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Oren Frank, Talkspace And The Future Of Mental Health Counseling

November 2, 2018 - Author: steph

Healthcare is a contentious debate these days. But what’s not up for debate is a rise in depression, loneliness and suicide. The precipitous rise is especially noticeable for millennials. The measurable increase in depression and anxiety for millennials is actually affecting the economy. Economic prosperity and productivity decline due to these mental illnesses and that’s exactly what Oren Frank is trying to combat with his Talkspace services.

The company is on the verge of an IPO and is making moves to increase its valuation. And this comes at a time when demand for its services are at an all-time high. Usage of the mental health services saw a sevenfold spike directly after the shocking presidential election of 2016. The company had to make changes to its policy of not interfering in emergency situations after a sharp increase in suicidal tendencies. But CEO Oren Frank believes in his five-year-old company that is helped more than 1 million people.

In fact, he believes in his Talkspace so much that he’s gone out to hire a chief medical officer. Neil Leibowitz comes to Talkspace from United Health and brings with him a wealth of experience in the health insurance industry. He is projected to take over at least half of the company’s operation and his presence at Talkspace signals a move to begin prescribing medications over the Internet.

Of course, online medication prescription will have to conform to state and federal regulations. And those at Talkspace are already in talks about which medications they will prescribe in which they will avoid completely. It seems the company will not be prescribing opiate medications anytime soon.

Talkspace provides mental health counseling services either in video chat form or through messaging. The video chat services cost $79 per week while messaging services are only $49 per week. And Talkspace’s customer retention is absolutely astonishing. People are paying for full months ahead of time and are sticking with the services.

Companies often hire Oren Frank and his Talkspace to combat mental health problems and increase productivity. The CEO claims that about 10% of each company’s workforce uses the services with most opting for the messaging service.

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