Talkspace May Start Prescribing Medications after Hiring a Chief Medical Officer
Talkspace is seriously considering selling its therapy services to employees after recently hiring a chief medical officer to help out. The company brought in Neil Leibowitz, who previously worked as a senior medical director at the UnitedHealth. His appointment comes just as Talkspace constructs its enterprise business and is musing on a prospective IPO. According to Oren Frank, the nomination of Leibowitz, will allow Talkspace physicians to prescribe medications whenever necessary. Since there are federal and state regulations that must be adhered to, the physiatrists at Talkspace can only offer prescriptions through a video tool. Leibowitz notes that the company has not made any decisions yet regarding medications that it will not prescribe, for example, opiates.
Oren Frank the CEO of Talkspace said that the company recently hit 1 million users after being in business f over five years. Frank said that his company generates revenue amounting to tens of millions of dollars. The company offers clients a weekly service of $79 for speaking to a virtual therapist and services for messaging mental health professionals at $49. Leibowitxz is an ex-insurance executive and his input will help in supporting the corporate section of the business. Oren Frank hopes that this will amount to almost half of the revenue generated by Talkspace by the end of 2018. The business was already enjoying benefits in this area because of their partnership with Magellan Health in 2017.
Many business owners are now serious about mental health, and are looking for ways to curb this menace. This is after countless studies disclosed an increase in anxiety and depression among milennials and how they negatively impact on productivity. Frank said that his business service is tested by approximately 10% of the client’s employees, and most of them opt for the messaging service. Frank said that many people are paying for this service for many months and they are actually utilizing their services.
About Oren Frank
Oren Frank is the CEO and co-founder of Talkspace, a company that was established in 2012 to make psychotherapy services affordable and accessible to billions of people from around the world. The company has developed a new modality known as “Unlimited Messaging Therapy”, which eliminates all the key barriers allowing access to outpatient mental health services. Since its inception, more than 350,000 people have already benefited from Talkspace. Oren Frank believes that through Talkspace they will be making therapy affordable and accessible to people from all walks of life.
Even though Talkspace represents a new and different form of therapy, it ensures that many people have access to therapists, especially today when mental health problems are at a real-time high. Anyone with an internet connection can get affordable therapy services, especially in the rural areas where therapists are few.