You may have seen news recently of our Series E financing. I’d like to share a bit more about how we intend to use this new capital to create something that can truly transform the way we deliver healthcare services in this country.
One thing we have learned again and again is that there is an exponential dropoff in the use of healthcare services as they become less convenient. And it turns out that there’s an almost exponential uptick in people’s ability to use healthcare services as they become more convenient!
Color provides the infrastructure that delivers essential services capable of improving outcomes across large populations by bringing those services directly into their everyday lives. By bringing critical services like vaccinations and simple diagnostic tests to you at your workplace, to your kids at their school, or at your place of worship or even at home, Color makes public health happen where public life happens.
We believe this to be one of the biggest opportunities in healthcare. We are only currently scratching the surface of what is possible, but every healthcare service that Color runs today shares the same attributes:
- There is tremendous value in making it dramatically more accessible;
- They are possible to distribute through a digital model that doesn’t require a large amount of clinical infrastructure; and,
- Through that digital platform we can monitor and report data that will help make important decisions and improve health outcomes
A huge category of healthcare services can be unlocked through our model: think about metabolic disease management, women’s health services, sexually transmitted disease programs, and even mental health support.
We also know that achieving equity in our health system requires us to think about ease of access in a whole new way. And yet many of the healthcare services that can dramatically improve public health – whether a simple test or administering a vaccine – don’t actually require being in a hospital, at a doctor’s office, or even at your local pharmacy.
Everyone working across healthcare understands that there is a lot more we can do to keep people healthy rather than relying on treating people only when something goes wrong. As we make progress on that front, we’ll dramatically improve health outcomes in this country while at the same time spending less on care. There’s incredible upside to making relatively low-cost, essential services widely accessible and accountable in a way that today’s system is simply not equipped to deliver.
One important trend that was catalyzed by the COVID-19 pandemic is that institutions – whether that’s local governments and public health departments, or employers or schools – are taking a greater role in the health and safety of their populations. The interests and incentives of these institutions are aligned with the creation of an alternative healthcare delivery model designed for fast and effective scaled programs. Sometimes critical infrastructure that is built during times of crisis can be utilized after that crisis for the benefit of everyone. That’s what we believe we’ve built over the last 18 months.
To all of our partners, thank you as always for entrusting us with the incredible responsibility and privilege of improving the health of your populations. And to the Color team, you have performed at heroic levels during extraordinarily challenging times. I am continually humbled and inspired by all of you.