In these uncertain times, we need to talk.
While businesses are struggling, the number of people who seek help for their mental health is growing. The crisis has pushed more of us to seek therapy and counseling than ever before through the adoption of telehealth platforms such as Talkspace and BetterHelp.
As more people realize that there’s no shame in seeking help, the value of what therapists provide will only increase. And getting through their smartphone or computer makes it all the easier to receive (and sell).
So while the pandemic and economic crash are hurting so many other industries, they may prove to be a boon for this one.
The importance of mental health, therapy, and wellbeing has increased.
As the world continues to move forward, people are facing more stress, anxiety, and depression than they have in a long time. And people are more aware of their mental health than ever before.
What’s great is because of this increased awareness and ability to confront feelings, emotions, events, and so forth, it opens an entire market up to those willing to plunge in and monetize what they can.
The recession has had a huge impact on the mental health of many people in our society and the need for virtual and in-person care: job insecurity, redundancies, and financial worries leading to stress-related illnesses such as anxiety or depression.
These conditions can be treated with talk therapy provided by qualified psychologists or other professionals who offer these services at an affordable rate for people who want them.
Now, maybe you’re a licensed therapist. But I think it’s safe to say you’re more of an entrepreneurial investor/go-getter. So how can you get in on this market?
The best use of telehealth as a business person include becoming a life coach or developing a platform like TalkSpace.
The pandemic has given telehealth a boost.
The adoption of teletherapy has grown in recent years. As people have tightened their belts, they’ve begun to seek out more affordable ways of getting the help they need.
Teletherapy offers a lower-cost alternative to traditional face-to-face therapy, and one that’s particularly useful for those who live in areas with shortages of mental health professionals or can’t afford to leave work to attend an appointment at their local clinic.
Teletherapy is especially popular among millennials and those under age 30; according to recent studies, this demographic tends to work longer hours than previous generations did at comparable ages.
It offers many people an option for receiving treatment without taking time off from their jobs or other commitments. We all know millennials and Gen Z love convenience, and what better way than to offer virtual care (especially for those in rural areas)? Some services can even link to primary care access and book follow-up in-person visits or outpatient visits, which make them all the more convenient.
Even if you go the life coaching route, you can target folks looking for some type of digital health service without the healthcare part.
It’s an industry that is growing despite the coronavirus downturn.
While you may think the coronavirus pandemic would be bad for business, it’s actually having the opposite effect.
It turns out that people are turning to talk therapy during crises and public health emergencies because they want help dealing with their stress, anxiety and depression. In fact, the use of mental health services have doubled since the start of the pandemic thanks to telehealth visits and telemedicine.
And telehealth can be covered by medicare, medicaid services, or private healthcare providers. So if you’re not getting paid out of pocket, you’re raking it in through reimbursements from the US healthcare system and health insurance coverage.
With in increase in patient use, so too has it increased in clinician use. Meaning, the more people want to use teletherapy and subscribe to the service, the more therapists, coaches, and clinicians are available.
In addition to providing counseling services for individuals and families affected by coronavirus, many therapists have also started offering teletherapy specifically designed for those coping with illness or other issues related directly to living through an outbreak like this one (like having a loved one who died).
They often encourage clients working through grief over losing someone close due to coronavirus infection—or even just worrying about contracting it themselves—to do so via video chat sessions instead of in person so they can continue working full time during their “wellness breaks” without missing any important deadlines at work or school.”
And now that Americans are facing even more stress due to the economic collapse, mass shootings, and lack of proper family and health plan services, it’s easier and safer to turn to the internet for help as opposed to in-office visits or physical health centers.
People want to be understood.
Talking with a therapist is an investment in yourself.
When you speak to a professional, you are paying for the recognition that your feelings are valid and normal. Someone is listening to what you have to say and acknowledging that it matters. This can be enormously validating when someone else has never done so before.
People want to feel understood and validated by others, both in their personal life and at work; and during a recession or times of crisis, consumers are even more ready to shell out for mental help.
However, the fact of the matter remains: People want to understand themselves better than ever before; they just need reassurance from therapists that this pursuit is not selfish or indulgent but rather necessary for one’s well-being.
The booming field has become recession-proof.
As you might have heard, mental health is a priority for people everywhere. The pandemic has made people more aware of the importance of mental health and has proven that teletherapy is a safe business during economic crises.
In the wake of the Great Recession, many Americans are seeking help for mental health issues. In fact, more people have been seeking therapy than ever before. The mental health industry reached $225 billion in 2019.
Whether you’re looking to grow your existing practice or start one from scratch, there are many ways to cash in on this growing market:
- Talk therapy services (like behavioral health and therapy)
- Telehealth services (like remote patient monitoring and virtual visits)
- Online telemedicine clinic software (like healthcare delivery for chronic conditions or specialties)
- Life coaching (like increasing quality of care/life)
Start your telehealth journey today.
The covid-19 pandemic has caused a surge in demand for mental health services and left consumers with more flexibility to access them. This means that there’s never been a better time for you to cash in on the opportunity and give the people what they want.
How you do it is up to you: life coaching, talk therapy platform, or something novel.
The field continues growing rapidly despite economic downturns—it’s recession-proof—and there is an increased focus on mental health care as technology progresses, which will make this work even more accessible in future years.
Get started today by knowing how to set up your service, where it’s legal nationally (like New York), and getting your payment backend squared away.