Lifestance Health
| Company type | Public |
|---|---|
| Industry | Behavioral health care |
| Founded | 2015 |
| Headquarters | Scottsdale, Arizona , United States |
Key people | Dave Bourdon (CEO) |
| Products | Therapy, psychiatric care, transcranial magnetic stimulation (TMS), ketamine-assisted psychotherapy |
Number of employees | 7,400 licensed mental health professionals (2024) |
| Website | www |
Lifestance Health (referred to as Lifestance) is a U.S.-based provider specializing in outpatient behavioral health care, delivering both face-to-face and virtual services. Their offerings encompass therapy, psychiatric care, transcranial magnetic stimulation (TMS), and ketamine-assisted psychotherapy. The organization has encountered legal challenges concerning labor practices, data security breaches, and disclosures to investors.
Overview
On February 27, 2025, Dave Bourdon took over as CEO, replacing Ken Burdick who had been in the role since 2022 and previously held a leadership position at UnitedHealthcare. By 2024, Lifestance's workforce included roughly 7,400 licensed mental health professionals. The company reported a net loss of $187 million in 2023, marking a 12% reduction compared to the previous year. As part of a strategic consolidation effort, Lifestance shuttered 82 clinics while inaugurating 35 new ones. Currently, it operates 569 facilities across 33 states, with telehealth visits constituting more than 70% of all appointments.
History
Established in 2015, Lifestance was purchased by private equity firm TPG in April 2020 for $1.2 billion. The company went public on June 10, 2021, generating $720 million in capital and reaching a valuation above $7 billion. After the initial public offering, TPG together with Summit Partners and Silversmith Capital Partners maintained a combined ownership stake of 66%.
In 2021, Lifestance expanded by acquiring Acquity Counseling, a Seattle-based group operating seven clinics. That same year, it initiated the Not1Face campaign aimed at tackling the mental health crisis within the United States.
Controversies
In 2023, Lifestance was sued by 15 former employees through two separate lawsuits alleging violations of labor laws. The plaintiffs asserted that the company compelled them to accept salary advances that had to be repaid if they failed to meet performance benchmarks within their initial six to twelve months. These lawsuits further claimed that such conditions breached the 13th Amendment by effectively imposing indentured servitude.
In January 2024, Lifestance agreed to pay $50 million to resolve a shareholder lawsuit accusing it of providing false information about clinician retention rates. Soon after this settlement, activist short-seller Hindenburg Research released a report emphasizing persistent problems with retaining clinicians.
As of January 2025, Lifestance is defending against a class-action lawsuit alleging unauthorized disclosure of patient information to Meta Platforms Inc.
External links
- Articles with short description
- Behavior therapy
- Telehealth
- Health care companies established in 2015
- American companies established in 2015
- Publicly traded companies
- Private equity portfolio companies
- American behavioral healthcare providers
- Companies based in Scottsdale, Arizona
- 2015 establishments in Arizona