forge Health promotes ‘one-stop shop’ mental health and addiction treatment offering with investment from MFO Ventures

Forge Health announced Thursday that it had received an undisclosed amount of funding from MFO Ventures.

The new capital will be used to expand the platform of the White Plains, New York-based outpatient addiction treatment and mental health provider. Specific initiatives include integrating virtual care, improving outreach efforts and adding new payer partnerships.

“Together, we aim to revolutionize the way mental health is viewed and delivered, making comprehensive, integrated care accessible to all who need it,” said Paul Martino, CEO of Forge Health, in a press release. “The potential for meaningful change is enormous.”

Forge Health aims to provide “one-stop-shop” services that simultaneously treat substance use disorders and mental health conditions, increasingly on a value-based care basis. The company has 300,000 patients insured through a value-based care arrangement. It works mostly with private health insurers. At the end of 2023, about 85% of its partnerships were with private health insurers.

The company provides in-person and telemedicine services in New Jersey, New York, Pennsylvania, Massachusetts and New Hampshire and employs approximately 250 people.

Forge Health was founded in 2016.

“MFO’s deep, provider-focused experience and success in building transformative companies and driving healthcare innovation make them the perfect partner as we optimize our platform and expand our reach,” said Eric Frieman, co-founder and CEO of Forge Health, in the press release. “This investment will solidify our position as a market leader and serve as a catalyst for new groundbreaking partnerships.”

MFO Ventures is a Florida-based family office that invests in early-stage, fast-growing healthcare companies.

Earlier this year, Forge Health announced that it had expanded its oncology services to support patients and their families.

Last year, Forge Health was recognized as one of the fastest-growing private companies in the U.S. Forge Health saw revenue grow 324% from 2019 to 2022, the period studied for the Inc. 5000 list, ranking it 1,722nd. The company raised approximately $21.5 million in venture capital in two separate rounds in 2022.

The main investor at the time was HC9 Ventures. HC9 Ventures is still involved in the company.