Iris Telehealth, a leading telepsychiatry provider based in Austin, Texas, has raised $40 million in a Series B funding round to fuel its national telepsychiatry services expansion and enhance its operational, clinical, and technological capabilities. This latest investment will help the company extend its reach across 33 states and improve the patient and provider experience.
Founded in 2013, Iris Telehealth’s rapid telepsychiatry services expansion responds to surging demand for virtual behavioral health care, driven in large part by the pandemic. CEO Andy Flanagan explained that the company is focusing on scaling efficiently, emphasizing that the Series B funds will accelerate growth and allow investment in new technology to streamline care delivery.
Scaling Growth with Technology Investment
With nearly 700 employees expected by year-end—60 to 70% of whom will be clinicians—this telepsychiatry services expansion aims to close critical gaps in mental health access, especially in underserved areas. Integrating telepsychiatry more deeply with existing electronic health records will also be a priority to improve care coordination and patient outcomes.
Meeting Behavioral Health Demand Through Expansion
The unprecedented growth in telehealth use for behavioral health has created a unique opportunity for Iris Telehealth’s telepsychiatry services expansion. Prior to the pandemic, less than 1% of outpatient visits were virtual; today, mental health appointments account for the majority of telehealth encounters. This surge underscores why expanding telepsychiatry services is critical for addressing nationwide provider shortages.
Supporting Integrated and Value-Based Care Models
By advancing its telepsychiatry services expansion, Iris is also supporting healthcare providers as they transition toward integrated and value-based care models. Lessons from physical health population management guide the company’s strategy to offer flexible, collaborative solutions that integrate with existing provider systems.
A Hybrid Future and Regulatory Optimism
Flanagan is optimistic about the future of telepsychiatry and views hybrid models—blending virtual and in-person care—as the way forward. He also anticipates a regulatory environment that continues to support the telepsychiatry services expansion, maintaining access and flexibility for patients and providers alike.
A Quiet but Large Player in Telepsychiatry
Despite its large scale, Iris Telehealth has remained relatively quiet in the telehealth market. However, with nearly 2 million patient encounters and a growing clinical workforce, the company’s telepsychiatry services expansion is positioning it as a quietly dominant player ready to meet growing behavioral health needs nationwide.
In sum, this significant telepsychiatry services growth represents a critical step forward in broadening access to high-quality mental health care via technology, offering new hope for patients and providers navigating the complex landscape of behavioral health.
