Is Mindbloom the future of psychedelics?

 

Mindbloom (mindbloom.com)

What is the company? How much have they raised to date?

Mindbloom is a mental health company adding psychedelics into care with the guidance of clinicians. Minbloom focuses on science-backed therapy and the implementation of psychedelics like ketamine to transform lives.

What's their mission? 
Mindbloom is a mental health and wellness company not just focused on improving our mental health but helping us reach our full potential.

Who founded the company? Are their clinicians on the executive team? 
Mindbloom was founded by Dylan Beynon. Dylan is a serial entrepreneur and founded Mighty before Mindbloom. At Might, Dylan was Chief Growth Officer. Mighty helped injured people get a better deal from the justice system. Mighty was a software platform that helped the interested stakeholders manage heir legal cases. He also founded a platform that gave consumers insights on their political candidates.

We do not see a clinician as head of marketing, clinical ops ,etc. They do have a lead clinician who is Kristin Arden. Kristin was one of their first 10 employees and led the scaling of their clinical team.

What's the business model? How does this company make money? 
Mindbloom's business model is run on three month subscriptions. New clients are billed at a rate of $89 per week and are billed for 12 weeks. Returning clients can repurchase the three month package at a rate of $55 per week. The three month packages appear to be broken down into three payments based on online reviews. Ad hoc 1:1 sessions for 45 minutes can be purchased for $59.

What does one get for paying that price? 
New patients get 6 ketamine treatments, 1 Bloombox (which is trademarked btw), 2 psychiatric clinician consults, 3 guide sessions, unlimited group sessions, and unlimited messaging. Returning clients get 6 ketamine treatments, 1 psychiatric clinician consult, and still unlimited groups and messaging.

What is the cancellation policy? 
Mindbloom makes no mention of a cancellation policy or refund policy other than they can suspend your services at any time and you're free to stop using the services at any time. It does appear there is a refund if they deem you're not a fit for their services.

If applicable, what are the pay/benefits for therapists? 
Full time employees are offered medical dental and vision insurance, malpractice insurance, and a flexible work schedule. Collaborating psychologists, coaches, and guides are offered hourly pay. According to one glassdoor review, the pay for guides is $21-$23 per hour. Not mentioned on clinical roles but offered on corporate roles is unlimited vacation, steeply discounted Mindbloom products, annual company retreats, design your own workday, and employer sponsored 401K. 

The Review 
Overall, Mindbloom seems to be getting off to a good start as a company. With how new psychedelics are and being a cash pay only practice, their growth hasn't been as explosive as others but that's not a bad thing when we compare it to some of the troubles of other startups. While some Glassdoor reviews say the pay could be better, most reviews are positive and count the biggest downside as being entirely remote work and some IT issues that normal startups might encounter. 

It's important to note that Mindbloom is very different than many other offerings on this list. You can see by what you're offered, it's not repetitive sessions with a therapist. Some online reviews talk about doing much of the work on your own. Some clients seem very happy with their guides while others report talking to different people. Because of psychedelics are a hot topic, Mindbloom is pretty easy to find reviews online. Google reviews has them at 3.7 stars at fifteen reviews and Trustpilot has them at 2.4 stars at seventeen reviews. One thing from reviews is clear, the integration of psychedelics has given many people hope that they otherwise didn't have. Between online forums and social media comments, people are very excited about what Mindbloom can be for the industry.

Mindbloom does use Facebook Pixel on their marketing website and on their onboarding questionnaire at welcome.mindbloom.com which asks users extremely sensitive information about how they've been doing over the past seven days. For example, "Over the past seven days, I've felt worthless" and you can respond Never, Rarely, Sometimes, Often. The next two questions were structured the same way except if I've felt worthless, and depressed. The final question asked if I was already on medication. Pixel is tracking what questionnaire steps are completed and "Button Clicks." The medical group notes they won't sell your protected health information without your consent, so pay attention for consents which could ask for permission.

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