Talkspace, for its part, sees just as much opportunity in the growing market as private investors do. As outlined in the filing, it says there is room for multiple companies to operate in the market because mental health conditions have long been under-treated and demand is only starting to tick up. Combined with the large-scale adoption of telemedicine during the coronavirus pandemic, there may be more willingness among patients to try a solution like Talkspace.
"So not only are more people coming in with depression or anxiety or any condition, but their initial level of severity is significantly higher," Oren Frank said."The traditional delivery system always failed to provide the real answer for behavioral health healthcare. But COVID, I would say just revealed this to an extent that no one can ignore this anymore."
In January, Talkspace told Insider that it has about 46,000 active members. But in the filing, the startup says it has more than 30,000 members who pay for the service themselves. Another 39 million people have access to it as a workplace benefit, the company says, suggesting that few use it.Both Oren and Roni Frank said that the pandemic-induced mental health crisis in the US would only continue to get worse, in effect becoming an epidemic in itself.
That could be a windfall for Talkspace if the trend holds up and patients remain engaged in treatment. The Franks started Talkspace after witnessing the benefits of talk therapy first-hand when they were in marriage counseling.
Just follow the money