Spring Health
The market
As mental health shifts from a marginalized concern to a central element of global health discussions, the need for effective solutions has never been greater. The mental health sector is undergoing a significant transformation, experiencing a rising demand for quality behavioural health services, driven by a dramatic increase in mental health disorders. Over one in five U.S. adults live with a mental health illness, a situation intensified by the COVID-19 pandemic. This surge, coupled with disruptions in traditional mental health services, has revealed substantial gaps within the healthcare sector. Challenges such as provider shortages, extended patient wait times, and inadequate personalization are highlighting a clear need for innovative solutions in a market ripe for disruption.
Against this backdrop, Spring Health emerges as a transformative player, offering a model that both meets the increasing demand for mental health services and significantly improves the efficiency and effectiveness of mental health care delivery.
The company
Spring Health operates a Precision Mental Healthcare platform that partners with employers, health plans, and channel partners to offer a wide range of mental health services. This platform serves as a unified gateway for personalized mental health care across the full spectrum of acuity. Utilizing AI, machine learning, and unique clinical insights, Spring Health efficiently matches members to the most appropriate care plans, ranging from digital support to comprehensive therapy for conditions such as anxiety, depression, and eating disorders.
Spring Health has demonstrated significant ROI results, notably with the client Hearst, where Spring Health helped save USD 283 per member per month and reduced turnover by 75% for those receiving treatment. The company has expanded its offerings through the acquisition of Bloom’s digital interventions and a partnership with the tobacco cessation program 2Morrow. Dedicated services for adolescents and neurodivergent individuals are part of its comprehensive approach, with Care Navigators ensuring personalized and effective treatment plans.
The Investment Case
Kinnevik’s investment in Spring Health is motivated by the platform’s capability to efficiently meet essential mental health care needs while enhancing the experience for both providers and patients. The platform’s strong clinical and financial outcomes underscore its effectiveness, highlighted by a 68% improvement rate in conditions like anxiety and depression, and 70% of members achieving reliable improvement swiftly.
Today, more than 800 clients, such as Microsoft, JPMorgan Chase, General Mills, Bain and Instacart, as well as 10 million people worldwide have access to Spring Health. The platform shows a solid financial return; for every $1.00 invested in Spring Health, there is a saving of $2.20 on health plan expenses. Moreover, participants with major depression or dysthymia see a 12% reduction in absenteeism.
Under the leadership of its founders, April Koh and Dr. Adam Chekroud, Spring Health is consistently advancing and setting new standards in mental health care. Kinnevik remains committed to supporting Spring Health as it continues to grow in a sector with critical demands and significant potential for impact. This aligns with Kinnevik’s commitment to invest in businesses that provide scalable solutions that help make people’s lives better.
