In its aim to provide care that is of high quality, accessible and affordable, Simple health kit expands its portfolio of diagnostic tests to include diabetes, sexual health, and the “triplemia,” or COVID, the flu, and RSV.
Simple HealthKit works in one global diabetes diagnostics market expects to reach $42.4 billion by 2026 and the global SOA market estimated to reach $141 billion by 2030. The diagnostics market has also made a major shift to home use, driven by companies like Everlywell, and complemented by startups around the world, including Senzo, Healthtracka, TBD Health, Starling Medical, and Hormone.
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 with a mission to provide a people-centered approach to healthcare, with especially for underserved markets. It currently partners with major retailers, pharmacies, educational institutions, employers and public health organizations representing communities of more than 1.5 million people.
“Healthcare is a complex issue for us,” Menezes told businesskinda.com. “When organizations build tests, labs, telehealth and prescriptions, it’s often in silos. And all too often people get dropped during one of these cycles, and when that happens, the individual gets no care.
Simple HealthKit started with at-home or in-clinic diagnostics for respiratory health and chronic conditions and has now become an end-to-end platform after building its diagnostics and Clinical Laboratory Improvement Amendments certified laboratory facilities for testing.
This means that the company can return the test results within 24 hours. Sexual health and respiratory disease tests are available on the farm website and are typically covered by health savings programs, while in-clinic or pharmacy tests are typically reimbursed through health insurance, the company said.
Menezes noted that the fast turnaround time for testing was important because one in two sexually active people will contract a sexually transmitted disease at age 25, and many are asymptomatic, so they don’t know they have it. In addition, 37 million in the US have diabetesbut 8.5 million are undiagnosed.
“These are major challenges, especially in communities of color,” she added. “There we invest a lot of our profit in infrastructure, product lines and programs with various partners.”
It also partners with pharmacies and provides telehealth services for treatment and aftercare. In addition, the company can connect its infrastructure to the workflow of other organizations through an open-ended API or Health Level Seven application layer.
The company’s plans for this year include continuing to work with its partners to accelerate physician-prescribed diagnostic access in underserved communities.
Menezes declined to disclose annual revenue “due to upcoming moves,” but did say that testing volume grew 42% between 2021 and 2022, and that as Simple HealthKit expands its product offerings, she forecasts potential annual recurring revenue of $107 million.
Much of the company’s growth is due to an $8 million Series A funding round that the company closed in 2021, but had not announced. It was led by Initialized Capital with participation from seed capital investors Kleiner Perkins, Kapor Capital and Quest Venture Partners. This brings Simple HealthKit’s total funding to date to $12 million.
“Simple HealthKit transforms traditional diagnostics with a people-centered approach, providing accessible testing tools coupled with thoughtful aftercare,” said Garry Tan, partner and founder of Initialized, Y Combinator president and CEO, and board member of Simple HealthKit, in a written statement. “We believe this diagnostics-as-a-service approach will be especially impactful in underserved markets where time and cost are often factors that determine whether people seek care or not.”
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