Third Space
- Company typePrivate
- Founded2024
- HeadquartersHouston, United States
- Headcount1–10
- GTM typeB2C
- OfferingServices
Third Space firmographics
Firmographics- Name
- Third Space
- Legal name
- Third Space
- Website
- https://talkthirdspace.com
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Ownership category
- akta.pro rank
Third Space industry classification
Industry- Product category
- Telehealth Mental Health Services
- NAICS
- Offices of Mental Health Practitioners (except Physicians) (621330), Offices of Physicians, Mental Health Specialists (621112)
- SIC
- Services-Health Services (8000)
- akta.pro industry
- Behavioral Health & Psychiatry Virtual Care (Payer Network)
Keywords
Where Third Space is headquartered
LocationHeadquarters
- HQ city
- Houston
- HQ country
- United States
- HQ region
- North America
Markets served
Third Space business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Insurance Reimbursement: Third Space operates as a mental health provider network, billing Medicaid and commercial insurance plans directly. Services are free to Medicaid patients as the company collects reimbursement from insurance carriers. No out-of-pocket costs for eligible patients.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Medicaid Coverage - Free Mental Health Care |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Third Space product offering
Product offeringCore offering
Third Space operates a telehealth mental health practice that delivers virtual therapy sessions with licensed therapists to patients primarily covered by Medicaid, alongside accepted commercial insurance plans across Arizona, Colorado, Massachusetts, and Virginia. Services include online intake and appointment booking, provider-patient matching, ongoing virtual therapy, clinical outcome tracking via PHQ-9 and GAD-7 assessments, and a referral channel for healthcare partners. Revenue is collected via insurance and Medicaid reimbursement, with services free at the point of use for Medicaid beneficiaries.
Product overview
Third Space is a telehealth-based mental health practice that provides free therapy for Medicaid patients across four states (Arizona, Colorado, Massachusetts, and Virginia). The platform operates as a unified service combining a therapist provider network, a patient-facing appointment booking system (via JotForm), a provider portal (via Kareo), and a referral management system. Patients access care through a three-step process: online intake form, virtual provider matching, and ongoing tele-therapy sessions. The company also offers a separate provider-facing platform for therapists to join the network, manage credentialing, and receive patient matches. Key product components include the Tele-Therapy/Virtual Visits service, Provider Network directory, Appointment Booking System, Patient Referral Platform, and Progress Tracking via standardized clinical assessments (PHQ-9, GAD-7).
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- 80% of patients with moderate or worse symptoms saw improvement in depression or anxiety (PHQ-9/GAD-7 data, 2024-2026)
- +4 more outcomes
Companies that use Third Space
Customer profileSegments3 records
Ideal customer profiles3 records
Third Space technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature3 records
Third Space partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core.
- Health First ColoradocoreColorado Medicaid managed care plan. Third Space providers accept Health First Colorado for free mental health services to eligible beneficiaries.
- Colorado AccesscoreColorado Medicaid plan. Services covered for eligible members at no cost.
- Anthem Blue Cross Blue ShieldcoreMajor commercial health insurer operating in multiple states including Colorado and Arizona. Commercial insurance accepted alongside Medicaid plans.
- Aetna Better HealthcoreMedicaid managed care plan. Covered members can access free mental health services through Third Space providers.
- Molina HealthcarecoreMedicaid managed care organization. Third Space accepts Molina coverage for eligible beneficiaries seeking mental health care.
- UnitedHealthcare Community PlancoreMedicaid plan under UnitedHealthcare. Services covered for eligible members at Third Space providers.
- CignacoreMajor commercial health insurer. Commercial plan members can access Third Space mental health services.
- Sentara Health PlanscoreVirginia-based health plan. Accepts Sentara coverage for mental health services.
- OptumcoreUnitedHealth Group behavioral health subsidiary. Third Space providers participate in Optum network for covered services.
- WellSense Health PlancoreMassachusetts Medicaid managed care plan. Services covered for WellSense members at Third Space providers.
