We talked to William Masih on how in Wellin5 mental health matters and this is what he had to say about it.
First of all, how are you and your family doing in these COVID-19 times?
William Masih: We are doing good. My family is safe and sound as we exercise general safety measures around socializing. In 2019, we fully embraced the remote-work option and allowed our team members to work remotely indefinitely. Our communication was maintained using different team and project management tools such as slack, linear, etc. This proved to be effective through COVID-19 while helping us maintain a healthy work/life balance.
Tell us about you, your career, how you founded Wellin5?
William Masih: I have about 15+ yrs. of experience in business management, e-commerce, healthcare, software, and managing large teams of 30-50 people.
The idea of online counseling came back out of my counseling journey and the positive impact in my 20s in 2010. This experience inspired me to start a company with a mission to make counseling affordable & available remotely using technology while eliminating traditional barriers such as social stigma and long wait times.
How does Wellin5 innovate?
William Masih: Our specialization is in preventative mental health care. We use a match-making software algorithm that uses smart logic to connect clients with the most compatible mental health care providers (social workers, licensed marital therapists, etc.) based on their therapy needs (stress, anxiety, depression) and other demographic factors. Additionally, we also offer post-counseling client support by offering 40+ online assessment tools that a provider can use to delegate to their clients as homework for in-between session support. These tools are interactive, intuitive, highly-engaging, and increase clinical value, engagement, and participation. We have a number of other products/services that we are currently working on and plan to launch in 2021, offering a one-stop solution for preventative behavioral health care needs.
How the coronavirus pandemic affects your business, and how are you coping?
William Masih: Besides the budget cuts across the board, we focused on cutting our costs and becoming more efficient to continue to grow. Coronavirus also impacted our fund-raising efforts to finance our growth as it created turmoil and loss of confidence among investors in North America. This resulted in us focusing on getting international investors on-board with the relevant background that could recognize a huge opportunity that was developing due to market dynamics. The virus also led to a massive demand for our services resulting in doubling our revenue in October, bringing in multiple acquisitions to validate our product, business model, and team.
Did you have to make difficult choices, and what are the lessons learned?
William Masih: It was painful to cut our team payroll by 10-20% and limit our marketing efforts. We also reached out to our suppliers to either delay payments or used a payment plan. This season forced us to shift gears and begin focusing on becoming a fully profitable company instead of pursuing hyper-growth without profitability.
How do you deal with stress and anxiety?
First and foremost, William Masih is rooted in our local church and the faith-based community to maintain healthy and supportive relationships. Secondly, by remaining physically & mentally active pursuing different hobbies such as (walking, running, surfing, etc.). Having a set schedule for eating, sleeping, and healthy work/life balance also plays a crucial part.
Who are your competitors? And how do you plan to stay in the game?
William Masih: Talkspace, Betterhelp, Ginger.io, Regain – These companies have a specific angle to growth, client acquisition, and partnerships. They have captured significant market shares in addition to raising big amounts of capital to expand.
Wellin5 is focused on growing organically using the low-cost model. The acquisition is one of the tools that we have gained instantly to gain entry into the US market. Seven thousand five hundred providers and 30,000 users. Innovation is another tool in our arsenals that we are using to create and develop game-changing products set to launch next year. In addition to all this, the backing of an excellent core team with a combined experience of 100+ yrs. in business, software development, clinical, employee benefits, acquisition & exits, and multiple IPO’s has helped to position ourselves strategically.
Your final thoughts?
William Masih: Wellin5 is a heart-first philosophy company with a mission to give people access to exceptional mental health care professionals, empowering them to feel better confidently.
Our objective is to achieve sustainable growth white, generating great returns for our investors while making the world a better place. We are always on the look-out for great individuals to join our team and partners that align with our values. If you think you will be a great fit, don’t hesitate to contact us at [email protected].
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