the multi-specialty telehealth platform focused on providing modern personalized health and wellness experiences to consumers
With approximately 50% of Americans on high-deductible plans, if they even have insurance, accessing care can is very difficult. Hims & Hers democratizes healthcare to make it work for people, not against them. The company intentionally makes the cost of its products and services affordable. By building its system in the cloud and avoiding legacy inefficiencies and costs, it passes cost savings back to the customer. In the traditional healthcare system, it takes weeks to schedule doctors appointments, which includes many social/financial barriers preventing people from accessing care. Hims & Hers breaks down these barriers-- especially for those with highly stigmatized conditions -- by offering same-day or near-same-day access. Since 2017, the company’s facilitated more than 3 million telehealth consultations. Hims & Hers specializes in offering health/wellness products and telehealth services for seeking trusted care for stigmatized issues, including prescription and non-prescription treatments/services for hair loss/hair care, sexual health, skincare/dermatology issues, primary care, and increasingly mental health and wellness. The platform enables secure, asynchronous and synchronous communication between patients and medical professionals, allowing for every consumer to feel safe with convenient and confidential care. The platform gathers quality data daily through its proprietary EHR and tracks care on a five-point scale, evaluating whether providers are following evidence-based guidelines. The company also sets itself apart with its unique branding approach and system of high-quality care options that start with no-judgement consumer engagement, broaching conversations around stigmatized conditions. The platform builds trust with consumers, demonstrating they are not alone and should not feel ashamed.
Hims & Hers is a multi-specialty telehealth platform that connects consumers to licensed healthcare professionals, enabling them to access high-quality medical care for numerous and often highly stigmatized conditions related to primary care, mental health, sexual health, dermatology, and more. Launched in November 2017, the Hims & Hers platform also offers thoughtfully created and curated health and wellness products available across all 50 states and Washington, D.C. The company’s self-pay system is often less than the average copay, meaning Hims & Hers can create more access to personalized, high quality, convenient and affordable care without requiring insurance.
Hims & Hers’ platform differs from others in multiple ways, including its approach to treating stigmatized conditions, care-delivery model and growing list of traditional healthcare partners. For those who get care asynchronously, access doesn’t require high-powered WiFi, which allows more people to get convenient care. A leader in telehealth for highly stigmatized conditions, Hims & Hers is a trusted way for consumers to seek high-quality care through its warm and welcoming approach. The platform is a safe, affordable, patient-centric place that delivers personalized care -- regardless of their identity, geography or insecurities. Hims & Hers’ goal is for people to feel good about taking care of themselves, no matter their health concerns. Moreover, Hims & Hers patients can choose their own personalized healthcare journey. For example, regarding mental health, Hims & Hers includes a wide (and growing) variety of free, anonymous support group sessions where a licensed mental health/wellness professional provides live education/guidance and directs consumers to other resources that may be right for them. If consumers need more support, in one integrated platform, they can access frictionless consultations with a licensed professional (online individual therapy or psychiatry) in a short time. Hims & Hers also distinguishes itself through its partnerships with traditional healthcare partners including health systems like Oschner, Mount Sinai and Privia. Instead of seeing traditional health players as competition, the company can supplement its care through these partnerships, putting patient needs first. By having these partnerships, if a Hims & Hers patient needs more specialized care, they can be seamlessly transitioned to a brick-and-mortar provider.
Hims & Hers platforms has more than 391,000 active subscriptions, and have facilitated more than 3 million telehealth visits since the company’s launch. The company has a very loyal customer base that trusts its high-quality products and services. In its Q1 earnings, the company reported its revenue grew 74% year-over-year to reach $52.3 million. That financial performance is a testament to the value it builds with its customers through offering high-quality, personalized products and services. The company also has built a solid reputation for destigmatizing conditions and creating an open dialogue with consumers about the health and wellness concerns most impacting their lives. For specific examples on the quality of its care, consider mental health. Hims & Hers tracks patient improvement based on the self-reported updates that customers do as part of medication management. For example, 79% of those who have used its psychiatry platform report that they have seen improvement in their mental health. And in terms of the company’s support group sessions led by a licensed mental health professional, 95% of attendees that have participated in the feedback survey following the sessions have rated their satisfaction of the session as very good/good.
The healthcare system can create impenetrable barriers for some consumers, whether that’s access, cost or stigma. Hims & Hers tackles all three and should win because it’s building new front doors to healthcare in modern, personalized, and frictionless ways that makes high quality care accessible to more people.