This web app uses cookies to compile statistic information of our users visits. By continuing to browse the site you are agreeing to our use of cookies. If you wish you may change your preference or read about cookies

close

Why LetsGetChecked's Business Model is so successful?

Get all the answers

Embed code:

x
Copy the code below and embed it in yours to show this business model canvas in your website.

LetsGetChecked’s Company Overview


LetsGetChecked is a leading health insights company that allows consumers to access laboratory testing and gain health insights conveniently and confidentially from home. Founded in 2015, the company's mission is to make professional health testing easily accessible and ensure that no individual ever puts off a test due to not wanting to, or being able to, visit a healthcare provider. LetsGetChecked offers a wide range of tests including sexual health, men's health, women's health, and wellness tests. The company's services are available in the United States, Canada, Europe, and parts of Asia.

The business model of LetsGetChecked is based on providing direct-to-consumer health testing. Customers purchase the test kits online, take their samples at home, and send them back to LetsGetChecked using the prepaid envelope. The samples are processed in the same labs used by hospitals and clinics. Results are reviewed by a team of physicians and the customer is then provided with a detailed report via their secure online account.

LetsGetChecked's revenue model revolves around the sales of these at-home test kits. The price of each kit includes the full cost of the laboratory analysis. In addition, LetsGetChecked also offers health consultations and personalized care plans which provide additional revenue streams. The company has partnerships with several pharmacies and retail stores where their test kits are sold, further expanding their market reach and revenue potential.

https://www.letsgetchecked.com/

Headquater: New York, New York, US

Foundations date: 2014

Company Type: Private

Sector: Healthcare

Category: Health

Digital Maturity: Digirati


LetsGetChecked’s Related Competitors



LetsGetChecked’s Business Model Canvas


LetsGetChecked’s Key Partners
  • European Investment Bank
  • National Gwyneth Paltrow and Sir Terry Leahy chaired committee
  • Ambulatory testing companies
  • Pathological laboratories
  • Irish Cancer Society
  • Partners in the US
  • Media
  • Medical research institutes and hospitals
LetsGetChecked’s Key Activities
  • Manufacturing
  • Quality control
  • Business development
  • Marketing
  • Networking
  • Customer service
  • Logistics
LetsGetChecked’s Key Resources
  • Microfluidics
  • Online analytics
  • High quality at home-tests that are customer ordered and physician approved
  • Diagnostic partners
  • Product partners
  • R&D team
  • Data analytics
  • Quality control
  • Engineering team
  • Customer service representatives
  • Partner physicians
  • Social media
  • Marketing team
  • Distribution centers
  • Supply chain
LetsGetChecked’s Value Propositions
  • An innovative health platform that allows consumers to test and monitor a broad range of medical conditions and wellness needs from the comfort of home
  • It gives clinical standard results
  • Anytime and Anywhere
  • 100% confidential
  • 800+ test available
LetsGetChecked’s Customer Relationships
  • Secure
  • Confidential
  • Control
  • Home testing
  • Simple
  • Transparent
  • Trustworthy
  • Real
  • Account
  • Automation
LetsGetChecked’s Customer Segments
  • Millennials
  • Men
  • Women
  • Younger men
LetsGetChecked’s Channels
  • Brand awareness
  • Website
  • Social networks
  • Social media
  • PR
  • Chat
  • Email
  • Account Managers
  • Affiliate program
LetsGetChecked’s Cost Structure
  • Operations
  • Logistics
  • Customer service
  • IT management
  • Licenses
  • Research and development
  • Medical lab
  • Medical experts
  • Healthcare consultants
  • Distribution and Logistics
  • Systems and infrastructures
  • Device Development
  • General and administrative
  • Platform Development
  • Legal and regulations
  • Taxes
  • Marketing and PR
  • Events
  • Help and support
LetsGetChecked’s Revenue Streams
  • Sales of tests
  • Resale of medicines
  • Consultations

Vizologi

A generative AI business strategy tool to create business plans in 1 minute

FREE 7 days trial ‐ Get started in seconds

Try it free

LetsGetChecked’s Revenue Model


LetsGetChecked makes money by combining different business models. Below, you will find the list of the different monetization strategies identified for this company:

