Mental health startup Wave is now an in-network provider for Aetna members in California, the company shares exclusively with MedCity News. Aetna is Wave’s first payment customer, but the company also works with employers and consumers.
Wave, based in Palo Alto, California, provides digital mental health care through an app. Patients can receive support from mental health coaches and therapists who also serve as care coordinators. You can have one-on-one digital sessions with your coach and her and send messages through the app between sessions. In addition, patients receive a custom program that includes exercises to address their mental and physical health.
Wave’s deal with California’s Aetna gives 3.5 million commercial members access to the company’s services. Wave and his Aetna have a pay-as-you-go agreement. Dr. Sarah Adler, Wave’s founder and CEO, said that while the contract is only for members in California, Wave hopes to network with Aetna and other insurers across the country. He said there was. The company aims to work with insurance companies in 41 states by the end of the year.
“I think this is a first step,” Adler said in an interview. “This will ensure that Californians, hopefully nationwide, and even those enrolled in other health plans, have access to quality care that is proven to be effective and more affordable. Ta.”
However, she noted that while Wave is only in-network with Aetna in California, its services are available to consumers and employers nationwide. Adler said the company’s entry into the direct-to-consumer market has allowed it to build outcomes data to provide to payers like Aetna.
At Wave, we use an approach called stepped care, where patients start with low-intensity treatment and progress to more intensive treatment if deemed necessary. And rather than relying solely on therapists, the company offers support from coaches at a much more affordable price, Adler said.
“We try to think of mental health as waves (hence the name), which include moments where it gets really serious, moments when something really needs to happen, or moments that are more preventative. There may be moments where it’s more maintenance,” Adler said. “We want to make sure that from a dose effect, people get the right care at the right time while conserving resources, so that only those who really absolutely need it get the highest level of care.” We want to make sure that care is provided.”
This type of approach is needed as the mental health industry faces a massive labor shortage. According to the Health Workforce Administration, as of December 2023, more than half of Americans will live in areas with a shortage of mental health professionals. Specifically, in California, 5.6 million people have a mental illness, but 63% of adults do not have access to support. But even those who can receive assistance find it difficult to pay for it. In California, the average therapy session fee is $175.
“There is a huge imbalance in supply and demand, and there aren’t enough therapists to meet the needs of the many people who need quality mental health care. …Wave was born out of that need,” Adler said. said.
Other similar companies in the mental health space include Spring Health and Lyra Health.
Photo credit: Bohdan Skrypnyk, Getty Images
