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How the growth of the urgent care industry business model is changing the healthcare market in 2021
Summary List Placement
Urgent care centers are convenient, on-demand care outlets similar to walk-in retail clinics, but are equipped to treat more serious ailments, including fractures, sprains, and wounds.
Urgent care centers can serve as a first step in the patient journey as well by referring patients to follow-up appointments or ERs.
Do you work in the Healthcare industry? Get business insights on the latest tech innovations, market trends, and your competitors with data-driven research.
What are urgent care clinics?
Urgent care centers are convenient, on-demand care outlets similar to walk-in retail clinics, but rather than treating low-acuity conditions such as bronchitis and minor infections, urgent care clinics are equipped to treat more serious ailments, including fractures, sprains, and wounds. They also offer services like blood tests, stitching, and X-rays.
Urgent care centers can serve as a first step in the patient journey as well by referring patients to follow-up appointments or ERs. Though they should not be used for life-threatening emergencies, urgent care clinics provide easy access to quality healthcare for times when your primary care doctor is unavailable.
The urgent care market & business model
According to Consumer Reports, the number of urgent care facilities increased from 6,400 in 2014 to 8,100 in 2018, with another 500 to 600 expected to open. Some 24/7 urgent care centers function like satellite emergency rooms, and incur similar healthcare costs, while other centers simply charge copays.
Generally speaking, an urgent care visit is a money-saver for patients. A 2016 study in the Annals of Emergency Medicine found that ER treatment costs were about 10 times more (an average of about $2,200) than in an urgent care center (about $168) — even for patients with the same diagnosis.
Because of the overlap urgent care centers have with family medicine and emergency medicine, they are typically staffed accordingly with at least one medical physician or specialist, as well as a physician assistant, nurse practitioner, or radiologist available to see patients any time the facility is open.
Urgent care staffing models
Henry Schein Medical cites three major urgent care center staffing models:
Physician Only: The most expensive model that uses no mid-level practitioners. However, it could be the most cost effective options for new centers building their patient base.
Mixed Model: A balance of physicians, physician assistants, and nurse practitioners for centers increasing in patient volume.
Mid-Level Model: Centers staffed entirely by mid-level staff. This option is suitable for low acuity cases, but may not be equipped to handle more complex patient needs.
Top Urgent Care Providers & Companies
Urgent care clinics aren’t necessarily run by traditional hospitals or health systems. In fact, 61% of urgent care clinics in Massachusetts are owned by non-hospital urgent care chains, per a 2018 Massachusetts Health Policy Commission report.
Some of the largest US urgent care operators include:
American Family Care
City MD
Concentra
Fast Med
GoHealth
HCA CareNow
MedPost
NextCare
Patient First
U.S. Healthworks
Urgent care industry trends & statistics
Interest in the on-demand, affordable care of urgent care clinics—particularly amid the coronavirus pandemic—has been growing rapidly. According to the Urgent Care Association (UCA), the total number of urgent care centers in the U.S. reached 8,774 in November 2018 — up eight percent from 8,125 in 2017.
Laurel Stoimenoff, PT, CHC, CEO of UCA, says that urgent care clinics handle about 89 million patient visits each year, which includes more than 29% of all primary care visits in the US, and nearly 15% of all outpatient physician visits.
And nearly all of those visits are more convenient and affordable than a trip to the ER; the UCA’s 2018 Benchmarking Report found that more than 70% of patients waited less than 20 minutes to see a provider at an urgent care center, and nearly 94% were seen in less than 30 minutes. Overall, 85% of urgent care centers patients are taken care of in under an hour.
“Urgent care centers play an increasingly vital role in the continuum of care, providing services for a wide array of patients who may be unable to see a primary care physician for various reasons, including simply not yet affiliating with one,” said Stoimenoff.
Consumer demand for hyper-convenient care has reached a fever pitch, especially among younger cohorts. Nearly one-quarter of millennials haven’t visited a primary care physician (PCP) in five years or more, with about one-third saying that going to get a physical isn’t convenient, per a 2019 Harmony Healthcare IT survey. That’s why we’re seeing more younger patients opt for medical care as well as walk-in appointments for real-time needs such as covid testing.
Interested in more related Digital Health research?
In addition to urgent care, Insider Intelligence publishes a wealth of research reports, charts, forecasts, and analysis of the Digital Health industry. You can learn more about accessing all of this content here.
