What Foundation Medical Group does

Foundation Medical Group is a multi-state behavioral health and addiction medicine practice founded in 2014 and headquartered in Midlothian, Virginia, with clinics in Richmond (VA), American Fork (UT), Decatur (GA), and Dallas (TX). It delivers integrated psychiatric evaluation, medication management, talk therapy, and addiction medicine under a four-phase care protocol ("Evaluate, Stabilize, Intervene, Maintain") standardized across locations and supported by a shared medical record. Advanced treatment offerings include Transcranial Magnetic Stimulation via NeuroStar, Spravato (esketamine), ketamine therapy, medication-assisted treatment for opioid and alcohol use disorders (Suboxone, Sublocade, Brixadi, Vivitrol), and adjunctive diagnostics such as QEEG brain mapping and GeneSight pharmacogenomic testing. Leadership comprises board-certified medical directors in each state (Drs. Nardone, Frandsen, Epps, Thompson) plus a lead nurse practitioner, indicating a physician-led operating model.

The practice serves both direct consumers and institutional referral partners. Patient acquisition is driven by phone intake, online booking, same-day or next-day appointment availability, telehealth across all four states, and a Partner/Refer program embedding Foundation providers into hospitals, Partial Hospitalization Programs (PHPs), Intensive Outpatient Programs (IOPs), and crisis centers. The patient base is broad: a 4.9/5 average rating across 487 reviews reflects sustained consumer demand across four distinct regional markets.

Revenue mechanics are predominantly insurance-driven, with the practice accepting roughly 98% of insurance plans including Medicare and Medicaid, supplemented by self-pay for ketamine therapy. The company is privately held with no disclosed funding rounds, parent company, or PE/VC ownership, operating as an independent, physician-led group practice. A sister-clinic relationship with Foundation Wellness extends the brand into adjacent services outside the Foundation Medical Group legal entity.

Name

Foundation Medical Group

Legal name

Foundation Medical Group

Website

https://foundationmedicalgroup.org

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Foundation Medical Group is a physician-led, multi-state behavioral health and addiction medicine practice operating clinics in Virginia, Utah, Georgia, and Texas, delivering psychiatry, therapy, TMS, Spravato, ketamine, and medication-assisted treatment to consumers and institutional referral partners.

Ownership category

akta.pro rank

Product category

Behavioral Health Services

NAICS

Outpatient Mental Health and Substance Abuse Centers (621420)

SIC

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

akta.pro primary industry

Psychiatry & Medication Management Platforms (HLALAEAB)

akta.pro secondary industry

Substance Use Recovery & Harm Reduction Support Services (BPAGAEAO)

Keywords

• Psychiatric care services
• Addiction medicine treatment
• Transcranial magnetic stimulation
• Medication-assisted treatment
• Mental health services

Headquarters

HQ city

Midlothian

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance-Billed Services: Billable services covered by commercial insurance, Medicare, and Medicaid including psychiatric evaluations, medication management, TMS therapy, Spravato (esketamine), MAT (Suboxone, Subutex, Vivitrol), and talk therapy. TMS and Spravato are covered by most major insurance plans.
2. Self-Pay Services: Ketamine therapy is primarily self-pay, though some insurance plans cover a portion. Cash prices offered for uninsured patients.
3. Telehealth Services: Virtual psychiatric and addiction care visits billed through insurance or self-pay, expanding access across all four states.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Foundation Medical Group operates an integrated behavioral health platform delivering psychiatric evaluation, medication management, talk therapy, and addiction medicine services across four states. The group specializes in advanced neuromodulation therapies including FDA-cleared TMS (NeuroStar), Spravato (esketamine), and ketamine therapy for treatment-resistant depression, OCD, PTSD, and related conditions, complemented by medication-assisted treatment (Suboxone, Vivitrol) for opioid and alcohol use disorders.

Product overview

Foundation Medical Group operates as an integrated behavioral health platform offering psychiatric care, addiction medicine, and advanced neuromodulation therapies across four states. The core portfolio includes three FDA-cleared advanced treatments (TMS Therapy via NeuroStar, Spravato/esketamine, and Ketamine Therapy) for treatment-resistant mental health conditions, alongside foundational psychiatric services (evaluations, medication management, talk therapy, telehealth). Addiction recovery services encompass MAT/Suboxone, Vivitrol, and buprenorphine products. Diagnostics include QEEG Brain Mapping and GeneSight genetic testing. All services are delivered through a unified care model with one team, one medical chart, and coordinated treatment protocols across Virginia (flagship), Utah, Georgia, and Texas clinic locations.

