Talkspace and Labcorp’s Ovia Health Form Women’s Health Coalition to Deliver Accessible, Affordable Solutions to Address Women's Diverse Health Needs

Rhea-AI Summary

On the International Day of Action for Women's Health, Talkspace (NASDAQ: TALK) and Ovia Health by Labcorp announced the formation of the Women's Health Coalition for Digital Solutions.

This coalition includes founding members such as Conceive, Evernow, FitOn, Nurx, Cove, and Nutrium. The coalition aims to leverage technology and collaboration to enhance women's healthcare, focusing on access, affordability, and holistic care in the workplace.

The initiative addresses significant disparities between men's and women's healthcare costs, highlighting that out-of-pocket expenses for employed women are $15 billion higher annually. The coalition will advocate for better workplace benefits, promote awareness, and foster innovation in women's health technology.

Positive

• Formation of the Women's Health Coalition by Talkspace and Ovia Health to enhance women's healthcare.
• Coalition aims to address significant healthcare cost disparities between genders.
• Focus on leveraging technology and collaboration for better access and affordability in women's healthcare.
• Advocacy for enhanced women's health benefits in the workplace.
• Promotion of awareness and destigmatization of women's health issues.
• Encouragement of innovation in women's health technology.
• Potential economic impact by closing the gender health gap, adding up to $1 trillion annually by 2040.

Negative

• High out-of-pocket healthcare costs for employed women, estimated to be $15 billion higher annually compared to men.
• Over one-third of U.S. women report skipping needed medical care due to high costs.

Insights

Market Research Analyst

The launch of the Women’s Health Coalition for Digital Solutions is a significant development in the digital health sector, particularly concerning women’s health. This coalition is poised to influence market dynamics by integrating various health services targeting women, such as mental health, fertility, menopause care and nutrition. The involvement of well-known companies like Talkspace and Ovia Health ensures a broad reach and a robust platform for advocacy and service provision.

From a market perspective, the coalition can potentially reduce healthcare costs for women by promoting preventive care and early intervention through their digital platforms. This is important, considering Deloitte's finding that out-of-pocket healthcare costs for employed women in the U.S. are $15 billion higher annually than for men. By providing comprehensive care, the coalition can address this disparity and improve women’s healthcare accessibility and affordability.

This initiative also aligns with the growing trend of leveraging technology to deliver health solutions, which could attract investor interest in companies involved. The collaboration could result in enhanced employer benefits packages, making these companies more attractive for partnerships with large employers and health plans.

Financial Analyst

The formation of this coalition could represent a strategic advantage for Talkspace and Ovia Health. By addressing a significant market gap in women’s healthcare and leveraging digital solutions, these companies can potentially drive substantial revenue growth. Notably, mental health and women's health are two areas with high growth potential in the healthcare sector, offering opportunities for increased market share and customer acquisition.

Investments in preventive and holistic healthcare solutions are likely to yield long-term financial benefits by decreasing the overall healthcare costs and improving patient outcomes. This could also make these companies more appealing to investors seeking growth in the health tech sector. Additionally, the coalition’s focus on advocacy and education could enhance brand loyalty and customer retention, leading to sustained revenue streams.

However, investors should monitor the coalition's progress and the financial commitments required. The initial costs associated with research, development and integration of services might impact short-term financial performance. Long-term profitability will depend on the coalition's ability to demonstrate tangible health improvements and cost savings for women, which could drive broader adoption of their solutions.

Healthcare Policy Expert

This coalition is likely to have a considerable impact on healthcare policy and workplace benefits. The emphasis on advocating for women’s health equity and comprehensive healthcare access aligns with current policy trends aimed at closing the gender health gap. The coalition’s efforts to foster innovation and promote public resources could influence policy decisions and encourage more inclusive workplace health benefits.

Given that more than one-third of U.S. women have skipped needed medical care due to high costs, as noted by the Commonwealth Fund, the coalition's initiatives could lead to systemic changes in how women's health is addressed within corporate environments. This could also pressure other employers to enhance their benefits packages, fostering a more competitive and inclusive benefits landscape.

Furthermore, the coalition’s advocacy and educational efforts could help destigmatize women’s health issues, leading to broader societal acceptance and better support systems for women in the workplace. By promoting awareness and education, the coalition can contribute significantly to the overall well-being and productivity of women in the workforce.

Conceive, Evernow, FitOn, Nurx, Cove, and Nutrium Join as Founding Members to Support the Coalition’s Focus on Expanding Access to Women-Centered Healthcare Resources in the Workplace

NEW YORK--(BUSINESS WIRE)-- Today, on the International Day of Action for Women's Health, Talkspace (NASDAQ: TALK), a leading online behavioral health care company, and Ovia Health by Labcorp, a digital health solution for women, families and family-building, announced the launch of the Women’s Health Coalition for Digital Solutions. Co-led by Talkspace and Ovia Health, this coalition brings together a founding group of member companies, including Conceive, Evernow, FitOn, Nurx, Cove, and Nutrium, to leverage technology, innovation, and collaboration to advance women’s health and well-being by holistically addressing their diverse health needs.

