The 411 on Foresight Mental Health

 

Foresight Mental Health (foresightmentalhealth.com)

What is the company? How much have they raised to date?

Foresight offers a variety of mental health services from therapy to psychiatry and a variety of "care-enhancing tools." Foresight was founded in 2018 and offers both in-person and virtual care offerings. Some of their strategy appears to be growth through acquiring practices. Foresight raised $1.5 million in seed money in 2019, including from mental health firm What If Ventures, and has since gone on to raise several more rounds. According to Pitchbook, their most recent round gave them $25 million in funding.

What's their mission? 
Foresight's mission is to not only increase access to mental healthcare but to make it more affordable. They're doing so not just through creating a network of practices and clinicians but through their digital platform.

Who founded the company? Are their clinicians on the executive team? 
Foresight was founded by Doug Hapeman and Matt Milford. Before and even while starting Foresight, Doug was at UC Berkeley pursuing a degree in electrical engineering and computer science. Doug worked on projects like enhancing geo-targeting in advertising using machine learning and on Genetic Foresight, the precursor to Foresight Mental Health. Matt left the pursuit of his degree in starting Foresight but worked on some fascinating projects in the early to mid-2010s. They include co leading an engineering team to send an experiment to the space station to engineering yeast to produce narwhal cheese.

What's the business model? How does this company make money? 
Foresight does accept a variety of insurances for care.


What does one get for paying that price? 
Foresight offers in person and virtual care. They currently list locations in 24 states across the country. They offer therapy, psychiatry, spravato (esketamine), and nutrition services.

What is the cancellation policy? 
Foresight doesn't require a subscription.

If applicable, what are the pay/benefits for therapists? 
Foresight offers PTO, medical/dental/vision benefits, a peer support program, and a 401(K) match. They also provide CEU stipends, malpractice insurance, and license renewal stipends.

Depending on location, therapists can earn $40-$50 per hour and get paid for two hours of charting time per week.  Full-time therapists are required to do 30 hours of clinical work per week. Psychiatry roles do not state an hourly rate but a "competitive base salary"

The Review 
Foresight mental health has grown quickly across the country by taking a hybrid approach. One might aliken the approach more similar to Lifestance than to a Talkspace or several of the companies on this report. The hours required of therapists are a bit higher than some of the other organizations in the report; however, that may be expected considering many of the companies requiring full-time clinicians to work ~24 hours per week are higher cash pay rates. Many clinicians on Glassdoor leave reviews of the high caseloads leaving them to do more admin work than they're paid to do.

Unfortunately, it looks like Foresight has gone through two round of layoffs between April and July of 2022 totaling over 250 employees. The number of Glassdoor reviews in just the past month is way above any other mental health company. The employees are so speculative of the financial situation, many are sharing they had to cut Slack and force employees to use Google Chat. if you'd like to see some of the most recent reviews, here's a link to Glassdoor, filter by most recent.

While Foresight does use Facebook Pixel on their marketing website, they do NOT use it on their appointment request form. And yes, Google forms are covered under Google's BAA.

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