Spring Health
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| Private | |
| ISIN | 🆔 |
| Industry | Health Care |
| Founded 📆 | 2016 |
| Founders 👔 | April Koh, Adam Chekroud |
| Headquarters 🏙️ | , , United States |
Area served 🗺️ | |
Key people | April Koh (CEO and Cofounder) Adam Chekroud (President and Cofounder) |
| Members | |
Number of employees | |
| 🌐 Website | springhealth |
| 📇 Address | |
| 📞 telephone | |
Spring Health (officially Spring Care Inc.)[1] is an American privately held company whose primary service is a mental health benefit program that health plans or employers offer to their covered employees and dependents.[2][3] The company is headquartered in New York City, New York and was valued at $2.5 billion as of its last publicly announced funding round.[4][5][6]
Business[edit]
Spring Health operates an Employee Assistance Program (EAP) that enables personalized mental health care for individuals, using its proprietary technology to recommend specific treatments or programs and then connecting users with resources and providers.[7][8]
Spring Health has been reported to work with major companies including General Mills, Bain, and Instacart.[9] As of March 6, 2023, the company was said to cover more than 6 million individuals.[10]
On September 16, 2021, Spring Health announced that it had closed a Series C Financing Round of $190 million that valued the company at $2 billion.[11] In total, the company said at the time that it had raised $300 million from investors.[11][12] That announcement made CEO and Cofounder April Koh, then 29 years old, the youngest woman to run a unicorn (a privately held startup company valued at $1 billion or more).[3][11]
Spring Health shared news of an additional $71 million in fundraising in April 2023, bringing the company's reported valuation to $2.5 billion.[6][13] On May 9, 2023, CNBC named Spring Health number 16 on its annual Disruptor 50 list of the top venture-backed private companies worldwide poised to significantly disrupt major industries.[14]
History[edit]
Spring Health was founded in 2016 by Koh and Adam Chekroud based on the latter’s research into whether machine learning could help predict treatment outcomes for depression[15] that he had published as a PhD candidate at Yale University.[16] As Koh has relayed the story, she came across Chekroud’s research when she was still an undergraduate and reached out directly to him about meeting for coffee, ultimately pitching the idea for the company that would become Spring Health.[17][16][18]
Spring built on Chekroud’s research to commercialize the concept of “precision mental health.”[19] That concept has been defined as a data-driven and technology-assisted “approach to prevention and intervention that focuses on obtaining an accurate understanding of the needs, preferences, and prognostic possibilities for any given individual, based on close attention to initial assessment, ongoing monitoring, and individualized feedback information, and which tailors interventions and support accordingly in line with the most up-to-date scientific evidence.”[20] Dr. John H. Krystal, chair of the Yale Department of Psychiatry and the chief of psychiatry at Yale-New Haven Hospital, told NBC News that Spring Health was to his knowledge “the first practical application of the precision medicine approach in psychiatry.”[21]
In June 2022, Spring Health received media attention for publishing a three-year study in JAMA Network Open that showed that almost 70% of those users evaluated reported an improvement in mental health, and that employers saw more than $7,000 in estimated average savings per participant within the first six months.[22] [23][24] That study concluded that it had found evidence that investing in a program such as Spring’s would see a positive return on investment for any U.S. employer, with Chekroud telling Fortune, “Employers will make money, even on a workforce that is entirely federal minimum wage. And so it's really opening up the opportunity for companies to invest in mental health.”[22]
References[edit]
- ↑ "Telehealth Startups Everlywell, Spring Care Hire Top Lawyers". news.bloomberglaw.com. Retrieved 2023-02-28.
- ↑ Global, K. E. D. "Mental health app Spring Health emerges amid pandemic". KED Global. Retrieved 2023-02-28.
- ↑ 3.0 3.1 "The 15 Most Powerful Women in Startups". Fortune. Retrieved 2023-02-28.
- ↑ "Spring Health - Products, Competitors, Financials, Employees, Headquarters Locations". www.cbinsights.com. Retrieved 2023-02-28.
- ↑ McGrath, Maggie. "Spring Health Notches A $190 Million Series C At A $2 Billion Valuation, Making CEO April Koh The Youngest Woman To Run A Unicorn". Forbes. Retrieved 2023-02-28.
