By Michael Brown, MBA
The endeavor to destigmatize mental health disorders is crucial to furthering our understanding of these conditions, improving access to care, and getting care to those who are suffering in silence. Digital health tools may be the solution.
The explosion of digital health tools is bringing new services to the mental health space, allowing consumers to choose the outlet right for them.
This sampling of industry players provided by CBInsights shows the vast variety of companies devoted to helping you think calmer, clearer, and more positive. I breakdown each category and select the current front runners below.
Digital Therapeutics
Here we use the term digital therapeutic to mean an FDA approved treatment. Pear Therapeutics for instance is cleared to treat Substance Use Disorder. They have received nearly $140M in funding and were last valued at just under $500M.
Telemedicine
Talkspace is an interesting company that I think will gain traction quickly as the leader in text therapy. To date, they have raised $100M, with a most recent valuation at $310M. Imagine having a therapist on speed dial, and being able to talk with someone that is not your parent on significant other returning instant judgement. However, we must ask: is insurance willing to pick up some of the hefty price tag currently charged? The website lists services at $65/week for teens and $99/week for couples therapy. Still, this is cheaper than the typical $150 per session some therapists are able to command.
Wearables & Monitoring
The concept of introducing a wearable and monitoring software in mental health is interesting. Companies such as myFeel have released a wristbandthat detects your heart rate and perspiration while you record if you are feeling joyful, sad, content, or distressed. Once it learns your bio indicators, it can begin to sense your emotional patterns. Then it will offer cognitive behavioral therapies to quickly overcome negative emotions or let you be more present during those times of bliss.
Mental Wellness and Brain Training
Calming and brain training apps such as Headspace and Lumosity have been very publicly successful. They are tapping into the communities desire to reduce overall stress and keep our brains mentally sharp. Afterall, aren’t we all still searching for that pill for limitless brain capabillities? Headspace quickly became popular raising $75M and last valued at $315M. It is a great place to test out mindfulness practice. Download it for free and get started.
Provider & Therapist Tools
Quartet Health is making waves in big healthcare partnerships and funding for creating an integrated behavioral health system. They are using technology in the form of a platform system to connect patients, providers, and services. This allows patients to get connected to the right mental health services easier and faster. Big name venture firms such as Google Ventures, Oak HC/FT and Deerfield have invested nearly $150M in the company at a $500M valuation. They continue to win large contracts like BCBS of North Carolina and Highmark in Pittsburgh.
Let us know if you have tried out any of the companies mentioned here, we’d love to hear your experiences.