2021 for Eleos Health brought record growth across market traction, customer and user adoption, and team growth. We retained 100% of our customers and achieved a 3,600% increase in recurring revenues. With the significant growth in revenue, Eleos Health expanded our team by 250% including several key hires.
Eleos Health Achieves 36x Increase in Recurring Revenues
Unlike other areas of health, behavioral health treatment relies largely on the conversations between the therapist and client. To date, these conversations have been a black box – we do not really know how, why or when they work. Digitizing behavioral health conversations is the last uncharted territory to unlock clinical and operations efficiencies. With the trust of our customers and partners and one of the best technology teams in the industry, Eleos Health’s voice-based artificial intelligence (AI) insights unlocked behavioral health conversations.
Eleos Health signed 20 leading and innovative behavioral health providers growing our sales bookings by 36x with net revenue retention (NRR) of greater than 200%. Over 90% of our subscription revenue includes multi-year commitments.
We onboarded hundreds of clinicians, analyzed 6.5 million minutes of treatment, and saved clinicians over one million minutes in note taking. As a testament to the quality of the product, the value it adds to clinical practice, and the immediate return on investment, we’ve retained 100% of our customers.
Customer Value Realization
Reachlink, a teletherapy company reduced clinical documentation for therapists by 42% allowing them to spend more time focusing on clients. James Farese, Reachlink’s CEO said, “Due to COVID-19, the demand for telehealth services has accelerated dramatically. As patients, providers, and payors adapt to this “new normal,” Eleos Health has been instrumental in ReachLink’s strategy to unlock value and provide high-quality experiences for our customers.”
Another client, a national behavioral health provider based in Tennessee, who was struggling with therapist retention was able to use Eleos Health to address one of their biggest pain points, documentation time for group visits. With Eleos Health the provider reduced manual EHR clicks by 90% and documentation time by more than 30%. Most recently, Eleos entered into a partnership with the Zero Suicide Institute whose mission is to promote system-wide transformational change toward safer suicide care.
Product & Solution Development Continued
Our product vision continues to be an integrated AI platform that transforms behavioral health conversations into operational insights. We believe that this approach is the only way to make an impact on the overwhelming need for behavioral health services and the workforce shortage. To improve access to and quality of care, new technology must seamlessly integrate into current systems. We are proud that over the past year, we are one of the first behavioral health technology companies to seamlessly integrate with Zoom amongst other video solutions. We also developed integrations for the leading behavioral health EHRs.
We have built and continue to improve upon the most robust and advanced behavioral health-based language model that truly understands psychotherapy. Our system can differentiate between voices, model clinician vs. client talk time, analyze the complexity of reflections, determine the use of evidence-based practices all while writing a baseline note for the session. We’ve published our first clinical papers and launched a randomized clinical control trial with the Freeman Health System.
The sensitive nature of behavioral health conversations means that the security of our platform is of the utmost importance. We received our SOC2 and HITRUST certificates to ensure data on the platform remains secure and meets the highest possible security standards.
Lastly, we are looking forward to launching a brand new category in behavioral health which we expand our core offering – stay tuned!
Eleos Health Recruited Key Talent from Major Health Technology Companies
A major focus from our Seed funding was investing in our people and go-to-market team. Without our team, we know we could not have accomplished everything we did this year. We recruited over 30 new Eleos team members in 2021, including top-quality talent from Teladoc ($15.5B), Gong ($7.25B), Wix ($9B), Fabric (+$1B), and more.
Key hires included:
Julie Merritt, Vice President of Sales who has extensive experience, over 20 years, in the health care technology spaces working for major digital health, EHR, and telehealth companies.
Chuck Tepper, Vice President of Public Partnerships who has more than 30 years of business development experience in the behavioral health IT space and has worked with behavioral health technology companies.
Merav Ben-Ari, Vice President of People who has over 15 years of experience building human resource infrastructure and organizational culture for rapid-growth, multinational, organizations.
Looking Ahead To More In 2022
2021 was a banner year for Eleos Health and we are looking forward to what we can accomplish in 2022. Eleos Health will continue to unlock behavioral health conversations and help providers achieve clinical and operational efficiencies alleviating some of the current pressure on the system. Stay tuned as we launch a brand new category of behavioral health technology.
Best,
Eleos Health co-founders Alon Joffe, Dror Zaide, and Alon Rabinovich
