Hello, Wefunder world.
Planted has had a great two weeks and I'll start with the best:
1. Colorado State Medicaid approval.
Planted Recovery has been accepted as a Colorado state-wide provider! This is a big deal. We can now serve 1.9M residents over the whole state. This is a big deal and it also means we have all we need to be producing revenue in Colorado. We only need to raise enough working capital for 6 months of clinical operations to prove financial responsibility.
1. The State of Colorado Dept of Human Services
We have been talking with top executives in the Dept. of Human Services for a couple of months about licensing our IOP. Some of you may know, a 100% web-based treatment center is a new breed of care model in the world and it does not fit any current regulatory bucket. There are very few paths towards licensure, anywhere.
Covid-19 has pushed a deep rethink of what regulations to shift and how to get it done quickly,
Well, WE are getting Colorado's first State license for a 100% web-based addiction treatment program.
We still need to jump through a few hoops, but luckily they are based on written protocols and policies. I say "luckily" because when we launched our first milestones were developing solid care protocols for the virtual delivery of clinical addiction treatment. Since then, we have kept very careful track of what works, what has not, and have documented it thoroughly. So bring on the protocol review. It helps we've been prepping for our Joint Commission site visit on June 1
2. Union contracting
We met with leadership at one of the countries largest labor unions. They have TWO Million national members, from home health workers, nurses, airline pilots, first responders & many more. They LOVE Planted Recovery and are excited to bring Planted Recovery's IOP to union members all across the country. We are now in the planning stages and I will have more updates soon.
3. Billing partner locked-in
This is not as easy as it sounds. The right billing partner is everything.
We needed to find a biller with experience in both behavioral health and telehealth. We were lucky to find this partner because we are able to get health plan registration, credentialing, and billing all under one roof.
4. Chief Medical Officer identified and working toward an agreement. As a Doctor of Addiction Medicine, he is registered in four States, registered with the DEA to deliver medications assisted therapies, and has owned/operated several types of treatment centers. I will make an in-depth introduction when it is official.
WrWe are gearing up to launch services into Colorado within the next 4 to 6 weeks. We have a health plan contract paying us to treat their membership, we have fantastic doctors, therapists, facilitators, case managers and we have a great referral network of partners. We only need working capital for 3 to 6 months of runway for clinical operations-- $75,000. We are 1/3rd of the way there and I think we have the rest locked in. All signs point forward.