Invest in Thrivelab

Founder's Story

Nearly ten years ago I was struck by a car while riding my road bike down PCH. I was left with a tramatic brain injury and serious cognition issues.

After two years of seeing specialists I was unable to find resolution to my symptoms. Until I read a paper by Harvard Medical School on the off-label treatment of tramatic brain injuries with bio-identical hormone replacement therapy.

Within 30 days of starting treatment my symptoms were gone!

I was elated and determined to better understand who else was suffering from hormone imbalances. I started going to conferences and reading everything I could get my hands on. I was shocked. Over 72% of Americans between 35-65 were suffering from a hormone imbalance and only 12% were able to find care. Due to a shortage of specialists, high cost of care and miss-diagnosis.

We assembled a founder's team of doctors that have served over 250,000 patients and who's last 3 text books have been the text book for board certification in hormone health. Along with our technology team of AI experts, healthtech developers and healthcare operators with 5 combined exits totalling over $100M.

Our mission was to make hormone health accessible and afforable nationwide. Our approach would be to combine people and technology to drive life changing outcomes. To get this right we created massive clarity around our values so we could recruit, indoctrinate and scale.

Values

Radical Accountability || Vulnderable Authentity || Growth through adversity The Key to Abundance and Life Changing Outcomes.

With over 147 applicants per position, we painstakenly sourced mission driven team members that were aligned, experienced and driven.

Our founding team got to work leveraging data from 250k patient interactions, the latest AI technology and robotic process automation to develop an end-to-end platform that reduced the standard time of treatment by 76%. From 24 days to just 3.48 days.

We built an Rx management software that decreased time to ship from 3 days to same day for prescriptions received by 2pm pst and a 98% on-time delivery rate.

We eliminated patient pain points and drove life changing outcomes resulting in over 900 Five Star reviews and earning the #2 Women's Clinic in the country according to Trust Pilot.

All these improvements not only improved patient outcomes and experience, but reduced the cost of care by 64%!

As a result revenue increased revenue 206% in 2023 and is on pace to hit $7M by end of 2024.

I feel so honored to be on a team with "life changing outcomes" as a core value. Every day our team is driving innovation that improves and accelerates outcomes for patients.

One major breakthrough was the integration of nutrition and life coaching. With certified dieticians and licensed therapists. All covered by insurance. The combination of drug intervention and behavior modification has driven unparalleled results for patients.

The amount of data we are collecting is incredible. The new features we have planned will radically change the status qou for holistic care. Think photo food logging apps. Gamification with integration to your Apple Health data. The case uses and associated outcomes are stacking.

While we are a mission driven team we understand our ability to scale is based on building a business of substance. With 94% recurring revenue and multiple streams we have achieved the best unit of metrics for our competitive co-hort.

Monthly subscription revenue is a recurring platform fee for the tech features that provide proactive continuum of care, symptom tracking, improved accessibility and Rx management.

Medication revenue is also recurring and covers the cost of medications purchased on our platform and shipped directly to the patients door each month. From BHRT, to GLP1s and over 400 SKUS. All drop shipped from pharmacy partners. Meaning no inventory.

Clinical Copays are paid upfront to book appointments for providers accross the platform. While it is not recurring the consistent frequency of appointments during the course of the year mimics recurring revenue.

Lastly, insurance revenue from in-network contracts which has been increasing by over 25% a month. Now insurance companies have begun referring patients as well with a zero acquisition cost.

Every time a patient opts out there is an offboarding call. The data from these calls is reviewed each week by the retention sub-committee. One major observation was that 44% of churned patients cited the desire to use insurance as their reason for opting out.

We also identified that none of our competitors offered insurance. As we dug in we found out that the few that had submitted for in-network contracts had been denied. So we determined this would be not only a major benefit for patients, but also a sustainable competitive advantage.

We engaged with a billing and credentialing company in April of 2024 and started strategically submitting requests for contracts based on our patient outcomes and depth of services offered. At first we too received rejection letters. We kept at it and within less than a year we were able to secure in-network insurance contracts with United Healthcare, Aetna, Cigna, Blue Cross Blue Shield, Medicare, Medicaid and many others. Representing over 150M lives and 94% of our patient population.

As a result retention improved 25%, patient acquisition cost dropped by 45% and our patient life time value increased by 35%. Remarkable.

Margin is what allows us to scale mission. We know this and have been at work driving phenomenal unit of metrics for our investors. In just 6 months we were able to nearly tripply our life time value to patient acquisition cost. Meaning now for every dollar we invest in marketing we are getting back 750%!

When patients speak, we listen and they kept asking for primary care services. They trust their Thrivelab provider and wanted a one stop shop. After months of researching the primary care market we were shocked to find over 100M Americans live in primary care shortage areas and the average wait time nationwide for primary care is 26 days. Compare this to 2.4 days on the Thrivelab platform!

We kicked off an extensive training program. Repurposed our AI tools for primary care. Built out the marketing funnel and started serving our patients for primary care needs.

The program has been wildly successful for patient experience and as a result we were able to develop an expanded list of primary care services so it can serve as a new entry point.

This is meaningful as the primary care providers serves as the hub and spoke for recommendations across the spectrum of care. Further, under the existing primary care model patient data was stuck in closed-end EHR. In Thrivelab's integrated model all patient data is in one LLM that leverages AI tools to create cross specialty collaboration, diagnostics and insights that are not available in the existing healthcare space. The power of this approach for all stakeholders cannot be understated.