And here are some related Digital Health reports that might interest you:
The Digital Health Ecosystem, which explores the key trends driving digital transformation in healthcare and what we expect to see in the year ahead.
Big Tech in Healthcare, which looks at how Alphabet, Amazon, Apple, and Microsoft are moving into the healthcare space.
The Digital Therapeutics Explainer, which explores the drivers lighting a fire under the DTx market, identifies the leading DTx market players, and unpacks the varied ways vendors reach their intended audiences.
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The 8 best executive MBAs that let you get a prestigious degree from anywhere in the world while working full time
Summary List PlacementIf you’re considering getting an MBA, it’s important to understand your options. While many seek a traditional full-time MBA program to master the business basics as an entryway to a management career, those who are already in a leadership role may opt to build their management skills through a different type of graduate program: an executive MBA, or EMBA.
Michael Desiderio, executive director of the Executive MBA Council (EMBAC), which represents more than 300 EMBA schools, told Business Insider that the growth of EMBA programs throughout several decades serves as a “testament to their value” in meeting the organizational thirst for leadership development.
“There are a number of reasons why someone would pursue a degree through an EMBA program, but the main reasons include the desire to increase professional growth and specialized skills, the drive to enhance career development, the ability to stay employed while earning a degree, and the opportunity to gain new perspectives on the business enterprise,” Desiderio said.
The EMBAC website highlights four main differences between MBA and EMBA programs: format, cohort, services, and opportunities, highlighting that EMBAs are specifically designed to “address the needs of busy professionals” by facilitating business leaders’ ability to earn a degree in two years or less while still working full time.
If an EMBA sounds right up your alley, your next decision is choosing the program that’s right for you out of hundreds of schools. Business Insider asked graduates from and staff at EMBA programs to weigh in on what makes their school stand out. Here are eight executive MBA programs that they flagged as among the best.
1. Cornell Executive MBA Americas at Cornell University’s Samuel Curtis Johnson Graduate School of Management
Cornell Executive MBA Americas is ranked No. 11 on US News and World Report’s 2019 list of the “Best Executive MBA Programs.”
An international classroom and network allows students to connect with their classmates in North and South America via live video conferencing while attending in-person classes in their own city with local peers. Offered in partnership with the Smith School of Business at Queen’s University, this EMBA program allows students to complete their coursework in 17 months to earn two MBAs: one from Cornell and one from Queen’s.
During their time in the Cornell Executive MBA Americas program, students complete two major projects that allow them to explore new venture management, consulting, and global business opportunities. In addition to Executive MBA Americas, Cornell Johnson offers other EMBA programs, including Executive MBA Metro NY and the Executive MBA/MS in Healthcare Leadership.
“While in the Cornell Executive MBA Americas program, students live, work, and attend classes in over 20 major cities across the US, Canada, Mexico, Peru, and Chile,” said Verne Thalheimer, the executive director at Cornell Executive MBA Americas. “This geographic diversity leads to strong industry diversity across the cohort, with no single industry representing more than 20% of the cohort in any given class year. This diversity greatly enhances the learning experience in the program, as classmates share their expertise during in-class discussions and team projects. Our students form deep, meaningful relationships which continue years after the program experience concludes.”
2. NYU Stern’s Executive MBA Programs at New York University’s Leonard N. Stern School of Business
“The NYU Stern Executive MBA program … brings together a rigorous academic curriculum, expert Stern faculty, and a highly experienced cohort of executives from a wide range of industries including financial services, healthcare, technology, nonprofit, and more,” said Neha Singhal, the assistant dean of executive degree programs admissions and marketing at NYU Stern. “Students in our program, most of whom are senior executives with an average of 12 years of experience, not only gain skills that help them further advance their careers to the tops of their organizations, but also develop a lifelong professional network that enables them to connect with Stern students — past and present — who are leaders in their respective fields.”
NYU Stern’s executive MBA programs, ranked No. 9 by US News and World Report, are offered in both New York City (EMBA NY) and Washington, DC (EMBA DC), and come with a Global Study Tour — a required one-week international residency that takes place in the first year of the program. Stern also offers a joint global EMBA with the London School of Economics and HEC Paris called TRIUM.
“For me, being surrounded by folks from multiple industries and backgrounds all looking to learn from each other and challenge each other to go further in every aspect of their career is what separates the NYU Stern [executive MBA] experience and makes it unique,” said Irina Kodes, a principal at EY and 2017 graduate of NYU Stern’s Executive MBA program.
