CHICAGO, Oct. 1, 2019 /PRNewswire/ — NOCD, a digital behavioral health company that identifies and manages people with obsessive-compulsive disorder (OCD), today announced a Series A fundraising round of $4 million. Led by Chicago Ventures, the round also includes 7Wire Ventures, Meridian Street Capital, and Hyde Park Angels.
These new venture capital partnerships will aid in the nationwide expansion of NOCD’s Provider Network, positioning them to bring effective treatment to everyone with OCD. Members receive video-based diagnostic assessments and therapy with a specially trained clinician. This integrated model was shown in an ongoing Columbia University Medical Center study to reduce OCD severity by 40% in 8 weeks, on average, while reducing provider time by 75% per patient.
One of the World Health Organization’s ten most disabling conditions, OCD is a chronic psychiatric disorder with a lifetime prevalence of 2.5%. But despite its severity and prevalence, people with OCD are frequently misdiagnosed. It takes nine to eleven years, on average, for them to start receiving evidence-based care.
“That means years’ worth of chances to develop a substance use disorder due to self-medication, and of suicidal thoughts that can result from relentless obsessions,” said Patrick McGrath, PhD, Assistant Vice President of Residential Services for AMITA Health and President of OCD Midwest.
The lack of resources allocated by the healthcare industry to OCD treatment has generated a massive shortage of effective help. There are approximately 1,000 OCD specialists, and an estimated 50% of those in the lifetime OCD population have severe enough symptoms each year to merit treatment. The NOCD Provider Network brings exposure and response prevention, the most effective form of therapy for OCD, to everyone with the disorder.
“Those suffering from OCD face a healthcare system that wasn’t built to serve them,” said Peter Christman, Principal of Chicago Ventures and Board Member of NOCD. “Stigma, misinformation, and neglect are the norm. NOCD is replacing this broken system of engagement with an end-to-end clinical services platform that puts patients first. The outcome is a dramatic shift in the way we identify and manage OCD.”
Patrick Carey
NOCD Inc.
[email protected]
SOURCE NOCD