What is the company? How much have they raised to date?
Advekit is a mental health platform that lets clinicians to continue to operate as cash-pay and automates the out-of-network reimbursement process. Advekit reimburses the client immediately so they don't have to wait for insurance and clinicians are guaranteed their normal rate. Advekit has raised a total of $6 million.
What's their mission?
Advekit's mission is to help as many people as possible get the access to care that they deserve.
Who founded the company? Are their clinicians on the executive team?
Advekit was founded by a therapist, Alison LaSov LMFT. Before founding and becoming CEO of Advekit, Alison worked as a therapist and a variety of organizations including Cedars Sinai and Providence Health. Alison did her undergrad at UCLA and Masters at Pepperdine. Alison's cofounder is Arielle Garellek. Arielle has a finance background working both at RSM US and at Marriott International.
What's the business model? How does this company make money?
Advekit charges a small monthly fee of $30 month or $270 per year. Advekit also charges a transaction fee of approx 12% (according to a Reddit thread) for taking on the risk and absorbing credit card processing fees. According to the Advekit team, the fee can range from 6-12%.
What does one get for paying that price?
Advekit guarantees the out-of-network reimbursement to both parties. Advekit even guarantees the clinician payment if a client's credit card gets declined.
What is the cancellation policy?
Therapists can cancel anytime greater than 1 day ahead of their next billing cycle.
If applicable, what are the pay/benefits for therapists?
Since Advekit is technically the one paying therapists, providers are 1099 with Advekit.
Advekit is offering a very needed solution. With the rise of out-of-network therapists, Advekit helps patients take advantage of benefits they may not know exist. Advekit being able to go to insurance companies representing a number of therapists and patients gives them larger negotiating power than an as individuals. The guarantee helps solve headaches that individual patients and therapists may experience handling superbills themselves.
Advekit does not collect much data and they only use data for billing and analytics purposes. However, we did find Facebook Pixel on the questionnaire for patients to match them with a therapist. Pixel appears to be only catching page views.