If you’re looking for a convenient and effective way to get mental health support, you may have heard about Talkspace.
This company provides online therapy, enabling people to access mental health care from their own homes. In this article, we’ll take a look at the company of Talkspace, its finances, and other inner works.
Please note – in this article we don’t discuss the service, pricing, or features of Talkspace. This article is about the business of Talkspace.
So let’s get down to business!
Talkspace Overview
Talkspace Review
Overall
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Third Party Reviews
(3.5)
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Therapists
(4.5)
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Pricing / Insurance
(4.75)
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Design
(4.5)
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Customer Support
(3)
Summary
Talkspace is best if you’re new to therapy, have insurance, and looking for online convenience for mild to moderate mental health struggles.
Get $100 off your first month with code SPACE at Talkspace.com.
Pros
- No commuting with flexible online sessions from home
- Multiple subscription plans available
- Quick signup with user-friendly platform and app
- Constant access with round-the-clock text messages and live chats available
- You can choose your therapist from three options, allowing you to somewhat customize your experience
- Serves all 50 states
- You can switch therapists whenever you want at no extra cost.
- Has an easy-to-navigate app
- High user satisfaction
- Flexible plans, accepted by most health insurers and contract-free
- The service can connect you with a psychiatrist who can evaluate you and prescribe medication that you can pick up from your local pharmacy
- Provides individual therapy, couples, and teen therapy
- All sessions with well-qualified therapists
- The platform encrypts your conversations and offers a password-secured login system to keep your data private.
Cons
- Providers and AI algorithm choose 3 therapists for you
- No group or family counseling sessions
- Exact pricing only revealed upon sign-up
- Most affordable plan is messaging-only
- Text therapy may not be suitable for everyone as it may feel impersonal due to automated messages
- No sliding scale or financial aid options available
- Medicare and Medicaid do not cover services
- Live sessions are only 30 minutes long and must be purchased with higher-priced plans
- Overall best suited for cases of anxiety or depression
- If cancelled within the month, Talkspace will still charge the subscriber for the entire month
- AI analysis may be done on conversations with your therapist
- Chat history cannot be deleted
- Some misleading claims
Talkspace is an online platform that connects users with licensed therapists via text, audio, or video messaging.
It has been in operation since 2012 and now serves millions of users around the world. All of the therapists on the platform are certified and licensed by their respective state boards.
One of the advantages of Talkspace is that it allows users to access mental health services from anywhere they have an internet connection.
This can be especially beneficial for those who live in remote areas without access to traditional face-to-face counseling services.
Additionally, because there is no need to travel or take time off work to attend appointments, many people find it easier to maintain consistency when using this type of therapy service.
Furthermore, several studies have demonstrated that online therapy can be as effective as traditional face-to-face counseling services in treating certain mental health conditions such as depression and anxiety disorders.
For example, the Journal of Healthcare conducted a study on over 6000 participants that concluded that “ This meta-analysis comprises an evidence-based result for using internet-based cognitive behavioral therapy (iCBT) to treat depression and anxiety”1.
In other words, online therapies provided through companies like Talkspace can provide high-quality care with minimal risk for adverse events.
Let’s now answer all your questions about the company of Talkspace.
Why Did Talkspace CEO Step Down?
In response to your question about why Talkspace CEO Oren Frank stepped down, it is important to understand the context of the decision.
According to a report from BH Business4, an investor criticized the company’s decision-making and called for a new CEO.
While it does appear that there were inappropriate conversations that took place off-site, our overall analysis into the reasons why Oren Frank, founder of Talkspace, stepped down were more financial in nature.
Whenever your stomach drops from $9/share to $1/share things are going to get hot for the leadership team. With an activist investor owning more than 5% of Talkspace shares began calling for different leadership, that’s when Frank finally stepped down.
Who Founded Talkspace?
Talkspace is an online and mobile therapy company founded in 2012 by Oren and Roni Frank. The couple started the company to make therapy more accessible to people all over the world.
You can read more about Talkspace’s founders on their website and learn about their journey from a small startup to a billion-dollar business. Additionally, you can find out more about Talkspace’s mission and values on the U.S. Chamber of Commerce Foundation’s website, where Roni Frank is featured as a leader in behavioral healthcare2.
Who Owns Talkspace?
The company is publicly traded on the Nasdaq under the symbol TALK and is currently backed by Hudson Executive Investment Corp.
Talkspace also has several other investors, including Meitav Dash Investments Ltd., Migdal Insurance & Financial Holdings Ltd., and Viola Growth. In addition, the company has received funding from Spark Capital, Qumra Capital, Norwest Venture Partners, Compound Ventures, and others.
What Are Talkspace Company Values?
According to the Talkspace website (so take things with a grain of salt here…):
At Talkspace, the core values are centered around providing quality mental health care to all. They strive to make therapy accessible and affordable for everyone, regardless of their financial situation or location.
Talkspace believes that everyone should have access to quality mental health services, and works hard to ensure that you receive the best possible care.
