Hi everyone - Today’s post will only cover one company because I’m OOO over in Lake Tahoe, California. Here’s a cool view from Heavenly Mountain
This week we’ll be diving into women’s healthcare with Tia. As always, you can find the list of companies we’ve previously examined here.
Hello, Healthcare: Tia
Company Snapshot:
Founded: 2017
Employees: 250
Funding: $130M
Valuation: N/A
Stage: Series B
Locations: New York, Los Angeles
Company Overview
Tia is a healthcare system for women
Tell me more
Tia initially launched in 2017 with a chat-based app to help answer people’s questions about birth control and their overall health. In 2019, the company opened its first in-person clinic in New York. Today, the company combines virtual and in-person care for a variety of women’s health needs, providing primary, mental and gynecological care, as well as acupuncture. By partnering with health systems, Tia helps its members access specialty care not offered at Tia clinics, like obstetrics.
Tia charges a $150 annual membership fee, and patients use their insurance or pay in cash for the cost of each visit.
Market Opportunity
The United States healthcare system is messy. Whether it be surprise medical bills for in-network physicians or referral-based care, getting the treatment you need can be difficult. Tia’s goal is to create a more centralized healthcare system tailored to the largest contributors to healthcare expenditures, women.
Historically, the healthcare system has fragmented women’s health care by body part or life stage, resulting in a lot of check ups, appointments, and consultations. Women make up a majority of the population and control more than 80% of the $3.6T annual healthcare spend. Every year, women spend over $500B on medical expenses, and according to the U.S. Department of Labor, women make 80% of a family’s healthcare decisions. When comparing Male vs Female healthcare costs, the average women’s health expenses were 80% higher than men in the same age group.
Why I like the company
Tia is going after a large, highly fragmented market that’s traditionally seen little innovation in bundled services. With healthcare spending and healthcare-responsibility over-indexed towards women, Tia has the opportunity to create a value-aligned healthcare system catered to the various needs of women everywhere. By bundling normally disparate services like primary care, acupuncture, mental health therapy, and gynecology, Tia could build the one-stop-shop for women's healthcare. Similarly, within healthcare there’s a growing emphasis on preventative care — being part of Tias healthcare ecosystem could drive better outcomes for patients through a digitally integrated, experiential approach.
On the growth side of things, the company signed its first major partnership with a national health system to co-launch more locations nationally. Tia is collaborating with CommonSpirit Health, which operates 137 hospitals and more than 1,000 clinics, to launch Tia-branded women's health clinics that will provide blended virtual and in-person care.
Lastly, in a MebCity News article from September 2021, it was reported that Tia expects to grow from 3,000 clinics in 2020 to 100,000 by 2023. Expanding to more locations, enhancing its services to cover everything from puberty to menopause, and striking more partnerships with health systems to cover inpatient services will help the company reach its goals. To meet their goals and grow beyond 100,000 locations, Tia will need to create products and services to cater to all levels of the income-spectrum.