Virtual health provider Teladoc (NYSE: TDOC) has announced a new employee assistance program (EAP) called Wellbound, which will focus on workforce mental health and well-being.

While Teladoc has long offered behavioral health services, its mental health efforts have primarily focused on its direct-to-consumer BetterHelp offering. This move signals Teladoc’s continued expansion of its behavioral health footprint into new markets. However, the latest product will still utilize BetterHelp’s platform to provide online therapy for individuals, teens and couples.

The product will also offer psychiatry, medication management and self-guided resources through the flagship Teladoc product. 

The EAP will be purpose-built for the company’s employer and plan plan clients. The telehealth company pitches this product as a way to offer continuous support for mental health, physical health and wellbeing resources in one place.

In addition to behavioral health support, the service will include access to work-life resources, such as financial planners, legal consultants, elder care referrals and childcare referrals.

“Grounded in a best-in-class comprehensive mental health solution, Teladoc Health’s EAP empowers organizations to deliver consistent, high-impact support that meets the evolving needs of today’s workforce — strengthening resilience, promoting long-term wellness, and delivering measurable results,” Matthew Sopcich, SVP of mental health solutions at Teladoc Health, said in a statement. “And the real power lies in our ability to do it seamlessly, making it easier for employees to find, access, and engage with the support they need in the moment — and for long-term health and wellness.”

Over the last decade, a wave of behavioral health companies has begun to seek deals with employers to support their workforce’s well-being. While many companies have found success with EAPs and other employer-backed programs, many employees even expect these types of programs. For example, recent research published in JAMA Network Open found that employers saved $190 in overall medical claim costs for every $100 invested in behavioral health benefits.

Still, some employers are facing point solution fatigue. In the future, EAPs will likely need to demonstrate their value to remain competitive in the market.

“Given the amount of vendors that are inundating employers, what we really look for and encourage our portfolio companies to do is to focus on shifting beyond improving access,” Candace Richardson, principal at General Catalyst, said at VALUE 2023. “I think we’ve made a lot of progress in the market, and moving toward demonstrating better quality and actual cost reduction in tandem with that.”

Teladoc has recently changed its strategy regarding BetterHelp. The virtual therapy platform was historically a cash-pay product. However, it has recently shifted its focus to offering insurance. Last spring, the company acquired digital mental health startup UpLift for $45 million, aiming to expand its virtual mental health services and offer care on an in-network basis.