Valor leads seed round in Tampa-based startup Therapy IQ.
Therapy IQ is the first purpose-built, integrated platform for clinical, operational, financial, and compliance operations in mental healthcare.
The startup’s platform offers an integrated Electronic Health Record (EHR) system for mental healthcare providers, catering to various outpatient settings, including digital mental health telemedicine companies, hybrid group therapy, and psychiatric services. By enhancing the productivity of mental healthcare providers, Therapy IQ empowers them to serve more patients who are increasingly engaged in mental health.
Why This Matters Now
While healthcare SaaS solutions have made remarkable strides in digitizing information and processes, most Electronic Health Records (EHRs) focus primarily on clinical needs, overlooking the fact that a practice is a fully operating business with compliance requirements. This results in clinicians facing challenges in finding essential information at the point of care, leading to inefficiencies and hindered growth. TiQ steps in as the Swiss army knife of practice management, offering an all-in-one operating system that automates clinical, financial, and operational workflows. With seamless integrations and automation, TiQ reduces in-session screen time by 70% and increases client throughput by an average of 25 clients per Therapist per day. Customizable to various workflows, TiQ empowers Practices to scale and adapt to future changes in healthcare regulations, making practice growth feel inevitable rather than impossible.
According to Gary Peat, the Valor VC General Partner who led the TherapyIQ investment, “The problem today in mental healthcare services is a mismatch between the enormous growth in utilization of mental healthcare services and a continued slow growth in the number of mental healthcare providers in the US. With TherapyIQ, providers are rewarded productivity gains that produce financial rewards for the provider. Providers experience a higher average number of patients per session using TherapyIQ, they can manage more patients per provider in a practice group, and practices using TiQ are easier to manage, on-board new providers, and grow.”
“In short, mental healthcare insurance reform created a strong, enduring tailwind for mental healthcare service providers in the US and the software vendors that serve them.”
A key distinguishing factor for Therapy IQ is its concentrated focus on serving the needs of court-ordered mental health services, including psychiatry, addiction treatment, and various therapy modalities. Remarkably, court-ordered mental healthcare services account for a significant 33%-40% of all outpatient mental health services in the US, presenting a unique opportunity for the company to make a profound impact in this crucial segment of the industry.
Unparalleled Domain Expertise
With over 10+ years of combined experience, Nate Maingi, co-founder of Therapy IQ, draws on his early career as a social worker for the Department of Mental Health, which allowed him to intimately understand the evolving needs of mental health practitioners. Working alongside Nate is co-founder Amy Query, Chief Product Officer, who developed extensive experience in healthcare operations, including successfully and launching and selling addiction treatment clinics. Together, Nate and Amy have leveraged their mutual mental health care practical expertise to build a comprehensive platform from scratch, resulting in Therapy IQ’s user-loved and transformative product, effectively driving positive change in mental health practice management.