July 12, 2021
How does Maven Clinic make money?
Maven partners employers and health plans, while individuals pay per video call/message
As telemedicine usage rose during COVID, and a bunch of different companies were raising funding, it was easy for them all to sort of blend together after a while, and hard to see how they truly differentiated from each other.
That wasn't the case with Maven Clinic, as the company has a specific mission: to serve women and families.
The company acts as a digital clinic, providing programs around aspects of women's healthcare such as preconception, egg freezing, IVF, adoption, surrogacy, pregnancy, returning to work and pediatrics, as well as programs for partners of people going through pregnancy or IVF.
The company allows patients to make virtual visits with their doctor. Patients get access to over 1,400 vetted women’s and family health practitioners across over 20 specialties. They can book video chats or message practitioners and then pick up their prescriptions, including birth control, at their local pharmacy.
The company sells its digital programs to both employers and health plans to roll out to their members who then get access to a care team comprised of a range of providers who can help meet their needs. For example, a member in their third trimester of pregnancy may get a care team that consists of an OB-GYN, a nutritionist, a pelvic floor physical therapist, a lactation consultant, and a mental health provider. And many members will stick with the same care team and provider for the long term.
Patients can also sign up individually for Maven, though they won't get access to the care team. The company doesn't currently take insurance, so these members have to pay out of pocket per video appointment, though the company says on its website that "in many cases, the cost of a Maven appointment is less than a co-pay."
The out of pocket price for an appointment varies depending on the specialist the patient is seeing, as well as the length of their appointment. For example, patients pay $25 for a 20 minute appointment with a doula, a lactation consultant, a nutritionist, or a physical therapist, while they'll pay $20 for a 10 minute appointment with a nurse practitioner or midwife. An appointment with a physician, such as an OB-GYN or pediatrician, costs $40 for a 10 minute appointment.
The company provides mental health services as well, and in that case the cost depends on the level of education the provider has received: Maven charges $70 for a 40 minute appointment with a provider who has a Masters degree, while it's $120 for a 40 minute appointment with a Doctorate-level provider.
Patients also pay to message their doctor; private messaging is unlimited for members with employer-sponsored accounts, but individual members can purchase messages in bundles, including two messages for $10, five messages for $25, and 10 messages for $50.
Finally, Maven also allows patients to buy nutritionist packages, such as three 40 minute sessions for $195, five sessions for $300, and 10 sessions for $550.
Since launching in 2014, the company has served over 10 million women and families.
Investors in the company include Sequoia Capital, Spring Mountain Capital, 8VC, Great Oaks Venture Capital, Oak HC/FT, 14W, BoxGroup and Female Founders Fund, Icon Ventures, Harmony Partners, Reese Witherspoon, Natalie Portman, Mindy Kaling, Anne Wojcicki, Jeremy Yap, Colle Capital Partners, Portfolia, Future\Perfect Ventures, Matt Mullenweg, Company Ventures, Thomas Lehrman, Julie McDermott, Ricardo Schaefer, Christina Jenkins, David Chan, Noramay Cadena, Natalie Portman, Trish Costello, Lisa Coca, Susan Lyne, and Grand Central Tech.
(Image source: mavenclinic.com)
