Despite a new year, the world continues to face a significant mental health crisis. Mental health conditions drain $2.5 trillion from the global economy annually with no signs of slowing down.

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By 2030, mental health issues are expected to cost the global economy a staggering $16.3 trillion, surpassing the economic impact of major diseases like cancer and cardiovascular disease. Compounding this challenge, at least one third of patients do not remit from traditional depression treatments, such as SSRIs. These grim statistics underscore the urgent need for more effective mental health interventions.

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Additionally, clinicians on the front lines of this battle face their own crisis, with 61% reporting burnout symptoms. Many are overwhelmed by administrative tasks, detracting from patient care.

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While these challenges are profound, 2023 marked a year of significant progress and breakthrough, setting us on a course for continued momentum in 2024.

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At Osmind, our mission is to empower clinicians and researchers to bring innovative mental health treatments to patients who need it most. As we look back at the progress we’ve made towards our mission this past year, we’re proud of the significant strides we’ve made and we’re more determined than ever to help transform mental health care.

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Let’s review some of the key highlights of 2023.

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We Navigated Psychiatry's New Era with the Launch of the Psychiatry Tomorrow Podcast

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We introduced the Psychiatry Tomorrow podcast and newsletter to provide mental health clinicians with practical guides, the latest research, and expert perspectives. Hosted by Dr. Carlene MacMillan, Chief Medical Officer, and co-hosted by Dr. Alison McInnes, VP of Scientific Affairs, Psychiatry Tomorrow dives into the forefront of psychiatric innovation.

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Each episode features engaging conversations with experts in fields like neuromodulation, rapid-acting antidepressants, metabolic psychiatry, and psychedelic medicine. Psychiatry Tomorrow is a key resource for clinicians looking to stay informed and inspired about the evolving landscape of mental health care.

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Sign up for the Psychiatry Tomorrow newsletter to get the latest delivered straight to your inbox. Or, listen on your favorite podcast platforms, including Apple Podcasts and Spotify.

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We rallied expert clinicians to chart the future of mental health with the formation of the Community Advisory Board.

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It takes a village to advance mental health treatment and research. That’s why we launched the Osmind Community Advisory Board (CAB). The CAB brings together clinicians and thought leaders from diverse backgrounds, including general and interventional psychiatry, and ketamine-assisted psychotherapy:

• Andrew Penn, MS, PMHNP: Clinical Professor, UC San Francisco, School of Nursing
• Awais Aftab, MD: Clinical Assistant Professor of Psychiatry, Case Western Reserve University
• Bergina Isbell, MD: CMO at Led Life Concierge Psychiatry
• Charles Miller, MSA, CRNA: Founder and CMO at Scenic City Neurotherapy
• Christy Duan, MD: Clinical Assistant Professor, NYU Grossman School of Medicine & Private Practice Psychiatrist
• David Feifel, MD, PhD: Founder and President at Kadima Neuropsychiatry Institute
• Erick Sheftic, MD: Co-founder & Medical Director of Accelerated Psychiatry
• Jake Behrens, MD: Founder of Envision ADHD
• Kristin Budde, MD, MPH: Co-founder of Cerebella and Psychiatrist at Ellenhorn
• Michael D Banov, MD: Medical Director of Psych Atlanta
• Raghu Appasani, MD: Integrative & Addiction Psychiatrist & Psychotherapist at Appasani MD PC
• Rebecca W. Brendel, M.D., J.D: Immediate Past President of the American Psychiatric Association (APA)
• Robert Dugger, MD: Owner & Founder of Sarasota Minds
• Sofia Peeva, MD: Co-founder & COO at Propel Therapeutics
• Tobias Marton, MD, PhD: Chief Medical Officer at Mindful Health Solutions

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The CAB plays a crucial role in guiding our community. They convened to host a three-part series, titled “The Breakthrough Mental Health Treatment Forum”, where they shared their predictions for the future of psychiatry, strategies for thriving in private practice, and finding community and networking as a private practitioner. In addition, they’ve contributed to over 50 hours of product feedback, improving the Osmind platform.

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Their collective efforts empower the Osmind Community to be a collaborative space where good ideas compound.

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We expanded access to life-saving treatments and high quality data-driven care with the launch of Osmind Claims.

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In 2023, we announced early access to Osmind Claims. Designed to simplify the complexities of insurance claim submission and management for mental health practices, Osmind Claims expands access to life-saving treatments while reducing clinician burnout. Clinicians save time with pre-populated claims, avoid claim denials with psychiatry-first billing, and gain visibility with transparent tracking and reporting. Osmind Claims helps mental health practices get paid without interrupting patient care.

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We published the largest real-world study on ketamine intravenous therapy, reinforcing that KIT is effective for treating major depression and anxiety.

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Dr. Alison McInnes, VP of Scientific Affairs at Osmind, led the publication of the largest peer-reviewed real-world study on Ketamine Intravenous Therapy (KIT) to date for depression and anxiety, highlighting its effectiveness in patient treatment.

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Real-world evidence (RWE) studies are a critical component to making novel psychiatric treatments more accessible for the millions of Americans for whom traditional treatment options do not work. Published RWE is especially important when a treatment has not been FDA approved. Insurers usually require published evidence of effectiveness in order to consider coverage, resulting in greater accessibility.