3. Kellogg’s Executive MBA program at Northwestern University’s Kellogg School of Management
Ranked No. 2 nationally by US News and World Report and No. 9 globally by The Economist, Kellogg’s Executive MBA program offers students multiple paths to earn a top MBA in a format that aligns with their work schedule. Whether they choose Kellogg’s Evanston or Miami campus, EMBA students benefit from Kellogg’s 65,000-strong alumni network, as well as the same curriculum and notable faculty that define the traditional Kellogg MBA experience.
“I’m fortunate to have the opportunity to teach in Kellogg’s Executive MBA Program, working with some of the smartest students in the world,” said Craig Wortmann, a clinical professor of innovation and entrepreneurship in the Kellogg Innovation and Entrepreneurship Initiative, and founder and CEO of Sales Engine, Inc. “An entrepreneurship course that I coteach with a top Kellogg professor is the best definition of collaboration — the course is in itself a prototype and it has an incredible energy. We’re essentially modeling the behavior students see in the real world.”
Kellogg EMBA students have access to targeted sessions with leadership coaches and unlimited access to expert one-on-one career coaching.
4. The Robinson Executive MBA Program at Georgia State University’s J. Mack Robinson College of Business
The 17-month EMBA creates executive leaders who can respond to the complex issues facing businesses, develop the critical thinking and problem-solving skills to recognize and pursue business opportunities, build effective teams and integrate functions, and cultivate and apply global competencies during an international residency. Students at Robinson College of Business, ranked No. 18 among US-based programs in the Financial Times’ 2019 “Executive MBA Ranking,” work with a personal leadership coach to identify their current leadership attributes, determine skills needed to reach their goals, and develop a plan to realize their potential.
“In Georgia and around the world, the Robinson College of Business name is synonymous with business,” said Kelvin Coles, a manager of business development at Americold and 2017 graduate of GSU Robinson’s EMBA program. “The faculty who teach in the Robinson Executive MBA program at GSU are seasoned business practitioners who bring a wealth of real-world experience into the classroom. The Robinson program created an environment that felt like a family. In fact, four years after graduating from the program, I am still in contact with my professors.”
Kate Warner, a founder and consultant at Hilltop Consulting and 2015 graduate, added that she chose the EMBA at Robinson “because of its diversity, because of the high percentage of international students, and because of the number of talented women in the program. I wanted a place that was going to transform me and how I lead.”
5. The Cox Executive MBA Program at Southern Methodist University’s Cox School of Business
Ranked No. 18 on US News and World Report, The Cox Executive MBA Program is a 21-month EMBA program that is structured to build on attendees’ management experience, covered in five semesters for about two weekends per month on Fridays and Saturdays, with some half days. This program incorporates a global study trip in the second year where students visit two international cities. First-year coursework is designed to build students’ general business knowledge and skills, while the second year focuses on policy aspects of finance, organizational behavior, and marketing.
“I joined the program as a doctor with a medical degree … with hopes of creating a new company,” said Katie Jarvis, the CEO and founder at Bed Beacon, LLC and a 2018 graduate. “A year after graduation, I started a company [and] asked my negotiations professor [to become] my angel investor … I left the program with a lifelong network of friends, collaborators, mentors, future employees, and a future business. SMU’s Executive MBA program catapulted me to a totally different stratosphere.”
6. The Texas McComb’s Executive MBA Program at The University of Texas at Austin’s McCombs School of Business
The Texas McComb’s Executive MBA is a two-year program that takes place on alternating weekends (all day Friday and Saturday on campus in Austin, Texas) and is targeted at professionals seeking career advancement and/or change without interruption from working full time. The program features a cohort-focused curriculum as well as elective classes and emphasizes broad business management knowledge and skills. It’s ranked No. 8 on Poets and Quants’ 2019 ranking of “US Executive MBA programs.”
“I elected to earn an Executive MBA from the University of Texas in 2012, and it was one of the best career decisions that I have made,” said Gerald J. Wilmink, the chief business officer of CarePredict and a 2014 graduate. “Our EMBA class consisted of seasoned CEOs, CMOs, sales directors, CFOs, physicians, and attorneys. The students in our class came from various different business sectors and this diversity made for highly meaningful, educational, and entertaining and lively classroom discussions.”
He added, “I also wanted to sharpen the pencil on my knowledge and skills in the area of finance, accounting, and entrepreneurship. UT Austin’s professors are top notch and I learned the fundamentals and the skills to launch my first health technology company during the first year of my EMBA.”
