Over the last few years, virtual mental health company Talkspace has been on a relentless quest to conquer the insurance market. The next step in that journey, Medicare, may prove the most challenging yet.
Talkspace’s pivot away from its direct-to-consumer roots has so far been a success. The company claims 130 million people have access to its services through deals with insurers, employers, or through other arrangements, and it is now knocking on the door of profitability — an impressive feat for any digital health company. CEO Jon Cohen told STAT the expansion to Medicare, which it announced earlier this year, is a natural evolution of its strategy of becoming a comprehensive in-network teletherapy provider for as many people as possible.
If Talkspace can convince people on Medicare to flock to its services, it will further cement the company’s status as one of the strongest virtual care businesses to emerge from the post-pandemic health tech boom. And, the ability to serve adults 65 and older could prove an important distinction in the eyes of investors and potential strategic partners in the health care industry.
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