There’s been an ever-growing demand for mental health services. As a result, this led to longer wait times especially at colleges and universities. Many companies have attempted to create better experiences, but I’d like to think we’re still at the very early stages, or ‘Discman’ era of what is yet to come. Venture Capitalists have also poured in $602 million in 2018 towards mental health companies. Here are five takeaways and what to expect from Psykee as a next generation company in a space where it’s been difficult to separate signal from the noise.
1. What is Psykee?
Psykee is a new mental health technology company. We’re solving access to care for mental health with our mobile app which allows you to book and pay for appointments with licensed therapists and counselors who come to your home or workplace. Appointments start at $159 per session and insurance will not be accepted at this time. Our big picture is to help advance society to become more self-actualized. Starting off with a hyper local strategy, we’ll be going live on April 29th, 2019 in University City, Philadelphia. We’re also growing therapist communities in New York City. Our app is available in the iOS App store and will be ready for Google Play as well.
2. How’s Psykee different from all others?
There have been several options which are currently aiming to shape the future of mental health with technology. A lot of companies have focused heavily on delivery models around Telehealth services which include video or text messaging therapists. Psykee is the first of it’s kind to bring therapists in-person to clients at their home or workplace via mobile marketplace. When comparing the two models, a recent survey showed participants preferred in-person psychotherapy versus digital psychotherapy for depression. Our focus will be on creating meaningful experiences for both Providers and Clients. We’re exploring direct to consumer initially, but are working to build relationships with employers, too.
3. Empowering experience for therapists and clients
Clients aren’t the only ones who are having pain points in this fragmented industry. Many therapists are burdened with overhead expenses such as rent, administrative and billing services. On top of that, working with group private practices come with pitfalls of giving 40-60% of your earnings to the practice. We’re envisioning a future where therapists have more money to take home and feel like owners. Psykee allows clients to schedule same-day appointments based on availability of listed therapists compared to waiting weeks in order to be seen. Instant payouts for therapists will also be added to our app for a much more streamlined experience.
4. Should this exist?
Personally, I believe mental health is not viewed equally to physical health. For that reason alone, I would say yes. Besides, there are several companies that focus on delivering you services such as doctor house calls with Heal, pharmacies by Capsule, massages by Zeel, house cleaning by Handy or handymen by Taskrabbit. So, what’s the hold up for mental health care? We don’t expect you to exercise with your personal trainer in a 200 square foot room at the gym. So, why should therapy be limited to this setting? Lastly, being in a client’s home environment can give therapists a better understanding on how to proceed with treatment.
5. What the future may look like for Psykee
Psykee’s approach to mental health is not a one size fits all. Cognitive Behavioral Therapy has shown to be effective for anxiety and depression, but maybe you don’t always want talk therapy. Mental health is much more comprehensive than seeing a therapist and that’s why we believe there are several different opportunity areas to expand outside of psychotherapy and counseling starting with mindfulness events (TBA). By hosting meditation and yoga events, we strive towards becoming community focused and tailor the Psykee experience based around client’s needs in-person. This could also mean a brick-and-mortar storefront flagship that would offer a similar consumer experience as allbirds, Warby Parker, Soul Cycle or Starbucks. I wouldn’t write off the idea of having your therapist arrive in a self-driving car, either.
We’re looking forward to this exciting journey towards becoming a leader in access to care for mental health. Feel free to connect with me over at [email protected] if you’d like to learn more or are interested in joining the team!