About the Company
Company Details
  • Website
    https://www.98point6.com/
  • Primary Contact Name
    Lauren Colburn, VP of Sales Operations
Solution Details
  • Target Employer Size
    Mid-market (100 to 999), Large (1000-4999), Enterprise (5000+)
  • Company Funding Level
    We just completed Series D funding (see article here: https://www.geekwire.com/2020/98point6-raises-43m-goldman-sachs-costco-co-founder-others-expand-virtual-healthcare-tech/ )
  • Firms That Have Invested
    We raised $43 million in Series D funding. The round was led by Goldman Sachs and further supported by existing investors, bringing the total amount raised to $129 million since the company’s inception in 2015.
  • Planning On Seeking Funding?
    No
  • What Size is the Company?
    98point6 has 240+ of the brightest minds in technology, medical and regulatory arenas working for the company.
Competition Breakdown
  • Main Competitors
    In our commercial efforts, other companies we encounter are traditional telemedicine compannies. While we all provide primary care diagnosis and treatment that is not delivered in-person, our model is very different. Our product offering (on-demand, text-based primary care) combined with our business model (low fixed annual membership fee, made possible by pairing machine learning and artificial intelligence with the expertise of physicians to optimize the medical visit), there is not a direct competitor. Non-traditional competitors include: internet searches, triage apps, online symptom checkers and unengaged healthcare consumers.
  • Company Competitive Advantage
    Our differentiation is simple: cost, quality and accessibility. Quality: At the center of 98point6 sits quality medical care delivered by US board-certified physicians who diagnose, treat, follow up and keep consumers engaged and satisfied. No appointment, no time limit. We believe the quality of care delivered is directly related to the timing of the visit – the earlier a patient can access a doctor, the better care they will receive – 98point6 allows patients to contact a physician immediately and at their convenience. Accessibility: Through our private, intuitive interface and text-based method of care, consumers are empowered to access primary care on-demand from any context. Whether handling the interaction immediately or accessing a physician along their day to come up with a personalized care plan, consumers can engage with expert care at the convenience of their schedule. Cost: 98point6 leverages artificial intelligence and operations research to optimize the medical visit. Rather than having doctors ask questions, gather patient history or chart information, our technology does it for them. Patient profiles are automatically built and our system learns from each visit, avoiding redundancy. This optimizes the medical encounter, enabling a fundamental shift in the medical cost structure.
Cost Model
  • Pricing Structure
    We are offering 98point6 at a price of $1.25 per member per month (PMPM). This fee includes unlimited primary care for benefit-enrolled employees and their covered dependents who are 1 years +, and includes all standard implementation services and employee engagement services. For members covered under a PPO plan, there is no additional visit fee. To comply with HDHP/HSA regulations, employees and dependents who are HSA participants pay $5 per visit (which may be waived due to recent legislation). This fee is paid within the app at the time of the visit and can be charged to their HSA debit/credit card. Our commercial customer contract terms are 12 to 24 months.
  • Initial Fees
    NA
  • Are There Ongoing Fees?
    *See fee structure outlined in PMPM section*
  • Average Annual Contract Value
    The cost annually for an employer with 1000 employees would be a $15,000 flat fee.
  • Broker Compensation Available
    We have formal and informal relationships with many benefits consultants and brokers across the US. These brokers have partnered with us because they see the value in bringing high-quality, affordable and accessible primary care services to their clients. We don’t have a broker commission program currently, however, we value our relationships with brokers and will continue to identify ways to best partner with this community.
Distribution Model
  • Brokers (B2B)
    We have formal and informal relationships with brokers across the US. In most cases, producers and account manager are partnering with our business development executives to identify key clients that 98point6 would be good for. We currently work with brokers to jointly market to employers.
  • Employers (B2B)
    Employers with over 5000 employees are our primary target customers for 98point6, however, we have programs and pricing for employers between 1,000 - 5,000 employees. Employees and their dependents receive a sponsored version of the product through their employer—accessing it directly by visiting our web site or by downloading the mobile application. We currently support our efforts with a national sales team that works directly with employers as well as through relationships with brokers and consultants.
