One of the nation’s biggest behavioral health specialty pharmacies, Genoa, announced earlier this month that they acquired 1DocWay, one of the largest outpatient telepsychiatry software providers. The acquisition is part of Genoa’s launching of their new Genoa Telepsychiatry branch, which will allow them to offer a simple, easy-to-use platform for patients and their mental health provider, according to the digital healthcare technology news source HITconsultant.net.
1DocWay was founded in 2011 by a team of individuals experienced in running hospitals as well as building software at Microsoft. As a provider of telehealth services, their main priority is to improve access and availability to patients across the country. It’s an industry that’s become increasingly popular and important in the field of healthcare.
If nothing else, this recent merger is a testament to the value these new kinds of services and platforms are having in the industry. As more providers try to keep up with consumer demands this is likely to be a growing trend.
Specifically to Genoa is a focus on mental and behavioral health. Currently there is a shortage of professionals in the field as compared to people in need of services.
Telepsychiatry services help meet these needs by making it easier and more efficient for professionals to see more patients and for patients who might not otherwise be able to physically get into an office when they them. Studies have shown that many people actually prefer using them.
In one study, telepsychiatry appointments were significantly less likely to be cancelled by patients (3.5% vs. 4.8%) and significantly less likely to be no-shows (4.2% vs. 7.8%). In another trial of online therapy, patients averaged six sessions each and 73% re-booked with the same clinician.
“We chose 1DocWay because they are experts in the field of telepsychiatry, having built the nation’s largest outpatient telepsychiatry network, and they are innovators in technology,” said John Figueroa, CEO, Genoa, a QoL Healthcare Company. “We are confident this integration will allow both us and our center partners to better serve the behavioral health community.”