Talkspace

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Talkspace
TypePrivate (2012-21)
Public (since 2021)
Nasdaq: TALK
IndustryPsychotherapy
Founded2012
FoundersOren Frank
Roni Frank
HeadquartersNew York City, New York, U.S.
Area served
Worldwide
Key people
Douglas Braunstein (interim CEO) [1]
ServicesOnline therapy
Unlimited Messaging Therapy
Websitewww.talkspace.com Edit this at Wikidata

Talkspace is an online mental health care company that matches therapy seekers with licensed therapists and enables text, audio, or video chat communication between therapist and patient through the Talkspace website or through a mobile app on iOS and Android.[2][3][4] More than 40 million people have access to Talkspace services through healthcare plans or employer-sponsored plans.[5]

Talkspace was founded by Oren and Roni Frank in 2012 and is headquartered in New York City.[6] In June 2021, the company began trading on the Nasdaq under the symbol TALK[7] and in November 2021 the Franks stepped down as CEO and Head of Clinical Services.[8]


History[]

Talkspace was founded in 2012 by Roni and Oren Frank.[9] The company was conceived after a transformative experience in couples therapy that saved their marriage.[10] The results of psychotherapy were so meaningful for Roni Frank that, wanting to share it with others, she chose to pursue a master's degree in psychoanalysis and psychotherapy.[11]

Talkspace began as a group therapy platform, but has evolved to a company offering online psychotherapy from licensed therapists.[12] Talkspace introduced Unlimited Messaging Therapy in 2014, providing users text messaging with a therapist on the Talkspace website or mobile app.[13] Clients and therapists can also send audio and video messages on the platform or schedule live video sessions.[14][15]

In February 2015, the therapy platform was expanded to include couples therapy, and in November 2020 acquired the relationship counseling app Lasting.[16][17] As of July 2016, real-time voice and video calls are available during therapy sessions.[18]

In addition to reporting on a nationwide uptick in demand for psychotherapy, Talkspace saw requests for therapy appointments triple in the wake of the 2016 presidential election, with increases seen across demographic groups, but were particularly high for minorities.[19] According to a study conducted in partnership with HealthMap researchers at Boston Children's Hospital, a quarter of Talkspace users polled reported feeling “very stressed.”[20]

In November 2021, the Chief Operating Officer, CEO, and head of clinical services all resigned within a span of weeks. The company disclosed that some of the resignations were in connection to an offsite company events. Shareholder rights law firms announced investigations that the company's former leadership violated securities law.[21]

Covid 19 Pandemic Response[]

Talkspace saw a significant uptick in demand for psychotherapy during the COVID-19 pandemic, attributed to both the increased emotional toll of the pandemic and the restrictions put in place on people's physical movements.[22][23] The company provided 2,300 free months of online therapy services to medical workers during the pandemic.[24][25][26] In May 2020, Cigna added Talkspace virtual therapy services to the company's telehealth offerings.[27]

Partnerships & Endorsements[]

In 2018, Olympic swimmer Michael Phelps spoke publicly about his history of depression and partnered with Talkspace to destigmatize therapy. [28] In May 2020, Phelps donated 500 free months of therapy services to frontline workers during theCOVID-19 pandemic.[29] In 2021, the company announced a partnership with singer Demi Lovato to provide free access to mental health resources to communities that have been historically underserved. [30][31] Through the Talkspace Access Project, the company and Lovato will be donating 1,000 free months of therapy, beginning with a 500 month donation to The Loveland Foundation, a charity that focuses on providing mental health resources to Black women and girls. [32]

Funding[]

In May 2015, Talkspace raised $9.5 million from Spark Capital and SoftBank.[33] In June 2016, the company raised $15 million from Norwest Venture Partners.[34] In September 2017, the company raised $31 million from a Series C round led by Qumra Capital.[35] In August 2019, the company raised $50 million Series D funding and entered into a partnership with Optum.[36] In January 2021, Talkspace announce that it would go public via a SPAC merger with Hudson Executive Investment Corp., a deal valued at $1.4 billion.[37] The merger provided Talkspace with $250 million in growth capital and the company began trading on the Nasdaq on June 23, 2021.[38]

Product[]

Talkspace provides psychotherapy via smartphone, tablet, or desktop where users over the age of 13 can get help from a licensed therapist.[27][39] Talkspace is a monthly subscriptions service with prices starting at US$260 per month.[22] The platform allows users to communicate with their therapist via video, audio, and text messaging.[40] Depending on the plan, users may also have access to a number of 30-minute video conference session per month.[41]

Based on initial information provided, clients are paired with a psychotherapist by an intake specialist or can select one from several suggested by a matching algorithm.[42] Therapeutic approaches offered by therapists include Cognitive Behavioral Therapy (CBT) and other evidence-based treatment options.[43]

