How VCs are creating the “Uberfication of Therapy” that is purely profit focused (Podcast Episode)

It may come as no surprise that many are still feeling the psychological impact of the pandemic. And, as mental health becomes less stigmatized, new wave of apps and companies, such as BetterHelp and Talkspace, have flooded this space, offering more affordable and convenient mental health services.  

However, while this new wave of attention on mental health is good for society, the interest from VCs looking to turn this attention into profit could in fact be disastrous for the industry.

To discuss this new “Uberfication of Therapy” we are joined by William Schroeder, Co-Owner and Counselor at Just Mind, a boutique mental health clinic based in Austin, Texas.

Listen to this podcast on Spotify, Anchor, Apple Podcasts, Breaker, Google Podcasts, Stitcher, Overcast, Listen Notes, PodBean, and Radio Public.

Schroeder explains how these large tech companies promise mental health specialists the ability to turn on an app and be given as many clients as they can take with the promise of good earnings. However, much like Uber, these big payday promises have fallen flat. Especially when these companies gain market share, they reduce the worker’s wages or introduce subscription costs that claw back the profits of the individual. 

Schroeder also shares what he believes needs to be done in order to provide better, more affordable mental health services to the wider population. In response to this question, Schroeder explains the rollout of 988, an emergency number that will release crisis teams all across the country, so when people are in a mental health crisis, whatever it might be, they can call this number. 

He also goes into detail about how student loan forgiveness could stand to be a method for attracting more workers to the mental health field. And finally, Schroeder explains how apps can be a useful tool in the battle for better mental health services.