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Monica Cepak, CEO, Wisp
Megan Antonelli, Chief Executive Officer, HealthIMPACT Live
00:00:00 Intro: Welcome to digital Health Talks. Each week we meet with healthcare leaders making an immeasurable difference in equity, access and quality. Hear about what tech is worth investing in and what isn't as we focus on the innovations that deliver. Join Megan Antonelli, Jenny Sharp and Shahid Shah for a weekly no BS deep dive on what's really making an impact in healthcare.
00:00:30 Megan Antonelli: Hi everyone! Here we are today. This is digital health talks. This is Megan Antonelli and our guest today is Monica Sepac, CEO of Wisp. Um, I had the pleasure of meeting Monica a number of years ago before the pandemic, about, you know, at least five years ago. Um, and there's been a lot of change to the market since then. So I'm excited to talk to Monica about what's going on at Wisp and Women's Health. Hi, Monica. How are you today?
00:00:54 Monica Cepak: Good. How are you? Great to be here. Good to to tell you what's the latest and greatest at wisp?
00:00:59 Megan Antonelli: I know, me too. I'm so excited to hear it. And, you know, it's it's one thing to be in business for as long as you have, and it's another thing to be in women's health doing this for as long as you have. So tell us a little bit about, you know, how you founded wisp. What what wisp is and, and kind of where, where you sit in that women's healthcare space?
00:01:19 Monica Cepak: Sure. So wisp was founded back in twenty eighteen, actually, because we saw a really big gap in the market when it came to same day episodic care for common vaginal infections. I think everything from a UTI to a yeast infection to a herpes outbreak, bacterial vaginosis, so on and so forth. Um, and women at the time really didn't have many options to getting same day convenient care, right? If you got stuck with a UTI, you ended up in an urgent care center or God forbid, the E.R. because you couldn't get an appointment with your primary care physician or ob gyn. Um, and so wisp was founded off of the idea that women shouldn't have to, quote unquote, whisper about their basic health care needs, hence the name. People ask me that all the time.
00:02:15 Megan Antonelli: Um, I realized that.
00:02:16 Monica Cepak: Yeah, yeah. And over the years, we've we've built the largest women's telemedicine platform in the country, now serving close to two million patients across all fifty states and and across all major life stages of a women's health journey from first menstruation all the way through to fertility, menopause, weight management and everything in between including, as of this year at Home Diagnostics. And what we've built is a seamless single sign on experience for women so that they don't have to keep switching to multiple platforms to get the the basic health care that they need. We are a cash paid business today. Um, but what that means for patients is our our services end up, in most cases, actually being cheaper than a copay. And we'll send a prescription to their pharmacy of choice in typically three to five hours, which is huge. When you get stuck with a UTI or herpes outbreak that you're trying to manage. So we're we're really proud of of what we've built. And we're continuing to add new, really exciting products and services going into twenty twenty six, as well as, um, thinking about how we build a more hybrid care system, which includes partnerships with hospital systems, brick and mortar clinics, so that we build that true end to end experience for women, um, so that they don't have to keep jumping around.
00:03:56 Megan Antonelli: Yeah. No. That's amazing. I think, um, obviously getting an OB appointment is one of the hardest things women do, and it's like.
00:04:04 Monica Cepak: I think the average I think the average I recently saw was like thirty days. That's how long it takes to get an appointment with an OBGYN in our country today.
00:04:13 Megan Antonelli: If you're lucky. Yeah, yeah. In in a, you know, major metros maybe. But um, yeah. No. And so that's such a, you know, it is such a need and born of such an important need and obviously then grew timing wise, I have, I've talked to a couple telehealth companies recently that had founded just around that time. And then as you know, with the pandemic, the growth of it has been great. Now, of course, post-pandemic and kind of what happens with the regulatory regulations and all of that, there's been a lot going on. And you said you're in every state. Um, so.
00:04:44 Monica Cepak: Yeah, all fifty. Yep.
