Boston Millennia Partners Invests in Forefront Telecare
Boston, MA, April 2019 Boston Millennia Partners IV is pleased to announce its investment in Forefront Telecare, Inc. as part of a $15 million growth equity round. Forefront is a leading provider of behavioral services via Telehealth to vulnerable populations across the country. With a focus on high acuity psychiatric patients in rural markets, Forefront offers services to hospitals, skilled nursing facilities, and clinics that have limited access to behavioral health practitioners. The solution consists of an extensive provider network, a modern video conferencing platform, and scalable in-house billing. The company currently serves over 175 customers and will be relocating headquarters to New Jersey.
Forefront has experienced rapid revenue growth over the past three years, in part due to the changing demographics of patients and psychiatrists. The number of psychiatrists in the U.S. has decreased from 48,000 in 1997 to 28,000 today, and 60% are over the age of 55.1 These figures are lower in rural areas, where 77% of counties are underserved and 50% do not have a practicing psychiatrist.2 At the same time demand for behavioral health services has increased in rural areas, in large part due to geriatric services required for an aging population. According to the National Alliance on Mental Illness, an estimated 44 million adults, 20% of the adult population, experience mental illness in a given year. Despite the prevalence of mental illness, nearly 60% of afflicted adults didn’t receive mental health services.3
BMP Principal, Frank Silva, said, “Forefront’s ability to leverage technology and services to improve the capacity of psychiatrists to serve their patients will help bridge the growing gap between behavioral health supply and demand. The company has the potential to make a significant impact on not only the cost of healthcare, but also the accessibility and quality of care delivered to patients. We are encouraged to work alongside industry veteran Rob Rebak and his team in our commitment to being part of the larger solution for our nation’s complex healthcare ecosystem.”
Forefront’s CEO, Rob Rebak, commented, “Our team has made great progress on an exciting mission. We have enjoyed strong revenue growth and rapid adoption of our technology and services across multiple healthcare constituents. We are excited to work with the BMP team in navigating the broader healthcare landscape and building a meaningful and successful company.”
About Boston Millennia Partners
Boston Millennia Partners provides private equity financing to high growth companies in the healthcare and life sciences industry. Our team brings over one hundred years of combined private equity experience to the investment process. Our broad experience, combined with expertise in finance; operations; engineering; life sciences research and development; partnering with pharmaceutical companies; business development; executive recruiting; and law provides significant value to the companies in which we invest. Since the early 1980’s, members of our team have managed seven venture capital partnerships with very successful results for our investors and our entrepreneurs. The growth and success of our portfolio companies have, in turn, allowed us to grow and expand our capital managed to over $700 million.
