What is the company? How much have they raised to date?
Octave is a mental health practice that offers in-person and virtual visits in California and New York. Octave offers therapy, group sessions, and workshops. With personalized plans, they state they see a 37% reduction in depression symptoms in 12 weeks. Octave has raised more than $31 million to date.
What's their mission?
From their site, “Octave’s mission is to create a new standard for mental health care that’s both accessible to people and sustainable for providers. By redesigning how care is delivered and expanding options to make it more affordable, we can meet the growing need for mental health care and measurably improve more lives.
Who founded the company? Are their clinicians on the executive team?
Octave was cofounded by Sandeep Acharya. Currently, he is the only founder listed on their site. Before founding Octave in January of 2018, Sandeep was the VP of Strategy at One Medical which was a VC backed national primary care group. Before that he focused his efforts on the finance and venture capital, working as Vice President at Bain Capital. The senior most clinical person at the company is Golee Abrishami Ph.D. She has a very impressive background working as a therapist and in managerial roles across Kaiser Permanente and the Center for Discovery. She is also on the board of the International Association of Eating Disorder Professionals.
What's the business model? How does this company make money?
- Individual and couples therapy in California starts at $205 per session.
- Individual and couples therapy in New York starts at $180 per session.
- Group therapy starts at $75 per session.
- California accepted insurance - Anthem Blue Cross of CA (some BCBS plans based outside CA) Aetna, Health Net, Managed Health Network Pans.
- New York - Aetna, United Healthcare UMR plan for Mount Sinai
What does one get for paying that price?
To get started with Octave, they ask you to complete a short questionnaire so they can pair you with one of their clinicians. Reminder, they’re only currently available in CA and NY. They see patients virtually or in two clinics in San Francisco and two clinics in New York. Currently, it looks like the clinics are closed due to COVID so all appointments are virtual. Based on their FAQs, some clients may be put on a waitlist. They do offer evening appointments but are closed on weekends. After completing the questionnaire, a care navigator will connect you with a clinician where your first few sessions are used to determine the clinician-client match
What is the cancellation policy?
Octave clients who do cancel within 24 hours of the appointment are required to pay an out of pocket $100 cancellation fee.
If applicable, what are the pay/benefits for therapists?
Octave hires a mixture of full time and contracted therapists. According to glassdoor, clinician salaries can start at $70,000 and go well into six figures. Full-time therapists are required to see 25 patients per week. Full time employees get 15 vacation days in their first year and 20 days each year after that, plus 11 company holidays, sick and bereavement leave and parental leave. Additionally medical, dental, and vision insurance and free One Medical Memberships for employees and their families, stock options, 401(k) and work from home support.
Octave is a growing practice, but not growing so fast that they’re stuck chasing KPIs.
Facebook Pixel is installed on their marketing website and on their my.findoctave.com onboarding screen where users are asked for personal information. Pixel appears to be tracking Page View, ViewContent, and Button Clicks.When it comes to PHI, Octave clearly states they will not use your data for marketing purposes and will not sell your data. According to reviews, Octave seems to have great therapists. However, it appears they’re still figuring out things when it comes to billing insurance.