The news: Telemental health company Talkspace’s Q2 revenues skyrocketed 73% year-over-year (YoY) to $31 million, per its Q2 2021 earnings—up from around $18 million in Q2 2020.
What’s driving growth? In a word: employers.
Employers are incorporating more telemental health tools in their benefits packages, likely due to demand from their workers.
So, it makes sense telemental health providers like Talkspace have markedly expanded their employer rosters over the last year:
Trendspotting: The demand for mental health care is so high that telehealth companies have no choice but to include mental health in their toolkits.
Mental health conditions have remained the top use case for telehealth for a few months now.
What’s next? We’ll likely see telehealth providers break into more niche mental health areas like substance use disorder to meet rising demand among patients, and in turn, health plan partners.
That’s because more patients are seeking telemental health care for conditions like substance use disorder (SUD): In May, SUD joined the top 5 health diagnoses for the first time, per Fair Health. Plus, some telehealth companies already have plans to tackle substance use disorders. In its Q2 earnings, Talkspace said it has a greater interest in helping SUD patients due to heightened requests from its health plan partners, for instance.