Series B Founder Pitches Telehealth Treatment Program for Opioid Use Disorder
Feb 14, 2024
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Ankit Gupta, CEO of Bicycle Health, discusses their telehealth treatment program for opioid use disorder, focusing on retention rates and affordability. He emphasizes involving families in care and strategies for user acquisition. The discussion highlights disparities in retention between self-pay and insured patients, growth strategies, and advocacy for opioid use disorder.
Patient retention rates vary based on payment methods, with insured patients showing higher retention levels.
Focus on aligning incentives with patient outcomes ensures quality care and effective addiction management.
Utilizing online channels for user acquisition, Bicycle Health targets tech-savvy individuals seeking confidential opioid addiction treatment.
Deep dives
Overview of Bicycle Health's Telehealth Treatment Program for Opioid Use Disorder
Bicycle Health offers a virtual care model for treating opioid use disorder, providing comprehensive care including medication management, psychotherapy, case management, and at-home drug testing. Their approach aims to help patients overcome withdrawal symptoms, cravings, and achieve health and wellness. Having reached a national scale operating in 48 states, Bicycle Health collaborates with various health insurance providers and organizations, emphasizing quick access to treatment and delivering high-quality care.
Unit Economics and Care Delivery Approach
Bicycle Health's $199 monthly self-pay pricing model was established to balance affordability with providing high-quality care, incorporating various services like therapy and recovery coaching. Initially incurring costs in acquiring patients, their focus on retention in treatment drives long-term sustainability. By optimizing their unit economics, they transitioned to billing insurance providers, enhancing financial sustainability for both self-pay and insured patients.
Retention Disparities Between Self-Pay and Insured Patients
Ankit Gupta highlights significant differences in patient retention rates based on payment methods, with insured patients exhibiting higher retention levels compared to self-pay individuals. Financial burdens emerge as a key reason for self-pay patients discontinuing care, underscoring the importance of insurance coverage in sustaining long-term engagement. Bicycle Health's focus on aligning incentives with patient outcomes reflects a commitment to quality care and addressing addiction challenges effectively.
User Acquisition Strategies and Target Demographics
Bicycle Health employs online channels, such as content marketing and social media, to reach individuals actively seeking opioid addiction treatment. Most patients are younger, technologically savvy, and gender-balanced, demonstrating a need for confidential and accessible care options. By offering extensive user support during enrollment and focusing on inclusive care delivery, they aim to engage a diverse patient population effectively.
Fundraising and Future Growth Plans
Having raised $80 million to date, Bicycle Health is in talks for its next funding round to support further growth towards profitability. With a team of around 250 members, their focus on expanding the care delivery team while maintaining efficiency reflects a strategic approach to scaling operations. Emphasizing a unique model of full-time care delivery staff and advocating for policy changes in addiction medicine, Bicycle Health aims to drive impact and innovation in addressing opioid use disorder.
Fostering Engagement and Advocacy for Behavioral Health Treatment
Encouraging openness and vulnerability in discussing addiction journeys, Bicycle Health promotes reducing stigma around addiction and behavioral health challenges. Through advocacy efforts, career opportunities, and user support initiatives, they strive to empower individuals to seek help and support loved ones facing addiction issues. By fostering a culture of empathy and understanding, Bicycle Health aims to create a supportive community for those navigating opioid use disorder.
In this episode, Ankit Gupta, CEO and founder of Bicycle Health, discusses his telehealth treatment program for opioid use disorder. He shares the inspiration behind starting the company and the comprehensive care model they provide. Gupta explains their business model and pricing, highlighting the challenges of affordability and value-based care. He also discusses the importance of retention rates in addiction medicine and how Bicycle Health aligns incentives with patient outcomes. Gupta addresses the involvement of families in the virtual care model and the strategies they use for user acquisition.
We discuss:
- Retention rates, and how they differ between self-pay and insured patients
- How the opposite of treatment for opioid use disorder isn’t full recovery
- The involvement of families and care givers in addition to the patient you’re serving
- How they acquire patients through online channels
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