Workit Health, the nation’s leading provider organization of virtual drug addiction treatment, announced a $118 million round of investment led by New York-based global private equity and venture capital firm Insight Partners, with participation from CVS Health Ventures, FirstMark Capital, BCBS Venture Fund, and 3L Capital. This investment comes in the wake of heightened demand for telemedicine options during coronavirus disease 2019 (COVID-19), resulting in a 400% increase in Workit Health membership over the past 18 months. The funding will be used to accelerate Workit Health’s growth into new markets, as well as expanding its primary and psychiatric care offerings, bringing effective care for substance use and co-occurring conditions to people from the privacy of their own home.
Since the company was co-founded by McLaughlin and McIntosh in 2015 after their own experiences with broken treatment systems, Workit Health has become the most complete and widely covered virtual drug addiction care program. Workit improves outcomes for drug addiction and co-occurring conditions, allowing people to receive evidence-based clinical care—including medication for substance use and mental health—the moment they’re ready, via the Workit app.
- 84% of Workit members stay in the program longer than 30 days, compared to an industry average of 33% of consumers staying in traditional treatment the first month. 41% of Workit members receive treatment for longer than one year.
- Workit members report a reduction in addictive behavior, and a decrease in anxiety and increase in healthy habits like exercise and controlled spending.
- Workit Health app is the top-rated telemedicine drug addiction app on both iOS and Android, with over 600 reviews and an average 4.7 rating.
Workit Health offers licensed clinical support for drug addiction and co-occurring conditions in ten states: Alaska, California, Florida, Michigan, Minnesota, New Jersey, Ohio, Oregon, Washington and Texas. In addition, Workit currently offers a coaching and counseling program nationwide. Workit’s clinical and counseling programs are currently covered by insurance for over 93 million lives. This new investment will allow Workit to expand into new regions this year and next, with plans to be national by 2023.
Workit Health is harm-reduction oriented, and their licensed primary care professionals and counselors prioritize honesty and engagement over an “on the wagon, off the wagon” focus. This holistic approach allows members to collaborate with licensed primary care professionals and counselors on their own care goals. The program includes telemedicine visits and medication e-prescribed to a local pharmacy, as well as online recovery groups, an interactive therapeutic curriculum, and direct messaging with a care team. In 2021, Workit Health’s offerings expanded to include primary care for commonly occurring physical conditions like hepatitis C and PrEP, and psychiatric care including depression, anxiety, insomnia, and ADHD.
Workit Health is the industry-leading provider organization of clinically proven telemedicine treatment for drug addiction, offering online therapy, medication-assisted treatment, psychiatric support, and primary care via the Workit Health mobile app. Workit brings the gold standard of substance use treatment into the privacy of people’s homes when they’re ready for help, allowing people to find long-term freedom from drugs and alcohol with minimal disruption to their daily lives. Workit Health partners with individuals, health plans, and employers.
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all.
CVS Health Ventures is a dedicated corporate venture capital fund that invests in, and partners with, high-potential, early-stage health care companies. Aligned to CVS Health’s purpose, the fund targets investments in the areas of transforming care delivery, whole person care, consumer centric health, and disruptive technology enablement. In addition to investing, CVS Health Ventures connects promising entrepreneurs with CVS Health’s unmatched enterprise capabilities and consumer touch points to support their growth.
This was reported by Workit Health on October 21, 2021.
Contact information: Workit Health, 3300 Washtenaw Avenue, Suite 280, Ann Arbor, Michigan 48104; 734-292-4020; Website: https://www.workithealth.com/
Contact Information: Insight Venture Partners, 1114 Avenue of the Americas, 36th Floor, New York, New York 10036; (212) 230-9200; Website: https://www.insightpartners.com/
Contact information: CVS Health Ventures, Christina Beckerman, Director, Corporate Communications, CVS Health, One CVS Drive, Mail Code 1200, Woonsocket, Rhode Island 02895; 401-770-8868; Fax: 401-479-6570; Email: Christina.Beckerman@CVSHealth.com; Website: https://cvshealth.com/about-cvs-health/ventures