“The mental health system was completely broken before COVID. The supply-demand imbalance was wildly upside down. Now, that’s just all exacerbated.”
On-demand mental health startup Ginger has watched usage of their app climb 130% over the last 4-week period. The conversations people are having with clinicians are growing more intense (there’s an internal metric for that) and amid all of this the late-stage startup has re-run its ‘Workforce Attitudes’ survey to find out what’s really going on with the mental health of the employee populations it serves.
CEO Russell Glass dives into some of the findings of that report, which are pretty revealing in terms of understanding how we as a population are dealing with our stress around COVID-19 when we’re seeking professional help with it. Nearly 70% of respondents confessed this was the most stressful period of their career — five times more stressful than the financial crash of 2008 — and there are some surprising differences with how this is all unfolding across gender lines, especially with working from home.
With inbound interest from employers up 4X over the past month, we get Russ’s input on whether or not the demand for telehealth will sustain once the crisis is over and if the temporary regulatory and reimbursement changes will become permanent. Says Russ: “This is like a great experiment of the efficacy of telehealth versus non-telehealth.”
The ‘virtual-care-for-behavioral-health’ space is getting a bit crowded these days, particularly as demand for such services reach new heights among patients. Russell Glass, CEO of health tech startup, Ginger (formerly known as Ginger.io) thinks his company has solved the supply-and-demand imbalance with their unique model that offers on-demand coaching, video therapy & psychiatry, and self-guided content by a range of different mental health care providers. Trained behavioral health coaches serve as the front-line of Ginger’s service, then act as care coordinators to bring in fully-licensed therapists and psychiatrists as needed. With 60 enterprise clients, double-digit patient engagement rates, and outcomes beating standard of care rates, Ginger’s got traction — and also cash. The company’s raised more than $70 million, having closed a Series C (with a follow on) in late 2019. Russ details scale up plans AND answers the question that all you health tech pundits are no doubt dying to ask: what happened to the ‘.io’?!
The drought is over! On Episode 93 of Health in 2 Point 00, Jess and I talk deals, deals, deals. Ginger, which provides digital mental health services, raises $35 million and is growing quite fast; VillageMD, one of numerous companies who are trying to figure out a new way to do primary care, raises $100 million; Health Recovery Solutions, which does remote patient monitoring, gets $10 million. In other news, Livongo’s stock price collapsed a little bit, but it was crazy when it first came out so now prices are more “normal”; uBiome files for bankruptcy, and Tula Health’s $2.5 million raise gets quite possibly the best press release we’ve ever seen (you’ve got to hear this). —Matthew Holt