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Foundations Recovery Network

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Dual diagnosis treatment provider with an evidence based integrated treatment model

Nashville, United StatesFounded 1995Health Tech & Medtech
Valuation $250–500M Last recorded · 2015
Headcount 100–500 Current team size
Total funding $10–50M Disclosed equity funding
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About Foundations Recovery Network

Foundations Recovery Network (FRN) operates as a provider of integrated treatment for adults facing co-occurring addiction and mental health disorders. The company was established in 1995, originating from a nonprofit organization called Foundations Associates (FA) in Nashville, Tennessee. FA began as an eight-bed group home aimed at assisting homeless men with schizophrenia and addiction, a response to the frustration with a healthcare system that treated mental health and addiction separately.

The organization quickly became an authority in addiction treatment, participating in 11 federally-funded research studies which helped develop its methods for treating co-occurring disorders. In 2000, a for-profit entity was formed, which later acquired its first treatment facility. By 2007, Foundations Associates evolved into Foundations Recovery Network. A significant milestone occurred in October 2015 when Universal Health Services, Inc. (UHS), a major hospital company, acquired FRN for approximately $350 million. This acquisition positioned FRN as the foundation for UHS's Addiction Services Division. Following the acquisition, Rob Waggener, who had been CEO of FRN for over 12 years, became the Vice President of Addiction Services for UHS.

The company's business model is centered on providing patient-centered, evidence-based care through a network of residential and outpatient facilities across the United States. It operates facilities in multiple states including Georgia, California, Arizona, Minnesota, Michigan, and Pennsylvania. Revenue is generated by providing rehabilitation and specialized healthcare services, with costs often covered by major insurance providers. FRN employs a direct-to-consumer marketing strategy that includes a call center and a national sales team to reach clients. The business focuses on creating individualized treatment plans that address the whole person—physically, emotionally, mentally, and spiritually. This integrated treatment model, which pairs clinical mental health treatment with substance abuse programs, has been validated through multiple federally funded research studies showing improved sobriety outcomes.

FRN offers a comprehensive continuum of care, including medically supervised detox, residential treatment, partial hospitalization programs (PHP), and intensive outpatient programs (IOP). Specialized programs are available for various groups such as LGBTQ+ individuals, professionals, and military personnel. The company is also committed to eliminating the stigma associated with addiction and mental health, having launched the Heroes in Recovery movement in 2011. To support long-term recovery, FRN provides aftercare programs like The Life Challenge, an alumni community created in 2016.

Source: Dealroom company data

At a glance

Status
Operational
Founded
1995
Headquarters
Nashville, United States
Employees
376
Open positions
16
Dealroom signal
34.9/100
Industry
Health
Sub-industry
Health Platform
Sector
Health Tech & Medtech, Addiction, Hard Tech

Funding history

3 recorded events

Company financing events and reported valuations.

Deal typeDateAmountValuationInvestorsSource
ACQUISITION✓Exit Sep 2015 $350M $350M Universal Health Services —
SERIES B✓Equity / VC Sep 2011 $7M $28M Undisclosed —
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Growth signals

Foundations Recovery Network website traffic

Latest recorded traffic for Foundations Recovery Network is 5.7K monthly website visits, up 32.6% over the last three months. Foundations Recovery Network's team grew 0% over the past year.

Latest monthly visits5.7K 3-month web change+32.6% 1-year team growth0%
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Investments and acquisitions

Capital deployed

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Investors

1 investor on the cap table

From Dealroom's funding and investor records, grouped by the round each investor first entered.

Other known investors1 additional known investor

  • Universal Health Services
Team profiled 17 named & role-tagged
Founders Hidden — book a demo/100 quality score
Key operators 1 quality Hidden — book a demo/100
Potential founders Hidden — book a demo likely future founders
Startup mafia Hidden — book a demo alumni-founded startups
Talent movements Hidden — book a demo in · Hidden — book a demo out past 12 months

Source: Dealroom Talent Intelligence.

Global footprint

Workforce and web traffic by country
Workforce by country
1 countries with
team presence
🇺🇸 United States100%
1 country shown

Market sentiment

Posts on X, past 7 days

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Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour

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