Sam Duboc, the Chairman and CEO of mental health services company MindBeacon, is leading the pack in Canada’s recent telehealth boom.
This past year he’s taken the Toronto-based telemedicine company to new heights. MindBeacon just recently filed to go public on the Toronto Stock Exchange, with an offering to raise $50 million. The filing shows that the company’s third-quarter this year saw a 173% increase over the same quarter in 2019.
Mental Health Crisis
MindBeacon’s IPO filing and quick growth this past year come at a time when Canadians are in much need of such a company’s services. Canadians are already at a 20% risk of having a mental disorder. Events this past year likely increased that percentage.
With the COVID-19 pandemic, there have been fears of a mental health crisis in Canada and beyond. Many people may be suffering from anxiety and depression as a result of the financial impact, isolation during lockdowns, and worries over contracting the disease.
Duboc is all-too-familiar with depression. He was inspired to start MindBeacon after the death of his brother Chris. His own struggles with depression after that event led him into envisioning a type of service that could really make an impact on mental health patients.
MindBeacon’s Services
MindBeacon’s goal is to provide cognitive behavioral therapy (CBT) to patients that’s both affordable and easy to access. The company offers both an online platform that allows patients to connect with healthcare practitioners by using their cell phone, computer, or tablet.
After completing an initial assessment, patients are provided with a personalized therapy plan, designed for them by a mental health therapist. The plans usually consistent tasks and things to read, so much of the therapy is self-directed.
However, the assigned therapist is continually monitoring a patient’s progress while they are completing their therapy. The patient can message the therapist at any time, and if changes need to be made to the therapy plan, then a therapist will adjust it to fit the patient’s needs.
Duboc Stays Active
Duboc is no stranger to business as he’s been founding and leading companies for over two decades now. Before MindBeacon, he played a role in founding LoyaltyOne, a highly successful loyalty rewards company. He also founded EdgeStone Capital Partners, a private capital managing firm.
Duboc remains active within his community as well, as he is chair and co-founder of a non-profit organization for disadvantaged youth known as Pathways to Education Canada. The organization focuses on keeping low-income students in school by offering financial and educational support.
The Future of MindBeacon
With MindBeacon’s recent IPO, and with Duboc at the helm, the company is poised to become an even stronger contender in an industry that the company already flourishes in. The IPO is an effort to raise money so that the company can enter into the US market and expand its product line in 2021 and beyond.