00:04:45 Megan Antonelli: You know, scaling like that must have been quite, um, quite an effort. Yeah. So tell us a little bit about that and how you did it.
00:04:54 Monica Cepak: Sure. So, um, we, we were lucky in that we partnered with a great chief medical officer. um, Doctor Purdy at the time, who was licensed in all fifty states and really helped us, um, scale early and very quickly. We've since built out our own in-house provider team. They're technically ten ninety nine contractors, but very much feel like a part of the team. Um, and today I want to say we have close to fifty in-house providers, combination of MDS and NPS who help us fulfill on those SLAs that I, that I mentioned, um, combination of OB GYNs, ER doctors, family medicine practitioners, um, who are all trained on all of our medical protocols so that they can deliver care across the continuum of, of our product portfolio. And in terms of, you know, scaling the business to where it's at today, we were very Intentional with our growth strategy. We raised, for example, less than two million dollars in primary capital and have been profitable for the past five years or so, which is somewhat unheard of. Um, in digital health. You see a lot of people raising significant VC capital, which is great. But then on the flip side, right, like your exit options are very limited. Um, and you've seen a lot of people struggle because they haven't been able to turn that, that profitability quarter corner. And we we were very intentional when we were growing to spend dollars only where necessary to to only hire the the team members that were required at that stage of growth. Like even today, we're about fifty full time employees. Um, we're approaching about one hundred million dollars in revenue next year. So we're small and scrappy as we are going to be hiring. Um, but I think it's such a testament to the team and being able to to maintain that nimble agility that has helped us be first to market and a lot of product innovation, um, that some of the larger players like an Amazon clinic, like Hims and hers, maybe wouldn't necessarily be able to to turn around as quickly. So like, for example, we we had launched our menopause offering a year and a half ago. Amazon clinic and and hers launched theirs this past year only a few months ago. Right. Like we were also the first brand to offer male BV partner therapy across the country. Three weeks after the study came out. That said that actually, the most effective way of treating women with recurring BV is to treat the male partner in the relationship. Um, we won like time one hundred best invention of the year for that. Um, and so I think that's part of our secret sauce. We we hire very intentionally. We only grow as needed. And we've been we've been able to to compete against some pretty big players. Um, our brand also is is what I would say, um, truly differentiated in that we lead with bold, unapologetic messaging. Um, we lean into humor to, to destigmatize conversations around sexual and reproductive health. We were the first brand, for example, to have the word vagina featured on an ad in Times Square in the New York City subway system and continue to push forward the conversation and also put pressure on on marketing, uh, platforms to continue to equalize the playing field. We've made some progress, but every day I still get the notifications in my email. Your ads been rejected. Your ad has been rejected. Um. Meanwhile, Ads for erectile dysfunction are right.
00:09:06 Megan Antonelli: You can't get away.
00:09:06 Monica Cepak: Are like a foul. Yeah. Everywhere you look. So every.
00:09:10 Megan Antonelli: Show.
00:09:11 Monica Cepak: Yeah.
00:09:11 Megan Antonelli: Charlie Brown's Christmas doesn't matter. All good, all good. Um, yeah. No. That's great. I mean, I think what's been exciting over the last five years is that the dialogue has changed. You know, certainly menopause and women's health has gotten a lot of attention. Um, have you guys been able to sort of capitalize on the conversations that are happening? Um, you said you launched tell us a little bit about the menopause product. We like talking about that on on the show.
00:09:37 Monica Cepak: Yeah. So we we offer, um, HRT therapy, um, the patch and a number of, of other, um, hormone replacement options, depending on what's right for that specific woman. We, we also partnered with Stripes Beauty this past year, which is Naomi Watts's menopause brand. Um, her products are are all natural over the counter products in the menopause category, things like lube and, um, hair, scalp and badge of honor, which is their. Their hero product. So we found a way of partnering where we're selling some of their products on our site today. And then Stripes Beauty, which doesn't offer prescription medication, will refer patients essentially to Wisp who are looking for, um, an RX treatment option, or just to speak to a provider about what their what their best path forward is. And and yeah, it's been a growing vertical for us. We offer both async as well as async consultations. So those consultations can fit within the busy lives of the women that we treat. Um, and we're excited to keep adding to the the product portfolio. We have, um, a sleep supplement coming out next year And I know a number of other products in the menopause space. Um, they're a bit secret for the moment, but we we take pride in custom formulating our OTC products. Um, whether it's supplements or vaginal dryness, cream or body wash, it's pH balancing, um, you know, for your vaginal health needs. And that's been a growing piece of the business for us. So so yeah, menopause is is a growing category for us.
