Trends for new and improved types of health care for mental illnesses have been on the rise in recent years. One of the most intuitive new products for those in need is Talkspace, co-founded and led by Oren Frank, CEO. It is a talk therapy app that has growing functionalities, and even recently hired a chief medical officer to add to its ranks.
The app offers a weekly service for members to speak with a therapist online for $79 per week; or at $49, users can message a professional mental health coach. Talkspace has recently hit the 1 million user mark along with its 5-year anniversary. Oren Frank acknowledges the companies success, as it is currently generating revenue in the tens of millions.
With Neil Leibowitz on board as Talkspace and Oren Frank’s chief medical officer, Talkspace will be able to further help the messaging users with the ability to write prescriptions as necessary. Acting as independent consultants rather than direct hires, the psychiatrists will soon have the capability to prescribe medicines, only through use of the apps video tools for now, due to both federal and state regulations. As of now, it is also unknown if Talkspace will avoid prescription of certain medicines, like opiates. More Business News at Haaretz.com
Thanks to last year’s partnership with Magellan Health, Talkspace is currently gaining traction in the corporate end of business; however, with Leibowitz as part of Oren Frank’s organization, it’s likely that the company will take it even further. Talkspace’s business service is still gaining ground, as many are skeptical about it. This includes Leibowitz who, in fact, was also skeptical about joining the organization due to its newness and bold concepts. Now on board, he will be a big player in the business service that many employers are now considering, especially as most employers are paying much more attention to the mental health of their employees.
It has been rocky for Talkspace and Oren Frank, even after a sevenfold increase in usage after the presidential election. It hit a snag when a therapist publicly spoke out against Talkspace’s policy of abstaining from stepping in if an emergency situation should arrive; however, this led to Talkspace implementing an improved policy.
Overall, the important takeaway is that Talkspace is growing because it is truly helping users. Those who purchase either of the weekly plans are reported to continue subscribing for months, and are actually partaking the therapy regularly.
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