Stephanie Davis: [Indiscernible] that out a little bit more. Is there any color you can share on these revenue models and what sort of offsetting costs you’re going to have to try to experiment around engagement for these populations?
Jon Cohen: So I would say that the payors are very interested in us being in Medicare and Medicare Advantage. So for us, that’s a really important advantage, quite honestly, because we’re already in network with all the majors. So in terms of that, it’s not the investment for us on Medicare was to get us ready. It was to get us ready to go into all 50 states to make sure that the therapists are signed up and then develop some marketing plan to go and try different channels. We know the opportunity is pretty big. The data is 20% 25% of seniors say that they have significant loneliness/depression. So we know that the market is there. I’ll reiterate what I said earlier. The question is how do we get to them to get them to sign up? We think it’s going to be a big opportunity at 65 million people, but it’s obviously not even early days. We haven’t even just barely gotten out of the gate.
Stephanie Davis: Understood. I have another question, Jon. This is my last one on just broader sizing of your consumer opportunity. How are you looking at historical top of funnel investments and what the steady state could look like given you do have an established brand?
Jon Cohen: Great question. We’ve talked since it’s been around for 12 years. It has a very strong brand and continues to have so in the market. What we’re seeing on the consumer side is we’ve talked about before is there continues to be pressure on consumers. I think everybody would say no one’s going to predict where the market is going or where the economy is going, but you can see that consumer spending is very, very much up in the air relative to how much they’re going to spend and how much they’re not. Our pivot two years ago to a payor strategy we know is working, because when people come to find Talkspace and they have a choice between paying out of pocket or determining eligibility and then having the payors pay for it, we know is a very strong movement towards the payor side because they’re going to pick their insurance given the choice.
That’s a big differentiator for us in the market. The other to consider on that is the consumer we know will spend less time on the platform than a person that has insurance. That’s a big deal because the long-term value of that individual patient relative to what it took for us to get that person onto the platform is much, much better than a consumer. Essentially if insurance is paying for your therapy, pretty good chance you’re going to stay on and continue to get therapy for as long as you need it without the overhang of, oh, am I going to continue to need to pay for it? That’s a big differentiator for us relative to being in the consumer market.
Stephanie Davis: Got it. Cannibalization, but welcome cannibalization. Thank you for taking my questions.
Jon Cohen: Thank you.
Operator: There are no further questions at this time. I’d like to turn the conference over to Jon Cohen for closing remarks.
Jon Cohen: Thank you for everybody for being on. In closing our achievements in 2023 and our outlook for 2024 reflect our unwavering commitment to providing easily accessible, readily available, and affordable high quality mental health care. We are poised for continued success and we look forward to sharing our progress with you. Thank you again for joining us today.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