00:11:35 Megan Antonelli: Yeah. Naomi Watts, um, you know, we hear so many celebrities have kind of taken on the cause. Yeah. You know, as they've as they've come of age, right. And the, you know, we hear a lot about Halle Berry, too, but Naomi Watts has a, uh, she's partnered with a friend of mine, Melissa Ashley, who has an event, uh, women at work, um, which I think, you know, talks about kind of the impact of menopause on employment and work and productivity and how important it is for employers to get involved. I think it's, you know, it's great and it's a testament to the need for the product that you've been able to survive and thrive outside of the insurance model. Um, you know, I think there's about a billion digital health companies that wish they could say the same. Um, but when you.
00:12:21 Monica Cepak: Are looking, we are looking at some payer relationships, like strategically as we expand certain more complex categories. But we'll stay majority cash for the foreseeable future. Um, and that's not just a business decision. It's it's actually what's best for the patient at the end of the day. Yes. Cost is a factor. And we want to make sure that we're providing affordable options for our patients. Um, but once you start adding right insurance there, there are additional wait times. The reimbursement landscape is very challenging. Um, and so we've we've been able to grow as exclusively cash pay business. Um, and it's been beneficial for both the business as well as patients.
00:13:07 Megan Antonelli: As you look ahead, you know, I mean, in terms of, you know, I think one of the things we look at with, with digital health and one of the maybe unintended consequences of having these tailored products that really do meet, you know, needs in some cases niche, in some cases, not so niche. Women's health is not exactly niche population, but.
00:13:28 Monica Cepak: More than half the population. I think it's fifty one percent to be exact.
00:13:32 Megan Antonelli: So but but as that comes. Yeah. You know, I mean it's we've got, uh, products for your, for mental health and for your women's health and in some cases, of course, you're still going to your in-person OBGYN. And then there's a telehealth. So you're starting to get, um, you know, some disruption or some, uh, non, you know, lack of continuity between types of care. How does wisp and how do you see that changing over the next, you know, sort of few years.
00:14:03 Monica Cepak: Yeah. So at wisp We're we're really leaning into, um, finding those points of synergy with hospital systems and with ob gyn clinics so that we can build a more seamless end to end experience for our patients. Um, and ultimately facilitating. The data sort of share back on, on those appointments so that we're able to provide truly holistic care for our patients, obviously in a HIPAA compliant way. Um, and that that's a big piece of our, um, roadmap in twenty twenty six. So you'll hear more about that probably in the coming weeks. Um, ultimately, women already have to jump through so many hoops as it is. Like, we want to make it easier. We know that there's only a certain amount of services that we can provide through the lens of telemedicine, right? Like, we can't help you with your annual pap smear, but we can encourage you and refer you out to the right partner. Same with an IUD insertion and many other testing options as well as more complex care. So we're really excited to find those points of partnership and build a more holistic, end to end offering that really delivers on on what women want and expect from the healthcare system. They don't want to jump around. We don't have time to remember, right, ten different passwords and logins for like twenty different like different systems and doctors. Yeah.
00:15:45 Megan Antonelli: Supplement to help me with that. Yeah.
00:15:48 Monica Cepak: Um, so yeah, that that's where wisp is.
00:15:53 Megan Antonelli: And as you look at those provider partnerships, what is that what is the nature? What are the you know, what do you envision those those looking like. Is it. Yeah. Large systems or independent practices. What's the sort of.
