Investing in Visana Health: Expanding access to value-based women’s healthcare nationwide
Authors: Margaret Malone, Vic Lanio, and Uma Veerappan
When we first met Joe Connolly nearly three years ago, Visana Health was primarily focused on care management for complex gynecological problems. The Visana team dropped into our firm’s DEI office hours with a specific product question in mind and, with our encouragement, pitched us on a pre-seed investment with a compelling vision to reduce the total cost of care for chronic gynecology populations. Today, Visana Health offers whole-person, longitudinal medical care for a wide range of women’s health conditions.
At our first meeting, women’s health funding was accelerating, increasing from $496 million in 2020 to $1.41 billion in 2021. Further, there was a noticeable shift as the market began to recognize the importance of women’s health beyond maternity, evidenced by Progyny going public in late 2019. Since then, we have seen new care models emerge and purpose-built technology platforms gain momentum in women’s health (check out our investments in Frame Fertility, Elektra Health, and Cayaba Care). While new models proliferated, the women’s health market still lacked an evidence-based solution addressing the full spectrum of women’s health conditions and needs.
Against this backdrop, we quickly learned chronic gynecology conditions could account for significant health plan spending. The high cost of care and the shortage of practicing OBGYNs creates a pain point for patients, plans, and self-funded employers. As a group, chronic gynecological conditions are a top 3 priority for health plans and employers, which the Business Group on Health highlighted at the start of 2023. Without expanded access to evidence-based guidelines, many women face gaps in care with chronic conditions going undiagnosed — despite reporting severe symptoms.
Enter Visana: A value-based women’s health clinic offering virtual comprehensive care services from menstruation to menopause.
Initially, we invested in Visana as part of Flare Scholars Ventures, an initiative to provide capital at the earliest stages to pre-seed companies developed or affiliated with our Flare Capital Scholars. Shout out to Cameron Carter for his continued support of the Visana mission!
After our FSV investment, Joe set out to build Visana’s best-in-class clinical model alongside co-founder Shelly Lanning, who brings 20+ years of healthcare operating and investing experience, and Dr. Barbara Levy, Chief Medical Officer, who brings 25+ experience with direct care, research, and physician training. Dr. Levy is the former Vice President of Health Policy at the American College of Obstetricians and Gynecologists.
Our firm had high conviction in the Visana team’s clinical ability to successfully execute their vision. Ultimately, Flare Capital is a founder-driven firm. In getting to know the Visana team, we have been most impressed by their ability to attract world-class talent and their enduring commitment to delivering high-quality care to overlooked patients. Having already partnered with Fortune 500 employers and prominent health plans, Visana is making an impact.
We are thrilled to announce Flare Capital Partners’ investment in Visana Health, co-led by our friends at Frist Cressey Ventures (shout out to Olivia Capra and Navid Farzad!). We are honored to continue supporting Joe, Shelly, and the entire team — as they continue to use technology to build a clinically rigorous women’s health company.
To learn more about Visana Health and our other investments in the women’s health space, please reach out to our team — we’d love to share our perspectives!
