First Stop Health Revenue Grows 46%, Driven by Virtual Primary Care Adoption & Ongoing Need for Mental Health Services
Clients realize the value of these services as 64% of all employer-clients have implemented 2+ virtual care products for their employees.
CHICAGO, February 9, 2023 (Newswire.com) - First Stop Health (FSH), a leading virtual care company for primary, urgent and mental health care needs, today announced its annual recurring revenue (ARR) grew 46% in the past year. Growth was driven by the continued success of Virtual Mental Health and the introduction of Virtual Primary Care in 2022, which helped increase its employer-clients by 32%.
"In the last three years, we successfully launched two new products - Virtual Mental Health & Virtual Primary Care - and have been thrilled to provide more people with the easily accessible care they deserve," said FSH CEO Teira Gunlock. "Value-based care is going to become increasingly important as employers nationwide focus on ROI - and results-driven solutions to serve their employees. Our virtual-first care model achieves high utilization, which results in happy employees, healthier populations, and savings for employers," Gunlock added.
FSH clients realize the value of these services as 64% of all employer-clients have implemented 2+ FSH virtual care products for their employees. Virtual Urgent Care (Telemedicine) remains a top seller for FSH, but mental health and primary care have provided an additional layer of well-being for its members.
"Mental health remains a top priority for employers, which is, in part, why Virtual Primary Care has been so well-received by the market. PCPs (Primary Care Physicians) are integral managers of mental health treatment for patients. With Virtual Primary Care, employers can help their employees get the mental health support they need, when they need it," said FSH Chief Strategy Officer Elena Gambon. "Our clients understand that our solution supports employees' mental and physical well-being because it removes the typical barriers to in-person care, such as long wait times to get an appointment, co-pays and the fear of a surprise bill, taking time off work, traveling to a facility or sitting in a germy waiting room."
In addition to monetary growth, the FSH team also grew. Despite the healthcare sector experiencing slow job growth, FSH increased its total workforce by 31% in 2022 and continues to hire in 2023.
Recognition of its strong growth and attractive remote workplace is reflected in FSH being named one of the fastest-growing companies on the Inc. 5000 list for the fifth straight year, and for the first time, in Inc.'s Best Places to Work in 2022.
Speaking on behalf of themselves and other investors, Executive Chairman & Co-founder Patrick Spain and Chief Clinical Officer and Co-founder Dr. Mark Friedman agreed, "It was an extraordinary year for First Stop Health. We continue to execute our mission of providing outstanding, convenient, low-cost and high-return, accessible healthcare for our members and their employers. We are excited to have reached scale and look forward to adding our one-millionth member in 2023. Additionally, we expect to be operating at material EBITDA profit levels while continuing our high ARR growth rates."
Learn more about FSH by visiting fshealth.com.
About First Stop Health
First Stop Health (FSH) provides care that people love with various digital healthcare services. Patients can access virtual care 24/7 via app, website or phone. We help them save time and money with safe, convenient, high-quality virtual care solutions - Primary Care, Urgent Care & Mental Health. FSH was named one of Inc. Magazine's Best Workplaces of 2022 and ranked one of the fastest-growing private companies for the past five years by Inc. 5000.
Source: First Stop Health