Bicycle Health
| Company type | Medication assisted treatment provider |
|---|---|
| Industry | Healthcare |
| Founded | 2017 |
| Founder | Ankit Gupta |
| Headquarters | Boston |
Area served | 25 states in United States |
Key people | Ankit Gupta (Founder and CEO),[1] Chris Norris (CTO), Justin Guadagno (CCO)[2] |
| Website | https://www.bicyclehealth.com/ |
Bicycle Health is a virtual medication assisted treatment provider for opioid use disorder (OUD). The Boston-based company was started in 2017 and was named a TIME 100 Most Influential Company in 2022.
History
[edit]Bicycle Health was founded in 2017 by Ankit Gupta. Initially the company operated a clinic in Redwood City, California, but during the COVID-19 pandemic, it began providing virtual treatment methods.[3]
The company's seed round of funding was led by SignalFire and other angel investors in May 2020.[4] In June 2022, it raised $50 million in series B funding round, bringing its total fundraise to date to $83 million.[5][6] The round was led by InterAlpen Partners and other investors like Questa Capital, Frist Cressey Ventures, City Light Capital and Cobalt Ventures.[7]
Bicycle Health has partnerships with several insurance companies including Aetna, Blue Cross/Blue Shield, Cigna (Evernorth), Medicaid and United Healthcare.[8][9] It has also collaborated with emergency telehealth provider, Tele911, clinician mental health provider, Marvin and healthcare technology company, Bamboo Health.[10][11][12]
In January 2022, Bicycle Health became a council member of the ATA Action Founding Advocacy launched by The American Telemedicine Association.[13] Since becoming active, there have been many unsatisfactory reports made by current and former clients regarding the level and quality of care received. Though the company may claim to support mental health needs, this was found to be untrue.
Description
[edit]Bicycle Health provides opioid use disorder, specifically the suboxone (buprenorphine) therapy, via telemedicine. It also offers medication management, support groups, at-home drug testing, patient monitoring and care coordination. As of October 2022, Bicycle Health has served 18,000 patients by its services in 29 states.[2][14][8]
The company was recognized as one of the TIME100 Most Influential Company in March 2022.[14]
References
[edit]- ^ Staff. "Ankit Gupta - 2022 40 Under 40". Fortune.
- ^ a b Staff (October 6, 2022). "Bicycle Health Expands Executive Team". Yahoo! News - Sports.
- ^ Dunn, Andrew (August 15, 2022). "Meet the 30 young leaders forging a new future for the healthcare industry in 2022". Business Insider.
- ^ Shieber, Jonathan (16 December 2020). "Bicycle Health, the virtual opioid use disorder therapy service, will soon be available in 25 states". TechCrunch.
- ^ Gliadkovskaya, Anastassia (8 June 2022). "Bicycle Health snags $50M in funding to drive accelerated growth in virtual opioid addiction treatment". Fierce Healthcare.
- ^ Brodwin, Erin (7 June 2022). "Boston-based Bicycle Health offers medication assisted treatment for opioid use disorder". Axios.
- ^ Kaberline, Brian (September 26, 2022). "Cobalt Ventures invests in Boston addiction telemed company". www.bizjournals.com.
- ^ a b Lovett, Laura (23 September 2022). "Virtual MAT Provider Bicycle Scores Additional $5M from BCBS of KC's Venture Arm". Behavioral Health Business.
- ^ Lagasse, Jeff (September 2, 2022). "Evernorth, Cigna partner with Bicycle Health on opioid use treatment". Healthcare Finance News.
- ^ Lovett, Laura (13 April 2022). "Bicycle Health inks deal with Marvin to provide clinicians with opioid use disorder treatment". MobiHealthNews.
- ^ Olsen, Emily (17 August 2022). "Bicycle Health partners with Tele911 to offer opioid use treatment". MobiHealthNews.
- ^ Staff (March 2, 2022). "Bicycle Health Expands Partnership with Bamboo Health". Yahoo! Finance.
- ^ Jercich, Kat (24 January 2022). "Telehealth advocates ramp up pressure on elected officials". Healthcare IT News.
- ^ a b "TIME100 Most Influential Companies 2022: Bicycle Health". Time.