Digital primary care provider K Health announced its acquisition of text-based therapy app Trusst for an undisclosed sum, expanding its services into the rapidly growing online mental health arena.
- Trusst offers a proprietary mobile platform that has the look and feel of regular text chats, adding a layer of familiarity to sensitive conversations with a therapist. To use the service, patients download the Trusst app and fill out a short questionnaire about their symptoms before being connected to a licensed therapist.
- K Health provides a public symptom checker that funnels users into an AI-guided assessment of their health concerns, then allows them to connect to a physician via a telehealth call or explore treatment options through its paid service.
Both companies share a similarly lightweight digital-first approach to healthcare, providing services without the cumbersome overhead of many competitors, and expanding access to mental health professionals who would otherwise be prohibitively expensive or difficult to reach. K Health intends to fold Trusst’s services into its existing offerings, which include 24/7 access to primary care providers and prescriptions for as low as $12/month.
The Hottest Space in Digital Health
According to Rock Health’s H1 2021 digital health funding report, the virtual mental health space attracted over $1.5b during the first six months of the year, making it the leading clinical focus for new digital health capital.
That definitely seemed true last week. The K Health acquisition took place one day before Headspace and Ginger’s blockbuster merger, and the timing is far from a coincidence.
With so much investor attention on the space and a limited number of mental health service providers, companies are quickly staking claims through M&A activity, and K Health is betting that Trusst’s text-based therapy could be the answer to meeting the growing demand for accessible mental health services.