  • Individuals (B2C)
    In addition to our commercial offering, we offer a direct-to-consumer model where consumers pay directly to use the service. Consumers can sign up for the service by downloading our app and setting up an account.
  • Other
    Popular characteristics that make 98point6 particularly appealing include: Distributed populations where workers have inconsistent access to primary care; Remote or shift workers that have schedules that make visits with physicians difficult; Technology-savvy companies where consumer expectations for on-demand services are high; Price sensitive populations where employees tend to not go to the doctor unless critical; Employers with onsite care clinics to offer parity of benefits for those workers not onsite; Employers transitioning to HSA plans which generally produces a reduction in primary care visits upon implementation.
Technology Details
  • Platform
    98point6 is a mobile app that delivers 24/7 on-demand primary care to consumers via a private, text-based experience—accessible from wherever they happen to be (at home, on the bus, at work). Most 98point6 visits are conducted entirely via private and secure in-app messaging. However, video and voice are instantly available when required.
  • Mobile Capability
    98point6 diagnosis and treatment is provided primarily via secure in-app text messaging so most visits occur via the patient’s mobile phone. While a patient encounter can switch to video or audio at any time, the vast majority of our encounters do not utilize telephonic or video capabilities except for establishing patient relationship in some states.
  • SSO Capability
    98point6 provides an end-to-end product directly to consumers so we must maintain compliance with the HIPAA security rules. We therefore only allow login by directly authenticating end-users against our user database.
  • Security / HIPAA Information
    Please refer to the attached 98point6 Security Statement for detailed information about our security and compliance practices.
  • Scalability
    We are building a solution that will support a large volume of patients across the United States. We have built tools that help us understand how many doctors we need on staff to support the clinic on a given day based on predicted volumes stemming from our employer member base, and direct-to-consumer offerings. As our patient base increases, we can adjust these models real-time. As we drive efficiencies in the entire continuum of care by leveraging technology, this decreases the number of physicians needed to treat increases in patient volume compared to traditional in-person care.
  • Data Source(s) for Claims
    NA
Team Construct
  • Number of Employees
    98point6 has 240+ of the brightest minds in technology, medical and regulatory arenas working for the company.
  • Employee Growth Over Last Year
    We have experienced 300% growth over last year.
  • Employee Growth Projections Next Year
    As a private company, 98point6 Inc. does not share its employee growth projections with third parties.
  • Employee Turnover Since Launch
    As a private company, 98point6 Inc. does not share its employee turnover information with third parties.
Quantitative Assessment
  • Ease of Implementation
    Because we are an app-based model, our implementation process is extremely easy and streamlined. An eligibility file is all that is required to implement 98point6 for an employer. Once we have an eligibility file, product implementation can be completed within three weeks. The eligibility file is updated every month. Reporting is generally delivered quarterly. Any required custom reporting or data feeds would be scoped and committed to separately. Engagement planning is dependent upon the complexity of the client, but we generally require 4-8 weeks lead time before engagement activities begin.
  • Customer Service Description & SLAs
    Account management and customer support team business hours are currently Monday through Friday from 7am to 5pm Pacific Time. For issues after hours or on holidays, our teams will respond no later than the next business day. Our virtual clinic is open 24/7 365 days a year. We strive to provide our patients with system availability of 99.9% uptime or better and, on average, wait times of less than 2 minutes to connect with a physician once the automated assistant has gathered initial findings.
