Spring Health (springhealth.com)
What is the company? How much have they raised to date?
Spring Health was founded in the Spring of 2016 and is an EAP mental health offering. Spring offers a combination of therapy, digital CBT exercises, and consulting. Spring Health goes beyond mental health services and offers company training and programming, work-life services, legal and financial services, and critical incident support. Spring has raised over $300 million to date at a valuation north of $2 billion dollars.
What's their mission?
Spring Health’s mission is to help individuals and organizations thrive by eliminating every barrier to mental healthcare.
Who founded the company? Are their clinicians on the executive team?
Spring was founded in 2016 by April Koh and Adam Chekroud. Before starting Spring Health, April founded Spylight and was their Chief Product Officer. The company was eventually shut down by the founders. April then briefly worked at Shazam before starting Spring Health. According to a ProductHunt profile, Spylight helped consumer purchase what was displayed in your content, for example clothing. Adam is currently the President of Spring Health. At Yale, Adam received a Master of Philosophy in Clinical Neuroscience and Ph.D. in Psychology/Neuroscience. Adam does have two related works published. Adam held a mixture of finance and research-related positions before founding Spring Health.
What's the business model? How does this company make money?
As an EAP, Spring Health does not directly charge end users. According to a Forbes article, Koh was quoted saying companies can expect to pay $100 to $150 per employee per year.
What does one get for paying that price?
Quite a lot. Yes, Spring offers mental healthcare, therapy, and med management, but they offer a whole lot more. They offer custom programming to discuss leadership, diversity, and inclusions, and destigmatizing mental health at work. Under work-life services, they list elder care, travel resources, pet care, child care, education, and more. Legal services include divorce/custody, criminal, real estate, bankruptcy, and more. Financial services include budgeting, home buying, life event planning, credit card debt, and more.
What is the cancellation policy?
Like other EAP offerings, this is offered through an employer. If you retire, get laid off, or are fired, you may lose access to Spring Health.
If applicable, what are the pay/benefits for therapists?
Spring Health does not appear to have minimum requirements for its clinical network. Spring Health gives clinicians access to their suite of admin and AI tools. According to online reviews, therapists seem to be satisfied with the rate for sessions.
Spring Health is one of the fastest growing EAP programs and it’s no wonder based on the number of services they provide. With that being said, the culture, according to Glassdoor, sounds like a typical startup. There’s a mixture of reviews around micromanagement, average pay, and decent benefits. Much of the sales team seems satisfied while the technical team is more of a mix. As far as therapists, there are not a ton of reviews, but it appears the therapists that have discussed Spring Health were satisfied with their experience.
On the Apple App store, the app has a score of 2.7 out of 5 out of 27 reviews at the time of writing this. Many reviews state the app’s not production ready. There are actually more 1-star reviews than 5-star reviews. With their size and growth, 27 reviews is an incredibly small sample size.