What is the company? How much have they raised to date?
Alma is a platform to help therapists get the support they need going into private practice (or their existing practice). In their words, Alma is “a rewarding way to offer affordable, in-network care.” Alma has raised $90.5 million to date.
What's their mission?
Alma believes that when providers get the support they need, mental health care gets better for everyone. The support Alma provides is helping therapists with the autonomy of private practice. For clients, Alma says providers at Alma are committed to pillars of high-quality care. The pillars that they share are the client experience, learning and development, and diversity, equity & inclusion. Alma providers speak over 40 languages!
Who founded the company? Are their clinicians on the executive team?
Alma’s website lists one founder, Dr. Harry Ritter. Dr. Ritter is not only an MD but also a JD. He graduated from the University of Miami School of Medicine and NYU’s School of Law. His career started as a resident physician before moving to McKinsey for a brief stint and eventually onto Oscar Insurance. After more than 4 years at Oscar, Dr. Ritter started Alma. Not surprisingly, Oscar is one of Alma’s insurance partners.
What's the business model? How does this company make money?
Alma costs $125 per month when billed monthly and $1,140 when billed annually - which saves you $360.
What does one get for paying that price?
Alma membership includes several benefits to help fulfill its mission of helping providers in private practice. First, Alma claims to provide marketing support to grow your practice. If you get ads like I do, you’ve probably seen their “Find a Therapist” advertisements on social media. They put significant resources and $ into paid ads, branding, and SEO. In addition to marketing support, they help with insurance and provide payback rates above what you could get on your own, thanks to their direct partnerships with insurance companies. Alma guarantees payment within 2 weeks of claim submission. Lastly, Alma offers digital tools and community to foster connection. For digital tools, Alma offers everything from scheduling to invoices and payments, eligibility and claims, and teletherapy. The teletherapy is free access to HIPAA-compliant Zoom - which is a pretty decent perk and direct cost savings to you the therapist.
What is the cancellation policy?
If you decide to leave Alma and were not already credentialed with some of their payers then you are no longer considered in-network with those insurance companies. However, your clients do stay with you.
If applicable, what are the pay/benefits for therapists?
According to this Reddit thread, Alma therapists can expect about $80-$130 per session.
An important note about joining Alma is ALL new members are required to join their insurance program and be credentialed with at least one of their payer partners, Aetna, Cigna, or Optum; however, in addition to insurance, they do support the cash pay side of your practice. You’re also required to be credentialed under Alma’s Tax ID, regardless of your individual credential status. Therapists must also be fully licensed to join the insurance program. Recently, Alma launched a community for their therapists where they can connect, share insights and expertise, and client referrals.
Alma’s privacy practices are extremely vague. Under “Aggregated and Non-Personal Information” Alma states they can share data that doesn’t identify patients and that’s about all it says. When you move to secure.helloalma.com they are still using Facebook Pixel. According to an Alma representative, all site behavior being shared with platforms like Facebook is anonymized before being shared and zero client data is shared.