Talkspace also values collaboration between our therapists and clients. Our platform allows for real-time communication between therapist and client, allowing for more meaningful conversations and a greater understanding of each other’s needs.
Talkspace also prioritizes confidentiality, ensuring that all conversations remain private and secure.
Talkspace believes in creating an environment where you can feel safe to express yourself without judgment or stigma. They want you to know that your mental health is important, and they will do everything we can to help you reach your goals.
Why Is Talkspace Stock Going Down?
You may be wondering why Talkspace stock is going down. There are a few factors that have contributed to the decline in stock price.
Firstly, the company’s COO resigned in February 2021, along with many of the senior leadership, causing the company’s stock to plummet.
Additionally, Fiece Healthcare reports, “Talkspace may have intentionally inflated its receivables and revenue growth and understated its credit loss allowance.”
Overall, it appears that Talkspace was initially offered at too high a share price. At $9 initially, Talkspace soon dropped to $1 and is now hovering around $0.91.
However, despite the decline in stock price, the future appears to be bright (continue reading …)
How Much Revenue Does Talkspace Make?
In it’s September, 2022 financial statement3, Talkspace reported earning $14+ million in profit over the past 3 months and $45+ million in profit over the past 9 months.
How Many Users Does Talkspace Have?
Talkspace currently serves over 1 million users worldwide, with a majority of its users coming from North America and Europe. According to their latest quarterly report, the company also reported strong growth in user signups, with an increase of 75% year-over-year.
You can find more information about Talkspace’s user base, health insurance, and other metrics on their website. They also offer various resources and tools such as blog posts, articles, videos, podcasts, and more to help you get the most out of your online counseling sessions.
Is Talkspace A Public Company?
Yes, Talkspace is a public company. On June 23, 2021, the online therapy app merged with SPAC Hudson Executive Investment Corp., making it a publicly traded company on the Nasdaq stock exchange.
The merger was valued at $1.4 billion and was backed by Doug Bernstein.
As a public company, Talkspace believes it will be able to further enhance access to high-quality mental health services, lowering online therapy cost, and improving outcomes for its users.
You can find more information about Talkspace’s IPO on sites such as Public.com and Seeking Alpha, which provide comprehensive reviews of the company’s performance since going public, including their online therapy providers. Additionally, Crunchbase provides an overview of Talkspace’s history since its founding in 2012.
Is Talkspace A Good Company?
Yes, Talkspace is a good company. With over 1 million users, Talkspace provides 24/7 access to licensed therapists from the comfort of your device.
It offers flexible plans to meet your needs and lifestyle, making it an ideal choice for those seeking mental health care. You can also read reviews from other users to get a better understanding of the service.
According to Everyday Health, “Talkspace is a comprehensive online counseling platform that connects teens and adults with a licensed, experienced therapist for virtual therapy sessions”. Additionally, the App Store and Google Play both have positive reviews for Talkspace’s app.
Overall, Talkspace is an excellent option for those looking for convenient and affordable mental health care, especially if you are in one of your company’s employee assistance programs for mental health issues. Its wide range of features makes it easy to find the right plan for you so you can start feeling better today.
Conclusion
As you can see, online therapy through Talkspace offers many benefits over traditional face-to-face counseling services. It provides an easy way for people around the world to access mental health care regardless of where they live or how busy their schedules are.
Sources
- Komariah, M., Amirah, S., Faisal, E. G., Prayogo, S. A., Maulana, S., Platini, H., Suryani, S., Yosep, I., & Arifin, H. (2022, June 30). Efficacy of Internet-Based Cognitive Behavioral Therapy for Depression and Anxiety among Global Population during the COVID-19 Pandemic: A Systematic Review and Meta-Analysis of a Randomized Controlled Trial Study. PubMed Central (PMC). https://doi.org/10.3390/healthcare10071224
- Roni Frank. (2020, April 21). U.S. Chamber of Commerce Foundation. https://www.uschamberfoundation.org/bio/roni-frank
- Talkspace Reports 2022 Third Quarter and Nine Months Results – Talkspace, Inc. (2022, November 8). Talkspace, Inc. https://investors.talkspace.com/news-releases/news-release-details/talkspace-reports-2022-third-quarter-and-nine-months-results
- Lovett, L. (2022, September 30). Activist Investor Slams Talkspace Decision-Making, Calls for New CEO. Behavioral Health Business. https://bhbusiness.com/2022/09/30/activist-investor-slams-talkspace-decision-making-calls-for-new-ceo/
More Talkspace Resources
- We Bought Talkspace (Video) – Here’s Our Complete Review
- Why Michael Phelps Says, “Talkspace Saved My Life”
- Insurances Talkspace Accepts – Covers 40 Million Americans
- Talkspace Cost Breakdown – What We Paid
- The Public and Private Talkspace Discounts We Found
- Talkspace Phone Number (?)
- Talkspace Company Financial Info
- The Salary of Talkspace Therapists
- How To Cancel Your Talkspace Subscription
- The Talkspace App Is Popular!
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- Talkspace Versus Brightside
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