  • Employee Experience
    Since launching our service earlier this year, we have received positive user feedback as well as strong repeat visit numbers. Over 89% of users would use the service again and 56% of visits were returning users with a new condition or question. Our app is currently rated 4.8 stars in both stores. Some reviews: “App is user friendly and easy to use. The convenience of being able to talk to a doctor within minutes instead of having to book out weeks later and often waste PTO is priceless. Unless it’s an annual check in this is where I will go for my medical needs. Best App ever!” -app review “Amazing. I was sick at work today, convinced that I have an ear infection, and dreading sitting in the walk-in clinic for hours. With this app, I spoke to a doctor and had a prescription within half an hour.” -app review
  • Projected Growth (1 yr, 3-5 yrs)
    As a private company, 98point6 Inc. does not share its projected growth targets with third parties.
  • Growth Since Launch (or in last year)
    As a private company, 98point6 Inc. does not share its growth information with third parties.
Leadership
  • History/Heritage
    Our company’s mission is to make primary care accessible and affordable for every consumer of healthcare in the world by eliminating the economical, logistical and personal pain points traditionally associated with accessing care. We are reimagining the primary care experience to align with the expectations of today’s consumer for simple, life-changing solutions. 98point6 is meeting the need for on-demand, digitally-enabled care of uncompromising quality. We believe in primary care and its critical importance in improving the quality of life for individuals, communities and the world.
  • Experience w/ Startups
    The 98point6 leadership team is comprised of industry veterans with extensive business, technology, medical and regulatory experience. See Leadership Team attachment for additional information.
  • Experience with VC/PE Funding
    The 98point6 leadership team is comprised of industry veterans with extensive business, technology, medical and regulatory experience. See Leadership Team attachment for additional information.
  • Outcomes from Former Companies
    The 98point6 leadership team is comprised of industry veterans with extensive business, technology, medical and regulatory experience. See Leadership Team attachment for additional information.
Financial Details
  • Money Raised and Raise Format
    We recently raised $43 million in Series D funding. The round was led by Goldman Sachs and further supported by existing investors, bringing the total amount raised to $129 million since the company’s inception in 2015.
  • Number of Current Clients
    98point6 launched its first commercial customer in January of 2018 and currently has 200+ commercial customers (employers and health plans). We’ve seen incredible momentum since rolling out to our first commercial customer.
  • Markets Served
    We service all markets, however, our primary focus is the commercial employer market, targeting companies with 1,000+ employees.
  • Years in Service
    5
  • Sales to Date (or since launch)
    As a private company, 98point6 Inc. does not share its financial statements with third parties.
  • Sales in Last Year
    As a private company, 98point6 Inc. does not share its financial statements with third parties.
  • Information About Pipeline (12-24 months)
    We are focused on selling to companies with over 1,000 employees in all industries. We have successfully contracted with fully insured and self insured companies, representing technology, healthcare, higher education, retail, entertainment, construction, government, health plans, etc. Our pipeline consists of over 1,000 companies, totaling over 6 million potential customers.
  • Client Lost in Last Year (and why)
    We currently have 96% retention of our commercial customers.
Competitive Analysis
  • Competitor Description
    We compete with consumers not seeking care at all and waiting out their sickness as well as other places consumers are getting care. This includes health clinics, traditional telemedicine, nurse lines—and even online search and symptom checkers. Our differentiation is simple: cost, quality and accessibility. Quality: At the center of 98point6 sits quality medical care delivered by US board-certified physicians who diagnose, treat, follow up and keep consumers engaged and satisfied. No appointment, no time limit. We believe the quality of care delivered is directly related to the timing of the visit – the earlier a patient can access a doctor, the better care they will receive – 98point6 allows patients to contact a physician immediately and at their convenience. Accessibility: Through our private, intuitive interface and text-based method of care, consumers are empowered to access primary care on-demand from any context. Whether handling the interaction immediately or accessing a physician along their day to come up with a personalized care plan, consumers can engage with expert care at the convenience of their schedule. Cost: 98point6 leverages artificial intelligence and operations research to optimize the medical visit. Rather than having doctors ask questions, gather patient history or chart information, our technology does it for them. Patient profiles are automatically built and our system learns from each visit, avoiding redundancy. This optimizes the medical encounter, enabling a fundamental shift in the medical cost structure.
