How does Talkspace make money?

This blogpost will discuss how Talkspace makes money. We shall also explain why therapy tends to be so expensive. In addition to this, we will discuss some of the features that Talkspace provides for its users and customers. Online mental health platforms like Talkspace are quite a rage, especially since the onset of the COVID-19 pandemic.

How does Talkspace make money?

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Talkspace makes most of its money through the sale of memberships to its users. This can be either directly through the user or even through their insurance. The company went public in 2021 in NASDAQ under the name TALK, through a merger with Hudson Executive Investment Corporation.

Why is therapy so expensive?

This is a question many of us have quite commonly, as to why is therapy really so expensive. After all, it just consists of a person sitting and listening to the problems of another. However, this process entails a lot more than just sitting and providing advice. Some of the reason why therapy is so expensive have been described below:

  • The education that therapists undergo, their degrees, diplomas and certifications, all can cost a great deal of money. In addition, these need to be completed from high grade colleges and universities, where the educational programs don’t come so cheap.
  • The licensing of the therapist can also cost quite an amount, which has to be renewed year after year. Licenses are required to practice in any region or state and these need further certifications and courses to be taken by the therapist, which can cost an additional penny.
  • Therapists need to create aesthetically pleasing and comfortable offices where they can conduct their sessions with clients. These need to be arranged in a proper manner so that clients are happy and relaxed in these spaces. This might require a lot of money and expenses to set up and create.
  • Therapists also require assistants or secretaries to schedule appointments, manage their offices and also fill out massive amounts of paperwork that come with the psychotherapy business.
  • The emotional or mental labor psychotherapy can be very high and can take a toll on the mental health of the therapist themselves. Many therapists have mental health care providers of their own and require a lot of time and space for self-care and rejuvenation that can prepare them for the next set of clients.
  • There might not always be a steady inflow of clients always, especially for independent therapists. This is the reason many turn to collaborating with online mental health platforms like Talkspace or Betterhelp.

Features that Talkspace provides

Talkspace can bring many features that can be quite advantageous and beneficial for users and customers of the platform. Some of these features are:

It has unlimited messaging features

The platform provides features that allow users to message their assigned therapist an unlimited number of times. Each of the plans in Talkspace ensures that the Therapists will respond at least 5 days in a week. Furthermore, there are also a variety of messaging features, like text messaging, audio messaging as well as video messaging.

It can be accessed from anywhere

Online mental health platforms like Talkspace and Calmerry and even Betterhelp allows their users to access therapy from literally anywhere. This can be great news for those who live in remote areas or those who are not able to find great therapists in their localities. This high level of accessibility and convenience is what makes online therapy platforms so appealing.

It provides great security

There needs to be high levels of security in any type of mental health platform, particularly those which are based online. This is necessary so that the confidential data of the clients are preserved safely and securely. Talkspace has robust security features like firewalls and also end-to-end encryptions, which ensures great safety of personal data.

It creates a better client-therapist fit

Client-therapist relationship is necessary for quality and effective therapy. Without this, the therapy may even have many negative effects on the clients. Talkspace allows this fit to be established right from the start by using information from clients to connect them with therapists who are suited to help them with their needs and requirements.

It provides other great resources

The platform also has many other resources that can prove invaluable to clients and users. Talkspace has many features like mental toolkits and exercises that can be helpful to track the mental status and moods of the user. They can also be used to track the progress of the intervention sot that the client can visually see the growth in front of them.

It has live sessions

There are also live sessions that are available in the platform. However, these features are not available in all the plans of Talkspace. The live video sessions can be conducted for a period of 30 minutes each. There is also a live chat feature that can be scheduled in advance, which lets the user chat with their therapist and receive messages in real-time.

Conclusion

This blogpost has discussed how Talkspace makes money. We have also explained why therapy tends to be so expensive. In addition to this, we have discussed some of the features that Talkspace provides for its users and customers.

If you like this blogpost, please leave your comments and questions in the space below.

Citations

https://vator.tv/news/2021-05-21-how-does-talkspace-make-money
https://medcitynews.com/2021/01/4-takeaways-from-talkspaces-plans-to-go-public-in-1-4b-blank-check-deal/
https://medcitynews.com/2021/01/4-takeaways-from-talkspaces-plans-to-go-public-in-1-4b-blank-check-deal/
https://www.huffpost.com/entry/therapy-expensive-insurance_n_5900048ee4b0af6d718992e7
https://www.mobihealthnews.com/news/teletherapy-company-talkspace-hits-nasdaq-after-completing-spac-merger

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