Talkspace has grown to include over 1.5 million clients and includes therapists in all 50 states.[44][45] Talkspace is also HIPAA BAA compliant and uses encryption to maintain client confidentiality.[46]To maintain patient privacy, the company uses machine learning and artificial intelligence tools to analyze anonymized transcripts of therapy sessions in order to improve services.[47]

All therapists and prescribers are licensed and screening involves background-checks, technical training, and clinical interviews.[48]

Criticism[]

Psychologist Todd Essig has criticized Talkspace in four different articles for conflicting business and clinical interests,[49] making scientific claims about its effectiveness,[50] violating patient confidentiality,[51] and other issues.[52] In December, 2016, it was reported that Talkspace used faulty psychological practices, psychologists of uncertain qualifications, and a lack of regard for patient safety and confidentiality.[53]

In 2018, the Psychotherapy Action Network (a therapist's advocacy organization) wrote a letter to the American Psychological Association and Michael Phelps calling attention to alleged concerns with the product. In response to the letter, the APA updated their policies to bar Talkspace from exhibiting at their conferences.[54] Talkspace later filed a $40 million defamation lawsuit against the Psychotherapy Action Network. The lawsuit was dismissed in 2020.[55]

In April 2020, The New York Times published an article where they cited Talkspace employees had read transcripts from therapy sessions and that employees were instructed by the company to post fake app store reviews using burner phones.[56] The piece also detailed the experiences of Ricardo Lori, an employee that used the service, who was persuaded by a Talkspace executive to anonymously share his therapy chat logs for a company presentation but Lori soon discovered his identity was revealed.[54]

See also[]

References[]

