Outpatient mental health provider LifeStance Health closed 82 clinic locations in 2023, the company's executives said.
On a Feb. 28 investor call transcribed by Seeking Alpha, President and COO Danish Qureshi said the system consolidated 82 clinics in 2023 with "little to no disruption to our patients and clinicians." Scottsdale, Ariz.-based LifeStance opened 35 clinics in 2023 and plans to open no more than 20 in 2024, Mr. Qureshi said.
Mr. Qureshi said LifeStance is not planning large-scale closures of clinics in 2024.
"On a go-forward basis as leases come up for renewal every year, we will continue to evaluate each and renew or close as it makes sense, but it will not be a large-scale effort like what we saw in 2023," he said.
The company is not planning any acquisitions in 2024, according to its investor presentation.
LifeStance, founded in 2017, operates 575 centers in 33 states. The company employs more than 6,000 clinicians and grew its clinician base 18% in 2023.
The company provides psychiatry and therapy services in person and through telehealth.
"I would note that in person continues to be a very important part of our overall hybrid strategy and is a significant differentiator for us versus others that are out there, and we continue to believe firmly in the hybrid model and that we have done the large lift in optimizing our footprint in 2023," Mr. Qureshi told investors.