Investment firm KKR is launching a mental health services company that will provide in-person and virtual care across the U.S., according to a June 9 Bloomberg report.
The new company, dubbed Geode Health, plans to own and operate clinics across the country to make mental healthcare for conditions like anxiety and depression easier and cheaper to access.
"In the mental health space, particularly in the aftermath of Covid-19, things have gotten worse and not better in a market where you don't have a lot of scaled platforms," Ali Satvat, KKR’s co-head of America's healthcare private equity, told Bloomberg.
Geode is looking to support its national expansion by acquiring mental health practices and hiring psychiatrists, psychologists, therapists and nurse practitioners. Gaurav Bhattacharyya, former CEO of Elite Dental Partners, will lead Geode as CEO.
KKR will help support the growth of Geode with an investment funded through its healthcare strategic growth strategy. The firm's investments in the strategy typically range from $100 million to $200 million, according to the report. Over the past 17 years, KKR has invested about $14 billion in the healthcare sector.