Colorado Health Foundation Announces Groundbreaking Investment with Denver-based, For-Profit Behavioral Health App Developer
KEYSTONE, CO – The Colorado Health Foundation announced from the 34th annual Colorado Health Symposium today a new partnership with the Denver-based technology company, myStrength, Inc. The unique partnership represents the Foundation’s first program-related investment as part of a purposeful strategy to engage the private sector to advance health and well-being initiatives in the state of Colorado.
“myStrength is a proven local partner whose goal is to enhance mental health benefits through online consumer engagement, which directly aligns with the Foundation’s goal of ensuring all Coloradans achieve health with the support of a network of primary health care and community services,” said Anne Warhover, president and CEO of the Colorado Health Foundation. “By making mission-driven investments in the private business sector – particularly in companies with products that fill gaps within the health safety net – we can help bridge the divide between the public, private and non-profit sectors. In doing so, we hope to inspire more innovation and sustainability while improving the health of all Coloradans.”
In 2013, the Foundation committed to widening its philanthropic impact to go beyond traditional grantmaking and launched a private sector investment arm that offers opportunities for mission-aligned investing and cross-sector partnerships. myStrength is a digital behavioral health company that helps health care providers extend care by offering web-based and mobile self-help resources to consumers.
The $1.5 million, 7-year senior loan agreement allows myStrength to boost capacity in delivering their behavioral health e-platform to both public and commercial clients to engage more patients and consumers, generate better mental health outcomes and reduce costs.
Similar to a gym for physical fitness, myStrength is described as the “health club for your mind.” The evidence-based technology applications treat some of the most commonly diagnosed mental illnesses and support overall wellness – filling an important gap in Colorado’s health delivery system. Users can access a range of personalized, mood-improving web and mobile resources that feature interactive tools, including step-by-step eLearning modules for managing depression, anxiety, stress and substance abuse. myStrength has partnerships across the United States with health plans, insurance companies and employee assistance program providers to offer self-care and wellness resources. Additionally, myStrength partners with community health providers, federally qualified health centers and accountable care organizations who have integrated myStrength applications for managing physical and mental health conditions.
“This mission-focused investment helps underserved individuals manage their mental health through engaging them via a platform with proven health outcomes,” said Jesse Wolff, director of private sector initiatives at the Foundation. “As a result of myStrength’s commitment to helping difficult to reach populations, the efficacy of its platform, and its standing as a trusted partner with organizations such as the National Council for Behavioral Health and many providers and insurers, myStrength is the ideal company for the Colorado Health Foundation’s first private sector program-related investment.”
Likewise, myStrength CEO, Scott R. Cousino, expressed his excitement to enter into the partnership.
“The partnership with the Colorado Health Foundation represents a very unique and exciting opportunity,” commented Cousino. “Our relationship with one of the largest health foundations in the country will help us to expand access to lower-cost, effective treatment technologies to residents of Colorado and consumers across the U.S. Further, our partnership will accelerate the development of innovative self-care tools for chronic pain and trauma, while evolving our mobile and web-based applications to support adolescents and transitional age youth.”
About the Colorado Health Foundation
The Colorado Health Foundation is singularly focused on helping Coloradans live their healthiest lives by advancing opportunities to pursue good health and achieve health equity through grantmaking, policy and advocacy, strategic private investments and convening to drive change. For more information, please visit www.coloradohealth.org.
About myStrength, Inc.
myStrength, Inc. is an online behavioral health company delivering innovative, evidence-based, scalable solutions for healthcare providers. More than 10 million covered lives now have access to myStrength.com and the myStrength mobile app through our partnerships with managed care providers, employee assistance programs and community health providers. Learn more at www.myStrength.com.