Validation Institute Certifies Talkspace’s ROI Calculator, Enabling Employers to Better Measure the Impact of Offering Virtual Mental Health Services

Rhea-AI Summary

Talkspace's ROI Calculator has been certified by Validation Institute, enabling employers to measure the impact of offering virtual mental health services more accurately. The report validates potential employer savings in medical, time, and absenteeism areas, showcasing the benefits of investing in mental health benefits for a healthier and more productive workforce.

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• Validation Institute certifies Talkspace's ROI Calculator, providing employers with a precise tool to measure the impact of virtual mental health services.
• The report highlights potential savings in medical expenses, time, and absenteeism, emphasizing the value of investing in mental health benefits for employees.
• Talkspace's ROI Calculator offers evidence-based estimates on employer savings, promoting a healthier and more resilient workplace environment.

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New independent report validates potential employer savings in three areas: medical savings, time savings and absenteeism savings

NEW YORK--(BUSINESS WIRE)-- 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:

• 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.
• Time Savings – Time back from an employee’s commute to see a mental health provider in-person versus virtually.
• 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240416422951/en/

Media:

John Kim | jkim@skdknick.com

Source: Talkspace

FAQ

How has Validation Institute certified Talkspace's ROI Calculator?

Validation Institute has verified and validated Talkspace's ROI Calculator, providing employers with a precise tool to measure the impact of offering virtual mental health services.

What areas of potential savings were highlighted in the report?

The report showcases potential savings in medical expenses, time, and absenteeism for employers offering virtual mental health services.

What is the significance of investing in mental health benefits for employers?

Investing in mental health benefits not only fosters a healthier workforce but also leads to a more resilient, productive, and compassionate workplace environment.

How does Talkspace's ROI Calculator benefit employers?

Talkspace's ROI Calculator enables employers to calculate estimated savings on medical expenses, time, and absenteeism, providing evidence-based estimates on the impact of offering virtual mental health services.

What is the key takeaway from Validation Institute's review of Talkspace's ROI Calculator?

Validation Institute's review highlights the potential savings for employers in medical expenses, time, and absenteeism, reinforcing the value of prioritizing mental well-being in the workplace.

What type of company scenario was used for the ROI calculations in the report?

The report analyzed a typical client scenario of a 2,500-person company using Talkspace's therapy services to calculate potential savings in medical, time, and absenteeism areas.

How can employers benefit from using Talkspace's therapy services?

Employers can save on medical expenses, time, and reduce absenteeism by offering Talkspace's therapy services to employees, promoting mental well-being in the workplace.

What does the report suggest about the impact of offering virtual mental health services?

The report emphasizes the positive impact of offering virtual mental health services on employer savings in medical expenses, time, and absenteeism, showcasing the value of prioritizing mental health benefits.

Who provided insights on the value of mental health benefits in the workplace?

Ryan Kellogg, VP of Partnerships and Sales Effectiveness at Talkspace, highlighted the importance of demonstrating the ROI of mental health investments for a healthier and more productive post-pandemic workplace.

What is the role of Validation Institute in the certification process?

Validation Institute serves as an independent and objective third-party organization that validates and verifies health care solutions providers' tools and programs, ensuring evidence-based and reasonable estimates of their impact.