What You Should Know:
– Women’s healthcare company Tia just announced a $100M series B round, representing one of the largest raises for a woman-led startup at the series B stage.
– Tia now provides whole-woman care to women throughout their entire lives via a blended virtual and in-person care model that fuses primary care, mental health, gynecological care, and other wellness services like acupuncture. Backed by a care coordination team and proprietary software system, Tia delivers care at up to 40% lower than the cost of traditional primary care practice.
Tia, a New York City-based modern medical home for women, today announced a $100M in Series B funding led by Lone Pine Capital with additional participation from other investors including Threshold, Define Ventures, Torch Capital, ACME, Compound, Combine, The Helm, Human Ventures, Seae Ventures, and Gingerbread Capital. The round brings Tia’s total funding to $132M.
A New Standard for Patient Care
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Even though women make up a larger portion of the population and control more than 80% of the $3.6 trillion annual healthcare spend, the most valuable U.S. healthcare consumer has been grossly misunderstood and underserved. To date, the healthcare system has fragmented women’s healthcare by body part or life stage, investing in an ineffective point-solution-driven model that doesn’t support their whole health. Women of reproductive age spend 90 percent more than men of the same age on healthcare, even as women’s health outcomes worsen across every metric – from maternal mortality and autoimmune disorders to anxiety and depression. Women of color, in particular, experience well-documented disparities in care and health outcomes.
Founded in 2017 by Carolyn Witte and Felicity Yost, Tia is shifting the paradigm in women’s healthcare by delivering comprehensive care both virtually and in-person, treating women across their whole lives and not just during a single reproductive stage or condition. Tia’s care model fuses primary, mental health, and gynecological care with other evidence-based wellness services (e.g., acupuncture) in one seamless, coordinated and integrated experience, giving women a one-stop-shop for all their healthcare needs.
Tia also is forging partnerships with premier healthcare systems to ensure its patients can access and choose special care that Tia does not provide (e.g., obstetrical care and cardiology). Additionally, health system partnerships expand on Tia’s insurance offerings, enabling even more women to access Tia’s services in-network. By integrating with health systems, Tia extends its anti-fragmentation model beyond its “four walls” — helping to make the standard of care better for women, their families, and their communities.
Traction/Milestones
Tia builds a differentiated model in women’s healthcare characterized by:
– deep trust and loyalty with women, as demonstrated by its 90 Net Promoter Score (NPS) on average over the last two years;
– diverse and culturally competent care, with more than 50 percent of Tia’s Care Team and 40 percent of Tia’s patients identifying as people of color;
– high-quality care at lower costs, delivering 40 percent lower cost per service compared to a typical primary care practice;
– virtual and in-person services, with more than 60 percent of care delivered virtually;
– integrated care with more than 50 percent of Tia’s patients using two or more preventive care service lines and mental health as its fastest-growing service; and
– accessibility in accepting insurance for all its services, including mental health and acupuncture.
Tia will use the fresh investment to scale its “whole-woman, whole-life” model to more than 100,000 women by 2023. The funding will also help Tia grow its virtual & in-person operations in existing and new markets while expanding its service lines to care for women throughout their entire lives — from puberty to menopause. Since launching in 2017, Tia has grown to serve thousands of women aged 18-80 with blended in-person and virtual care in New York City, Los Angeles, Phoenix, and soon San Francisco.
Source: Hitconsultant
