Peregrine Health, a Nashville-based behavioral health company, has successfully raised $5 million in a new equity funding round, according to recent filings with the Securities and Exchange Commission (SEC). This fresh infusion of capital underscores the company’s continued growth and its commitment to addressing the behavioral health needs of underserved communities across the United States. The company’s innovative approach, which combines virtual care with technology-driven operational support, is gaining traction among investors, and the funding will be used to expand its impact and reach.
Founded in late 2023 through the merger of Integrative Life Network and Integrative Health Centers, Peregrine Health quickly established itself as a key player in the behavioral health space. By partnering with Federally Qualified Health Clinics (FQHCs), Rural Health Clinics (RHCs), and other primary care providers, the company has been able to provide vital virtual behavioral health services for underserved communities. These partnerships allow Peregrine to bridge the gap between primary care and behavioral health, ensuring that those in need of services, especially in rural or underserved areas, receive the care they deserve.
A Robust Offering of Virtual and Technology-Driven Services
Peregrine’s service offerings are robust, combining virtual care with an array of technology-driven operational support tools. The company provides virtual talk therapy, medication management, and psychiatric care to help patients manage their mental health conditions. Through its innovative model, Peregrine delivers these services remotely, ensuring accessibility for individuals who may face barriers such as geographic isolation, lack of transportation, or limited local providers. This approach not only expands access to care but also reduces the stigma often associated with seeking mental health services, making treatment more approachable for those in need of virtual behavioral health services for underserved communities.
One of the primary goals of Peregrine Health is to eliminate the barriers that many underserved populations face when trying to access behavioral health services. By offering virtual behavioral health services for underserved communities, Peregrine ensures that individuals can receive the care they need regardless of their location or financial situation. For many people in rural or low-income areas, traveling long distances to see a provider or accessing care through traditional in-person appointments can be a significant challenge. By offering virtual solutions, Peregrine is making it easier for patients to access care from the comfort of their homes, reducing the need for travel and eliminating some of the logistical barriers that prevent people from seeking mental health services.
Empowering Providers with Operational Support Tools
In addition to its core virtual care offerings, Peregrine also equips its partners with advanced technology solutions to streamline the delivery of care. The company offers electronic medical record (EMR) templates, scheduling integration, and other tools that enable healthcare providers to seamlessly incorporate behavioral health services into their practice. These tools are designed to improve efficiency and enhance the patient experience by ensuring that patients receive timely and coordinated care. Furthermore, Peregrine provides white-labeled programs for care navigation, scheduling, and coordination, which helps its partners manage patient care and streamline operations. The company even assists in recruiting professionals to staff these programs, ensuring that its partners have the necessary resources to offer comprehensive care.
Peregrine Health’s technology-driven approach not only helps to expand access to care but also ensures that providers are equipped with the tools they need to deliver high-quality, efficient, and coordinated services. By incorporating virtual behavioral health services for underserved communities, Peregrine is empowering healthcare providers to offer a more integrated and accessible approach to patient care, ultimately improving outcomes for patients who have historically been left behind by traditional healthcare models.
Gaining Investor Interest and Securing Funding
The company’s focus on underserved communities has not gone unnoticed. Earlier this year, Peregrine closed a $3.4 million equity funding round, signaling strong investor interest in its mission and business model. With the latest $5 million in funding, the company is well-positioned to expand its reach and increase its impact. This follows a $7 million funding round in December 2023, led by BIP Ventures, a venture firm known for its focus on healthcare innovation. These funding successes reflect the growing recognition of the importance of virtual behavioral health services for underserved communities, and investors are increasingly looking to support companies that are committed to addressing the behavioral health crisis in rural and low-income populations.
Setting Itself Apart in the Behavioral Health Space
The behavioral health space in the U.S. has seen a surge of interest in recent years, particularly in the wake of the COVID-19 pandemic, which amplified the need for accessible mental health services. However, while many tech-enabled behavioral health services have emerged, few focus specifically on the needs of underserved populations. Virtual behavioral health services for underserved communities is where Peregrine Health is making a difference. Its innovative approach makes it easier for individuals in these areas to access timely and affordable care.
Peregrine’s model of integrating virtual behavioral health care with primary care providers is crucial in reaching populations that often face the greatest barriers to care. In many rural and low-income areas, access to mental health services is limited or nonexistent. Traditional brick-and-mortar mental health clinics can be difficult to access, and many individuals in underserved communities face challenges such as long wait times, lack of providers, and the high cost of care. By offering virtual behavioral health services for underserved communities, Peregrine makes it easier for individuals in these areas to access care without having to leave their homes.
Competing with Other Companies in the Space
Peregrine’s mission is to improve the mental health landscape for underserved populations, but the company isn’t alone in this space. Other companies, such as Cityblock, a population health startup, focus on providing both physical and behavioral health services to Medicaid and low-income Medicare beneficiaries. Cityblock’s efforts have been well-supported by investors, with the company raising more than $400 million to date. However, Peregrine’s integration of virtual behavioral health care with primary care providers and its focus on rural and underserved communities further distinguishes it from other players in the field. With this unique approach, Peregrine has the opportunity to make a lasting impact on the future of mental health care.
A Timely Commitment to Addressing the Behavioral Health Crisis
The company’s recent funding success reflects not only the growing demand for behavioral health services but also the increasing recognition of the importance of supporting underserved populations. As more companies like Peregrine focus on expanding access to mental health care, it is likely that we will see further innovation in the sector, especially in terms of technology-driven solutions and integrated care models that address the full spectrum of patient needs.
Peregrine Health’s commitment to improving behavioral health access is timely, as more people are seeking mental health care than ever before. According to recent studies, nearly one in five adults in the U.S. experience a mental illness each year, and the need for mental health services continues to outpace the availability of providers. Companies like Peregrine, which combine technology, virtual care, and operational support, are well-positioned to help meet this growing demand for virtual behavioral health services for underserved communities.
Looking Ahead
Behavioral Health Business has reached out to Peregrine Health for comment, and further details on their initiatives will be shared as they become available. As the company continues to expand, it will be interesting to see how its innovative approach to virtual care and primary care integration helps shape the future of behavioral health in underserved communities. With strong investor backing and a clear mission, Peregrine is poised to make a lasting impact on the field.
