Mental health's billion-dollar heist on global prosperity

Mental health in the workplace is a critical factor that affects not only the well-being of employees but also the productivity and overall success of a business. Recent statistics underscore the importance of this issue: the World Health Organization estimates that depression and anxiety disorders cost the global economy $1 trillion each year in lost productivity as of September 28, 2022. Moreover, a study by Mind Share Partners, SAP, and Qualtrics published in 2019 found that mental health issues are one of the leading causes of employee absenteeism and reduced performance.

Addressing this challenge is Likeminded, a trailblazer in the digital mental health space, founded in Berlin in 2020. The inception of Likeminded is attributed to a collective of pioneers: Josu García de Albizu, Kimberly Breuer, Maximilian Heberger, and Stefan Anca. This innovative company is poised at the intersection of technology and mental wellness, offering a digital platform that aims to enhance the mental health and overall well-being of employees. Through its services, Likeminded empowers organizations to create healthier work environments, thus contributing to the reduction of mental health-related losses and fostering a more engaged and productive workforce.

Pain point addressed

Likeminded directly tackles the challenge of providing accessible, stigma-free mental health support in the workplace. Recognizing that traditional mental health services can be costly, inflexible, and stigmatized, Likeminded’s digital platform offers a practical solution: a range of mental health services that are discreet, easily accessible, and adaptable to the varied schedules of employees. This approach not only ensures privacy and convenience but also actively works to dismantle the stigma around mental health in professional environments. By embedding these services within the workplace ecosystem, Likeminded fosters a culture where seeking mental health support is normalized and encouraged, aligning employee well-being with overall organizational health.

Type of solution

Likeminded’s solution is a technologically advanced digital platform specifically engineered to deliver a range of mental health services tailored for the workplace. It is not merely a software application but a comprehensive ecosystem designed to facilitate mental well-being at scale. At its core, the platform functions as a conduit between employees seeking mental health support and qualified professionals capable of providing it. It is a sophisticated orchestration of technology and human expertise, enabling seamless access to mental health services. The formats offered are diverse, including but not limited to webinars, individual therapy sessions, and group interventions, all facilitated through a secure and user-friendly digital interface.

Type of input data leveraged

• User-provided data: This includes information entered by users such as self-reported mood, stress levels, and other mental health indicators through questionnaires and assessments.
• Engagement data: Data on how users interact with the platform, including session lengths, frequency of use, and preferred content or activities.
• Outcome data: Feedback from users regarding their progress or changes in their mental health status after using the platform’s resources.
• Demographic data: Age, gender, job role, and other demographic details that can help personalize and tailor the mental health support.

Key technology involved

Likeminded employs a digital platform as the key type of technology to address mental health care in the workplace. This platform integrates several core technologies to enhance its functionality:

• Machine learning (ML): To drive personalization, making the platform adaptive to the unique mental health journey of each user. It features algorithms that learn from user interactions to suggest the most relevant content or interventions.
• Natural language processing (NLP): To interpret user language and provide empathetic responses, NLP is crucial for engaging users and accurately identifying their needs.

Key applications of solution

• The platform’s diagnostic assistance is facilitated by a suite of psychological assessment tools that users can engage with on the platform. These tools might include questionnaires and self-assessment modules that utilize validated psychological scales. The responses are processed using algorithms to flag potential mental health issues. For example, if a user’s responses suggest symptoms of depression, the platform can identify this pattern and suggest relevant resources or professional support.
• For treatment planning, Likeminded’s platform likely includes a backend analytics system that healthcare providers can access (with appropriate permissions) to review anonymized data trends and user feedback. This data can help providers understand the efficacy of current interventions and adapt treatment plans to user responses. For instance, if data shows that users with anxiety, particularly in similar cohorts as the customer, benefit significantly from cognitive-behavioral therapy (CBT) modules on the platform, therapists can integrate more CBT-focused sessions into their treatment plans.
• The personalized care aspect is driven by AI technology that continuously learns from user interactions. As users engage with different modules and sessions, the AI can discern which types of content and interventions are most effective for each user. It then dynamically adjusts the content it presents, ensuring that users are directed towards the most beneficial resources. If a user frequently engages in mindfulness exercises and reports positive outcomes, the AI would prioritize similar types of content for that user, creating a custom-tailored care pathway.

Key implications to stakeholders

• Patients: The Likeminded platform is available on multiple devices and offers anonymity, allowing employees to seek help without fear of workplace stigma or scheduling conflicts. This can lead to better mental health and productivity. The AI-driven personalization ensures that each employee’s care is tailored to their specific needs, increasing the likelihood of positive outcomes.
• Employers and organizations: Organizations receive anonymized aggregate data on employee usage and outcomes, which can guide the development of targeted wellness initiatives, potentially leading to a healthier workplace and reduced healthcare-related costs.
• Healthcare providers: Providers have access to a dashboard or interface where they can track patient progress through analytics, allowing for more informed and dynamic treatment adjustments. They can also reach more patients through the platform’s scalability, improving overall care delivery efficiency.
• Insurers: With data insights from the platform, insurers can better understand mental health trends and their financial implications. This can lead to the development of more accurate actuarial models and potentially lower the costs of mental health-related claims.
• Regulatory bodies: Likeminded could operate within the legal framework, such as GDPR for data protection. The platform could demonstrate compliance with these regulations, which are designed to protect the user’s privacy and ensure the ethical use of AI.