7. London Business School’s Executive MBAs
London Business School (LBS), ranked No. 8 globally by the Financial Times for EMBA programs in 2019, offers several executive MBA programs, including Executive MBA London, Executive MBA Dubai, EMBA- Global Americas & Europe, and EMBA-Global Asia. The school’s website notes that there are more than 20 nationalities in the current London EMBA class. The program takes 20 months to complete and features a mix of group work through pre-assigned study groups, as well as private study and assessment that includes individual projects, exams, and class presentations.
“The two-year program is rich with various academic and working experience[s], and most importantly full of networking opportunities and industry event engagements,” said Hiba Beydoun, a founder and consultant at Bey Consulting and 2015 graduate of London Business School’s EMBA program. “One of the reasons that LBS was my No. 1 choice is the international reach of the program, from cohort selection [and] professors to international assignments and global elective courses. I personally did my international assignment stint in Cape Town working alongside students from across the world, where we consulted on a real-life issue for a national company in South Africa — indeed an amazing experience.”
8. The ESADE Executive MBA at Ramon Llull University’s ESADE Business School
ESADE’s Executive MBA program, ranked No. 17 globally by the QS “World University Rankings,” identifies its learning model as a differentiating factor, which features a range of teaching tools, from real-life case studies and simulations to speed meeting and executive forums. The EMBA program is based on a partnership between ESADE and Aalto University Executive Education, which the school’s website describes as combining “Barcelona’s entrepreneurial spirit plus the Finnish passion for innovation and design thinking.” The program offers eight weeks of intensive face-to-face sessions in which students collaborate with peers and faculty in various locations.
“Without a doubt, the EMBA program has empowered me to break the infamous glass ceiling while staying true to the pledge I made when I entered the school: Be good. Do better. ESADE is one of the top schools when it comes to fostering innovation, creativity, engagement, collaboration, entrepreneurship, and high performance when training us, its leaders, for doing business in a global environment, and I can attest to that,” said Aurora Martinez, the chief operating officer and managing director at Gamelearn and a 2018 graduate of ESADE.
This article was originally published on Business Insider December 13, 2019.SEE ALSO: BUSINESS SCHOOL PREP: The ultimate guides to getting into the top MBA programs in the US
READ MORE: 24 podcasts picked by industry leaders, successful executives, and business school professors that are almost as good as getting an MBA
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The 26 billion-dollar startups to watch that are revolutionizing healthcare in 2021
Summary List PlacementThe financial calamities predicted at the beginning of the coronavirus pandemic didn’t materialize for most healthcare startups.
The industry’s up-and-coming private companies largely benefited from the one-two punch of financial concerns in other parts of the market and an increased focus on healthcare with all eyes on America’s wavering pandemic response.
2020 will likely go down as one of the single most pivotal years for the US healthcare industry in history. Even outside large hospitals and pharmaceutical companies, private startups raised a whopping $17 billion in 2020, a 57% increase over 2019’s record, according to a new report from Silicon Valley Bank.
That led to a new herd of healthcare unicorns, private companies valued at or above $1 billion. Some former unicorns, like GoodRx and Amwell, made public market debuts while others continued raising venture capital and private financings while the market was favorable. Some startups raised two separate funding rounds in the last year alone.
Read more: The 8 digital health startups to watch that are changing healthcare in 2021
Business Insider rounded up the 26 healthcare companies currently valued at more than $1 billion, according to Pitchbook and additional reporting.SEE ALSO: Investors think Amazon and Alphabet could set the pace for healthcare deals in 2021. Here’s what they are watching.
MDLive – $1 billion
MDLive is a long-standing telemedicine provider that has boomed during the pandemic. The 11-year-old company offers a suite of digital health and virtual care services to its patients in the United States and operates on a similar level to its competitor, telehealth giant Teladoc.
Teladoc in October completed its merger with Livongo, a company that helps patients manage chronic conditions like diabetes, spurring speculation that MDLive may pursue a similar blockbuster deal in 2021.
MDLive indicated its plan to go public in 2021 instead when it announced $50 million in equity investment in September. According to Pitchbook data, the round valued MDLive at $1 billion and also included $25 million in debt financing as a separate transaction.
— Megan Hernbroth
Cityblock Health – $1 billion
Cityblock Health wants to improve healthcare outcomes for low-income patients through its social support services for what investors call social determinants of health in addition to its virtual care service.
