Greenbrook

What Greenbrook does

Greenbrook operates a national network of outpatient mental wellness centers across 15+ U.S. states delivering two FDA-regulated treatments for treatment-resistant depression, OCD, and major depressive disorder with suicidal ideation: NeuroStar Transcranial Magnetic Stimulation (TMS) therapy and SPRAVATO (esketamine) nasal spray. NeuroStar TMS is an FDA-cleared, non-invasive, non-medication procedure that delivers focused electromagnetic pulses to the left dorsolateral prefrontal cortex via coils placed against the scalp, typically administered 5 days per week for 6-9 weeks (30-36 sessions of 18-45 minutes each). SPRAVATO is an FDA-approved esketamine nasal spray self-administered under supervision at REMS-certified centers, with a structured induction, maintenance, and long-term maintenance dosing protocol and mandatory 2-hour post-dose observation. Greenbrook reports cumulative lifetime volume above 1.61 million treatments and cites 83% improvement and 62% full remission in real-world NeuroStar outcomes, with over 2,200 five-star Google reviews.

The business is fundamentally a multi-site specialty healthcare services operator. Greenbrook acquires patients predominantly through direct-to-consumer channels — its website, paid social, SEO content, PHQ-9/PHQ-10 self-assessment quizzes, and a free consultation line (855-940-4867) staffed by Consult Coordinators who review history in-person, by video, or by phone. The company handles insurance verification, billing, and appeals on behalf of patients across most major commercial plans plus Medicare and Medicaid at various sites, and offers CareCredit as a self-pay financing option. Following the December 2024 acquisition by Neuronetics for approximately $42 million, Greenbrook operates as a wholly-owned subsidiary and now sells fee-based patient support services (PHQ-10 processing, TMS consultations, scheduling) to channel partners, including an exclusive three-year TMS device and services partnership with Elite DNA Behavioral Health covering 30+ Florida and Virginia clinics. The Neuronetics board is publicly evaluating separation of the device and clinic businesses.

Name

Greenbrook

Legal name

Greenbrook TMS Inc.

Website

https://greenbrooktms.com

Company type

Private

Founded year

2018

Operating status

Acquired

Headcount range

101–250 employees

Short description

Greenbrook operates a network of outpatient mental wellness centers across 15+ U.S. states delivering NeuroStar TMS therapy and SPRAVATO esketamine treatment to adults with treatment-resistant depression, OCD, and MDD with suicidal ideation, accepting major insurance, Medicare, and Medicaid.

Ownership category

akta.pro rank

Product category

Outpatient Mental Health Treatment Services

NAICS

Outpatient Mental Health and Substance Abuse Centers (621420), Offices of Physicians, Mental Health Specialists (621112)

SIC

Services-Offices & Clinics Of Doctors Of Medicine (8011)

akta.pro primary industry

Outpatient Mental Health Clinics & Counseling Centers (HLAFACAA)

akta.pro secondary industry

Outpatient Mental Health & Counseling Clinics (HLAFABAC)

Keywords

• Transcranial magnetic stimulation
• Depression treatment services
• Mental wellness centers
• Esketamine therapy
• Outpatient psychiatric care

Headquarters

HQ city

Mclean

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Healthcare Services Revenue: Greenbrook generates revenue by operating outpatient mental health treatment centers providing NeuroStar TMS therapy and SPRAVATO esketamine nasal spray treatments. Patients pay through insurance coverage (most major insurance plans, Medicare, Medicaid) or self-pay. The company handles all insurance billing and paperwork on behalf of patients.
2. Fee-Based Patient Support Services: Following the Neuronetics acquisition, Greenbrook provides expanded fee-based patient support services including PHQ-10 processing, TMS consultations, and scheduling to partner healthcare providers (e.g., Elite DNA Behavioral Health) as part of exclusive TMS device partnership agreements.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

Greenbrook operates a national network of outpatient mental wellness centers that deliver two FDA-regulated treatments for depression: NeuroStar TMS Therapy (FDA-cleared transcranial magnetic stimulation) and SPRAVATO (esketamine) nasal spray therapy. The company handles insurance verification and billing on behalf of patients and offers free consultations in person, by phone, or via video conference to assess treatment eligibility.

Product overview

Greenbrook Mental Wellness operates a network of outpatient mental wellness centers across the United States providing two FDA-regulated treatments for depression: NeuroStar TMS (Transcranial Magnetic Stimulation) therapy and SPRAVATO® (esketamine) nasal spray. NeuroStar TMS is an FDA-cleared non-invasive treatment using electromagnetic pulses to stimulate specific brain regions associated with mood regulation. SPRAVATO® is an FDA-approved ketamine-based nasal spray for treatment-resistant depression. The company accepts most major insurance plans including Medicare and Medicaid, and has delivered over 1.61 million treatments to patients. The company was acquired by Neuronetics, Inc. (NASDAQ: STIM) in December 2024.