- Tufts Health PlancoreMassachusetts-based health insurer. Tufts commercial and Medicaid plan members covered at Third Space.
- Blue Cross Blue Shield of ArizonacoreArizona's largest health insurer. BCBSAZ plan members can access Third Space mental health services.
- Rocky Mountain Health PlanscoreColorado Medicaid and commercial health plan. Covered services available through Third Space providers.
- Evernorth HealthcoreCigna's health services subsidiary. Third Space participates in Evernorth network for behavioral health services.
- KareocoreCloud-based EHR and practice management platform used for patient and provider portals, clinical documentation, scheduling, and billing integration.
Scale indicators6 records
Recent moves6 records
Expansion highlights4 records
Third Space competitors and assessment
Company assessmentDirect peers
- Cerebral: Telehealth mental health provider combining therapy with medication management; overlapping patient population and DTC virtual care delivery model.
- BetterHelp: Largest consumer-facing virtual therapy subscription platform and a primary competitor for self-pay and commercially insured patients seeking remote therapy.
- Talkspace: Public, leading direct-to-consumer virtual therapy platform offering insurance-covered and subscription therapy sessions. Closest comparable on the patient experience and insurance-reimbursement model.
- Headway: Insurance-credentialed therapist network focused on enabling providers to accept insurance (including Medicaid) in multiple states. Highly analogous to Third Space's provider-network and credentialing model.
- Sondermind: Telehealth mental health provider network supporting therapists with credentialing and patient matching—analogous marketplace structure and provider-facing value proposition.
- Grow Therapy: Insurance-accepting therapist marketplace handling credentialing, billing, and referrals—competing for the same provider supply and Medicaid patients across overlapping states.
- Alma: Insurance-accepting therapist network with credentialing and billing support—directly competing for the same provider pool that Third Space recruits.
Regional players
- Two Chairs: Telehealth and in-person therapy provider concentrated in California with measured-outcomes approach; comparable care model and outcomes-tracking strategy.
Broad incumbents
- Spring Health: Global mental health benefits provider delivering virtual therapy and psychiatry through employer/payer channels; broad incumbent that could move into Medicaid segments.
- Lyra Health: Well-funded mental health benefits platform primarily serving employers/payers with virtual therapy; overlapping therapist network and clinically validated outcomes approach.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Third Space financial estimates
Financial estimateRevenue estimate
Valuation estimate
Third Space leadership team
Management profileNumber of profiles
Third Space funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Third Space M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Third Space
What does Third Space do?
Third Space operates a telehealth mental health practice that delivers virtual therapy sessions with licensed therapists to patients primarily covered by Medicaid, alongside accepted commercial insurance plans across Arizona, Colorado, Massachusetts, and Virginia. Services include online intake and appointment booking, provider-patient matching, ongoing virtual therapy, clinical outcome tracking via PHQ-9 and GAD-7 assessments, and a referral channel for healthcare partners. Revenue is collected via insurance and Medicaid reimbursement, with services free at the point of use for Medicaid beneficiaries.
Is Third Space a public or private company?
Third Space is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Third Space founded?
Third Space was founded in 2024. It employs 1 to 10 people.
Where is Third Space based?
Third Space is headquartered in Houston, United States, in the North America region.
How does Third Space make money?
One revenue line is on record: insurance Reimbursement.
Who are Third Space's main competitors?
Direct peers on record are Cerebral, BetterHelp, Talkspace, Headway, Sondermind, Grow Therapy and Alma. Two Chairs is listed as a regional player. Broad incumbents are Spring Health and Lyra Health.
Does Third Space have an API?
No public API is recorded for Third Space.
What industry is Third Space in?
Third Space's product category is Telehealth Mental Health Services. Its primary akta.pro industry code is HLALACAC, Behavioral Health & Psychiatry Virtual Care (Payer Network). Its NAICS code is 621330 and its SIC code is 8000.