These factors, which include access to public transportation, affordable and reliable housing, and nutritious food, operate outside the four walls of a clinic or doctor’s office but have massive implications on patients’ long-term health.
Cityblock Health raised $160 million in Series C funding on December 14, catapulting the three-year-old startup to the unicorn club.
Investors recently told Business Insider that startups like Cityblock could be poised to rise even further in 2021 as the pandemic continues and the inequities in care remain at the forefront of the nation’s response.
— Megan Hernbroth
Virta Health – $1.1 billion
Virta Health is a Silicon Valley startup that combines virtual care and the trendy ketogenic diet to help patients with diabetes.
Virta encourages patients with type 2 diabetes to adopt a low-carb, high-fat diet and matches them with trained professionals to help track and manage their symptoms. In a peer-reviewed study Virta funded, researchers found that these changes to a patient’s diet could ultimately reduce or remove the need for medications like insulin.
Virta raised $93 million in Series C funding in January 2020 before raising another $65 million in Series D funding on December 2. The subsequent round valued the startup its $1.1 billion, Bloomberg reported.
— Megan Hernbroth
Lyra Health – $1.1 billion
Lyra is a mental health startup that works with companies to provide better benefits to employees. The startup has a network of therapists, coaches, and other care providers that provide virtual care visits to any employee with access to the software at little or no cost.
The service has been booming during the pandemic, according to investors, as remote employees struggle with work-life balance and employers seek to replace the enticing in-office perks with options that benefit more people.
Lyra raised $110 million in Series D funding on August 27, earning the five-year-old startup a $1.1 billion valuation, according to Pitchbook data.
Investors have been eager to back mental health startups in 2020, and many told Business Insider they foresee that trend only increasing in 2021.
— Megan Hernbroth
Sema4 – $1.1 billion
Sema4 is a data analytics startup based in Stamford, Connecticut, that looks at data sets of large populations to gain insight into health outcomes. The company spun out of the Mount Sinai Health System in 2017, and was named for a system of sending messages using codes, which is the core function of its technology.
On July 29, the company said that it raised $121 million in Series C funding from BlackRock Innovation Capital Group, Mount Sinai Health System, The Blackstone Group, Moore Strategic Ventures, Deerfield Management, Oak HC/FT, Decheng Capital, Connecticut Innovations, and Section 32.
The round came about a year after a $120 million Series B funding round. In total the company has raised nearly $371 million, according to Pitchbook data.
— Megan Hernbroth
Freenome – $1.2 billion
Freenome is a liquid biopsy startup that seeks to detect cancer through a routine blood draw.
“What we’re aiming to do is develop a test that healthy patients would take as part of their annual physical that tells you whether or not somebody’s going to have cancer,” cofounder and CEO Gabe Otte told Business Insider in 2016 following the company’s seed funding round.
Otte developed technology that can read the human genome for early markers of cancer by looking at a patient’s blood instead of more traditional biopsies that rely on sampling tumor cells. In the years since his first fundraising round, Otte and his team have also created software that creates a system for early disease detection and screenings.
The San Francisco-based company raised $270 million in Series C funding in July. Its investors include GV, Roche Venture Fund, Kaiser Permanente Ventures, Fidelity Investments, Novartis, American Cancer Society, Andreessen Horowitz, BrightEdge Ventures, Polaris Partners, Section 32, RA Capital Management, and Farallon Capital Management, among others. It has raised more than $508 million in total, according to Pitchbook data.
— Megan Hernbroth
Rakuten Medical – $1.2 billion
Headquartered in San Diego, Rakuten Medical develops precision-targeted cancer therapies designed to treat solid tumors.
The biotech is led by the Japanese billionaire Hiroshi Mikitani, who is also founder and CEO of the large Japanese e-commerce firm Rakuten. Mikitani said he was inspired to fund the cancer research after his father was diagnosed with pancreatic cancer in 2012.
Rakuten Medical has raised about $471 million, according to PitchBook. Both Mikitani and Rakuten have invested in Rakuten Medical.
— Lydia Ramsey Pflanzer
Orca Bio – $1.2 billion
Biotech startup Orca Bio creates new cell therapies for procedures like bone marrow transplants that help strengthen patients’ immunity. The doses are personalized to each patient and are built cell-by-cell using another person’s blood.
According to the company, this treatment could help cure certain diseases and decrease side effects commonly experienced with current drugs. In November, the startup released a study of its therapy’s success on patients with graft-versus-host disease, a complication commonly associated with transplant recipients.