Current impact

Likeminded’s platform offers on-demand webinars, digital exercises, and meditations to help employees overcome everyday challenges and make sustainable behavioral changes. Patients can access personalized mental health offers quickly and easily through the platform’s user-friendly interface. The AI-driven personalization ensures that each employee’s care is tailored to their specific needs, increasing the likelihood of positive outcomes. On the Likeminded website, more than 90% of all active users describe a positive effect of Likeminded on their psychological well-being. They have also secured substantial seed funding for expansion and have acquired other companies to bolster their service offerings. The future impact is expected to have a broader reach and more comprehensive mental health support solutions.

Potential future impact

• Likeminded’s trajectory indicates a future where mental health care is seamlessly integrated into the daily fabric of the workplace. As the platform continues to evolve, it could become a standard component of employee benefits packages, contributing to a broader normalization of mental health care. The company’s approach to personal growth and mental well-being could lead to a more resilient workforce, with implications for reducing overall healthcare costs for employers and insurers.
• The data-driven insights generated by Likeminded’s platform hold the potential to influence organizational policies and create a more supportive work environment for mental health needs. In the long term, as the platform scales, the collective data could provide valuable insights into mental health trends at a societal level, possibly informing public health strategies and interventions.

Business model

Likeminded operates on a Business-to-Business (B2B) model. This model involves selling their digital mental health services to other businesses, which then offer these services as part of their employee benefits package. In Likeminded’s B2B business model, the patients, who are the employees of a company that partners with Likeminded, are generally not directly responsible for the subscription costs. Instead, the company that employs them pays for the subscription as part of its employee benefits package. This approach allows Likeminded to tap into the corporate responsibility and wellness budgets of companies, providing a scalable customer base.

Advantages of the business model

• Stable revenue stream: Contracts with businesses often mean long-term engagements and recurring revenue, which provides financial stability and allows for more robust planning and growth.
• High impact potential: By partnering with businesses, Likeminded can reach a large number of employees, amplifying the potential impact of their mental health services.
• Enhanced data insights: Working with a corporate clientele provides access to aggregate data, which can be invaluable for analyzing mental health trends and improving services.

The company has seen a remarkable 200% growth in users over the past 12 months.

Funding and key investors

• Likeminded has successfully raised €10.9 million across three separate funding rounds. The most recent injection of capital occurred on October 26, 2023, during a seed funding round. A total of six investors have put their trust in Likeminded, with N&V Capital and IBB Ventures being the latest to join the company’s financial backers.
• Likeminded has expanded its business operations through strategic acquisitions. On September 6, 2023, the company acquired Whylab, which likely represents a move to either expand its market share, enhance its technology, or enter new areas of operation.

Competitive differentiator

In the mental health tech space, Likeminded’s competitive edge is enhanced by its blend of a strong, modern brand and a hybrid approach that combines in-person experiences with its digital offerings. This dual-channel strategy is crucial in mental health care, where the personal touch remains integral. By leveraging this approach, Likeminded aims to dismantle the barriers and stigma associated with seeking mental health support, thereby making quality care more universally accessible. It’s a forward-thinking model that resonates well in today’s healthcare landscape, especially as the pandemic has heightened awareness of mental health issues.

Relevant regulatory and compliance requirements

Likeminded operates within the legal framework, such as GDPR, for data protection. The platform demonstrates compliance with these regulations, which are designed to protect the user’s privacy and ensure the ethical use of AI.

Partnerships and collaborators

The company’s investor portfolio, including entities like Heartcore Capital and the Hasso Plattner Institute, suggests robust backing. Such investors typically offer more than just capital; they provide strategic industry connections and can facilitate partnerships that are essential for scaling, innovation, and integration into broader healthcare ecosystems.

Use case

“The goal is not only to be free from mental issues but to enable you to live your life to its full potential. We know that this journey towards mental strength needs to be individual and flexible. That’s why we offer personalized solutions.” - Kimberly Breuer (Psychologist and Co-CEO, Likeminded)

Areas for continuous improvement

• Refining AI-powered customization: Likeminded harnesses artificial intelligence to create mental health interventions that are precisely aligned with the individual needs of each employee. Advancements in this area could enhance the precision of the support provided, thereby fostering improved mental health outcomes for users.
• Diversifying group offerings: The platform’s distinctive competence in delivering group-based mental health sessions distinguishes it in the marketplace. By broadening the variety of these group sessions, Likeminded could further enhance the reach and impact of its services.
• Elevating scalability: With a solid track record of financial success and user base expansion over the previous year, Likeminded is poised for growth. By focusing on scalability, the platform could extend its services to a wider demographic, offering its mental health solutions to an increasing number of enterprises and their employees.

References

https://www.likeminded.care/en/about-us

https://tech.eu/2023/10/26/berlins-likeminded-ecures-additional-eur15m-for-digital-mental-health-solutions/

https://www.crunchbase.com/organization/likeminded

Disclaimer: Please note that the opinions, content, and analysis in my posts are entirely my own and do not reflect the views of any current or past employers or institutional affiliations. These posts, based solely on publicly available information, are for informational purposes and should not be taken as professional advice. All insights and conclusions are my viewpoints and should not be considered representative of any organizations I am or have been associated with. This content is not endorsed by, nor does it represent the stance of any affiliated entity.