Bicycle Health Announces Significant Milestones for 2022, Laying the Foundation for Long-term Growth

Major payor partnerships, a successful Series B, and state expansions helped the company expand access to addiction care to millions of new patients in 2022

BOSTON, Nov. 15, 2022 (GLOBE NEWSWIRE) — Bicycle Health, the leading telehealth provider of integrated medical and behavioral health care for opioid use disorder (OUD) in the United States, today provided an update on milestones for the business, laying the foundation for continued momentum in 2023 as it works to make addiction treatment more accessible.

In the past year, the company has:

• Expanded its ability to treat patients to 29 new states, with plans to operate in 35 states by early 2023.
• Closed a $50 million Series B funding round, bringing the company’s total amount raised to $83 million.
• Grown the Bicycle Health team by 134%, including two senior executive hires, CTO Chris Norris and CCO Justin Guadagno.
• Achieved a major patient acquisition milestone by exceeding 20,000 patient enrollments.
• Extended its contracted and appointed partnerships to 36 insurance companies at the state and national level, highlighted by a contract with Cigna Evernorth in July.
• Selected as one of the TIME100 Most Influential Companies, named as a winner in the 2022 Stevie Awards for Great Employers, and achieved finalist status in the UCSF Health Hub Digital Health Awards in the “Mental and Behavioral Health” category.
• Recognized CEO + founder, Ankit Gupta, by Fortune’s 2022 40 Under 40 awards, and Business Insider’s 2022 30 Under 40.

“We founded Bicycle Health to bring effective opioid use disorder treatment to all who need it – regardless of geographic location or financial limitations. In 2022, we took significant steps toward making that vision a reality,” said Ankit Gupta, founder and CEO, Bicycle Health. “In the coming months and years, we’re excited to build upon this momentum as we continue to provide industry-leading treatment to millions of new patients while tackling pervasive issues that have long prevented Americans from getting the help they need.”

“In the U.S., there’s a significant disparity in geographic access to clinicians who provide Medications for Addiction Treatment (MAT), such as buprenorphine, which reduces withdrawal symptoms, prevents overdose, supports long-term recovery, and ultimately saves lives,” said Dr. Brian Clear, Chief Medical Officer, Bicycle Health. “Additionally, opioid addiction can be extremely difficult to talk about, and there are stigmas associated with seeking OUD treatment that blocks patients from getting the help they need. Over the past three years, we’ve been laser-focused on building a telemedicine model that breaks down the barriers preventing people from seeking treatment. In 2023, we’re committed to setting the gold standard for opioid use disorder treatment and further expanding access to care for one of the biggest public health crises of our time.”

To learn more about Bicycle Health, visit https://www.bicyclehealth.com/how-it-works.

About Bicycle Health
Bicycle Health is the leading telehealth provider of integrated medical and behavioral treatment of opioid use disorder (OUD) in the United States, offering an evidence-based care model that includes FDA-approved medication for opioid use disorder (MOUD), access to a highly-trained team of medical experts, therapy, a customized treatment plan, and peer support groups. Bicycle Health’s mission is to address the country’s number one public health crisis by helping to reduce stigmas associated with opioid addiction and providing access to affordable, convenient, and confidential tele-OUD treatment for individuals in need. The company’s “whole person” approach to treatment encourages patients to focus on their life passions and goals, which has been shown to play a vital role in recovery. 

Contact
LaunchSquad for Bicycle Health
bicyclehealth@launchsquad.com