The Silicon Valley company raised $192 million in Series D funding from Lightspeed Venture Partners and 8VC on June 17. According to Pitchbook data, it has raised $300 million since it was founded in 2016.
— Megan Hernbroth
Whoop – $1.2 billion
Whoop makes a health and fitness tracking strap that has won over everyone from Lebron James to Eli Manning to Kevin Durant.
The strap, which functions similar to existing watch fitness trackers, allegedly helped PGA Tour golfer Nick Watney detect early COVID-19 symptoms by picking up on his elevated respiratory rate, in addition to integrating with popular fitness app Strava. The strap itself costs nothing and is included with a membership for $30 a month or $288 for one year.
The 8-year-old startup was founded by 31-year-old founder and CEO Will Ahmed. On October 28, Whoop said it had raised $100 million in Series E funding at a $1.2 billion valuation.
— Megan Hernbroth
Butterfly Network – $1.3 billion
Butterfly Network, a company that developed an iPhone-based ultrasound device, wants to make the technology more accessible to doctors and healthcare workers so they can make more precise diagnoses on the move.
The device, called Butterfly iQ, plugs into the iPhone and isn’t much bigger than the phone itself. It’s been approved by the Food and Drug Administration for use in imaging the abdomen, bladder, and heart.
In September 2018, Butterfly raised $250 million from investors such as Fidelity, Fosun Pharma, and the Bill and Melinda Gates Foundation. In total, the company raised $370 million.
In November, the company said it plans to go public via a merger with the special purpose acquisition company Longview Acquisition Corp., a deal that would value the company at $1.5 billion. The deal, commonly referred to as a SPAC, was among a wave of similar reverse mergers that allowed startups to forgo the traditional IPO process while still taking advantage of public markets investors.
— Lydia Ramsey Pflanzer
Everlywell – $1.3 billion
Everlywell offers at-home testing kits for food sensitivity, fertility, hormones, STDs, and thyroid or metabolism issues, all compliant with federal standards. The startup sends samples to accredited labs, which perform the tests using patient-provided samples similar to what would occur at a routine doctor’s office visit.
The tests are not currently covered by any insurance providers, but Everlywell says that it tries to keep its pricing simple and easy for consumers to understand.
Everlywell patients receive results that have been reviewed by licensed physicians through a mobile app. They are then able to take those to a primary care or specialist provider without having to step foot in a traditional medical testing lab. The startup received national attention when founder Julia Cheek pitched the idea on Shark Tank.
In March, Everlywell announced it was also offering an at-home COVID-19 test as the coronavirus pandemic took hold in the United States. It partnered with independent labs to scale infrastructure to the point where it can handle up to 250,000 tests weekly, according to the company.
The company raised $25 million in Series C funding in February 2020. On December 3, the startup announced it raised $175 million in Series D funding from Goodwater Capital, Highland Capital Partners, and Next Coast Ventures in addition to several private equity firms. In total, the company has raised more than $250 million.
— Megan Hernbroth
Grand Rounds – $1.3 billion
Grand Rounds works with companies like Walmart and Home Depot to offer an on-demand healthcare virtual assistant to employees as an employer-provided benefit. The company previously focused on large self-insured companies like the aforementioned, but have recently started selling to medium-sized companies as the pandemic left many employers scrambling to offer relevant benefits while maintaining low costs.
In September, Grand Rounds raised $175 million from private equity firm Carlyle Group that launched its valuation to $1.3 billion, according to Pitchbook data.
“As COVID hit and these employers, to take care of digital and work-from-home workforces across the country, they all had unique situations and needs pop up,” Carlyle Group investor and Grand Rounds board member Robert Schmidt told Business Insider in September.
— Megan Hernbroth
Ro – $1.5 billion
Ro is a direct-to-consumer provider that offers generic medications for conditions such as erectile dysfunction, hair loss, and weight management through the mail. Patients can consult a doctor through Ro’s telemedicine service throughout the course of treatment and are required to pay a cash fee for medication and the visit since Ro doesn’t accept insurance.
The three-year-old company raised $200 million in venture funding on July 27, nabbing a $1.5 billion valuation as a result. It acquired Workpath, another startup that provides in-home care services, in December as it seeks to expand beyond digital health.