  • Market Landscape
    While we are often considered a telehealth or telemedicine solution, we consider our model to be very different. We both provide virtual care, but our combination of cost and accessibility differentiates us. Our cost is an order of magnitude less than any existing primary care service, and 98point6 is accessed anywhere, anytime via private in-app messaging. Because of this, 98point6 tends to reach consumers who are not actively or appropriately engaged with the healthcare resources available to them, so our service fits nicely alongside other traditional offerings.
Diversity
  • Is this a Public of Private Company?
    Private
  • Does the Firm Have Diversity Designations?
    No
  • Does the Organization have a Diversity Inclusion Policy
    Yes
Wellness and Wellbeing Domain
  • Activity Monitoring
    Planned for the Future
  • Weight Loss
    Core Competency
  • Stress/Resilience (EAP)
    Core Competency
  • Financial Wellness
    Not Applicable
  • Nutrition/Eating Healthy
    Core Competency
  • Smoking Cessation
    Core Competency
  • Incentive / Gamification
    Not Applicable
Disease / Chronic Care Management
  • Diabetes
    Core Competency
  • Asthma
    Core Competency
  • COPD
    Core Competency
  • CHF
    Core Competency
  • Cardiac
    Core Competency
  • Obesity
    Core Competency
Care Delivery Models
  • Telemedicine
    Core Competency
  • Destination Medicine / Medical Tourism
    Not Applicable
  • Direct Primary Care
    Core Competency
  • On Site Care
    Not Applicable
Pharmacy (PBM)
  • Discount Rx
    Not Applicable
  • Specialty Medication
    Not Applicable
  • Medical Adherence
    Not Applicable
Advocacy
  • Concierge Models
    Not Applicable
  • Second Opinion Services
    Core Competency
  • Admin Assistance (EOBs, bills)
    Not Applicable
Decision Support
  • Cost Transparency
    Not Applicable
  • Plan Selection
    Not Applicable
  • Cost Calculator
    Not Applicable
  • Find a Doctor
    Not Applicable
Health Risk Assessment, Lab / Biometric Screening
  • Paper Health Risk Assessment
    Not Applicable
  • Online Health Risk Assessment
    Not Applicable
  • Labs/Biometric Screening (mail in)
    Not Applicable
  • Labs/Biometric Screening (off site)
    Core Competency
  • Labs/Biometric Screening (on site)
    Not Applicable
Financial Accounts (HSA/FSA/HRA)
  • Flexible Spending Account (FSA)
    Not Applicable
  • Health Reimbursement Account (HRA)
    Not Applicable
  • Health Savings Account (HSA)
    Not Applicable
  • Dependent Care Assistance Program (DCAP)
    Not Applicable
  • Qualified Small Employer Health Reimbursement Arrangement (QSE-HRA)
    Not Applicable
  • Voluntary Employee Beneficiary Association (VEBA)
    Not Applicable
  • Qualified Transit Account (QTA) Commuter Benefits
    Not Applicable
  • Premium Reimbursement Arrangement (PRA)
    Not Applicable
  • COBRA
    Not Applicable
Compliance (ACA, State, Federal, etc.)
  • Compliance (ACA, State, Federal, etc.)
    Not Applicable
Perks / Employee Services
  • Perks / Employee Services
    Not Applicable
Data Analytics (includes Artificial Intelligence & Machine Learning)
  • Data Analytics (includes Artificial Intelligence & Machine Learning)
    Core Competency
Do you provide other services which were not captured above? If yes, please provide a short explanation.
  • Our company’s mission is to make primary care accessible and affordable for every consumer of healthcare in the world by eliminating the economical, logistical and personal pain points traditionally associated with accessing care. We are reimagining the primary care experience to align with the expectations of today’s consumer for simple, life-changing solutions. 98point6 is meeting the need for on-demand, digitally-enabled care of uncompromising quality. We believe in primary care and its critical importance in improving the quality of life for individuals, communities and the world.
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