Australia’s mental health burden is growing – and one of the toughest challenges is treatment-resistant depression (TRD). Around 4.6% of Australians experience depression in any given year, and about a third of these cases fail to respond to standard therapies. For this group, new models of care are urgently needed.

Against this backdrop, Medibank Private (ASX:MPL) has signed a multi-year agreement with Emyria Limited (ASX:EMD) to fund access to Emyria’s TRD program at Perth Clinic. The deal represents the first major private health insurance funding of a psychotherapy-led program for TRD in Australia.

Expand Insurer-Backed Mental Health Care

The agreement reduces financial barriers for Medibank customers who qualify for Emyria’s program. The treatment protocol, designed for patients who have not responded to conventional options, represents an alternative for a population at high risk of ongoing personal, social, and economic costs.

Emyria Executive Chair Greg Hutchinson described the partnership as a turning point.
“This landmark agreement between Emyria and Medibank means eligible patients will now have insurer-funded access to a world-class model of care for treatment resistant-depression, complementing the funding already in place for Emyria’s PTSD treatment protocol.”

Build on PTSD Program Success

The new TRD agreement builds directly on Medibank’s earlier decision to support Emyria’s Empax model for post-traumatic stress disorder (PTSD). That program is now operational and treating patients with what the company describes as “sustained positive outcomes.”

Hutchinson emphasised that the two funded programs demonstrate the scalability of Emyria’s approach.

“The strong demand at Perth Clinic and the progress of our Brisbane expansion confirms the scalability of our Empax Model, and we are proud to partner with Medibank and leading hospitals to build a sustainable, data-driven mental health platform that can grow nationally and deliver lasting impact for patients, their families and the healthcare system.”

Set the Stage for Growth

The partnership also positions Emyria for growth. With two insurer-backed programs now running – one for PTSD and one for TRD – the company has created a revenue-generating platform across two of the most challenging and costly mental health conditions.

Treatment programs of this kind are typically valued between $20,000 and $30,000, depending on the individual care pathway. Having health insurer support means these costs are less likely to fall directly on patients and their families.

The agreement with Medibank is a variation to an earlier arrangement announced in June 2025. It runs for an initial 24 months and contains a standard termination clause allowing either party to withdraw with 90 days’ notice.

Address a National Challenge

The deal comes at a time when Australia is grappling with the scale of unmet mental health needs. TRD patients, who by definition have failed to benefit from conventional treatments, often endure years of poor outcomes. The addition of insurer-backed access to new protocols has the potential to shift how care is delivered to this group.

For Medibank, the agreement marks an extension of its focus on preventative health and alternative delivery models. For Emyria, it represents further validation of its psychiatrist-led Empax model and an opportunity to demonstrate results at scale.

Looking Ahead

While future developments remain dependent on regulatory, clinical, and operational outcomes, the current agreement underscores growing recognition of the need for insurer-funded mental health treatments beyond traditional care.

For now, Emyria and Medibank have formalised a partnership that aims to broaden access to evidence-based care for some of the hardest-to-treat patients. The industry will be watching closely to see how this model performs in practice – and whether it can expand nationally as Hutchinson suggests.