MindPath Care Centers

MindPath is a portfolio company of H.I.G. Capital, which acquired a controlling stake in 2019 when the firm was still operating as Carolina Partners in Mental Health. The clinicians work under a professional corporation structure, a standard arrangement in healthcare private equity to comply with state corporate practice of medicine rules. H.I.G. Capital's ownership is concentrated in the management services organization (MSO) that handles non-clinical operations.

MindPath targets retiring private psychiatry practices in suburban markets, typically those with 2-5 clinicians and an established commercial payor base. The firm's business development team identifies practices in the Carolinas and Colorado where the principal psychiatrist is within three years of retirement and lacks an internal succession plan. Once folded in, MindPath layers its centralized billing and telehealth infrastructure onto the acquired patient panel.

MindPath has invested in transcranial magnetic stimulation (TMS) and Spravato (esketamine) treatment lines, signaling a push into interventional psychiatry. TMS is available at dedicated centers in North Carolina, and the firm has added Spravato administration in multiple clinic locations. These services are reimbursed by commercial payors and, in some cases, Medicare, creating higher-reimbursement anchors within the clinic portfolio.

MindPath's payor mix is weighted toward commercial insurance, though it does accept Medicare in select locations. Its expansion strategy targets commercially insured populations in suburban growth corridors rather than safety-net urban markets. This reimbursement posture is consistent with the H.I.G. Capital healthcare specialization in high-margin, commercially insured outpatient services.

MindPath operates over 100 clinics, heavily concentrated in North Carolina, with additional locations in South Carolina and Colorado. The Colorado expansion, announced in mid-2023, marked the firm's first move beyond the US Southeast. Administrative functions are split between Sacramento, California — where the MSO operates — and Denver, Colorado, where the CEO and strategy teams are based.

It is both. The clinical delivery arm operates as a professional corporation employing licensed psychiatrists and nurse practitioners. Separately, a management services organization — the entity H.I.G. Capital actually owns — provides billing, scheduling, real estate, and IT support under a long-term services agreement with the PC. This 'friendly PC' model is the standard private-equity healthcare structure in states with corporate practice of medicine restrictions.

MindPath uses its physical clinics as telehealth origination sites while also offering direct-to-home virtual visits. During the COVID-19 period, the firm rapidly expanded its telepsychiatry capacity, and post-pandemic, it has retained telehealth as a permanent channel. The hybrid model allows MindPath to extend the reach of its psychiatrists into rural counties without opening additional brick-and-mortar locations.