2021 Reflects A Break-Out Year Of Growth For Eleos Health
The company that uses VoiceAI technology to digitize behavioral health conversations achieved 36x increase in growth
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 36x increase in recurring revenues. With the significant revenue growth, Eleos Health expanded our team by 250%, including several key hires.
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Eleos Health Achieves 36x Increase in Recurring Revenues
Unlike other areas of health, behavioral health treatment relies mainly on the conversations between the therapist and client. To date, these conversations have been a black box – we do not 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 one of the best technology teams in the industry, Eleos Health’s voice-based artificial intelligence insights unlocked behavioral health conversations.
Eleos Health signed 20 leading 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 5.5 million minutes of treatment, and saved clinicians over one million minutes in notetaking. 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. Eleos Health has been instrumental in ReachLink’s strategy to unlock value and provide high-quality experiences for our customers.”
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Another client, a national behavioral health provider based in Tennessee, who was struggling with therapist retention, used Eleos Health to address one of their most significant 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 Health 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 VoiceAI platform that transforms behavioral health conversations into operational insights. We believe that this approach is the only way to impact the overwhelming need for services and the workforce shortage. New technology must seamlessly integrate into current systems to improve access to and quality of care. We are proud that over the past year, we are one of the first behavioral health technology companies to integrate with Zoom Video Communications, Inc., 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 understands psychotherapy. Our system can quantify the use of evidence-based practices, differentiate between voices, and analyze the complexity of reflections, 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.
Eleos Health Recruited Key Talent from Major Health Technology Companies
A significant focus from our Seed funding was investing in our people and go-to-market team. 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. We know we could not have accomplished everything we did this year without our team.
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