00:16:07 Monica Cepak: Combination of both? I think we'll start with the large systems more complex take longer to unlock, um, like er departments. Great example. Like they really shouldn't be spending their time and resources on women who, who can easily get treatment for a UTI through telemedicine or a number of other conditions. So being able to help them relieve some of the demand for in-person care. And then in turn, you know, would would be able to refer back to the hospital system for more complex care instances. Um, so it ends up being a win win. Um, and, and yeah, we're looking at, at unlocking those first and in parallel also having conversation conversations with, um, smaller clinics, whether it's fertility clinics, um, ob gyn networks, things like that.
00:17:04 Megan Antonelli: Mhm. Great. Yeah, yeah. And as we look, I mean, you know, as we said, lots of developments this year in that HRT is, you know, sort of losing its black box warning.
00:17:15 Monica Cepak: Yeah.
00:17:16 Megan Antonelli: And that's big. Um, there's also in terms of the, you know, Medicare announcements, lots of announcements coming out of HHS and CMS and, and kind of where digital health fits in that space is you kind of look to the future of women's healthcare delivery. You know what? What gets you most excited. What do you see as the, you know, kind of glimmer, silver lining and and, uh, yeah, you know, opportunities.
00:17:43 Monica Cepak: Yeah. I think, um, I'm excited about pricing coming down. Right. Pricing. I think that ultimately will will benefit, um, patients across the country. I'm excited about a renewed interest in appetite, in supporting IVF more broadly in the country. I think that's incredibly important. I am excited about, um. Yeah, the, the administration's, I guess, support for digital health, um, as opposed to the traditional health care system that we know is very broken and corrupt in many instances. So giving patients the autonomy to empower them to make the best healthcare decisions for themselves, and spending those dollars where they think they can get the best health care on the market, which in many cases, right. That's um, that's digital health. Um, I'm also excited about pricing coming down for GLP ones. I think that's going to be transformational for, for women. Um, and not just in the weight management category. There are a number of of benefits from like a microdosing standpoint for longevity. When you look at a GLP one and so we're we're developing some protocols around that. Longevity is one of our our big bets in in twenty twenty six. So we partnered with a company called Vesalius Labs. We'll be developing custom peptide stack for women. Um, and and I'm excited to to also build some of the, the data and the data set, um, from a clinical efficacy standpoint to be able to continue investing in that area. It's new to anytime something is new, right? Like there's natural skepticism around it. Um, but we're we're very excited to be sort of at the forefront of that innovation and those conversations to ultimately give women, um, more options for personalized care. Right. What works for one woman might not work for another. And and we're adding longevity to our, our portfolio because we, we think it's it's a really compelling offering for women who maybe haven't had success with specific prescription medication or supplements, or maybe, you know, they they're just starting out on their journey and, and want to begin with peptide treatment. Um, so yeah, there's a lot of really exciting developments in the space. And we really we really do pride ourselves on being first to market in many ways. And that's another example. Yeah.
00:20:44 Megan Antonelli: It's amazing. Yeah. No, I think it's really interesting just having a conversation uh, earlier with, you know, uh, Mina Lilly from Lil Mixins, who does a product around, um, allergies for children. So mixing the mixing peanuts and eggs into, um, baby food and just talking about kind of the science and the ability to respond to the science more quickly now because of the access that we have to the data. And I imagine with your two million patients, you're seeing such an incredible data set that you can see not only you know what people want, but what's working for people.
00:21:22 Monica Cepak: Mhm. Exactly.
00:21:24 Megan Antonelli: Yeah. So well you know I know we're we're tight on time. You have a super busy schedule. And um as the year comes to a close. But I'm so excited we were able to connect and reconnect and hear.
00:21:35 Monica Cepak: Likewise Megan.
00:21:36 Megan Antonelli: The work that you guys have been doing, um, you know, it's it's a great, uh, journey that you've been on. And we love to follow sort of female founders in this space, um, particularly, um, working on women's health. So thanks so much for what you've done. And thanks for being here.
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