Talkspace stock jumps on Amazon Health Services partnership

Talkspace (TALK) saw its stock price jump more than 13% premarket on Tuesday following the announcement of a new partnership with Amazon Health Services.

The company said the collaboration aims to significantly improve access to online therapy and psychiatry services for millions of Americans.

Talkspace becomes the first virtual behavioral health provider to join Amazon's program.

The program exists to help individuals discover and utilize their existing mental health benefits at no additional cost or for a copay (typically around $15).

By leveraging Amazon's platform, Talkspace said it is able to reach a wider audience and raise awareness of existing mental health benefits.

The company explained that through targeted information displayed on relevant Amazon searches ("stress relief," "family therapy"), users will now be able to discover their Talkspace eligibility with ease.

"This partnership with Amazon marks a pivotal moment in our mission to provide high-quality mental health care to the majority of Americans," said Talkspace CEO Jon Cohen.

He added: "By making it easier for millions of people across the U.S. to discover their behavioral health benefits while shopping Amazon, we can ensure more people gain access to more than 5,000 licensed therapists they may not have known about, helping them begin their therapy journey with Talkspace."

Amazon customers are now able to explore Talkspace's offerings by visiting the Amazon Health webpage.

Talkspace explains that eligible individuals can then sign up, get matched with a therapist, and schedule sessions or exchange asynchronous messages with their therapist.

"Amazon aims to simplify the journey to better health by making it easier for customers to discover and access the products, services, and professionals they need," said Aaron Martin, Vice President of Healthcare at Amazon.

This collaboration, he further stated, "will not only help customers discover their mental health benefits but also, if they choose, gain access to their own dedicated, licensed therapist in a fraction of the time it might take to see someone in-person."

Source: Investing.com