  1. ^ "Rocky road ahead for Talkspace as COO resigns following internal review, stock value plummets".
  2. ^ "Internal Talkspace memo illustrates challenge of delivering virtual mental health services in 50 states". CNBC. 8 October 2020.
  3. ^ Brodwin, Erin. "I spent 7 amazing days with a therapist who only knew me via text message". Business Insider.
  4. ^ Garun, Natt. "Talkspace now lets you send audio and video messages to your e-therapist". The Next Web.
  5. ^ "Talkspace to go public via SPAC in $1.4B deal".
  6. ^ Furhlinger, Josh. All-You-Can-Text Therapy Services Wall Street Journal. Retrieved 30 March 2015.
  7. ^ "Teletherapy company Talkspace hits Nasdaq after completing SPAC merger". 23 June 2021.
  8. ^ "Talkspace COO resigns following review of conduct at company offsite event". MobiHealthNews. 2021-11-22. Retrieved 2021-12-10.
  9. ^ O'Brien, Sara Ashley (2015-05-12). "Text therapy startup raises $9.5 million". CNNMoney. Retrieved 2017-06-13.
  10. ^ "Couples therapy — yeah, there's an app for that too". VentureBeat. 2015-02-12. Retrieved 2017-06-13.
  11. ^ "Texting Your Therapist and Other Anonymous and Easy Ways to Get Help". pastemagazine.com. Retrieved 2017-06-13.
  12. ^ "Adweek's Digital Hot List: 2017's Buzziest Apps, Gadgets, Startups and More". Retrieved 2017-06-28.
  13. ^ Lawler, Ryan. "Unlimited Messaging Therapy Startup Talkspace Raises $2.5M From Spark Capital And Softbank | TechCrunch". Retrieved 2017-06-28.
  14. ^ Crook, Jordan. "Talkspace Therapy-By-Text Service Launches Asynchronous Audio, Video Messaging | TechCrunch". Retrieved 2017-06-28.
  15. ^ "The Pros and Cons of Using Online Therapy App 'Talkspace'".
  16. ^ "Now You and That Special Someone Can Get Couples' Therapy Straight Through Your iPhone". Retrieved 2017-06-28.
  17. ^ "Talkspace acquires relationship counseling app". 13 November 2020.
  18. ^ Lim, Jason. "Agora.io Is Poised To Dominate Real-Time Voice And Video Apps". Forbes. Retrieved 2017-06-28.
  19. ^ News, Jenny Gold, Kaiser Health (20 February 2017). "'Post-election stress disorder' strikes on both sides". CNN. Retrieved 2017-07-25.
  20. ^ "In the Therapist's Office, Trump Becomes a Hot Topic". Bloomberg.com. 2017-02-09. Retrieved 2017-07-25.
  21. ^ "Rocky road ahead for Talkspace as COO resigns following internal review, stock value plummets". FierceHealthcare. Retrieved 2021-12-10.
  22. ^ a b Rebecca Heilweil (20 March 2020). "Feeling anxious about coronavirus? There's an app for that". Vox. Retrieved 22 July 2020.
  23. ^ John D. Stoll (May 2020). "s Tele-Counseling During Coronavirus Booms, a Therapist Seeks Respite". Wall Street Journal. Retrieved 22 July 2020.
  24. ^ Samantha Brodsky (19 May 2020). "Free Therapy and Mental Health Services You Can Access During the Coronavirus Outbreak". Pop Sugar. Retrieved 22 July 2020.
  25. ^ "Talkspace is Donating Free Therapy to Medical Workers Fighting COVID-19". 19 March 2020.
  26. ^ "Talkspace Access Project | Creating an equitable distribution of mental health resources".
  27. ^ a b Bruce Japsen. "Cigna Expands Mental Health Network With Talkspace's Virtual Therapy". Forbes. Retrieved 22 July 2020.
  28. ^ "Michael Phelps urges mental health wellness through online therapy company Talkspace".
  29. ^ "Michael Phelps: 'This is the most overwhelmed I've ever felt'". 18 May 2020.
  30. ^ "Demi Lovato is Partnering with Talkspace to Donate 1,000 Months of Free Therapy".
  31. ^ "Talkspace Access Project | Creating an equitable distribution of mental health resources".
  32. ^ "Demi Lovato is Donating 1,000 Months of Free Therapy".
  33. ^ Sara Ashley O'Brien (12 May 2015). "Text therapy startup raises $9.5 million". CNN. Retrieved 22 July 2020.
  34. ^ Brian Gormley (14 June 2016). "Talkspace Collects $15M for Online Therapy Services". Wall Street Journal. Retrieved 22 July 2020.
  35. ^ "Online therapy co Talkspace raises $31m".
  36. ^ "Talkspace Review". Online Therapy. Retrieved 2019-09-06.
  37. ^ "Online therapy provider Talkspace to go public via a $1.4 billion SPAC deal". CNBC. 13 January 2021.
  38. ^ "Talkspace, a Leading Virtual Behavioral Healthcare Company, Completes Merger with Hudson Executive Investment Corp. And Will Begin Trading on Nasdaq Under the Symbol "TALK"".
  39. ^ Brooke DiPalma. "How a 'cultural shift' is making way for a therapy tool promoted by Michael Phelps". Yahoo Finance. Retrieved 10 August 2020.
  40. ^ "I spent 7 amazing days with a therapist who only knew me via text message". Business Insider. Retrieved 2017-07-13.
  41. ^ "How much does Talkspace cost?". Talkspace - FAQs. Retrieved 2020-09-25.
  42. ^ Chapin, Angelina (2016-07-09). "Text therapy: once my therapist sent me an emoji, I knew it was game over". The Guardian. ISSN 0261-3077. Retrieved 2017-06-19.
  43. ^ "Dawn of the Text-Message Therapist". Motherboard. Retrieved 2017-06-28.
  44. ^ "The Power Of Purpose: TalkSpace Donates Over One Hundred Years Of Free Therapy To Medical Workers". Retrieved 2020-08-16.
  45. ^ Crook, Jordan. "Talkspace online therapy platform raises $15 million Series B | TechCrunch". Retrieved 2017-06-19.
  46. ^ "TalkSpace Review | Online Therapy Reviews | E-counseling.com". E-Counseling.com. Retrieved 2017-07-13.
  47. ^ Cynthia Koons. "Talkspace Wants to Build a Better Therapist With AI Listening In". Bloomberg. Retrieved July 8, 2020.
  48. ^ "Dawn of the Text-Message Therapist". Motherboard. Retrieved 2017-07-13.
  49. ^ Essig, Todd (June 29, 2015). "Talkspace Argues With Talkspace: Conflicting Messages And Clinical Risk". Forbes. Retrieved November 18, 2016.
  50. ^ Essig, Todd (December 14, 2015). "Talkspace Tarnishes Promise Of Telehealth With Extravagant Claims". Forbes. Retrieved November 18, 2016.
  51. ^ Essig, Todd (August 18, 2016). "Talkspace Reveals Clients' Email, Violating Clinical Confidentiality". Forbes. Retrieved November 18, 2016.
  52. ^ Essig, Todd (June 29, 2015). "Should Buyers Beware? Hidden Risks In Talkspace's Text-Only Therapy". Forbes. Retrieved November 18, 2016.
  53. ^ Ferguson, Cat (19 December 2016). "BREAKDOWN Inside the messy world of anonymous therapy app Talkspace". The Verge. Retrieved 19 December 2019.
  54. ^ a b Hill, Kashmir; Krolik, Aaron (2020-08-07). "At Talkspace, Start-Up Culture Collides With Mental Health Concerns". The New York Times. ISSN 0362-4331. Retrieved 2020-09-25.
  55. ^ "Groop Internet Platform Inc. v. Psychotherapy Action Network, Civil Action No. 19-1854 (BAH) | Casetext Search + Citator". casetext.com. Retrieved 2020-09-25.
  56. ^ Hill, Kashmir; Krolik, Aaron (2020-08-07). "At Talkspace, Start-Up Culture Collides With Mental Health Concerns". The New York Times. ISSN 0362-4331. Retrieved 2020-09-24.
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