Alma changes the insurer-therapist payment paradigm: 6 things to know

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New York City-based startup Alma claims to have cracked the code to get therapists paid adequately by insurers, thereby covering their services for patients.

Here are six things to know:

1. Founded in 2018, the startup has recently upended its priorities to focus on therapy health insurance coverage and virtual technology, according to Forbes

2. The startup's software is central to its approach both for its ease of use for patients and therapists and how it cuts down administrative costs, which traditionally result in overhead that eats into insurance payments.

3. Alma also negotiates with payers on behalf of its bloc of therapists, managing vetting for payers and rates for providers. The startup also expedites getting providers paid.

4. The perfect storm of limiting overhead and bloc rate negotiation encourages providers to accept insurance coverage, increasing patient flow.

5. Alma has a virtual presence in 25 states and an in-person presence in eight states. Further expansion along the East Coast is planned through 2022. 

6. The company most recently secured $50 million in series C funding. This is on the heels of $28 million in series B funding raised in February.

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