The Women’s Health Coalition aims to advance women’s health through technology-driven solutions, education, and advocacy. Through its member companies’ platforms, the Coalition will collaborate to:

• Facilitate communication and collaboration among member platforms to enhance the integration of women's health services through enhancing employer benefits coverage.
• Advocate for workplaces that promote women's health equity and access to comprehensive healthcare, starting with their own employees.
• Provide public resources and support to employers and organizations to empower women to take control of their health and wellness journey.
• Promote awareness and destigmatization of women's health issues through thought leadership and focused initiatives.
• Foster innovation in women's health technology by encouraging research and development.

Out-of-pocket healthcare costs for employed women in the U.S. are estimated to be $15 billion higher per year than for employed men, according to a Deloitte analysis. Additionally, more than one-third of U.S. women report they have skipped needed medical care because of high costs, according to a Commonwealth Fund study. A recent McKinsey Health Institute report found that closing the gender health gap could reduce the time women spend in poor health by almost two-thirds and add up to $1 trillion to the economy annually by 2040. Enhancing workplace benefits for women is a key way of addressing the care gap, and a Morning Consult survey found that a majority of women saw that health and wellness programs and mental health resources are a workplace benefit that is “very” or “somewhat” important to them.

“Talkspace and the charter members of the Women’s Health Coalition have come together to help create a world where every woman has access to high-quality, holistic healthcare tailored to her unique needs,” said Natalie Cummins, Chief Business Officer at Talkspace. “Recognizing the connectedness of mental and physical health, as well as the market demand for comprehensive women’s health solutions, the Coalition furthers our mission to make mental health care more accessible by collaborating with the preeminent women's health leaders in the digital health space.”

“Ovia Health is committed to providing women with the tools and personalized resources they need to make informed decisions about their health,” said Corrinne Hobbs, General Manager and Vice President, Ovia Health Employer Enterprise & Strategic Partnerships. “We are proud to join forces with Talkspace and other leading digital health platforms to form the Women’s Health Coalition for Digital Solutions. Together, we will work to promote accessibility, affordability and empowerment in women’s healthcare.”

Follow Talkspace, Ovia Health and the founding members for more information on the Women’s Health Coalition for Digital Solutions and how the companies each strive to expand access to care.

Company	Founding Member	Company Specialty	Company LinkedIn Page
Talkspace	Natalie Cummins, Chief Business Officer	Virtual behavioral health	Talkspace on LinkedIn
Ovia Health	Corrinne Hobbs, General Manager and Vice President, Ovia Health Employer Enterprise & Strategic Partnerships	Digital Health Solution for Women, Families, and Family-Building	Ovia Health on LinkedIn
Evernow	Hannelle Fares, Head of Product	Personalized online menopause care	Evernow on LinkedIn
Conceive	Lauren Berson, CEO & Founder	24/7 fertility and pregnancy support	Conceive on LinkedIn
Nurx and Cove by Thirty Madison	Caroline Hofmann, Chief Business Officer	Expert led care for women	Thirty Madison on LinkedIn
FitOn	Lindsay Cook, Co-Founder/CEO	All-in-one health & wellness platform	FitOn on LinkedIn
Nutrium	Manuela Abreu, Head of Nutrition	Personalized 1:1 nutrition counseling	Nutrium on LinkedIn

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 140 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 Ovia Health by Labcorp
Ovia Health by Labcorp has served more than 22 million family and parenthood journeys since 2012 and is on a mission to make a happy, healthy family possible for everyone. Ovia Health by Labcorp is the only family health solution clinically proven to effectively identify and intervene with high-risk conditions. The company's 50+ clinical programs, including predictive coaching and personalized care plans, help prevent unnecessary health care costs, improve health outcomes and foster a family-friendly workplace that increases retention and return to work. For more information, visit OviaHealth.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240528124076/en/

Media Contacts:

John Kim | jkim@skdknick.com

Source: Talkspace

FAQ

What is the Women's Health Coalition announced by Talkspace?

The Women's Health Coalition is a collaborative initiative formed by Talkspace and Ovia Health to enhance women's healthcare through technology and innovation.

Which companies are part of the Women's Health Coalition?

Founding members include Conceive, Evernow, FitOn, Nurx, Cove, and Nutrium.

What is the goal of the Women's Health Coalition?

The coalition aims to improve access, affordability, and holistic care in women's healthcare, especially in the workplace.

How does the Women's Health Coalition plan to address healthcare cost disparities?

The coalition will advocate for better workplace benefits, promote awareness, and foster innovation to reduce healthcare cost disparities between genders.

What is the estimated economic impact of closing the gender health gap?

Closing the gender health gap could add up to $1 trillion to the economy annually by 2040.

How does Talkspace's involvement in the coalition align with its mission?

Talkspace aims to make mental health care more accessible, and the coalition furthers this mission by collaborating to offer comprehensive women's health solutions.