Mental health is on the decline all over the world. In fact, according to Morning Call, “Given the challenges of the last two years, it’s not surprising we find ourselves in a national mental health crisis. According to the Centers for Disease Control and Prevention, cases of depression and anxiety were four times higher during the first year of the pandemic compared to previous years. Nationally, the proportion of mental health-related emergency department visits among adolescents aged 12-17 years increased 31% compared to pre-pandemic numbers. In the U.S., one person dies by suicide every 11 minutes.” The good news is more companies are lining up to help, including Datametrex AI Limited (TSXV: DM) (OTCQB: DTMXF), Teladoc Health Inc. (NYSE: TDOC), LifeWorks Inc. (TSX: LWRK)(OTC: MSIXF), WELL Health Technologies Corp. (TSX: WELL) (OTC: WHTCF), and LifeStance Health Group Inc. (NASDAQ: LFST).
In addition, according to Daybreak Health, “A national emergency in youth mental health was declared at the end of last year by the U.S. Surgeon General, the American Academy of Pediatrics, the American Academy of Child and Adolescent Psychiatry, and the Children's Hospital Association. But the increased demand for mental health services combined with a lack of qualified mental health professionals, the cost of care, and the time it takes to find a clinician makes accessing care a challenge for most American families”
Look at Datametrex AI Limited (TSXV: DM) (OTCQB: DTMXF), For Example
Datametrex AI Limited announced that its wholly-owned subsidiary, Nexalogy Environics Inc. is partnering with Medi-Call Inc. to battle against the suicide epidemic.
Medi-Call will utilize Nexalogy’s AI Social Media Automated Reporting Technologies to filter through and identify patterns from online social media postings to detect those who may be suffering from mental illness and who may need support. Nexalogy’s SMART AI tool can gather sets of information within minutes and can filter through hundreds of thousands of social media documents to detect social postings surrounding mental health and suicide.
The government of Canada reports that an average of 10 Canadians die each day by suicide. That’s approximately 4,000 deaths by suicide per year and is the second leading cause of death among youth and young adults. Source: (https://www.canada.ca/en/public-health/services/publications/healthy-living/suicide-canada-key-statistics-infographic.html)
There is increasing evidence that supports the idea that social media can influence suicide-related behaviour with cyberbullying and cyber harassment online. Data from a survey given to approximately 2000 children showed that victims of cyberbullying were almost two (2) times more likely to attempt suicide. Cyberbullying can increase the risk of suicide by raising one’s feelings of isolation, emotional and psychological distress, and instability. Source: (https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3477910/)
In another survey, data suggests that 68 percent of children have gone through online harassment which resulted in mental health issues. Cyberbullying is twice as likely to trigger suicidal thoughts in victims. Over 40 percent of cyberbullying happens through online social media platforms, such as Instagram and 71 percent of those who were surveyed felt like social media platforms aren’t doing enough to fight the problem of bullying online. Source: (https://techjury.net/blog/cyberbullying-statistics/#gref)
In addition, Bark, a social media parental control app saw a 25 percent increase in talk of self-harm among teens online. Approximately 75 percent of teenagers were involved in conversations or situations online involving self-harm or suicide. Source: (https://www.foxbusiness.com/technology/social-media-usage-teens-harmful-2021)
With Nexalogy’s Smart AI tool, the Company can detect those who are posting and prevent mental harm, suicide and other mental health issues that could lead to suicide by offering Medi-Call’s Mental Health services and support.
“The latest data shows that people are dealing with mental health now more than ever. Data from the CMHA suggests 37 per cent of British Columbians' mental health has declined during the pandemic. Together with Medi-Call, our AI solutions, can assist in detecting those who are suffering and help provide a solution,” said Marshall Gunter, CEO of the Company.
“There is an urgent need for mental health support and healthcare within Canada. The Canadian Institute for Health Information reported that half of Canadians waited up to 1 month for mental health services, while 1 in 10 waited more than 4 months before receiving care. Medi-Call’s mission is to fill in that gap so patients can receive the treatment and support they need,” said Dr. Omar Sharif, Chief Medical Officer of the Company.
Other related developments from around the markets include:
Teladoc Health Inc., the global leader in whole-person virtual care, is providing free, 24/7 general medical telehealth visits to residents, first responders and others in Kentucky directly impacted by the severe storms and devastating flooding that have affected the state. Individuals from eastern Kentucky who are hardest hit and are now being displaced can seek treatment from a licensed health care professional for any non-emergency illness by calling Teladoc directly at 855-225-5032. “As communities seek to navigate the impact of unprecedented flooding, we want to make sure that those faced with devastation and displacement are keeping their health front and center and know how to get care,” said Dr. Vidya Raman-Tangella, chief medical officer, Teladoc Health. “Virtual care is a proven solution that supports community health during these times, as residents from evacuated areas continue to seek necessary care when health care facilities and providers may also be affected and unable to meet all care needs.”
LifeWorks Inc. announced that its Board of Directors has changed the Company’s record date for its July 2022 cash dividend from July 29, 2022 to August 3, 2022. A cash dividend of $0.065 per share for the month of July 2022 is to be paid on August 15, 2022 to holders of record of shares of LWRK on August 3, 2022.
WELL Health Technologies Corp. provided preliminary results for Q2-2022 ending June 30, 2022. WELL expects to report strong financial results underpinned by significant growth in patient visits. The Company is pleased to report preliminary results for Q2-2022 with revenue expected to exceed C$130 million, operating Adjusted EBITDA exceeding C$23 million, and Shareholder Free Cash Flow of approximately C$15 million. WELL achieved a total of 839,698 omni-channel patient visits in Q2-2022, representing a year-over-year increase of 50% compared to Q2-2021, and a 7% increase compared to Q1-2022. In addition, MyHealth conducted 179,880 diagnostic visits in Q2-2022, while Wisp completed 152,398 asynchronous patient consultations. Combining WELL's omni-channel patient visits2, MyHealth's diagnostic visits and Wisp's asynchronous patient consultations, WELL achieved a total of 1,172,849 patient interactions in Q2-2022.
LifeStance Health Group Inc., one of the nation’s largest providers of outpatient mental health care, will issue its second quarter earnings release after the market closes on Tuesday, August 9, 2022. LifeStance will host a live earnings conference call to discuss second quarter results on August 9, 2022 at 4:30 p.m. (Eastern time). To participate in the call, please dial 1-800-715-9871, domestically, or 1-646-307-1963, internationally, and use conference ID 3842667, or ask to be joined into the LifeStance call. A real-time audio webcast can be accessed via the Events and Presentations section of the LifeStance Investor Relations website.
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