CloudMD Makes Mental Health More Accessible with Launch of Spanish Language TAiCBT in the United States
VANCOUVER, British Columbia, Feb. 13, 2023 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), an innovative health services company transforming the delivery of care, is pleased to announce the launch of its Spanish language therapist-assisted internet-based Cognitive Behavioural Therapy (“TAiCBT”) as part of its mental health offering in the United States. English and Spanish EAP and TAiCBT are delivered through CloudMD’s mental health brand Harmony Health in the United States. Spanish TAiCBT is being launched for many longstanding customers and for new clients like Venetian Resorts.
“A Spanish language option was one of the most requested features we have from our large U.S. employer customers. These businesses typically have a large diverse employee base and the requirement for multilingual support is key to successful employee engagement. TAiCBT also provides asynchronous support which reduces the need to make an appointment, a key barrier to care especially for shift workers. We know being able to meet patients where they are leads to better engagement, better health outcomes and ultimately higher ROI for the employer,” said Karen Adams, CEO of CloudMD. “One of the upsides we saw when purchasing MindBeacon was the ability to take their established, clinically proven TAiCBT content and launch in the United States in Spanish, a market with over 40 million people who speak Spanish at home. This is an example of us executing against our deal rationale and driving business synergies by merging our geographic reach with skills and technologies from acquired companies.”
Over 20% of adults in the U.S. experience mental illness. It is a large and growing problem, and with the average cost of therapy between $100 and $200 per session, there are barriers to receiving help. Innovative solutions like TAiCBT reduces the cost, eliminates barriers, and is often as clinically effective as traditional therapy.
For employers the return on investment is clear with 86% of employers indicating that mental health resources help increase employee retention.1 Preventative mental wellness programs have been shown to save between $2 and $4 dollars for every one dollar invested.2
About CloudMD Software & Services
CloudMD is an innovative North American healthcare service provider focused on empowering healthier living by combining leading edge technology with an exceptional national network of healthcare professionals. Every day, our employees and health care providers live our values of deliver excellence, collaboration, connected communication and accountability to solve complex health problems. CloudMD’s industry leading workplace health and wellbeing solution, Kii, supports members and their families with a personalized and connected healthcare experience across mental, physical and occupation health. Kii delivers superior clinical health outcomes, consistent high engagement, and measurable ROI for payers such as employers, educational institutions, associations, government, and insurers. CloudMD is also a market leader in workplace absence management through data-driven prevention, intervention and return to work programs.
In addition, the Company sells health and productivity tools to hospitals, clinics, and other healthcare service providers to empower them to deliver better care. Visit www.cloudmd.com to learn more about the Company’s comprehensive healthcare offerings.
ON BEHALF OF THE BOARD OF DIRECTORS
“Karen Adams”
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Investor Relations
Investors@cloudmd.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws, including statements about the Company’s growth strategy and profitability. These statements are based upon information currently available to CloudMD’s management. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as “forecast”, “assumption” and other similar expressions or future or conditional terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and CloudMD does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Company’s MD&A (which is filed under the Company’s issuer profile on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.
1https://www.workplacementalhealth.shrm.org/wp-content/uploads/2022/04/Mental-Health-in-America-A-2022-Workplace-Report.pdf
2https://headversity.com/the-cost-of-neglected-employee-mental-health-80-billion-and-counting/