Differentiator

Problem solved

Functional benefit

Products and services

• NeuroStar TMS Therapy

Quantifiable outcome

• 83% of patients who completed NeuroStar TMS therapy experienced measurable depression relief
• +5 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Neuronetics Inc.coreStrategic or Co-development Partner · 5 May 2026Neuronetics acquired Greenbrook TMS in December 2024 for approximately $42 million. Neuronetics is a medical technology firm focused on neurohealth disorders, manufacturing the NeuroStar Advanced Therapy System and operating Greenbrook TMS treatment centers across the United States. The Board is evaluating potential separation of the NeuroStar and Greenbrook businesses to unlock shareholder value. Q1 2026 earnings reflect growth across both NeuroStar systems and clinic operations following the acquisition.
• EvernorthminorGTM or Marketing Partner · 19 February 2026Evernorth removed prior authorization requirements for transcranial magnetic stimulation (TMS) services for its contracted providers. This policy change expands access to TMS treatments for mental health conditions like depression, PTSD, and OCD for patients covered by Evernorth insurance plans.
• Elite DNA Behavioral HealthcoreStrategic or Co-development Partner · 30 October 2025Exclusive three-year agreement making Neuronetics/Greenbrook the sole provider of transcranial magnetic stimulation devices across Elite DNA's 30+ clinic locations in Florida and Virginia. The partnership leverages Greenbrook TMS's operational platform to provide expanded fee-based patient support services including PHQ-10 processing, TMS consultations, and scheduling, allowing Elite DNA to focus on enhancing patient experience. The expanded partnership launched as a pilot in Q4 2025 with plans to expand in 2026.
• American Foundation for Suicide Prevention (AFSP)minorGTM or Marketing PartnerGreenbrook supports the American Foundation for Suicide Prevention, a non-profit established in 1987 that funds scientific research, educates the public about mental health and suicide prevention, advocates for public policies in mental health and suicide prevention, and supports survivors of suicide loss and those affected by suicide.
• This Is My BraveminorGTM or Marketing PartnerGreenbrook supports This Is My Brave, a non-profit organization that gives those living with mental illness a platform to share the stories of their struggles and recoveries through original stories, songs, and poems performed in front of a live audience.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Neuronetics: Neuronetics acquired Greenbrook in December 2024 and now operates the combined device (NeuroStar) and clinic platform. It is the parent and most direct strategic counterpart, given its shared manufacturing of the NeuroStar system and ownership of the clinic network.

Direct peers

• Achieve TMS: Acquired by Greenbrook in 2019 for $10.5M (per company history), Achieve TMS previously operated TMS treatment centers with a clinic-based depression model directly comparable to Greenbrook's pre-acquisition footprint and patient mix.
• Lyra Health: Employer-sponsored mental health benefit platform providing therapy, psychiatry, and coaching. Comparable business model in delivering mental health services to the commercially insured population and competing for the same payer-sponsored TRD patients.
• Spring Health: Employer-sponsored mental health platform offering therapy, medication, and care navigation. Comparable in targeting employer-insured populations and providing hybrid in-person/telehealth mental health care at scale.

Emerging players

• Talkiatry: Online psychiatry and medication management platform serving patients with depression and related conditions. Competes for the same treatment-resistant depression patient population, particularly on the medication-management side that often precedes referral to TMS/esketamine.
• Brightside Health: Telehealth depression treatment platform offering online psychiatry and therapy; overlap with Greenbrook on depression referrals and on serving patients who have failed first-line antidepressants, though delivered via telehealth rather than in-clinic modality.
• Cerebral: Online mental health provider offering medication management and therapy for depression and anxiety. Comparable as a DTC-fronted mental health brand targeting patients who have not responded to traditional treatments.
• Charlie Health: Provides intensive outpatient and virtual mental health programs primarily for adolescents and young adults with depression and anxiety. Comparable as a higher-acuity outpatient model for treatment-resistant patients in a non-residential setting.
• Two Chairs: In-person and virtual therapy provider operating outpatient clinics with an in-network insurance model. Comparable in combining outpatient clinic delivery with insurance billing and operational focus on improving therapy outcomes.
• Newport Healthcare: Operates residential and outpatient mental health treatment programs for adolescents and adults with depression and co-occurring disorders. Comparable in clinical specialty around treatment-resistant mood disorders, though delivered at higher acuity (residential/inpatient).

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/GreenbrookTMS
• Facebookfacebook.com/GreenbrookTMSNeuroHealth
• LinkedInlinkedin.com/company/tms-neurohealth-centers

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds19 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenbrook