Publicly-traded digital behavioral health company Talkspace announced a strategic partnership with menopause-focused telehealth startup Evernow, which will see both companies utilize the other’s offerings to expand their portfolio.
Talkspace offers therapy for adults, teens 13 to 17, and couples, as well as psychiatric services and medication management. The platform assists individuals suffering from anxiety, depression, bipolar disorder, OCD, panic disorder, PTSD and postpartum depression.
Evernow matches users with a clinician who helps build a treatment plan based on an individual’s health history. Menopausal women can access hormone therapy, such as the estradiol patch or pill, and paroxetine, an SSRI that can be used to treat night sweats and hot flashes.
Medications are delivered to the patients’ homes, and they can continue messaging with their providers as needed.
Through the partnership, Talkspace providers can access Evernow’s resources and reference materials to help their clients move through menopause, and the company’s members can receive a $50 discount when signing up for an Evernow care plan.
“We’re thrilled to embark on this transformative new partnership with Evernow to provide holistic support for women during the crucial perimenopausal and menopausal stages. This collaboration not only addresses the profound mental health challenges women face during this period but also aligns with our commitment to making quality mental health care more accessible. Together, we look forward to redefining the landscape of women’s health and empowering our members with a comprehensive toolkit for their overall wellbeing,” Natalie Cummins, chief business officer at Talkspace, told MobiHealthNews in an email.
Evernow’s members will have free access to Talkspace’s self-guided therapy sessions, including workshops, reflections, classes, psychoeducation, journaling and exercises.
“The association between menopause and mental health has historically been overlooked. Only now are we coming to appreciate that symptoms of menopause often start 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 in both body and mind,” Dr. Alicia Jackson, CEO and founder at Evernow, relayed to MobiHealthNews.
THE LARGER TREND
Earlier this month, Hippocratic AI, a generative AI company developing safety-focused large language models for healthcare, announced the launch of its Early Access Partnership Program to support the development of its technology. Evernow was one of the Early Access Partners and the only women’s health platform at launch. The company said it would leverage Hippocratic AI’s offerings to improve its platform.
Last month, Talkspace announced it signed a $26 million contract with New York City’s Department of Health and Mental Hygiene to power NYC Teenspace. This three-year program provides free therapy and self-guided mental health resources to teens 13 through 17.
The company has struggled financially but reported some improvement in its 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 increased B2B revenue and offset by a year-over-year decline in consumer revenue.
Talkspace’s gross profit increased by 29% to 18.8 million compared to the same time last year, and operating expenses were down 30% from the prior year to $24 million. Net loss substantially improved in Q3 2023 to $4.4 million, compared to $18 million last year.
The company reported 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.
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