Public digital behavioral health company Talkspace has announced a strategic partnership with menopause-focused telehealth startup Evernow, which will see both companies leverage each other’s offerings to expand their portfolios.
Talkspace offers therapy for adults, teens 13 to 17, and couples, as well as psychiatric services and medication management. The platform helps individuals suffering from anxiety, depression, bipolar disorder, OCD, panic disorder, PTSD and postpartum depression.
Evernow matches users with a clinician who helps create a treatment plan based on an individual’s health history. Menopausal women can access hormone therapy, such as an estradiol patch or pill, and paroxetine, an SSRI that can be used to treat night sweats and hot flashes.
Medications are delivered to patients’ homes, and they can continue messaging their providers as needed.
Through the partnership, Talkspace providers can access Evernow’s resources and reference materials to help their clients navigate menopause, and company members receive a $50 discount when signing up for an Evernow care plan.
“We are excited to begin this new transformative partnership with Evernow to provide holistic support for women during the critical perimenopausal and menopausal stages. making quality mental health care more accessible . MobiHealthNews in an email.
Evernow members have free access to Talkspace’s self-guided therapy sessions, including workshops, meditations, classes, psychoeducation, journaling and exercises.
“The association between menopause and mental health has historically been overlooked. Only now are we appreciating that menopause symptoms often begin in the brain, even doubling rates of anxiety and depression during the perimenopausal transition. . Together with Talkspace, we can empower women. to more confidently navigate menopause through comprehensive and personalized care for body and mind,” said Dr. Alicia Jackson, CEO and founder of Evernow, said: MobiHealthNews.
THE BIGGER TREND
Earlier this month, Hippocratic AI, a generative AI company that develops safety-focused models in major languages for healthcare, announced the launch of its Early Access Partnership Program to support the development in its technology. Evernow is one of the Early Access Partners and the only women’s health platform to launch. The company says it will use Hippocratic AI’s offerings to improve its platform.
Last month, Talkspace announced it had signed a $26 million contract with the New York City Department of Health and Mental Health to operate NYC Teenspace. This three-year program provides free therapy and self-guided mental health resources to teens 13 to 17.
The company has struggled financially but reported some improvement in third quarter 2023 earnings.
Its third quarter results showed a 32% increase in revenue over the prior year period to $38.6 million, driven by an increase in B2B revenue and offset by a year-over-year decrease in revenue in consumers.
Talkspace’s gross profit increased 29% to 18.8 million compared to the same period last year, and operating expenses decreased 30% from last year to $24 million. Net loss improved significantly in Q3 2023 to $4.4 million, compared to $18 million last year.
The company reported that it expects to break even on an adjusted EBITDA basis by the end of Q1 2024 with a cash balance of more than $120 million.