SilverCloud Health Launches First Evidence-Based Online Solution Focused On Assisting Those With Mental Health And Financial Difficulties
BOSTON, July 18, 2018 /PRNewswire/ -- Global health tech company, SilverCloud Health today launched the first to-market online therapeutic solution to address the global crisis relating to individuals caught in the vicious cycle of financial difficulties and mental health challenges. The Space from Money Worries program helps financial institutions empower vulnerable clients to tackle the practical and emotional elements of financial difficulties. It is designed to target links between finances and mental health: helping individuals to learn the skills to challenge negative thoughts around finances, learn about avoidance behavior and feel more confident about facing financial fears, including strategies to boost mood without spending and to reduce impulse spending.
The program will be made available to SilverCloud's U.S. partners, including payers, providers and financial institutions that are seeking to assist their vulnerable customers.
More than 25 percent of people with a mental health problem were in debt and at a heightened risk for depression, substance use disorders and suicide, according to a study published by Clinical Psychology Review. Conversely, the study reported, individuals with severe debt were more likely to develop mental disorders, depression, alcoholism, drug dependence, neurotic disorders and attempt suicide.
According to SilverCloud CEO Ken Cahill, "With the global crisis relating to debt and mental health, we are delighted to announce this ground-breaking program. Space from Money Worries enables payers, providers or financial institutions to offer scalable services necessary for people who are experiencing financial difficulties. Given the success we have seen with our mental health programs, with recovery rates in line with face-to-face therapy, we know that technology can play a vital role in extending and scaling care, while improving outcomes on both the mental health and the complex interwoven financial challenges that individuals struggling with debt face."
The Space from Money Worries program was developed in collaboration with Dr. Thomas Richardson, a clinical psychologist who has published extensively on the relationship between financial difficulties and mental health problems. "Financial difficulties and mental health problems are often part of the same problem, but most support options treat them individually, offering debt advice separately from mental health help," said Richardson. "So, for example, you might be offered a debt advice appointment, but if you are so anxious you can't face it, then it won't help. Space from Money Worries tackles the root psychological mechanisms, which lead to the cycle of financial difficulties and poor mental health: the negative thinking patterns that prevent you from tackling your debt, the worry and avoidance that stops you from seeking financial help, and the impulse spending that digs you deeper into a debt cycle."
About SilverCloud Health
SilverCloud Health is a multi-award winning global health tech company. Since launching in 2012 it has gone on to support 200 organizations across its global customer base, delivering a suite of over 30 clinically effective online programs with user satisfaction of 98 percent and program completion at 80 percent.
Today, SilverCloud Health's extensive library of evidence-based programs address a broad spectrum of conditions such as stress, depression and anxiety as well as specific programs for long-term chronic conditions (diabetes, COPD, and chronic pain). Over 15 years of academic research and clinically led randomized controlled trials (RCT) demonstrate SilverCloud Health programs are extremely effective, engaging for patients and provide positive outcomes on a par with face-to-face therapy. For more information visit our website at www.slivercloudhealth.com, tweet us @SilverCloudH or follow SilverCloud Health on LinkedIn.
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SOURCE SilverCloud Health