Ketamine-Assisted Psychotherapy is now available for Utah businesses as an employee benefit
Salt Lake City – Numinus Wellness Inc. (“Numinus”, the “Company”) (TSX: NUMI) (OTCQX: NUMIF), a mental health company pioneering innovative treatments and safe, evidence-based psychedelics-backed therapies, is pleased to announce the launch of a Utah-based pilot program designed to help companies improve employee mental health by offering ketamine-assisted psychotherapy (KAP). as a healthcare benefit for eligible employees (“Corporate KAP”).
While Numinus’ Utah clinics, operating under the Cedar Psychiatry brand, have received coverage from select insurance companies for direct billing of ketamine for treatment-resistant depression, access remains a challenge for many patients. To fill this gap, Utah-based Cedar Psychiatry and HempLucid have been piloting corporate KAP since 2019 to ensure its employees with a mental health diagnosis have access to the care they need. Under the terms of the agreement, HempLucid will cover the cost of ketamine infusions while using its existing health insurance plan to support the therapy component of KAP.
“It was revolutionary for how we operate as a company,” said Chase Hudson, founder and CEO of HempLucid. “Offering ketamine treatments to our employees has shown incredible healing, positivity and productivity benefits in the work environment. We are in a new era. A new social contract is being formed between workers and employers, and companies are being forced to take a look at the mental health of their employees. We are working hard to move forward and proactively take care of our people.”
With mental illness recognized as one of the top cost drivers for employers, investing in employee mental health becomes a top priority for business leaders. Mental illness accounts for 70 percent of the cost of disability in the workplace.1 A Deloitte study found that the median annual return on investment of CA$1.00 spent on mental health programs is CA$2.18 at companies that have had mental health initiatives for three or more years.2 Corporate KAP is an innovative way to help employers increase productivity, reduce absenteeism and lower the cost of disability by improving mental health employee health is improved.
dr Reid Robison, Chief Clinical Officer, Numinus, commented: “Taking care of our individual and collective mental health is more important than ever. This pilot is expanding access to ketamine-assisted psychotherapy to help not just individuals and families, but a global workforce that continues to report increases in stress and burnout. It’s really inspiring to see a company like HempLucid looking after their employees in this way.”
Numinus recently completed the acquisition of Novamind, which includes eight clinics in Utah operating as Cedar Psychiatry and two clinics in Arizona operated as Foundations for change. Numinus is currently investigating how to expand Corporate KAP’s service offerings across its 13 clinics across North America.
Numinus’ Cedar Psychiatry Clinics provide patients with access to a range of psychiatric services including ketamine therapy, transcranial magnetic stimulation (TMS), Spravato, talk therapy and medication management.
Numinus Wellness (TSX: NUMI) helps people heal and feel good by developing and delivering innovative mental health care and providing access to safe, evidence-based psychedelics-backed therapies. The Numinus model – including psychedelic research, production and clinical care – is at the forefront of a transformation that aims to heal rather than manage symptoms of depression, anxiety, trauma, pain and substance use. At Numinus, we lead the integration of psychedelics-assisted therapies into mainstream clinical practice and lay the foundation for a healthier society.