Included Health’s strategic IPO delay pays off as the company achieves profitability and significant growth. CEO Owen Tripp emphasizes innovation and a patient-centric approach, positioning the company for a strong future in the evolving healthcare landscape.

In the turbulent seas of the healthcare market, where many have faltered, Included Health has managed to keep its head above water—and then some.

Originally slated to make a grand entrance on the public stage in 2022, the startup opted for a strategic retreat instead, a move that in hindsight appears as prescient as it was prudent.

The decision to step back from an imminent IPO in early 2022 was not made lightly.

The healthcare IPO market was a bustling bazaar in 2021, with a staggering 23 startups making their public debut.

Included Health, which was born out of the merger of care navigator Grand Rounds and virtual care provider Doctor on Demand, was poised to join this illustrious group.

The startup had all the trappings of a successful IPO candidate; it had engaged financial heavyweights like Morgan Stanley, JPMorgan, and Bank of America to shepherd it through the process.

However, as the market winds shifted, CEO Owen Tripp made the call to pull back.

It was a decision not driven by desperation but by a position of strength.

“We spent most of that intervening time taking advantage of the fact that we had a really strong cash position,” Tripp explained.

This financial cushion allowed the company to introspect and innovate without the immediate pressure of raising capital.

The result?

A revamped Included Health that is not only profitable but also significantly larger, boasting double-digit revenue growth and a client roster of about 300 employers and health plans.

This strategic pause allowed Included to hone its offerings, particularly in personalized care and integrated services, areas that Tripp acknowledged needed refinement.

The startup’s enhancements in executive leadership, product development, and profitability have paid dividends, evidenced by the expansion of existing contracts and the landing of new ones, including a massive deal with the California Public Employees’ Retirement System.

In contrast to its 2021 self, Included Health today exemplifies a more mature and resilient company, ready to face an IPO market that, while still uncertain, shows signs of revival.

Tripp’s optimism is emblematic of a larger trend within the healthcare sector, where startups like Hinge Health and Omada Health are dusting off their IPO plans, buoyed by the prospect of a market resurgence.

Yet, Tripp is not without his critiques of the healthcare navigation industry.

In a candid LinkedIn post, he lamented the commoditization of healthcare navigation services, which he believes have strayed from their patient-centric missions.

He advocates for a more holistic approach, where technology serves to augment, not replace, human care.

It’s a vision that includes expanding into home care and pharmacy support, further integrating the healthcare experience for patients.

Interestingly, Tripp’s vision extends to the structure of Included Health itself.

By maintaining a cap table comprised entirely of common stock, Included mirrors the egalitarian ethos of a public company, offering equal rights to investors in the event of an exit.

This approach, Tripp suggests, aligns with the company’s long-term goals rather than short-term liquidity.

In the ever-evolving landscape of healthcare, Included Health’s journey over the past few years offers a masterclass in strategic patience and innovation.

As the market teeters on the brink of a new wave of IPOs, one cannot help but wonder if Included Health’s eventual public debut will be the crescendo to a symphony of carefully orchestrated growth and transformation.

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