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Telehealth Boom Is Driving this Mental Health Company’s Progress — NEW YORKJuly 13, 2021 /PRNewswire/ — Telehealth services boomed during 2020, as patients stuck at home required safe access to vital services, and are expected to continue post-pandemic. Before the public health emergence, only 14,000 Medicare beneficiaries received telehealth services per week. From the onset of COVID-19 in mid-March 2020 through to early July 2020, that number ballooned to over 10 million beneficiaries.

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Emergency measures have now ended, threatening access to telehealth services in rural areas of the United States. Luckily, a new Senate bill was introduced in June to permanently extend Medicare coverage for certain telehealth services beyond the pandemic, giving companies like Mydecine Innovations Group Inc. (CSE: MYCO) (OTCPK: MYCOF) (FRA: 0NFA), Teladoc Health, Inc. (NYSE:T DOC), Hims & Hers Health, Inc. (NYSE: HIMS), WELL Health Technologies Corp. (TSX: WELL) (OTCPK: WLYYF), and CloudMD Software & Services Inc. (TSXV: DOC) (OTCPK: DOCRF) (Frankfurt: 6PH) the opportunity to serve this rapidly growing market.

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Filling a Pressing Unmet Need for Mental Health Services

The World Health Organization estimates that more than 450 million people are suffering from mental health disorders worldwide. Many do not receive care, like in the US, where the country has the highest prevalence of mental health disorders in the world at 27% of adults, but only 41% of the people who had a disorder in the last year received professional health care. Often a lack of convenience and high costs are deterrents to receiving the kind of essential care that people need. To fill the unmet needs of the mental telehealth market, Mydecine Innovations Group Inc. (CSE:MYCO) (OTC:MYCOF) (FRA:0NFA) acquired a 100% interest in MindLep’s Digital Telehealth Platform, which is focused on the psychedelics industry.

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The MindLeap platform provides users with a cornucopia of services and resources, improving access to mental health services and providing a personalized approach to treatments with cutting-edge technology:

On September 30Mydecine launched the MindLeap mobile app in iOS and Android stores bringing its services to the two largest mobile app stores in the world. The free-to-use platform increases access to mental health services and provides mental health analytics for improving goal-setting, mood, emotion, and habit tracking. Only when a user purchases a session on the app does MindLeap charge a 9% commission. This new ease-of-access and low-cost solution is Mydecine’s most significant step to date in changing mental telehealthcare.

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Then in July, Mydecine announced the launch of Mindleap 2.0, which is designed to support users through several complementary features, including a media library that contains guided meditations, sound journeys and educational content about inner wellness and psychedelic medicines. Some of the guests featured on Mindleap include leading researchers John Cline, Ph.D. from Yale, David Erritzoe, MD, Ph.D. from Imperial College of London, as well as Gregory Wells, PhD, and Marcela Ot’alora G. from MAPS. Mindleap 2.0 also features a focus on the community that allows users to get to know and learn from mental health specialists via media and written posts.

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The company is also making groundbreaking advances in psilocybin research, recently announcing the discovery of over 40 compounds with pharmacological potential in mushrooms. Mydecine screened over 25 mushroom species and analyzed 40 unique compounds. With a large majority of the compounds having never been reported before, Mydecine is forging a new path for research into psychedelic treatments for mental health.

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The Telehealth Industry Expands Its Reach With Mental Health Services

Teladoc Health, Inc. (NYSE: TDOC), a leader in the telehealth industry, saw its revenue soar to $1.1 billion last year as telehealth visits continued to surge during lockdowns. In Q4 alone, the company reported 3 million virtual visits, a 139% increase from Q4 2019 and saw its US paid membership reach 51.8 million. The fourth quarter is also when Teladoc launched Mental Health Care, its telemedicine service that enables employees access to psychiatrists, psychologists and therapists.

Hims & Hers Health, Inc. (NYSE: HIMS) popular consumer telehealth and wellness brand, hit revenues of $52 million in the first quarter of 2021, a 74% bump YoY from $30 million. The company’s January IPO logged the company a $1.6 billion valuation through a blank check deal. Hims & Hers Health also recently announced that Miley Cyrus is joining the company as a creative advisor to collaborate on a line of Hers brand prescription skincare products, starting with a series of advertising campaigns and social content.

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WELL Health Technologies Corp. (TSX: WELL) (OTC: WLYYF) recently acquired Toronto-based MyHealth Partners Inc. for up to $266.3 million. The deal will make WELL Health the largest private-sector operator of outpatient medical clinics in Canada as it adds 48 clinics in the province of Ontario with this deal. This expands WELL Health’s exposure to the growing telehealth market as approximately 75% of MyHealth’s consultations are done through telehealth technology. Some of that technology is also provided by WELL Health’s group of companies.

For CloudMD Software & Services Inc. (TSXV: DOC) (OTC :DOCRF) (FRA: 6PH), telehealth is at the core of the company’s mission. Its acquisition of Aspiria Corp., which provides a comprehensive suite of mental health and wellness solutions for all employer and educational sectors, provides CloudMD with technology-driven mental health support solutions. It also gives them Aspiria’s customer base of 750 organizations, with 1 million employees, students, and their families who live in Canada and internationally.

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Mydecine Strives to Change The State of Mental Telehealth

Mental health affects hundreds of millions of people in the US alone, and solutions are critical now more than ever. Mydecine and its peers are now providing top-notch services through telehealth technology like MindLeap to fill the unmet needs of the growing mental health market and changing the conversation around what is possible.

For more information about Mydecine Innovations Group Inc. (CSE: MYCO) (OTC: MYCOF) (FRA: 0NFA)click here.

Disclaimer: (MSC) is the source of the Article and content set forth above. MSC owns and operates  References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of Mydecine Innovations Group Inc.


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Telehealth Boom Is Driving this Mental Health Company’s Progress

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