We found the Hudson team to be and we work in a relationship company a really good match
for the kinds of partners we want to have for the mission that we do, Roni said.
The company has seen an unprecedented expansion during the COVID-19 pandemic.
Not only has the virus forced mental healthcare providers to go virtual, but plenty of individuals
are facing mental health crises during this traumatic, unstable time. The Franks estimate theyve seen five to six years of growth in the virtual behavioral healthcare space crammed within five to six months.
Were not happy to benefit from COVID, Oren said. It doesnt feel good.
The Talkspace founders said that by opting to go public, they are bracing for the second pandemic of mental health issues that they anticipate
will arise after COVID-19. The Franks want to democratize mental healthcare, and bring it to an international market. And they believe that, by merging with Hudson, theyre ramping up the pace
of their growth.
As a publicly-traded company, we will be able to extend the service that we brought to hundreds and thousands of people to
millions of people, Oren said.
While COVID-19 may have accelerated Talkspaces growth, the founders
feel that its largely just shined a spotlight on ongoing problems within the behavioral healthcare space. Roni noted that the state of mental healthcare amounted to a crisis long before this unprecedented year. The behavioral
healthcare company is advocating that individuals begin treating their mental health like a priority. That goes for those who are worried well or individuals dealing with life crises rather than clinical mental illnesses.
We all go through the human condition, Oren said. We get fired, we lose someone, we lose our jobs.
But the traditional delivery of mental healthcare services, in the Franks view, has always failed to put patients first. Behavioral health treatment, in
their view, has long been expensive, inconvenient, and potentially alienating to those who try it out.
There is no reason, in the post-COVID world,
to go back to the expensive, inconvenient traditional services, Roni said. And thats why its a game-changer for telehealth.
The Franks said that patients, for the most part, have welcomed the changes. Resistance has come up in the form of clinical therapists unused to telehealth,
or unwilling to commit to Talkspaces more outcome-focused methods. Oren said that behavioral healthcare especially talk therapy is a traditional landscape that has changed little in the last century or so.
The concept of virtual care isnt the only aspect of Talkspaces business model that some mental healthcare professionals balked at. Oren said
that, while he appreciates the romantic view of therapy, his company is looking to bust open the black box model in order to provide better patient outcomes.
We truly believe in measuring clinical outcomes and generating feedback mechanisms and trying to understand what works and what doesnt work,
he said. Its not good enough if you want to build something thats really scalable and can really democratize good care. Its not just the access to any care. You have to be able to generate the clinical outcome.