"Interventional Psychiatric Care" Needs To Include A Feeling of "Being Cared For"

A Meditation on business models that work

We've seen a real series of disasters when it comes to behavioral health businesses. I had the pleasure of speaking with my friend Chris at Behavioral Health Business about the unfortunate state of affairs for Greenbrook TMS. Getting delisted from a stock exchange is a bad day for a company. It is a worse day for the field of interventional psychiatry. Welcome to The Frontier Psychiatrists, a newsletter.

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Since the company only provides psychiatric interventions, it’s subject to several powerful market forces with nothing else to stabilize it. It also forces this business model to grapple with potentially unsustainable unit economics. Dr. Owen Muir, founder of the New York-based interventional psychiatry firm Fermata and an expert in TMS, told BHB that this constrains the profitability of clinics.

Greenbrook TMS relies heavily on referring clinicians, as it says in its documents. So, it doesn’t have a consistent tether to its patients or another service line with recurring re…