Pharos Capital-backed FasPsych Expands Collaborative Care Model Offerings for Community Health Centers

Scottsdale, AZ — July 15, 2026 — FasPsych LLC ("FasPsych"), a Pharos Capital Group portfolio company and a national provider of telepsychiatry and behavioral health staffing, has expanded its Collaborative Care Model (CoCM) services. The expansion helps Federally Qualified Health Centers (FQHCs), Community Mental Health Centers (CMHCs), and primary care practices place psychiatric expertise inside the clinics their patients already visit, and it opens the Medicaid billing codes that allow those programs to sustain themselves.

The Collaborative Care Model is a team-based approach to behavioral health. A primary care provider, a behavioral health care manager, and a psychiatric consultant, often working by telehealth, share a caseload and track every patient against measurable goals. Because the psychiatric consultant reviews the caseload rather than seeing each patient individually, one psychiatrist can support hundreds of people at a time.

That structure matters most where psychiatrists are scarcest. Health centers and community mental health centers serve patients who routinely wait months for a psychiatric appointment, and in many rural counties there is no psychiatrist to wait for. FasPsych built its expanded support for exactly those settings.

"FasPsych's expanded Collaborative Care Model support enables more FQHCs, CMHCs, and primary care organizations to overcome psychiatrist shortages and deliver high-quality integrated care where patients already receive their medical services," said a FasPsych spokesperson. "By helping clinics implement the psychiatric collaborative care model, we are expanding treatment access for Medicaid patients while giving providers reliable CoCM billing codes that improve financial sustainability."

The model carries one of the deepest evidence bases in behavioral health. More than 80 randomized controlled trials have found that collaborative care roughly doubles the rate of improvement in depression compared with usual care, with strong results for patients who also live with chronic physical conditions. Clinics running the model report less stigma, better continuity of care, and fewer emergency department visits and hospital admissions.

How Clinics Pay for It

Collaborative care has its own CPT and HCPCS codes, which reimburse the care management and psychiatric consultation work that happens between visits:

• 99492. Initial psychiatric collaborative care management, first 70 minutes in the first calendar month.
• 99493. Subsequent psychiatric collaborative care management, first 60 minutes in a subsequent month.
• 99494. Each additional 30 minutes (add-on).
• G2214. CoCM services, initial or subsequent month, 30 minutes.
• G0512. Psychiatric CoCM services for FQHCs and Rural Health Clinics, billable alongside prospective payment system rates in many states.

Many state Medicaid programs reimburse these codes. For a health center working on thin margins, that is the difference between a behavioral health program it can keep and one it cannot.

What the Expanded Offering Includes

FasPsych now provides board-certified psychiatrists and psychiatric mental health nurse practitioners (PMHNPs) for caseload-based consultation by telehealth, flexible staffing models, EHR and workflow integration support, and guidance on the documentation and billing compliance the model requires.

Healthcare organizations interested in launching or expanding a Collaborative Care Model program can reach the FasPsych implementation team at (877) 218-4070 or at faspsych.com/partner-with-us.

About FasPsych

FasPsych LLC is a behavioral health and telepsychiatry network that connects psychiatry professionals with organizations delivering virtual mental health care through a secure, HIPAA-compliant platform. Founded in 2007 and headquartered in Scottsdale, Arizona, FasPsych serves nearly 130 organizations across most U.S. states, including FQHCs, CMHCs, hospitals, correctional facilities, and primary care practices. Pharos Capital Group invested in FasPsych in 2016. Learn more at www.faspsych.com.

About Pharos Capital Group

Pharos Capital Group is a private healthcare investment firm committed to a patient-centric model that addresses the whole person. Founded by a physician, the company's mission includes building sustainable change in underserved areas: urban centers, rural communities, and tribal lands. We invest strategically by addressing the root causes of illness, expanding access to care, and improving the quality of care. We also aim to lower costs.

We believe healthy individuals, children, and families lead to flourishing communities, and ultimately, a flourishing nation. As such, a core part of our mission seeks to reduce healthcare inequities across the United States. Our portfolio companies have ranged from providing early detection and preventative cardiac screenings, to behavioral health supports, to chronic disease management, telehealth, home-based services for the elderly, compassionate end-of-life care, and services for homeless patients, among others. Pharos has provided services in all fifty states and on Native American tribal lands. As of September 30, 2025, Pharos had nearly $2 billion in assets raised to date.

Media Contact

Caroline Luz
Lambert by LLYC
(203) 570-6462
cluz@lambert.com

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