Differentiator

Problem solved

Functional benefit

Products and services

• TMS Therapy (NeuroStar) Non-invasive, FDA-cleared transcranial magnetic stimulation that uses targeted magnetic pulses to activate areas of the brain affected by depression and OCD. Sessions last about 20 minutes, typically delivered 5x/week for approximately 6 weeks, and are covered by most major insurance plans. Intended for adults with treatment-resistant depression and OCD.
• Spravato (esketamine) FDA-approved nasal spray treatment for treatment-resistant depression administered in-office under direct clinical supervision with two-hour supervised sessions, typically 2x/week for 4 weeks. Covered by most major insurance plans.
• Ketamine Therapy IV and IM ketamine therapy for treatment-resistant depression, chronic PTSD, and severe anxiety, delivered in a monitored clinical setting with 45-60 minute infusions. Primarily self-pay with some partial insurance coverage.
• Psychiatric Evaluation Comprehensive psychiatric assessment including medical history review, mental health evaluation, and development of personalized treatment plans. Typically 60 minutes and available same- or next-day.
• Medication Management Ongoing prescription management and monitoring for psychiatric medications, including dose adjustments and side effect management with regular provider contact.
• Talk Therapy In-person therapy sessions with licensed providers addressing mental health conditions and addiction recovery support.
• Telehealth Virtual healthcare visits enabling remote psychiatric care, follow-up appointments, and medication management via secure video, expanding access across all four states served.
• MAT / Suboxone Medication-assisted treatment using Suboxone (buprenorphine/naloxone) for opioid use disorder, combining medication with counseling support and same-week appointment availability.
• Vivitrol Injection Monthly injectable naltrexone medication administered for alcohol and opioid addiction recovery support.
• QEEG Brain Mapping Quantitative EEG brain mapping service that records and analyzes brain electrical activity to create detailed brain maps identifying patterns linked to mood, attention, addiction, and cognitive conditions, used to guide personalized treatment plans.
• GeneSight Testing Pharmacogenomic testing that analyzes genetic variations to guide medication selection and dosing for psychiatric medications, supporting personalized treatment plans.

Quantifiable outcome

• 82% TMS response rate for treatment-resistant depression (published NeuroStar data)
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Foundation WellnesscoreOthersSister clinic located adjacent to the American Fork, Utah FMG location. Foundation Wellness provides integrated wellness services including hormone optimization and medical weight management. The clinics coordinate for integrated addiction recovery and mental health care.
• NeuroStar (Advanced Brain Health)coreTechnology or IntegrationFDA-cleared TMS therapy technology provider. FMG uses NeuroStar equipment and protocols for transcranial magnetic stimulation treatments for treatment-resistant depression and OCD.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Done: Telehealth psychiatry platform focused on ADHD and related conditions, offering evaluation and ongoing stimulant and non-stimulant medication management. Comparable to FMG's psychiatric medication management on a narrower indication, delivered digitally.
• Brightside Health: Telehealth platform focused on depression and anxiety treatment combining medication management with digital CBT and clinical coaching. Comparable to FMG's treatment-resistant depression positioning but delivered entirely via telehealth.

Direct peers

• CleanSlate Outpatient Addiction Medicine: Multi-state outpatient addiction medicine practice offering physician-led MAT (Suboxone, buprenorphine, Vivitrol) for opioid and alcohol use disorder. Directly comparable to FMG's MAT service line in scope and care model.
• SonderMind: Multi-state outpatient mental health provider combining in-person and telehealth therapy with psychiatric medication management. Comparable to FMG's psychiatric evaluation, medication management, and talk therapy offerings with broader geographic reach.
• Behavioral Health Group (BHG): Multi-state outpatient addiction treatment provider offering physician-led MAT (Suboxone, methadone, buprenorphine) with integrated counseling. Closely comparable to FMG's MAT-driven addiction medicine footprint at greater scale.
• BayMark Health Services: Multi-state operator of medication-assisted treatment (MAT) clinics for opioid and alcohol use disorder, offering Suboxone, buprenorphine, Vivitrol, and counseling. Closest direct peer to FMG's addiction medicine component at greater scale.
• Talkiatry: National psychiatric practice employing board-certified psychiatrists and offering in-person plus telehealth medication management for depression, anxiety, ADHD, and related conditions. Comparable to FMG's psychiatry and medication management services with a heavier telehealth tilt.
• MindPath Care Centers: Multi-state outpatient psychiatric and therapy practice offering evaluation, medication management, and TMS for mood and anxiety disorders. Directly comparable to FMG's integrated outpatient psychiatry model.
• Greenbrook NeuroHealth: Multi-state TMS-focused provider operating dedicated Spravato and TMS treatment centers for treatment-resistant depression and OCD. Directly comparable to FMG's advanced neuromodulation offering with NeuroStar and Spravato.

Broad incumbents

• LifeStance Health: Large publicly-traded outpatient mental health platform operating hundreds of clinics across 30+ states with in-person and telehealth psychiatry, therapy, and medication management. Comparable to FMG in service mix and patient population, but at significantly greater scale and geographic breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FoundationMedi3

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Foundation Medical Group