— Megan Hernbroth
Olive – $1.5 billion
Olive makes automation technology for healthcare workers. Its artificial intelligence software picks up on keystrokes to learn how a healthcare worker interacts with specific applications and provide suggestions for tasks like prior authorizations or patient verifications. It also has a tool to help automate processes in hospitals’ human resources, finance, and supply chain departments.
Olive raised $106 million in venture funding in September, just months after raising $51 million in March. It is currently valued at $1.5 billion, according to Pitchbook data. In December acquired Verata Health to further expand its services to insurance companies and hospitals.
— Megan Hernbroth
Hims – $1.6 billion
Be it depression, hair loss, or erectile dysfunction, Hims wants men to “take care of themselves” without fear of stigma via its suite of telemedicine and personal care offerings.
Besides online primary care visits and therapy, it sells hair, skin, and sex products directly to consumers. Its sister site, Hers, offers similar services for women. Hims says its total funding to date is $260 million.
On October 1, the company announced that it was going public through a reverse merger with blank-check company Oaktree, that valued Hims publicly at $1.6 billion.
Its investors include Atomic, Maverick Ventures, Forerunner Ventures, Founders Fund, 8VC, and Redpoint Ventures.
— Lydia Ramsey Pflanzer & Megan Hernbroth
HeartFlow – $1.6 billion
HeartFlow is trying to make the process of finding blockages in the heart a lot less invasive. Using imaging from a CT scan, HeartFlow builds a 3D model that pinpoints the blockages associated with coronary-artery disease, a heart condition that affects millions of Americans and is the leading cause of death in the US.
HeartFlow is based in Redwood City, California, and reached unicorn status in 2018 after raising $240 million. In total, the company has raised $532 million.
— Lydia Ramsey Pflanzer
Zocdoc – $1.8 billion
Zocdoc helps patients book doctors’ appointments and check-in for them — everything from primary care to dental to optometry appointments.
Users can search based on procedures, conditions, and even a particular doctor they might want to book an appointment with.
In 2019, the company changed the way it pays its doctors in some states, moving from a subscription model to one that charges a per-booking fee. Some doctors weren’t been happy about the switch.
Zocdoc, which is based in New York, most recently raised $130 million in a Series D round in August 2015, bringing its total raised to $223 million. The company’s last reported valuation is from 2015, according to PitchBook.
During the pandemic, Zocdoc introduced video visits for the providers on its platform to use with patients.
Zocdoc cofounder Cyrus Massoumi in September sued the company, claiming he was pushed out of his role as CEO in an illegal “coup.”
— Lydia Ramsey Pflanzer
Devoted Health – $1.8 billion
Devoted Health wants to reinvent how we care for aging Americans.
The company started selling Medicare Advantage plans in parts of Florida for 2019. In its second year, its enrollment jumped, in line with the company’s expectations.
Read more: Oscar Health has confidentially filed to go public. Here’s a look at how the health insurer and rivals Clover and Bright have fared so far this year.
The company’s plans might look a bit different from traditional insurance in that Devoted plans to do more than pay for visits to doctors and hospitals. It also hires nurses and other employees directed at keeping seniors healthier and out of the hospital.
Devoted was founded in 2017 by brothers Ed and Todd Park. Before Devoted, Todd Park cofounded the health IT company Athenahealth and served as the chief technology officer of the US during the Obama administration. Ed Park, who serves as Devoted’s CEO, was formerly the chief technology officer and later chief operating officer at Athenahealth.
In October 2018, the Waltham, Massachusetts-based company raised $300 million in a Series B round led by Andreessen Horowitz, bringing its total funding to $369 million.
— Lydia Ramsey Pflanzer
Zymergen – $2.1 billion
Synthetic biology company Zymergen is a Silicon Valley company that turns living organisms into new materials. Synthetic biology involves harnessing the power of cells to make products like less-toxic sweeteners for food or drugs and biodegradable building materials and bags. It was a popular area of investment for cutting edge VC firms prior to the pandemic as the technology could help combat single-use plastic use.
On July 29, the eight-year-old startup raised $350 million in Series D funding led by private equity firm Baillie Gifford, according to Pitchbook data. Other investors include SoftBank Investment Advisers, SVF, Schiehallion Fund, SciFi VC, DCVC Bio, True Ventures, Perceptive Advisors, Baron Funds, Scottish Mortgage Investment Trust, and MicroVentures.
— Megan Hernbroth
Lyell – $2.5 billion
The San Francisco biotech company is focused on treating cancer with cell therapies. Lyell’s goal is to develop cell-based immunotherapies for cancer, with a focus on CAR-Ts and solid tumors.
