OSF Ventures joined a $16 million Series B funding round for SilverCloud Health, a digital behavioral healthcare solutions company.
Five things to know:
1. OSF Ventures, a division of Peoria, Ill.-based OSF HealthCare, joined existing investors, including the MemorialCare Innovation Fund, Unity Point Ventures, LRVHealth, B Capital Group and ACT Venture Fund for the investment round.
2. The SilverCloud solution aims to moderate depression, anxiety and stress through its platform to connect behavioral health professionals with users. The platform is HIPAA compliant and available through handheld devices as well as computers and laptops. Individuals interact anonymously.
3. OSF said in a news release that the investment is part of OSF HealthCare's strategy to financially and operationally support companies that improve outcomes and enhance the patient experience as well as lower the cost of care. SilverCloud users report a 91 percent reduction in care delivery costs when compared with face-to-face therapy.
4. OSF has been involved with SilverCloud in the past; in 2018, it became the first health system in the U.S. to offer free open enrollment for SilverCloud's online cognitive behavioral health therapy for adults. The users don't have to be current OSF patients to enroll for services.
5. The platform has more than 30 online mental health interventions.