Established, secure, online therapy service, raising follow on round to scale
For people experiencing a mental health challenge, who want to speak to a therapist but find it inaccessible or daunting, PlusGuidance is a new type of therapy service that allows people to connect with a therapist immediately and discretely, from the comfort of their own home. Unlike our competitors, PlusGuidance lets you choose a therapist, choose your appointment time, pay online, and choose the type of therapy session you have, whether it’s video conferencing, instant messaging, or a traditional in-person session. Last 5 months average growth: Revenue 46%, Sessions 38%, Users 32% Watch the full version of the video pitch here – https://vimeo.com/154565693/dc36db3c7e
PRODUCTS & SERVICES
PlusGuidance has it’s own software for secure video conferencing and messaging, and unlike Skype, we have achieved the worldwide gold standard for health data privacy – HIPAA-compliance.
PlusGuidance therapists are independent practitioners, and all go through verification checks for core psychotherapy training, and professional indemnity insurance.
1 in 4 people every year suffer with a diagnosable mental health problem (Office of National Statistics). Therapy/counselling is an extremely effective, evidence-based, drug-free way to improve people’s mental health. Access to therapy is broken and the current solutions have huge numbers of barriers that stop people from getting the help they need.
PlusGuidance helps people overcome the barriers to therapy by providing immediate online access, completely privacy, and convenience. PlusGuidance uniquely offers the widest range of choice for users in terms of therapist, type of therapy, type of session, and time of appointment.
A) PlusGuidance takes 15% service fee + payment processing fee from therapists on every transaction for a therapy session from every client introduced by PlusGuidance.
B) Therapists are encouraged to use the Plus Guidance platform with existing clients. We do not charge the 15% service fee for these transactions, but do charge the payment processing fee, generating a reliable second revenue stream.
C) We licence our software for a monthly fee. We currently have Universities, schools, and mental health charities as customers, and our biggest new customer (the biggest work place counselling company in the UK) have just agreed a 2 year contract at £900 pm.
The most likely scenario is an acquisition approximately 5/6 years time
Acquisitions are popular in digital health, 146 deals made Q1-Q3 2015 including IBM buying ‘Merge Healthcare’ for $1bn.
Our competitor ‘Breakthrough’ was acquired by MD Live last year (amount not disclosed, estimated around $40 million).
Obvious potential buyers include large digital health or telemedicine companies such as: Millennium Healthcare, Cardinal Health, MD Live, but others include some of the companies we are forming customer relationships with now such as: Health Assured (owned by Peninsula Group), and BUPA (who have £200-£300 million yearly budget for acquisitions).