February 7, 2023

Simple HealthKit is taking on health equity with at-home diagnostics, treatment

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In its quest to offer healthcare that’s high-quality, accessible and affordable, Simple HealthKit is expanding its portfolio of diagnostic testing to include diabetes, sexual health and the ‘tripledemic,’ which is COVID, the flu and RSV.

Simple HealthKit is operating in a global diabetes diagnostic market expected to reach $42.4 billion by 2026 and the global STD market forecasted to be valued at $141 billion by 2030. The diagnostic market has also made a big shift to at-home, driven by companies like Everlywell, and supplemented by startups all over the world, including Senzo, Healthtracka, TBD Health, Starling Medical and Hormona.

Sheena Menezes, who has a PhD in biochemistry and bioengineering, started Simple HealthKit in 2018 with a team that includes Jerzy Majka, Linus Aranha and Lisa Le, all on a mission to provide a human-centric approach to healthcare, particularly for underserved markets. It currently works with large retailers, pharmacies, educational institutions, employers and public health organizations that represent communities of over 1.5 million people.

Simple HealthKit started off with at-home or in-clinic diagnostics for respiratory health and chronic conditions and has now become an end-to-end platform after building up its diagnostics and Clinical Laboratory Improvement Amendments-certified laboratory facilities for testing.

This means the company can return test results within 24 hours. Tests for sexual health and respiratory illness are available on the company’s website and are typically covered by health savings programs, while in-clinic or in-pharmacy tests are typically reimbursable through health insurance, according to the company.

Menezes noted that the fast turnaround for testing was important because one in two sexually active people will contract a sexually transmitted disease by age 25, and many are asymptomatic, so they are unaware they have it. In addition, 37 million in the U.S. have diabetes, but 8.5 million are undiagnosed.

‘These are big challenges, especially in communities of color,’ she added. ‘That’s where we’re reinvesting a lot of our profits in infrastructure, product lines and programs with different partners.’

It also works with pharmacies and provides telehealth services for treatment and follow-up care. In addition, the company can plug its infrastructure into other organization’s workflow via an open-ended API or Health Level Seven application layer.

Company plans for this year include continued work with its partners to accelerate physician-ordered diagnostic access in underserved communities.

Menezes declined to disclose yearly revenue ‘due to upcoming movements,’ but did say that testing volume between 2021 and 2022 grew 42%, and that as Simple HealthKit expands its product offerings, she is forecasting potential annual recurring revenue of $107 million.

Much of the company’s growth has followed an $8 million round of Series A funding the company closed in 2021, but had not announced. It was led by Initialized Capital with participation from seed investors Kleiner Perkins, Kapor Capital and Quest Venture Partners. This brings Simple HealthKit’s total funding to date to $12 million.

‘Simple HealthKit is transforming traditional diagnostics with a human-centric approach, providing accessible testing tools in tandem with thoughtful follow-up care,’ said Garry Tan, partner and founder at Initialized, Y Combinator president and CEO, and Simple HealthKit board member, in a written statement. ‘We believe this approach to diagnostics-as-a-service will be especially impactful in underserved markets where time and cost are often factors in whether or not people pursue care.’

Reference: https://techcrunch.com/2023/02/06/simple-healthkit-at-home-diagnostics-health/

Ref: techcrunch

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