Why We Invested: Flourish Health

By: Adam Seabrook, Nick Whitehead and Athena Shea

B Capital is thrilled to announce its investment in Flourish Health, a provider that brings intensive, high-acuity behavioral health treatment to children and young adults in their own homes. Flourish serves young people the system has traditionally been least equipped to help, including those with serious mood disorders, disruptive behaviors, trauma and suicidality. These patients are often left without access to high-quality care.

A shortage of child psychiatrists leaves families on waitlists for weeks^1,2, and fragmented outpatient care lets symptoms escalate, pushing patients back into crisis³. This is especially true for patients covered by Medicaid, which has even fewer care resources to offer patients in most states. The result is that the system falls back on its most expensive care delivery settings: months-long residential stays, inpatient admissions, and emergency rooms where children wait days for a bed.⁴

The need is enormous, and there is a critical shortage of high-quality, high-acuity care options.

A Care Model Built for Acuity

Flourish is being built to fill that care supply gap. The company delivers intensive, comprehensive treatment virtually and in the home so young people get the care they need and the opportunity to live a more normal life.

Flourish has built the infrastructure designed to dramatically reduce the time to get off the waitlist, deliver round-the-clock care when needed and meet their young patients where they are ready to engage. Every patient is supported by a coordinated Care Pod of four dedicated care team members: a child and adolescent psychiatrist, a licensed therapist, a patient guide and a family guide. The structure mirrors clinical best practice but is delivered virtually at home, with in-person visits completed as needed.

Rather than relying on episodic appointments, the team keeps patients and families engaged between visits by reinforcing therapy skills, coaching caregivers and coordinating care through Flourish's platform. Care Pods maintain three or more touchpoints a week over a 52-week course of treatment. All longitudinal patient care follows standardized, evidence-based protocols with care teams actively monitoring outcomes and progress.

The company's early evidence is striking. In studies with multiple major health plans, Flourish has dramatically reduced hospitalizations, days in residential treatment, and patient care after hospital discharge. The infrastructure Flourish has built improves access to high-quality care and the consistency of care families receive.

AI Built for Care Quality and Access

Flourish leverages AI in service of two goals that usually compete against each other: better care quality and broader access. Flourish has built its own platform to centralize patient touchpoints, EMR (electronic medical record) data, prescribing, workflow automation and team collaboration into one place for the Care Pod.

Clinicians remain the decision-makers and all care is delivered by a care team member, with Flourish's AI acting as a force multiplier across engagement, workflow, clinical-model adherence and care coordination, carrying the administrative weight that typically prevents providers from spending more focused, quality time with patients.

These investments compound. As the platform gets better at surfacing at-risk patients and coordinating across providers and families, each care team can serve more young people without sacrificing quality. Better engagement drives better outcomes, and the data generated by care continuously sharpens Flourish's approach to treatment.

The Team Driving the Mission

Flourish is led by a team who have spent their careers helping young people with serious behavioral health needs. CEO Dr. Natalia Birgisson spent 12 years at Stanford training in pediatrics and psychiatry. That included time treating children in the emergency department after suicide attempts. She then spent four years at Doximity, a company building software for physicians, joining before its IPO (initial public offering, when a private company begins selling shares to the public) and staying through it.

President John Haskell is a repeat founder in this sector. He previously co-founded Triggr Health, a behavioral health startup later acquired by SonarMD. CTO Josh Gachnang has spent over a decade building healthcare platforms that comply with HIPAA, the federal law that protects the privacy of patient health information. He was Triggr Health's first engineering hire, working alongside John before designing Flourish's custom electronic health record (EHR), the software care teams use to document and coordinate a patient's treatment.

We cannot imagine a team more passionate or dedicated to helping solve this problem. We are honored to support them as they bring critical behavioral health services to the families who need it most.

LEGAL DISCLAIMER
All information is as of July 24, 2026 and subject to change. This content is a high-level overview and for informational purposes only. The investment discussed herein is a portfolio company of B Capital; however, such investment does not represent all B Capital investments. Certain statements reflected herein reflect the subjective opinions and views of B Capital personnel. Such statements cannot be independently verified and are subject to change. There can be no assurance any such trends or correlations will continue in the future. Reference to third-party firms or businesses does not imply affiliation with or endorsement by such firms or businesses. It should not be assumed that any investments or companies identified and discussed herein were or will be profitable. Past performance is not indicative of future results. The information herein does not constitute or form part of an offer to issue or sell, or a solicitation of an offer to subscribe or buy, any securities or other financial instruments, nor does it constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. Much of the relevant information is derived directly from various sources which B Capital believes to be reliable, but without independent verification. This information is provided for reference only and the companies described herein may not be representative of all relevant companies or B Capital investments. You should not rely upon this information to form the definitive basis for any decision, contract, commitment or action. Any forward-looking statements are based solely on information provided by the company or on publicly available data and reflect the views of the authors as of the date of publication. B Capital is not making any guarantees with respect to any such forward-looking information.

SOURCES

1. https://www.aacap.org/aacap/Advocacy/Federal_and_State_Initiatives/Workforce_Maps/Home.aspx
2. https://link.springer.com/article/10.1007/s10597-015-9897-x
3. https://pmc.ncbi.nlm.nih.gov/articles/PMC7420244/
4. B Capital diligence with experts across Medicaid and commercial payers, health system Chief Medical Officers, and network operational leaders; Findings include pediatric behavioral health emerging as a top 3-5 payer spend category, with post-COVID demand surging diagnoses and admissions; emergency department presentations, inpatient psychiatric admissions, and residential stays are all rising, with residential stays ranging from 90 days to 8 months at a cost of $100-300K per episode. Access to lower-acuity care is barred with a child psychiatrist shortage compounded by cash-only private practices that are creating critical network adequacy gaps.