Verity Market Research Report
Company Overview
Name: Verity
Mission: Verity aims to enhance the mental health and primary care experience by making it more engaging and rewarding using a gamified motivational incentive tool.
Founder(s): Alex Ferstenberg and Daniel Wilkin
Year Founded: 2024
Key People:
- Alex Ferstenberg - Co-Founder & CEO
- Daniel Wilkin - Co-Founder & COO
- Paul Degnan - Head of Engineering
Headquarters: New York, USA
Number of Employees: 11-50 employees
Revenue: No information is available
Industry: Mental Health Care
Known For:
Verity is recognized for its gamified approach to patient engagement and health outcome improvements in behavioral health and primary care. The company uses a motivational incentive model that incorporates elements like points, streaks, badges, and rewards to encourage session attendance, medication adherence, and engagement between sessions.
Products
Verity's Motivational Platform
High-Level Description:
Verity offers a platform designed to foster personal growth and healthy habits through gamified incentives. It targets behavioral health, substance use disorder (SUD), and primary care sectors, partnering with health plans, employers, and healthcare practices.
Key Features:
- Contingency Management Tool: Utilizes behavioral economics and gamification for better patient outcomes.
- Points and Rewards System: Patients earn points, streaks, badges, and financial rewards for participating in health-related activities.
- Library of Exercises: Offers activities such as Journaling, Mood Tracking, Wellness, Mindfulness, and Breathing exercises.
- Equilibrium Category: Features exercises for emotional regulation using techniques based on neuroscience, including breathing, somatic exercises, self-compassion, visualizations, affirmations, and refocus strategies.
- Feedback and Progress Tracking: Provides a suite of free health assessments and real-time dashboards to healthcare providers.
Recent Developments
New Product Launches
- Mobile App for Apple Users: Recently launched a subscription-based version of the Verity app available in the Apple app store at $39.99 per year. This expands their reach beyond those in active treatment.
New Features
- Interactive Affirmations: Introduced a feature for patients to engage with affirmations actively and earn points.
- Themed Affirmations: Set of themed affirmations to reinforce core values such as resilience.
- Badges and Reward System Enhancements: Implementation of new badge systems to foster motivation and adherence to health plans.
- Equilibrium Exercises: Launched a new category of exercises aimed at fostering emotional balance.
Partnerships and Collaborations
- Nonprofit and Community Clinics: Verity is offering free real-time dashboards to nonprofit and community behavioral health clinics alongside a free Measurement-Based Care tool, promoting a data-driven approach to healthcare without the high costs typically associated with these resources.
Platform Expansion
- Android Waitlist: Opened a waitlist for Android users, indicating future expansion plans for availability on the Google Play store.
Strategic Shifts
- Subscription Model Introduction: Despite traditional advisement against combining subscription models with B2B offerings, Verity has implemented this model to broaden its mission scope and make mental health resources accessible to a larger audience.
Sector Influence
- Verity’s products are notably utilized by healthcare providers and payers to reduce costs, boost STAR ratings, and enhance member engagement through innovative patient collaboration techniques.
Conclusion
Verity is actively reshaping the framework of mental health and primary care through strategic use of behavioral economics, gamification, and comprehensive data analytics. With recent product expansions and offerings to nonprofits, Verity aims to make meaningful strides in improving healthcare accessibility and operational efficiency while maintaining a patient-centric approach.
