New York City-based startup Radial acquired the much larger and older outpatient mental health operator Mindful Health Solutions.
The deal positions the combined company for what executives on both sides of the deal say is a pending boom in interventional psychiatry. Radial is less than a year into its hold period with venture capital behemoth General Catalyst but has with one deal multiplied its clinical footprint across the nation and added a like-minded company that focuses on holistic, multispecialty mental health, which Radial calls “brain medicine.”
The deal also caps a quick turnaround play for Mindful Health Solutions’ previous financial backer, Aisling Capital. Terms of the deal were not disclosed.
“We’ve always built the underlying infrastructure — the clinical teams, the model, the operational teams, the technology — specifically to support the widest variety of interventions that might eventually become FDA-cleared or FDA-approved,” Radial CEO and cofounder John Capecelatro told BHB. “As we think about the acquisition and the subsequent scale of the network we’re at today, I think we’re really excited about deliberately, carefully, and thoughtfully supporting any new intervention … in coming to market.”
Coming into the deal, Radial operated as “a technology network company,” a Radial cofounder. It built a technology-first, AI-forward corporate outlook and established a model for the latest protocols in transcranial magnetic stimulation (TMS), neurostimulation and experimental interventions. It also developed RadialOS, an AI-native software suite that includes decision support, reimbursement tools and care coordination
Mindful Health Solutions already operates with TMS at its core. It also provides therapy, traditional medication management, psychiatry, and interventional psychiatry services such as esketamine. The company also offers IV ketamine infusion therapy.
Muir was also chief medical officer of Radial before the merger. Now, he holds the role of chief science officer. Mindful Health Solutions Chief Medical Officer Dr. Tobias Marton keeps that title at the combined company.
The acquisition marks yet another major change in executive leadership for the Mindful Health Solutions team. Founded in 2007, Brad Hummel, who was CEO at the time of the Norwest Venture Partners investment, was succeeded soon thereafter by John Minahan. Minahan, in turn, served as CEO until late 2024. Meghan Herwehe, a vet of the dental industry, was named CEO and was replaced in the Fall of 2025 by Mark Kehoe, who is now an advisor to the company. Capecelatro is the CEO of the combined company.
The company, which operates as Radial, operates 27 sites, most of which come from Mindful Health Solutions’ existing footprint.
“This was an opportunity for Radial to continue building what is the most scaled network of brain medicine in the world, arguably, at least in the country,” Capecelatro said.
Both companies have deep experience with outcomes tracking and research, including participating in previous psilocybin trials through partnerships with Compass Pathways, whose Comp360 compound is expected to be approved by the FDA sometime next year.
The companies also have some familiarity with rapid-acting, on-site interventions through their esketamine offerings. Mindful Health Solutions says it is the second-largest provider of Spravato in the U.S. The largest is TMS system provider Neuronetics’ clinical division, Greenbrook TMS Inc.
Mindpath Health Solutions was backed by Norwest Venture Partners, Brighton Health Partners and Aisling Capital. The latter firm joined the ownership groupits acquisition of Mindful Health Solutions in May 2021. Brighton invested in the company in 2023
Mindful Health Solutions spent the last two years improving unit economics and its financial position, physician retention, and creating a disciplined operating culture zeroed in on care quality. Throughout, the company battled structural challenges hostile to innovative models and scale: diminishing or not-fast-enough payer rates and elevated provider costs.
“Where we were a year ago, we thought we were ready to scale this now, but we needed some new investors — we need capital, basically,” Marton said. “I think what we’re bringing to the table is several years of really hard work around building an operating model to provide these treatments at scale to a lot of patients while not sacrificing quality outcomes. … It really is, I think, one of these scenarios where there’s a lot of upsides for both organizations to come together and take the best of what both are doing and really build something very unique in the marketplace.
Other investors have made bets on outpatient mental health that are zeroed in on interventional psychiatry. In March, San Mateo, California-based Salma Health emerged from stealth with $80 million from a Series A funding round led by Mubadala Capital and ARCH Venture Partners. San Francisco-based Everbright Health launched in October 2025. It raised $7 million and announced it would launch four markets in early 2026.
Interventional psychiatry has seen increased pressure from all sides to become frontline as opposed to the higher rungs of a fail-up treatment ladder.
Research and regulatory conditions continue to improve, paving the way for a psychedelic-based treatment for behavioral health. Compass Pathways, one of the most developed psychedelic companies in the U.S., expects to complete its rolling FDA application for its COMP360 psilocybin product in Q4 2026. Pending FDA approval, a commercial launch is targeted for the first half of 2027. However, the Drug Enforcement Administration would also need to reclassify psilocybin for that to happen.
Companies featured in this article:
Mindful Health Solutions, Radial
