Now more than ever, millions of people around the world are seeking mental health care.
All thanks in part to the pandemic, which still shows no signs of cooling off. Mental health care has become such a serious need that The Journal of the American Medical Association (JAMA) says “an imminent mental health surge will bring further challenges for individuals, families, and communities including increased deaths from suicide and drug overdoses.”
The need has become alarming. In fact, according to a recent study from the American Psychological Association, about 80% of adults (78%) say the pandemic is a significant source of stress. Two out of three adults (67%) say it’s lead to an increase in stress.
“When considering the physical and emotional toll of increased stress, nearly half of adults (49%) report their behavior has been negatively affected. Most commonly, they report increased tension in their bodies (21%), “snapping” or getting angry very quickly (20%), unexpected mood swings (20%), or screaming or yelling at a loved one (17%),” they added.
When it comes to mental health, treatment is essential. It’s also beneficial for companies such as CloudMD Software & Services Inc. (TSXV:DOC) (OTCQB:DOCRF), Teladoc Health Inc. (NYSE:TDOC), Morneau Shepell Inc. (TSX:MSI), 1Life Healthcare Inc. (NASDAQ:ONEM), and WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF).
CloudMD Software & Services Inc. (TSXV:DOC) (OTCQB:DOCRF) Just Expanded into the U.S.
The company just announced that it has expanded its mental health services into the United States. Snapclarity Inc., CloudMD’s mental health solution is now available for providers and corporations (B2B) in the United States through its proprietary technology app, providing individuals with direct access to clinical assessments that: support risk and diagnosis, provide an immediate connection to care that allows individuals to self-manage, create responsive coping mechanisms and control symptoms through the delivery of personalized therapeutic support.
There is an immediate demand for mental health services in North America. According to the Centers for Disease Control and Prevention, more than 2 in 5 residents in the U.S. report struggling with mental or behavioral health issues associated with COVID-19 pandemic, including anxiety, depression, increased substance use, and suicidal thoughts. Combined with iMD Global Health which is already available in the U.S., CloudMD’s mental health services provide support around various mental health issues, personalized care pathways and valuable educational resources for corporations and insurers to provide better access to care and improved, holistic treatments options to manage the health and wellbeing of their employees and family members. The platform is currently utilized by employers, individuals, therapists and insurers and offers a continuity of care program that effectively blends the supported intervention with technology, artificial intelligence and human touch. This is accomplished through a suite of proprietary digital tools that are designed by clinicians and grounded in evidence-based practices that are proven to positively impact outcomes.
CloudMD’s Employee Assistance Program provider, HumanaCare Inc., also has an existing client base in the U.S. and by integrating Snapclarity’s software into the platform, HumanaCare will improve the current client offering, and will continue to expand its enterprise footprint with this integrated, whole-person solution.
CloudMD already has a significant footprint in the U.S. including Benchmark Systems, which offers revenue cycle management/billing solutions, practice management and electronic medical records software, and services 200 clients, 800 physicians, across 5.5 million patient charts in 35 states. Further, the Company acquired IDYA4, as its technology enabler for future digital transformation and interoperability in the healthcare space. Currently IDYA4’s data platform is used at federal and state levels in partnership with the Department of Justice, Homeland Security and Health and Human Services to name a few. CloudMD remains focused on its U.S. expansion and rolling out its mental health services to its current footprint as well as new enterprise clients is an important next step in that strategy.
CloudMD has grown its network of medical professionals which now includes: 7,000 psychiatrists, over 4,500 therapists and counsellors, over 4,000 psychologists, over 22,000 family physicians, 34,000 medical specialists, over 1,500 allied health professionals and a dedicated research team across North America. This extensive network is the foundation for CloudMD to scale and grow its healthcare platform quickly and efficiently.
Amit Mathur, President of CloudMD commented, “We have an aggressive multi-pronged North American expansion plan that includes both physical and mental health services. We recognize the significant opportunity and need for mental health support in the United States and now we can support corporations and providers to better manage the mental health needs of the workforce. With our local expertise and infrastructure in place, we expect to see significant growth in the U.S. as we continue with the integration of our solutions.”
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