Floreo receives $10M in funding for the development of their VR behavioral therapy platform. They’ve received this funding from Autism Impact Fund, Disability Opportunity Fund and Felton Group. Also, they have announced to partner with CareSource to study the benefits of using VR with patients who receive home and community-based services.
Floreo offers a VR behavioral therapy platform to help individuals with autism, ADHD, anxiety, and other conditions. On the platform, the patients learn independent living skills as well as communication, social and emotional regulation. To support Floreo in their mission to help these individuals, Autism Impact Fund, Disability Opportunity Fund and Felton Group have funded the company with a total of $10 million.
Temporary CPT III code
The funding follows a Category III Current Procedural Terminology Code (CPT) from the American Medical Association for the use of VR technology to assist with therapy. The code allows healthcare professionals to report their use of VR as part of therapy as a practice expense. The CPT III codes are temporary codes used to report emerging technologies, procedures, and services. The code will go into effect in January 2023.
The company also announced a partnership with managed care organization CareSource to study benefits of using virtual reality with patients receiving home and community-based services. They’ve entered a pilot program with the Arkansas Support Network for thius study.
Funding for VR behavioral therapy platform
“Floreo’s vision is a world that is open and accessible for every neurodiverse person, and this new funding round led by Tenfore Holdings will enable us to further scale our platform to reach more individuals and families who can benefit from our technology,” Vijay Ravindran, Floreo’s founder and CEO, said in a statement. “In addition, the CPT code from the American Medical Association, together with our pilot with CareSource, a major national health plan, are evidence of the viable reimbursement pathways of our virtual reality system for a wide range of learners.”