In March 2020, the company raised a total $493 million in funding from undisclosed investors. The company has raised a total of $851 million, according to CB Insights, from investors including Foresite Capital Management, Arch Venture Partners, and Altitude Life Science Ventures.
— Lydia Ramsey Pflanzer
Sana Biotechnology – $2.8 billion
Sana Biotechnology is developing engineered cells that can be used as medication for patients. The goal, according to the company, is to engineer cells to repair and control genes or replace missing or damaged cells with an entirely new set of therapies for a range of conditions. It is currently focusing on immunology, stem cell biology, gene delivery, and gene modification.
The Seattle-based company said it has roughly 250 employees across three offices. In June, it raised $435 million in Series B funding from GV, Omega Fund, and Flagship Pioneering, according to Pitchbook data. The round was part of a larger initial financing, according to the company, which totaled $700 million after multiple separate rounds of fundraising.
Additional investors include ARCH Venture Partners, F-Prime Capital, Altitude Life Science Ventures, Canada Pension Plan Investment Board, City Hill Ventures, Baillie Gifford, Alaska Permanent Fund, Public Sector Pension Investment Board, and Bezos Expeditions.
— Megan Hernbroth
Radiology Partners – $4.3 billion
Southern California-based Radiology Partners owns and operates radiology clinics in 26 states across the US. According to the company, it employs roughly 1,500 radiologists and provides radiology services to more than 1200 hospitals on-site and virtually.
The eight-year-old company raised an undisclosed amount of private equity financing from Heritage Group in 2020, according to Pitchbook data, and subsequently raised two rounds of debt financing. Prior to 2020, it raised $750 million in growth financing from Starr Investment Holdings on July 19, 2019.
— Megan Hernbroth
Gingko Bioworks – $4.9 billion
Ginkgo Bioworks is a startup that designs microbes to produce substances like fragrances and medications. The Boston-based company sends the programmed bugs to partner companies that put them to use.
In September 2019, Ginkgo raised an additional $290 million. In total, the company has raised $719 million and a $350 million fund to invest in spinout companies that use its technology.
In 2020 Ginkgo responded to the coronavirus pandemic by helping with testing, vaccines, and antibody therapeutics, according to its website.
— Lydia Ramsey Pflanzer
Tempus Labs – $8.1 billion
Chicago-based Tempus got its start in 2015, and then rocketed into unicorn territory.
The startup, which was founded by Groupon founder Eric Lefkofsky, hopes to help doctors use data to find better cancer treatments for patients, using both clinical data — information about which medications patients have taken and how they responded to them — and data it sequences in its lab based on the tumors and hereditary genetics of cancer patients.
Tempus raised $100 million in March 2020 and another $200 million in December 2020, putting the company at an $8.1 billion valuation. So far, the company has raised about $1 billion.
— Lydia Ramsey Pflanzer
Roivant Sciences – $9 billion
Roivant Sciences is a company known for developing drugs that other pharmaceutical companies have abandoned.
The company was founded by CEO Vivek Ramaswamy, who’s 35. Through its subsidiary companies, it identifies experimental drugs that other companies may have stopped developing for one reason or another that still have potential to get approved and go on the market.
So far, it has launched 17 subsidiary “-vant” companies, including a number that have gone public. Those include the neurodegenerative-disease-drug developer Axovant Sciences, the women’s health company Myovant Sciences, and the urology company Urovant Sciences.
In December 2019, the company entered a deal with Sumitomo Dainippon Pharma. The company raised $200 million from investors in 2018 a little more than a year after raising $1.1 billion in a monster round led by SoftBank’s Vision Fund. The $200 million round valued the company at $7 billion.
— Lydia Ramsey Pflanzer
Samumed – $12.4 billion
Samumed is the highest-valued startup on this list.
The San Diego-based company has attracted a total of $764 million and a heady valuation thanks to a pipeline of what could be revolutionary treatments to regenerate hair, skin, bones, and joints.
The company’s science hinges on something called progenitor stem cells. Samumed hopes to manipulate the pathway that makes these progenitor stem cells spring into action so that they don’t cause conditions like hair loss or osteoarthritis.
The company had previously raised funding from backers including high-net worth people and sovereign funds rather than venture capital. Samumed’s chief business officer, Erich Horsley, said in May 2018 that the company could go public in the next three to four years.
— Lydia Ramsey Pflanzer
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