Virtual care giant Teladoc is building out its behavioral health services through its latest program, myStrength Complete.
The new offering is designed to give users a single integrated mental healthcare experience. It combines the app-based models of care from myStrength with Teladoc’s on-demand therapists and psychiatrists.
“We are connecting the full range of mental health services from apps to clinicians so that people can access timely help, tailored to their needs and on their terms,” David Sides, COO at Teladoc Health, said in a statement.
“myStrength Complete meets the dual consumer needs of comprehensive mental health care and a simplified experience in one service – developed through the integration of Teladoc Health and Livongo.”
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The myStrength platform uses evidence-based clinical models such as cognitive behavioral therapy, positive psychology, and mindfulness to help treat behavioral health conditions such as depression, anxiety, insomnia, and substance use disorder.
The company was bought by Livongo in 2019 and was then absorbed in Teladoc’s acquisition of Livongo last year.
myStrength Complete will be available to individuals through their health plans or employers in July, Teladoc said in its announcement.
WHAT’S THE IMPACT?
This announcement coincides with the release of Teladoc’s latest mental health survey, conducted by TRC Market Research between April 8 and April 20. The survey included responses from 2,253 individuals who were employed full or part-time and had a group plan through their employer.
More than 90% of respondents reported having mental health concerns during the COVID-19 pandemic.
“Mental health needs and utilization rates have grown dramatically since the pandemic began, paving the way for a new mental healthcare consumer – one who embraces virtual-first and digital channels for support,” Dr. Julia Hoffman, head of the clinical strategy and mental health for Teladoc Health, said in a statement.
“Virtual mental healthcare is no longer just a benefit for employees, it is a necessity.”
The respondents with mental health concerns who sought support gave nearly identical high ratings to their in-person and virtual care experiences. Seventy-seven percent of those who sought in-person care said their experience was “very good or excellent” compared to the 76% who said the same about their virtual visits.
Further, 92% of those who used virtual mental health services reported improvements to their mental health, with over one-third reporting a breakthrough during treatment. This group also continues to utilize these services, as 47% said they engage with their treatment at least weekly.
THE LARGER TREND
Teladoc last month shared the results of its first quarter of 2021. The company reported a total net loss of $199.6 million but was able to beat its revenue expectation by $1.76 million.
There are a number of digital mental health companies targeting the employer market. Earlier this week, British digital company Unmind scored $47 million in Series B funding for its workplace mental health platform.
In February, employee mental health company Modern Health scored $74 million in Series D funding.
On-demand behavioral health platform Ginger recently inked a deal with Cigna to offer its services to Cigna’s employer-sponsored-plan or individual and family insurance-plan members.
Source: Mobihealthnews
