Estimating the profitability of an innovation in the Mental Health sector

Desired outcome

An estimation of the profitability of an innovation in the mental health sector..

Shrink Wrap is on a mission to make the process of finding the right therapist easier, with it's innovative new platform idea. While still at early stages, we want to carry out a SWOT analysis and estimate the profitability of our plans to ensure we are making fully informed and optimal decisions as we move forward.

Initial Problem Description

In order to ensure we have a clear picture of our market, customers, competition, trends and changing marketplace, we would like the team to carry out a comprehensive SWOT analysis, business plan and estimation of profitability including TAM, SAM, SOM calculations that we can include in an investment pitch deck. A comprehensive analysis will enable the effective design and positioning of our innovation to achieve competitiveness and success.

Context

“Mental health therapy is more successful when you have a good relationship with your therapist”. This statement sounds obvious, and it's true - there's decades of research showing that the "personality-fit" (or therapeutic relationship) between a therapist and their client is one of the most consistent determinants of how successful the outcomes of therapy will be (e.g. Horvath & Symonds, 1991 and Baldwin et al, 2007), as well how likely it is that the therapy will be prematurely terminated (e.g. Meier et al, 2006). Yet, none of the existing routes-to-therapy, whether public or private, take this critical factor into account.

This is where Shrink Wrap comes in, putting "personality-fit" at the heart of the search to find the right therapist.

However, in order to be attractive to investors in the space as well as to ensure competitiveness and success, we require a robust business plan and profitability analysis.

Connection to cross-cutting areas

1. Digitalisation: Shrink Wrap seeks to utilise people-centred and system-aware design principles to design an innovative new digital solution, with the potential to deliver significant improvements in the mental health sector. The challenge involves utilising innovative technology to revolutionise the route-to-therapy for people suffering with their mental health.

Participants are encouraged to design creative solutions that embrace digital tools to help users find a therapist they can get on with, incorporating “personality-fit” (or therapeutic relationship) in their search process. The solution should be accessible, responsive, and technologically advanced.

2. Industry 4.0: by emphasizing the use of cutting-edge technologies to revolutionise the mental health sector.

Input

Shrink Wrap will initially target the domestic UK market, focusing on individuals seeking therapy. Around 8 million adults have received mental health treatment in the UK (APMS, 2014), with the NHS allocating over £13 billion to mental healthcare in 2022/23 (NHS England), and the private therapy market valued at approximately £2.5 billion annually (Mental Health Foundation). Moreover, with common mental health problems in the UK estimated to affect 1 in every 6 people in a single week (McManus et al., 2016), the wider costs to the UK economy are estimated between £70 to £100 billion per year – 4.5% of total GDP (Chief Medical Officer's report, 2013). The COVID-19 pandemic has further emphasised the importance of quality mental health support, with a recent survey revealing that 56% of therapy seekers reported increased willingness to seek mental health help due to the crisis (ValuePenguin, 2020).

Expectations

We would like clear communication and to be able to be informed throughout the process and we expect that the team will consider the scalability of our solution, our variety of proposed revenue streams as well as coming up with their own ideas. We also expect the team to do their own research to regarding all aspects.

Desired Team Profile

Be up-to-date, expert knowledge, as the team members must have expert knowledge of business planning, scaling digital solutions, management, recruitment, operation and optimisation. The team must be able to offer imaginative and feasible solutions to achieve maximum profitability.

Clinical and/or mental health service awareness would be a huge bonus, however, we are aware that the perfect combination is certainly difficult to realise so we are open for teams from all of these backgrounds.

Additional Information

Direct competitors: While there are platforms claiming to “match” users with the best therapist, such as BetterHelp and TalkSpace, this is often restricted to issue (e.g. anxiety, depression etc) and modality (e.g. psychotherapy, CBT, CFT). They do not take into account personality, individual preferences or additional barriers. Shrink Wrap seeks to empower the user and differentiates itself based on personalisation, quality, and price.

Indirect competitors: Therapist directories, such as Psychologytoday.com, provide lists of therapists with basic information about their experience. They do not help the user to find a good fit. Shrink Wrap differentiates itself based on personalisation, remote access and ease of use.

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