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Osmind’s EHR is the connective link between individual patient care and research that advances evidence-based mental health treatment breakthroughs. Osmind collaborates with the research community to analyze anonymized, aggregated data to advance new diagnostics, therapeutics, and precision medicine approaches.

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Clinicians collected over 2.5 million patient outcome measures on Osmind.

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Patients and mental health clinicians have lacked an efficient way to measure and improve the effectiveness of psychiatric treatment over time. The APA’s position is that measurement-based care (MBC) is effective in promoting evidence-based treatment of mental health conditions. When implemented appropriately, MBC can support clinical care, improve patient outcomes, and demonstrate the value of psychiatric care.

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With Osmind, clinicians can track and analyze patient data in real-time, allowing for more accurate assessment of treatment outcomes. This data-driven approach not only enhances the quality of care provided but also enables clinicians to make more informed decisions about the most effective treatment strategies for their patients.

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Furthermore, Osmind can also facilitate collaboration and knowledge sharing among clinicians, allowing for the exchange of best practices and the dissemination of evidence-based treatment protocols. This creates a more standardized and evidence-based approach to mental health care, leading to improved outcomes for patients.

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And that’s why we’re so proud that the Osmind community has collected over 2.5M patient outcome measures using Osmind. The community is doing their part to deliver high quality evidence-based care to their patients, and advancing mental health research for all.

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We built key connections and shared research at five major conferences.

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In 2023, Osmind engaged with clinicians and the mental health community at several conferences. These events were crucial for understanding new treatments and fostering professional relationships.

• American College of Neuropsychopharmacology (ACNP): The Annual Meeting is one of the world’s leading forums for the exchange of cutting edge scientific information about the brain, behavior, and psychotropic drugs. Our team presented a poster titled, Predicting Longitudinal Outcomes for Ketamine Infusion Therapy. The study was aimed at understanding patient response patterns to KIT, enhancing treatment personalization

• American Society of Ketamine Physicians, Psychotherapists, and Practitioners (ASKP3): Carlene MacMillan, MD and Alison McInnes, MD formally joined the Expert Faculty, Matt Worley, PhD shared research on an algorithm to predict treatment outcomes, and we hosted an invigorating event for customers. As the #1 EHR for ketamine-based practices, we felt energized meeting so many customers in person.

• American Psychiatric Association (APA) Annual Meeting in San Francisco: Attending the largest gathering of psychiatric professionals let us exchange ideas and gain insights into emerging trends across the broad umbrella of psychiatry. Our Chief Medical Officer, Carlene MacMillan, MD, joined an expert panel to discuss the future of interventional psychiatry in a talk titled, “Navigating What’s Next in Interventional Psychiatry.” They covered precise treatments for treatment-resistant depression, severe OCD, and chronic PTSD.

• Psychedelic Science Conference: PS was the largest conference about psychedelics in history, with over 13,000 attendees. Here, we learned from leaders in psychedelic research and presented our own scientific poster. These interactions broadened our perspective on psychedelics and engendered hope for the next wave in mental health treatment.

• Integrative Psychiatry Institute (IPI): The IPI conference offered insights into holistic approaches in psychiatry. It was an opportunity to discuss diverse treatment methods with other forward-thinking clinicians.

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Attending these conferences was more than just a learning experience. It was an opportunity for Osmind to strengthen bonds within the mental health community and collaborate on innovative care approaches.

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We received accolades and recognition as a leading mental health EHR.

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Osmind was named a quarterfinalist in the Mental and Behavioral Health category at the prestigious 2023 UCSF Digital Health Awards. This recognition underscores our commitment to excellence in digital health. Additionally, thanks to the unwavering loyalty and reviews from our community, Osmind earned a spot as a Top-Rated Mental Health EHR on the Capterra’s 2023 Mental Health Software Shortlist. These accolades reflect the hard work and dedication of our team and the invaluable support of our customers.

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We’re excited for 2024 and the path ahead.

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Looking forward, we anticipate continued momentum from this year's accomplishments, and predict the follow trends for 2024:

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Measurement-based care (MBC) will take center stage. MBC enhances patient outcomes and validates the effectiveness of psychiatric treatments. The APA advocates for MBC's broader implementation, recognizing its role in providing evidence-based care and improving clinical decision making. The transition to MBC also reflects the healthcare sector's shift from service volume to quality of care.

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Precision psychiatry will continue evolving. Researchers will identify additional biomarkers and treatments that support personalizing diagnosis and treatment response for depression. As a result, the DSM-6 will focus on symptoms associated with these biomarkers, rather than the syndromes previously defined by DSM-5. For example, we will see the development of medications addressing symptoms (e.g., anhedonia) rather than syndromes.

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Access for ketamine will expand. Several insurers will start to reimburse ketamine intravenous therapy (KIT) for treatment-resistant depression (TRD) in the wake of increasing evidence that KIT is not inferior to ECT for this population. Meanwhile, both the stimulant shortage and the ketamine shortage will improve significantly, much to the relief of clinicians and patients everywhere.

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Neuromodulation treatments will see larger widespread adoption. SAINT TMS will be available for commercial use at some point in 2024 although payment models will hinder widespread adoption initially. The Monarch eTNS device for ADHD and other non-pharmacologic neuromodulatory approaches will gain traction amongst clinicians.

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Charting the future of mental health research and treatment is no easy feat. Thank you for joining us on this transformative journey!