Headway

Headway is a mental health care company operating a three-sided marketplace that connects patients, mental health providers, and insurance companies. The company was founded in 2019 by Andrew Adams, Daniel Ross, Kevin Chan, and Jake Sussman. The impetus for the company came from CEO Andrew Adams' own frustrating experience trying to find a therapist who would accept his insurance. This highlighted a significant barrier in the U.S. healthcare system: approximately 70% of therapists do not accept insurance, largely due to the associated administrative complexities, making treatment unaffordable for many.

Headway's core business is a software-enabled platform designed to make it easy for therapists to accept insurance and for patients to find affordable in-network care. For providers, such as therapists, psychiatrists, and counselors, Headway offers a free suite of tools that handles the entire administrative workflow. This includes credentialing with insurance panels, managing claims and billing, verifying patient benefits, and simplifying payment collection. By removing these burdens, Headway has encouraged a significant number of providers to start accepting insurance for the first time. For patients, the platform serves as a directory to find and book appointments with licensed providers covered by their insurance plan, with sessions costing as low as $20 after insurance. Users can filter providers based on their specific preferences and insurance details.

The company's business model is centered on its relationships with insurance providers. Headway generates revenue by taking a commission or percentage from the insurance companies for each session facilitated through its platform. This model is viable because Headway provides insurers with a larger, more accessible network of mental health professionals. The company has established partnerships with over 70 national and regional payers, including major names like Aetna, Cigna, UnitedHealthcare, and various Blue Cross Blue Shield plans. This wide network has allowed Headway to facilitate over 25 million therapy sessions. Since its inception, Headway has shown substantial growth, raising over $321 million in total funding. A Series D funding round in July 2024 brought in $100 million, boosting the company's valuation to $2.3 billion. This capital is being used to expand its services into Medicare Advantage and Medicaid, aiming to broaden access to care for seniors, low-income individuals, and people with disabilities.

Keywords: mental healthcare, patient-provider matching, insurance integration, therapy platform, behavioral health technology, administrative software for therapists, in-network care, mental health marketplace, psychiatric care access, therapy billing, provider credentialing, healthcare accessibility, venture-backed, digital health, telehealth services, Andrew Adams, mental health benefits, insurance network, care navigation, appointment booking