In the world of healthcare startups, few stories are as compelling and illustrative of resilience as that of Included Health.
This company, which originally had its sights set on going public in 2022, has achieved impressive milestones while remaining in the shadows of private enterprise.
As the healthcare IPO market appears ready to reawaken this year, Included Health stands not only as a survivor but as a testament to the power of introspection, adaptability, and strategic patience.
Back in 2021, Included Health was poised to capitalize on the booming healthtech IPO market.
With heavyweight financial institutions like Morgan Stanley, JPMorgan, and Bank of America in its corner, the company seemed destined for a strong public debut.
However, as the market’s tides shifted, CEO Owen Tripp made the strategic decision to retract from the IPO race and refocus the company’s efforts inward.
This move, often seen as a gamble in the fast-paced startup world, has since proven to be a masterstroke.
The merger of Grand Rounds and Doctor on Demand in May 2021 was a precursor to Included Health’s ambitious plans.
Yet, as Tripp and his team looked in the mirror, they realized that becoming a public company comes with both opportunities and pressures that could derail their long-term vision if pursued prematurely.
“We spent most of that intervening time taking advantage of the fact that we had a really strong cash position — we didn’t need to raise money,” Tripp reflected.
This financial cushion allowed Included Health to refine its offerings, ensuring that its services were not only trusted by patients but also robust enough to handle complex healthcare needs.
In a healthcare landscape often riddled with red tape and inefficiencies, Included Health has differentiated itself by emphasizing personalized care that goes beyond traditional doctor visits.
The company has doubled down on integrating services that assist employees in navigating the often labyrinthine world of healthcare benefits and claims.
This strategic pivot has not only led to profitability but has also expanded their client base to roughly 300 employers and health plans, including high-profile deals like the one with the California Public Employees’ Retirement System (CalPERS).
The key to Included Health’s success seems to be its ability to remain nimble and innovative while others in the sector faced tumultuous times.
As Tripp noted, the company has seen “double-digit revenue growth since 2021,” a feat made possible by its readiness to adapt and evolve.
This success story offers a lesson in the virtue of patience and the importance of a strategic pause—a lesson that many in the startup world could learn from.
Interestingly, Included Health’s journey isn’t isolated.
As the healthcare market braces for a potential M&A and IPO boom, other startups like Hinge Health and Omada Health are also gearing up for their public debuts.
Meanwhile, the healthcare navigation segment is undergoing significant changes, with major acquisitions and leadership shifts reshaping the competitive landscape.
Included Health’s story is a beacon for startups eyeing the public markets.
It highlights the importance of knowing when to hold back and when to charge forward.
Owen Tripp’s vision for the company extends beyond immediate liquidity events, focusing instead on sustainable, integrated care solutions that genuinely advocate for patients.
As the IPO market reopens, Included Health stands ready, not just as a contender, but as a formidable force shaped by introspection and a commitment to redefining healthcare navigation.
