Grow Therapy (growtherapy.com)
What is the company? How much have they raised to date?
Grow Therapy is a mental health practice growth platform designed to help therapists with the administrative side of their practice so they can focus more of their energy on clients. Grow Therapy was founded in 2020 and has since raised over $16 million in funding.
What's their mission?
Grow Therapy’s mission is to help independent providers thrive by enabling them to launch their own in-network practice.
Who founded the company? Are their clinicians on the executive team?
Grow Therapy was started by Jake Cooper, Manoj Kanagaraj, and Alan Ni. Before founding Grow Therapy, Jake Cooper was a seasoned finance and investment professional in New York City working for organizations like Blackstone and Appolo Global management. Manoj Kanagaraj received his undergraduate degree from Duke and based on his LinkedIn, it appears he is on leave from his dual MD/MBA from Harvard to start Grow Therapy. Cofounder Alan Ni is CTO of Grow Therapy and was previously Product Manager at Stripe, HVF Labs, and Google.
What's the business model? How does this company make money?
Grow Therapy earns money from the insurance companies so they don’t charge you.
What does one get for paying that price?
Grow therapy offers a suite of tools and services to help providers kick off their practice. They help you get paneled for free with major payors in your state and guarantee any insurance claims you submit. They also work on marketing for you to help bring you new clients and provide the tools so they can schedule with you. They also provide a custom-built EHR platform and support telehealth. In addition to these services they provide a community of other clinicians to network with. All Grow Therapy providers can also get their own health care coverage with a special Grow Therapy discount.
Note: It does take 3-5 months for credentialing to complete before you can get going. All providers are 1099 with Grow Therapy and get paid by Grow Therapy. The major insurers they work with are Aetna, Oscar, BCBS, Humana, Cigna, and “more.”
What is the cancellation policy?
Grow Therapy does not require any minimum commitments. Similar to other platforms in this space, providers will likely lose credentialing if they leave Grow Therapy.
If applicable, what are the pay/benefits for therapists?
Providers are 1099 with Grow Therapy as Grow Therapy pays the clinicians. Rates are dependent on what insurance and services are provided. Grow Therapy pays weekly via direct deposit. Outside of a discount on health insurance, therapists are contracted and thus receive no benefits.
Overall, Grow Therapy seems to be pretty straightforward for providers. Minus one poor review from a PMHNP most of the online reviews of Grow Therapy are overwhelmingly positive. Grow Therapy does use Facebook Pixel on the clinician directory portion of their website; however, it is only used to determine if they've landed on the page. Grow Therapy also told us they currently don't spend on social advertising. In their privacy practices, Grow Therapy may use and disclose health information to “tell you about health-related products and services.” Grow Therapy does not advertise based on any clinical information.