This news comes on the heels of its Series B funding round. It plans to use the funds to fuel US expansion. Here are the top-line bullets you need to know.
Ophelia, a provider of digital treatment for opioid use disorder (OUD), has raised $50M in a Series B round that drew participation from Tiger Global Management, General Catalyst, Menlo Ventures, and Refactor Capital, among others.
How’s the company performing?
- New York-based Ophelia connects patients struggling with opioid addiction with licensed clinicians who offer medication-assisted treatment (MAT) for OUD.
- The company’s clinical protocols include FDA-approved medications, video-based telehealth visits, urine drug screenings, care coordination services, and treatment for co-occurring conditions like depression and anxiety, among others.
- The company has created treatment opportunities for more than 50K licensed MAT clinicians.
- Since its launch, the healthcare tech player has demonstrated a 70% 6-month retention rate, a 60% 12-month retention rate, a clinician net promoter score (NPS) of 90, and a patient NPS of 91.
- The company caters to 75M individuals across 27 US states via its regional insurance contracts.
Why does the market matter?
- The global telehealth market is expected to reach a value of $636.38B by 2028, growing at a CAGR of 32.1%, according to Fortune Business Insights.
- The institution of government initiatives to improve healthcare delivery has contributed to market growth.
- Growth has also been fueled by the increasing demand for virtual healthcare and consultations amid the Covid-19 pandemic. Consumer adoption of telehealth in North America rose by 46% in 2020 compared to just 11% in 2019, according to McKinsey.