Ovia Health, a digital health platform for family care, is set to introduce a fertility and family-building benefit designed to comprehensively support the diverse journeys of employees and health plan members.
Slated for release in January 2024, the offering goes beyond traditional fertility solutions, aiding the entire family-building process, including preconception, pregnancy and postpartum.
Employers and health plans can customize their benefits and assistance packages based on specific goals and budgets, including offering assisted reproductive technologies, adoption and surrogacy.
The offering also includes care navigation for assistance in identifying and navigating fertility clinics, providers and adoption agencies. Concierge support and services offering real-time, one-on-one support and clinical guidance from Ovia’s in-house care team will also be available.
A range of reimbursement options for qualified expenses will be incorporated, including in vitro fertilization (IVF), egg freezing, adoption, surrogacy and other deductible services.
The company also announced a new benefit, the Ovia Wallet, a financial tool enabling employers to contribute funds for eligible services with flexible payment options.
Ovia partnered with financial technology platform First Dollar to provide multiple payment options, from a digital wallet to a physical debit card.
“As individuals and families increasingly pursue fertility, adoption and surrogacy to build their families, many feel isolated or unequipped to navigate these processes themselves,” Dr. Jenny Carrillo, president of Ovia, said in a statement. “We believe our new Fertility and Family Building Benefit is a key step toward improving health equity, providing greater access and support for families on their family-building journeys.”
THE LARGER TREND
In 2021, diagnostics and drug-development behemoth Labcorp purchased Ovia Health, formerly known as Ovuline.
Earlier this year, Ovia added menopause-focused offerings, including the ability to track symptoms and access educational content with treatment options and tips on communicating with physicians. Enterprise customers were also allotted additional access to on-demand health coaching.
Femtech’s current market size ranges from $500 million to $1 billion, according to a report by McKinsey & Company, and projections suggest opportunities for double-digital revenue growth in the coming years.
Other companies in the femtech space include Tia, a hybrid virtual care and brick-and-mortar women’s healthcare company; Progyny, which offers fertility and family-building benefits for employers; and Maven Clinic, which offers virtual care geared toward women and families.