Early-stage Health Tech Start-ups
Noom, Progyny, Arcadia, and On Target Health are health tech startup companies that have seen substantial growth over the past three years. These companies all employ a strategy that focuses on providing unique and custom services based on the clients' individual needs. Noom, Progyny, and On Target Health focus on the utilization of mobile apps to increase sales. Arcadia, Progyny, and On Target Health also focus their efforts on marketing their technology and services to businesses and organizations to increase sales.
- Noom is a startup health tech company that focuses on helping people make behavior changes to create healthier lifestyles. Noom focuses on weight loss and is now including technology to help with chronic health conditions.
- The Noom app was released on May 9, 2013. As of December 2019, SensorTower shows there have been over 300k downloads from iTunes.
- Noom makes sales through its mobile app. Noom states that the app is free to download and offers a 14-day free trial. After the free trial, clients can purchase monthly plans.
- Noom uses artificial intelligence to create a personalized health coach for each of their clients.
- Noom has a strategy of focusing on creating unique solutions for all its clients. The Noom official website states that their areas of focus are diabetes prevention and management, hypertension prevention and management, and healthy weight.
- Noom reports seeing significant results in their clients including 64% of clients losing 5% of their body weight, 83% of diabetic clients gaining control of their blood glucose, and 84% of clients completing their program.
- According to MobiHealthNews, between 2016 and 2018, Noom grew 1,938%.
- MobiHealthNews reports that Noom brought in $58 million on May 6, 2019, from several investors including Oscar Health and Scooter Braun.
- According to MobiHealthNews, Progyny focuses on providing consumers with a digital platform to find fertility services. The app shows services such as egg freezing, in vitro fertilization, and doctor consultations.
- Progyny has a strategy that focuses on providing care that is focused on each individual's unique needs. They have a Smart Cycle design which allows their client to choose treatments that are ideal for their situations. Some treatments offered are egg freezing, surrogacy, and adoption.
- Progyny has a Smart Cycle benefit plan that covers all treatment costs as a way to eliminate financial concerns for their clients.
- Progyny makes sales through marketing their Fertility coverage and benefits to employers. Employers can purchase Progyny's fertility plan which they can then offer to their employees.
- Progyny has also developed an app to help those who are in the fertility process. The app features games, exercises, and activities to generate mindfulness as well as provide a supportive community for Progyny members.
- MobiHealthNews reports that in 2018, Progyny had an annual revenue of $156 million. Progyny also had a three-year growth rate of 6,900%.
- Progyny reported having a 120% increase in its revenue in the third quarter of 2019. Progyny had a revenue of $27,798 in the third quarter of 2018 and a revenue of $61,196 in 2019.
- Between the third quarter of 2018 and the third quarter of 2019, Progyny saw their profits increase by $7,273
- Arcadia is a health tech company that focuses on providing healthcare organizations with the technology they need to analyze data.
- They make sales through their Get Started page on the company website where healthcare organizations can request services and information from Arcadia.
- Arcadia's strategy focuses on providing their clients with data analysis that focuses on each client's organizational goals and values.
- Some services Arcadia offers are quality improvement, care management, clinically enhanced risk adjustment, patient management, and contract analysis.
- According to MobiHealthNews, Arcadia had an annual revenue of $35.4 million in 2018 and grew 133% over the past three years.
ON TARGET HEALTH
- On Target Health is a startup health tech company that focuses on developing weight loss programs that are customized for each client.
- On Target Health offers its clients a mobile app which allows them to be connected with their coaches at all times. The app includes features like calorie tracking, meal planning, educational videos, and nutritional content.
- On Target Health sells its health programs. They target organizations that wish to offer health coaches and programs to their employees.
- According to MobiHealthNews, On Target Health had an annual income of $2.1 million in 2018 and grew 165% over the past three years.
We first identified leading startup companies in the health tech industry that are still in the early stage of development. MobiHealthNews was a valuable resource utilized to identify top startups in the industry. We searched for companies that grew more than 130% over the past three years and had an annual income over $2 million. Annual reports and business reports were searched to find more information about sales and profits; however, most of the companies do not have annual reports available to the public. Progyny release a quarterly report which was used to further analyze their growth in revenue. Company websites were then analyzed to evaluate business strategies and business focuses.