- ↑ 6.0 6.1 Lovett, Laura (2023-04-13). "Digital Mental Health Company Spring Health Raises $71M, Hits $2.5B Valuation". Behavioral Health Business. Retrieved 2023-05-09.
- ↑ "Spring Health scores $76M investment as employers step up focus on mental health issues". Fierce Healthcare. 2020-11-20. Retrieved 2023-02-28.
- ↑ "A Modern Approach to Mental Well-being | Guardian". www.guardianlife.com. Retrieved 2023-02-28.
- ↑ Reuter, Elise (2021-09-16). "Behavioral health startup Spring Health valued at $2B". MedCity News. Retrieved 2023-02-28.
- ↑ Landi, Heather (March 6, 2023). "Spring Health taps leading psychiatrist as chief medical officer as mental health company eyes next phase of growth". Fierce Healthcare. Retrieved March 22, 2023.
- ↑ 11.0 11.1 11.2 "Spring Health snags $190M to build out family mental health services, ramp up health plan partnerships". Fierce Healthcare. 2021-09-17. Retrieved 2023-02-28.
- ↑ Seong-min, By Kim; Feb 15, 2022 13:01. "Young Korean-American Driving Force Behind Top U.S. Start-up". english.chosun.com. Retrieved 2023-02-28.
- ↑ Landi, Heather (April 14, 2023). "Spring forward: Mental health benefits company nabs $71M, propels to $2.5B valuation".
- ↑ staff, CNBC com. "16. Spring Health". CNBC. Retrieved 2023-05-09.
- ↑ Chekroud, Adam Mourad; Zotti, Ryan Joseph; Shehzad, Zarrar; Gueorguieva, Ralitza; Johnson, Marcia K.; Trivedi, Madhukar H.; Cannon, Tyrone D.; Krystal, John Harrison; Corlett, Philip Robert (March 2016). "Cross-trial prediction of treatment outcome in depression: a machine learning approach". The Lancet. Psychiatry. 3 (3): 243–250. doi:10.1016/S2215-0366(15)00471-X. ISSN 2215-0374. PMID 26803397.
- ↑ 16.0 16.1 am, Natalie Makableh 12:18; Feb 24; 2022 (2022-02-24). "Yale alumna becomes youngest female unicorn CEO". Yale Daily News. Retrieved 2023-02-28.
- ↑ Northzone (2021-09-17). "A fika with... April Koh, Co-founder and CEO of Spring Health". Northzone. Retrieved 2023-02-28.
- ↑ "40 Under 40 - April Koh". Crain's New York Business. 2022-10-24. Retrieved 2023-02-28.
- ↑ "The Pulse by Wharton Digital Health: April Koh, Spring Health, on leading in precision mental health on Apple Podcasts". Apple Podcasts. Retrieved 2023-02-28.
- ↑ Bickman, Leonard; Lyon, Aaron R.; Wolpert, Miranda (2016-05-01). "Achieving Precision Mental Health through Effective Assessment, Monitoring, and Feedback Processes". Administration and Policy in Mental Health and Mental Health Services Research. 43 (3): 271–276. doi:10.1007/s10488-016-0718-5. ISSN 1573-3289. PMC 4832000. PMID 26887937.
- ↑ "How three first-generation immigrants are using machine learning to improve mental health care". NBC News. Retrieved 2023-02-28.
- ↑ 22.0 22.1 "Workplace mental health benefits can reduce sick days, increase productivity—and even provide savings for employers". Fortune Well. Retrieved 2023-02-28.
- ↑ Bondar, Julia; Babich Morrow, Cecina; Gueorguieva, Ralitza; Brown, Millard; Hawrilenko, Matt; Krystal, John H.; Corlett, Philip R.; Chekroud, Adam M. (2022-06-09). "Clinical and Financial Outcomes Associated With a Workplace Mental Health Program Before and During the COVID-19 Pandemic". JAMA Network Open. 5 (6): e2216349. doi:10.1001/jamanetworkopen.2022.16349. ISSN 2574-3805. Unknown parameter
|s2cid=ignored (help) - ↑ Berg, Joel (2022-06-13). "Study shows tech-based program improves workers' mental health, productivity". MedCity News. Retrieved 2023-02-28.
External links[edit]
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