In the last few years, the application of telehealth had actually quickly expanded to deal with particular persistent and behavioral health problems like mental health, weight-loss and nutrition, diabetes, addiction and hypertension, etc. These are real and oftentimes extremely serious concerns faced by people all over the world, yet until now have seen little to no usage of technology in offering care.
We believe behavioral health is particularly fit to gain from the digitization trends COVID-19 has accelerated. Formerly, we have actually written about the pandemic’s influence on online knowing and education, both for K-12 trainees and adult learners. But behavioral health is another location impacted by the fundamental modification in consumers’ behavior today. Below are 4 reasons we think the time is now for behavioral health startups– followed by five essential elements we believe identify effective business in this area.
Telehealth can significantly decrease the expense of care
Traditional behavioral health care is cost-prohibitive for the majority of people. In-person therapy costs $100+ per session in the U.S., and lots of psychological health and substance-use suppliers do not accept insurance because they don’t earn money enough by insurance providers.
By contrast, telehealth reduces overhead expenses and scales better. Leveraging innovation, suppliers can deal with more clients in less time with almost zero marginal expenses. Mobile-based communications make it possible for asynchronous care that further helps suppliers scale. Access to digital content gives clients on-going support without the need for a human on the other side. This is especially helpful in treating behavioral health concerns where ongoing assistance and motivation might be required.
Innovation opens supply in “shadow markets” of companies
Globally, we face a severe shortage of behavioral health suppliers. For example, the United States has fewer than 30,000 licensed psychiatrists (translating to << 1 for each 10,000 people). Beyond huge cities, the problem gets worse: ~ 50-60 % of nonmetro counties have no psychologists or psychiatrists at all.
Even when providers are offered, wait times for consultations are notoriously long. This is a big issue when behavioral health conditions frequently require prompt intervention.
We are seeing brand-new platforms build large networks of licensed coaches, certified psychiatrists and psychologists, and other service providers, aggregating supply in what has traditionally been a scarce and a highly fragmented provider population.
Behavioral/mental health issues are losing their preconception
Our company believe the preconception related to mental disorder and other behavioral health conditions is dissipating. Increasingly more public figures are speaking up about their struggle with stress and anxiety, depression, dependency and other behavioral health problems. Our zeitgeist is shifting fast, and there’s an all-time high in people looking for assistance as the Google Trends information listed below demonstrates.