Up and coming startup company called Talk-Space offers online therapy and has recently hired a Chief Medical Officer from United Health. The new hire is an effort for the business to build its core enterprise and start providing customers with prescribed medicines directly through the application. CEO Oren Frank states that the company has generated in revenue tens of millions of dollars. As of today, he states 1 million users who have signed up for the online therapy services.
Talkspace offers their therapy through a video chat system and has become more serious about providing services to employers. This is where their new chief medical officer can assist them in building their business model. Neil Leibowitz was the medical director at United Health before joining TalkSpace. His addition comes at a time when Talkspace is looking to grow their business and consider issuing an IPO. Talk-space has a weekly service price of $79 which allows anyone to talk to a therapist online. If you prefer to use messaging with a mental health professional professional, it will cost you $49. Talkspace has been in business for 5 years and has gain an astounding user base. Frank made it very clear the company is very profitable.
With Leibowitz joining Talkpace, the company’s physicians may soon be able to prescribe medicines as needed. Most of their psychiatrists are independent consultants and would only be able to prescribe drugs using a video tool as per the state and federal regulations. Leibowitz shares that the company has not made a decision yet on what types of medications they would avoid prescribing, one such example is opiates.
Leibowitz has a background as an insurance executive and coming on board to Talkspace will help on the corporate side of the organization. CEO Oren Frank looks forward to this possibly representing at least a good half Talkspace’s profits by year end. This is also true and seen since Talkspace has joined forces with employer-oriented Magellan and Health. As of today employers are beginning to take mental health issues more seriously. Reports have shown a spike and anxiety and depression from mental health problems within many millennials.