In the bustling world of healthtech, the story of Included Health stands out as a lesson in strategic patience and the power of introspection.
Originally poised to join the booming IPO rush of 2022, the company made a bold decision that has since defined its trajectory: it stepped back from the public eye, opting instead to focus on fortifying its foundations.
Now, as whispers of a rejuvenated IPO market fill the air, Included Health emerges from the shadows not only larger but also more robust and profitable.
The healthcare landscape was riding a high in 2021, with 23 healthtech startups going public.
Included Health, born from the merger of Grand Rounds and Doctor on Demand, was eager to ride this wave.
The company, which specializes in helping employees navigate healthcare benefits and access virtual care, had already aligned the financial troops, enlisting heavyweights like Morgan Stanley and JPMorgan for its anticipated IPO.
However, as market conditions began to sour, CEO Owen Tripp made a smart, albeit difficult, choice to retract their plans and reevaluate their strategy.
In hindsight, Tripp’s decision was a masterclass in corporate self-awareness.
With a solid cash position, Included Health didn’t have the immediate pressures of fundraising.
Instead, it took the rare opportunity to scrutinize its strengths and weaknesses.
This period of reflection revealed a critical insight: while their healthcare services were trusted, the company’s ability to offer integrated, personalized care needed refinement.
The solution? A strategic restructuring of their executive team, bolstered product offerings, and a focus on profitability.
Fast forward to today, and Included Health is reaping the fruits of its labor.
The company boasts an impressive double-digit revenue growth since 2021, working with approximately 300 employers and health plans.
Notably, its expansion includes a significant contract with the California Public Employees’ Retirement System, a deal Tripp deems a “massive” testament to the market’s readiness for companies like theirs.
But what truly sets Included Health apart is its vision for the future.
Tripp has been vocal about the need for healthcare navigation to evolve beyond perfunctory services.
In a candid LinkedIn post, he criticized the industry’s trend towards commoditization, arguing for a more holistic approach that truly advocates for patients.
This philosophy is guiding Included’s next steps, with ambitions to venture into home care and pharmacy support, all while leveraging AI responsibly to enhance, not replace, clinical expertise.
Interestingly, Included operates more like a public company than many of its private peers.
By maintaining a cap table of common stock, the company ensures equal rights for investors in the event of an exit.
This egalitarian approach underscores their long-term commitment to stakeholders, beyond the immediate lure of liquidity.
As the healthcare IPO market shows signs of revival, Included Health stands ready, not as a company chasing market trends, but as an industry leader poised for sustainable growth.
In a field where many have lost their way, Included’s story is a beacon of what can be achieved when a company takes the time to truly understand itself and its mission.
