Hi friends,

The times, they are a-changin’.

Was Bob Dylan talking about the mental health industry in 2025? Unlikely. But it would have been accurate.

There’s a lot of change happening in our industry right now. From trends in reimbursement, to the adoption of AI, to a tightening of capital markets, to deal-making and consolidation. Client demands are changing too, impacting organisations’ ability to profitably acquire customers.

Running a successful mental health organisation was never an easy thing to do, but right now, it feels harder than ever.

You are probably seeing this first-hand. But are the trends you see consistent with the rest of the industry? What experience are other leaders having with payers? Or with provider recruitment? How are they thinking about adopting AI or about client acquisition?

Over the last few weeks, we’ve been conducting our State of the Mental Health Industry Report, collecting responses from leaders across the industry. In this week’s Pro edition of The Hemingway Report, we use the responses from those leaders to provide data-driven insights on all of these important questions.

We share trends on:

• Payer sentiment: How has payer sentiment changed since last year? How has that differed across payer types and what are the major challenges organisations are facing with payers right now?

• Client acquisition: How have client acquisition costs changed in the last 12 months? How has that differed across channels, and which channels are leaders focused on for the rest of the year?

• AI adoption: Where have organisations already adopted AI? How do they expect their adoption of AI to change in the next 12 months? What are the biggest barriers they are facing to increased adoption, and what areas are they most excited about?

• Provider recruitment: Has it gotten easier or harder to recruit and retain providers? What are the major challenges leaders are seeing in provider recruitment?

• As well as… the major trends Mental Health leaders expect to shape the industry as we move into the second half of 2025.

Let’s get into it.