Women make up half of consumers, have the power over 80% of household financial decisions and make 70% of health-related decisions in their families – but their access to adequate health care is often inadequate.
Increasingly, especially in the post-crude world, women are turning to their employers for adequate health care services for themselves and their families. The Maven Clinic, a virtual women’s and family health clinic, enables companies to offer their employees a comprehensive online network of fertility, pregnancy, adoption, parenting and pediatric services.
“With our platform, patients have access to all these different types of care providers — adoption coach, surrogacy coach, OBGYN, midwife, doula — they can get quick support within 10, 20 minutes and talk to people they trust and who share their lived experiences Maven Clinic CEO and founder Kate Ryder told CNBC reporter Leslie Picker at the CNBC Work Summit on Wednesday have to include them in this new and changed landscape.”
Ryder’s goal for Maven is to put women first when it comes to their healthcare and to fill any gaps they may have. It is the largest virtual platform for women and family ministries.
“Women’s and family health has always been underserved,” Ryder said.
Since Ryder founded Maven Clinic in 2014, the company has raised more than $200 million and was valued at $1 billion following its most recent funding round in August 2021. This makes it the first female-focused healthcare startup to reach this milestone. Its services have helped support more than 15 million members in over 175 countries and the platform supports over 30 provider specialties in 30 provider languages. Maven Clinic was ranked #19 on the 2022 CNBC Disruptor 50 list.
Since the Supreme Court Roe v. Wade lifted in June, the company saw a 67% increase in opportunities from companies seeking travel benefits and other health care for pregnant women.
Ryder said the Maven Clinic expects Roe v. Wade after SB-8 in Texas in 2021, which banned virtually all abortions and health care related to abortions after six weeks.
“Because we were in the market, because we had a platform to access, we were able to jump up and move forward with our products,” Ryder said.
Maven Clinic has seen a broader surge in demand for its products over the past two years amid a pandemic and a tight job market, which it attributed to the accessibility of its virtual platform as well as its outspoken support of health justice.
Amid the Great Resignation, more and more companies are adding fertility benefits to their list of perks to stay competitive as part of diversity, equity and inclusion efforts. As of 2020, services such as in vitro fertilization (IVF) treatment are offered by 42% of large US employers and 27% of small employers, and 19% of large employers and 11% of small employers offer egg freezing on.
Additionally, 80% of people say they look at a company’s DEI efforts when considering an employer, and 40% of people would be willing to change jobs if they felt their employer was reproductive Ryder said it doesn’t prioritize rights.
“All the major medical associations have come out… and said this is a health access issue, a health care issue,” Ryder said. “It’s also spot on – to ensure your families have the right access and support at a time when they’re really vulnerable.”
The Covid-19 pandemic has also disproportionately affected communities of lower economic status and people of color, making it difficult for them to find adequate care.
The pandemic has also seen an exodus of female employees and executives leaving their companies, changing jobs at one of the highest rates in years. The number of women currently employed is similar to what it was in the 1980s, reversing decades of progress.
“If you’re a company trying to grow your bottom line, it’s about the people,” Ryder said. “It’s about health equity and how, for example, it’s easier to really address that when you have a big virtual care platform because you have the opportunity to have a workforce provider.”