New independent report validates potential employer savings in three areas: medical savings, time savings and absenteeism savings
NEW YORK--(BUSINESS WIRE)--Apr. 16, 2024--
Today, Talkspace, a leading online behavioral health company, announced that its proprietary ROI Calculator has been verified by Validation Institute, an independent and objective third-party organization providing data-driven insights on health care solutions providers.
The Talkspace ROI Calculator tool allows employer clients to measure the impact of offering its virtual mental health services more precisely. “Validation Institute verified and validated the Talkspace ROI Calculator, which calculates a company’s estimated savings on travel time, medical expenses and absenteeism (when depression is left untreated), and certified that Talkspace’s ROI Calculator provides an evidenced-based and reasonable estimate of the impact of its program. As a result, the Talkspace ROI Calculator has achieved validation for metrics,” said Linda Riddell, Chief Data Scientist at Validation Institute.
“Employers who invest in mental health benefits not only foster a healthier workforce but also pave the way for a more resilient, productive and compassionate workplace,” said Ryan Kellogg, VP of Partnerships and Sales Effectiveness at Talkspace. “Demonstrating the ROI of these investments is not just prudent; it is a testament to the value of prioritizing mental well-being in the post-pandemic workplace.”
Validation Institute reviewed Talkspace’s ROI calculations based on a typical client scenario of a 2,500-person company using Talkspace’s therapy services, and found that the digital mental health pioneer matching members to licensed therapists could save employers in three areas:
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Medical Savings – Savings were calculated from a combination of diverted behavioral health medical claims, as well as from treating mental health conditions across the continuum, most notably before they worsened or developed comorbidities.
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Time Savings – Time back from an employee’s commute to see a mental health provider in-person versus virtually.
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Absenteeism Savings – Reduced number of missed workdays annually from employees missing work due to depression.
Click here to download the report, which includes more information about Validation Institute’s review process or to learn more about how Talkspace can support your organization’s goals for fostering a healthier and happier workplace.
About Talkspace
Talkspace (NASDAQ: TALK) is a leading virtual behavioral healthcare provider committed to helping people lead healthier, happier lives through access to high-quality mental healthcare. At Talkspace, we believe that mental healthcare is core to overall health and should be available to everyone.
Talkspace pioneered the ability to text with a licensed therapist from anywhere and now offers a comprehensive suite of mental health services, including therapy for individuals, teens, and couples, as well as psychiatric treatment and medication management (18+). With Talkspace’s core therapy offerings, members are matched with one of thousands of licensed therapists within days and can engage in live video, audio, or chat sessions, and/or unlimited asynchronous text messaging sessions.
All care offered at Talkspace is delivered through an easy-to-use, fully-encrypted web and mobile platform that meets HIPAA, federal, and state regulatory requirements. More than 130 million Americans have access to Talkspace through their health insurance plans, employee assistance programs, our partnerships with leading healthcare companies, or as a free benefit through their employer, school, or government agency.
For more information, visit www.talkspace.com.
About Validation Institute
Validation Institute provides unbiased, data-driven insights on healthcare solutions and services by validating performance claims made by solution providers and educating purchasers to drive transparency in the marketplace and maximize cost-savings.
More information is available at www.ValidationInstitute.com.
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Media:
John Kim | jkim@skdknick.com
Source: Talkspace
