Emyria Limited (ASX: EMD) has announced that Medibank Private Ltd (ASX: MPL) has expanded its existing funding agreement to support the company’s Emyria Mornington Peninsula clinic expansion, marking the first insurer-backed mental health programs in Victoria. Under the multi-year agreement first announced in June 2025, eligible Medibank customers can now access Empax programs for Treatment-Resistant Depression and Post-Traumatic Stress Disorder at reduced out-of-pocket costs when admitted to Avive Health’s Mornington Peninsula licensed hospital.
The expansion represents the third state in Emyria’s national rollout, joining operational sites in Western Australia and Queensland. Operations at Mornington Peninsula are scheduled to commence in Q2 CY2026, with two Authorised Prescriber applications currently in process and team training set to begin in March.
Medibank expands funding to Emyria’s first Victorian clinic
The expanded funding agreement extends Medibank’s support beyond existing sites in Perth and Brisbane. Eligible Medibank customers admitted to the Mornington Peninsula facility will be able to access Empax’s psychiatrist-led, psychotherapy-based trauma programs, reducing financial barriers for patients with complex mental health needs.
This marks a significant milestone in Emyria’s ongoing national rollout. The Victorian expansion demonstrates the company’s ability to scale its insurer-backed model across multiple jurisdictions, validating commercial demand from Australia’s largest private health insurer.
For investors, this expansion represents evidence of a repeatable growth model. The company has successfully negotiated funding arrangements in three states, suggesting that the Empax program structure meets Medibank’s criteria for sustainable, outcomes-driven mental health care delivery.
The Mornington Peninsula clinic is positioned to begin operations in Q2 CY2026. Two Authorised Prescriber applications are currently in process, a recruitment campaign has been completed, and team training is scheduled to commence in March. These operational milestones indicate Emyria is moving methodically through regulatory and staffing requirements ahead of patient admissions.
Understanding insurer-backed mental health programs
Private health insurer funding in the context of mental health treatment operates through pre-negotiated agreements between insurers and service providers. In Emyria’s case, Medibank funds eligible customers to access hospital-based psychiatric programs, reducing the financial burden on patients seeking treatment for complex conditions.
This model integrates hospital admission with insurer funding. Patients meeting eligibility criteria can access Empax programs for Treatment-Resistant Depression (TRD) and Post-Traumatic Stress Disorder (PTSD) with reduced out-of-pocket costs, removing a significant barrier to accessing specialist multidisciplinary care.
For investors new to healthcare services, insurer partnerships represent recurring revenue streams and lower patient acquisition costs compared to purely out-of-pocket models. The multi-year nature of Emyria’s agreement with Medibank provides revenue visibility and demonstrates commercial validation of the Empax treatment model.
Greg Hutchinson, Executive Chairman
“By integrating insurer funding into high-quality hospital programs, we’re removing financial barriers that have historically limited access to comprehensive trauma and mood disorder treatments.”
Clinical evidence supporting national expansion
Emyria recently released 12-month durability data on 2 February 2026, demonstrating sustained improvements in patients completing its PTSD program. These data provide growing clinical evidence that the company’s treatment models deliver lasting outcomes for people living with complex and otherwise treatment-resistant mental health challenges.
The Empax model combines psychiatrist-led, psychotherapy-based care with robust longitudinal data collection, delivered within licensed hospital environments. Each treatment pathway generates real-world clinical evidence that enables Emyria to continuously optimise care protocols and demonstrate value to insurer and hospital partners.
For investors, clinical evidence creates a competitive moat. Positive durability data at 12 months post-treatment strengthens Emyria’s position in negotiations with additional insurers and hospital partners. It also supports the company’s ability to demonstrate measurable patient outcomes, a critical factor for insurers evaluating funding decisions.
The scale of Australia’s mental health treatment gap
Nearly half of all Australians are expected to experience a mental health condition in their lifetime, according to the Australian Bureau of Statistics. Treatment-Resistant Depression and Post-Traumatic Stress Disorder are among the most severe conditions, yet access to specialist multidisciplinary care remains fragmented, costly, and subject to long wait times.
Emyria’s model addresses three critical challenges in Australia’s mental health system:
- Fragmented specialist care access – coordinated, evidence-based treatment within licensed hospital environments
- High out-of-pocket treatment costs – insurer funding reduces financial barriers for eligible patients
- Extended wait times for multidisciplinary programs – scalable delivery model across metropolitan and regional locations
By integrating hospital-based programs with insurer-backed funding, Emyria and Medibank are directly addressing this gap, delivering coordinated treatment to patients who need it most. For investors, this positions Emyria as a platform for national adoption as demand for outcomes-driven mental health care grows.
National growth outlook and state-by-state presence
Emyria now operates insurer-funded mental health programs across three Australian states. The company’s geographic footprint demonstrates the replicability of its Empax model and positions it for further expansion across metropolitan and regional Australia.
| State | Location | Status | Funding Partner |
|---|---|---|---|
| Western Australia | Perth | Operational | Medibank |
| Queensland | Brisbane | Operational | Medibank |
| Victoria | Mornington Peninsula | Commencing Q2 CY2026 | Medibank |
The company continues to assess opportunities with additional hospital partners and insurers across Australia. As demand for measurable, outcomes-driven mental health care grows, Emyria’s integrated model combining clinical delivery, insurer funding, and real-world data positions the company as a scalable platform for national adoption.
For investors, the three-state presence demonstrates a replicable expansion model. Each new location validates that the data-driven treatment approach meets clinical, regulatory, and commercial requirements for sustainable operations. This reduces execution risk associated with further geographic expansion and strengthens Emyria’s negotiating position with additional insurers and hospital partners.
Emyria’s integrated model combines clinical delivery, insurer funding, and real-world data collection to address Australia’s mental health treatment gap. The company’s stated goal of making evidence-based mental health care accessible nationally is now supported by operational presence in three states, with Q2 CY2026 marking the commencement of Victorian operations. As the company continues to assess opportunities across metropolitan and regional Australia, the expansion into Victoria represents a validation of its scalable, outcomes-driven approach to mental health care delivery.
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