Sana, a healthcare company that provides Fortune 500-level health benefits to small businesses at affordable prices, today announced a rapid increase in customers in 2021 following a year of significant growth, including a $20 million Series A extension round, bringing total capital raised to $47 million.
Sana has grown its customer base substantially, with 2.5x more business customers than it had at the start of 2021. The majority of Sana’s customer base is purposely made up of small businesses, while legacy insurers are focused on serving larger, enterprise-sized clients. When many small businesses are seeing double-digit rate increases from other insurers, 74% of Sana customers saw no increase to their premiums whatsoever.
“2021 was an incredible year for Sana,” said Will Young, Sana’s CEO and co-founder. “The rapid growth we’ve seen underscores the huge need for better and lower-cost health benefits options for small businesses, a group that large insurance companies have traditionally taken for granted.”
Sana doubled the number of states it serves in 2021, adding Arizona, Ohio, and Oklahoma, seeing rapid adoption in all three states. Furthermore, when Sana enters a market, 35% of its new customers are small businesses that had not previously provided healthcare to employees, primarily due to high costs.
In addition to new customers and states, Sana increased its number of employees from 90 to 140+ in 2021, with plans to reach over 200 employees in 2022. Key hires included Jaime Moran as Chief Product Officer and JD Dowling as Vice President of Sales.
Sana Poised to Open Advanced Primary Care Health Center Sana MD
On January 24th, Sana and Proactive MD will open Sana MD, a first-of-its-kind advanced primary care health center available at no cost to employees on most Sana plans. Sana MD will allow Sana to bring down the cost of healthcare and improve health outcomes for small businesses and their employees in the Austin area. Sana MD replaces the broken fee-for-service model that thrives on high patient throughput and service volume with a value-based care model that effectively treats and helps prevent illness by helping patients navigate health and care choices.
“The large, established insurance companies have lots of advantages, but one of the advantages Sana enjoys is not having built its business on the flawed fee-for-service care model that dominates the industry,” Young said. “We can afford to invest in doing the right thing, like starting our own advanced primary care health center, Sana MD, without worrying about how it will affect our revenue.”
Key Partnerships Benefit Existing and New Sana Customers
Recent growth has allowed Sana to add more great Sana Care providers to their plans. Virtual care providers such as PlushCare and Ginger have a $0 copay for members on most plans, and Sana is constantly adding more world-class providers.
Over the past year, Sana also added LabCorp, Blueberry Pediatrics and Sword Health to its ecosystem of Sana Care providers. At LabCorp, Sana members get no-cost labs at any of their thousands of locations across the country. Blueberry Pediatrics provides $0 pediatric virtual visits, and Sword Health gives Sana members $0 access to the only digital musculoskeletal care solution proven to perform better than in-person care.