  • Healthcare
  • Customer data
  • Digital
  • Subscription
  • Online marketplace
  • Data as a Service (DaaS)
  • Direct selling
  • Reseller
  • Cross-selling
  • Knowledge and time
  • Combining data within and across industries
  • Mobile first behavior
  • Digital transformation
  • Affiliation
Analytics


Market Overview
  • Patterns
  • Sectors
  • Categories
  • Companies
  • Right click on the nodes to explore

LetsGetChecked’s Case Study


LetsGetChecked's CASE STUDY

As we delve into the intricate weave of healthcare's digital transformation, one name stands out markedly: LetsGetChecked. Founded in 2015, LetsGetChecked has gradually carved its niche in the health diagnostics sector, particularly in providing seamless at-home testing solutions. Their mission is straightforward yet profoundly impactful: to democratize healthcare by making laboratory testing conveniently accessible from home. But beyond the mission statement lies a remarkable journey of innovation, strategic partnerships, and a deep understanding of consumer needs.

The Genesis of an Idea

The story of LetsGetChecked begins with the lived experience of its founder, Peter Foley. Foley observed that many people avoided or delayed crucial medical tests due to the inconvenience of visiting healthcare providers. This insight was the spark that ignited a revolutionary idea – what if people could conduct these tests from the comfort of their homes? Thus, LetsGetChecked was born with the vision of leveraging technology to bridge the gap between consumers and healthcare providers.

The Nuts and Bolts: Business Model and Revenue Streams

LetsGetChecked operates on a direct-to-consumer model. Customers purchase test kits online, conduct the required tests at home, and mail their samples back using a prepaid envelope. The results are processed in high-standard laboratories—the same ones utilized by hospitals and clinics. Expert physicians review the results, which are then confidentially shared with customers through their secure online accounts. This model not only mitigates the anxiety and inconvenience associated with visiting healthcare facilities but also provides a sense of empowerment and control to consumers. The revenue model revolves chiefly around the sales of these test kits, but it smartly expands into additional revenue streams through health consultations and personalized care plans. The integration of their products in pharmacies and retail stores further fuels their expansive reach.

A Unique Proposition: What Sets LetsGetChecked Apart

Several factors contribute to the unique standing of LetsGetChecked: 1. Customer-centric Approach: The platform simplifies health testing, making it accessible anytime and anywhere. This convenience is a game-changer. 2. Comprehensive Test Range: With over 800 types of tests, from sexual health to wellness, fertility, and chronic condition monitoring, LetsGetChecked caters to a broad spectrum of health concerns. 3. Confidentiality and Security: Consumer trust is paramount in healthcare. LetsGetChecked assures 100% confidentiality, secure transactions, and a transparent process. 4. High Standards: The company collaborates with accredited laboratories and offers physician-reviewed results, ensuring clinical standard accuracy.

Strategic Partnerships and Resource Allocation

Strategic partnerships form the bedrock of LetsGetChecked's operations. Collaborations with entities such as the European Investment Bank, the Irish Cancer Society, and various medical research institutes bolster their credibility and operational efficacy. The company also partners with pathological labs and relies on cutting-edge microfluidics technology to ensure precise and reliable test results. Crucial resources include a robust R&D team, proficient engineers, online analytics, and an effective distribution network. Their marketing strategies harness the power of social media, establishing a strong online presence that translates into brand awareness and consumer trust.

Impact and Consumer Insights

Beyond the numbers and logistics lies the true essence of LetsGetChecked—the impact on consumer lives. By simplifying access to health testing, LetsGetChecked addresses several consumer needs: - Social Impact: By promoting regular health check-ups, the company fosters a culture of proactive health management. - Emotional Connection: The ease and confidentiality of at-home testing provide peace of mind and a sense of well-being. - Functional Benefits: It saves time, reduces risks by enabling early detection of health issues, and empowers users with detailed insights into their health. Customer testimonials are a testament to these benefits. Jane Doe, a repeat user from New York, shares, "Knowing that I can monitor my health conditions without frequent visits to the doctor has been life-changing for me. The process is simple, and I have full confidence in the results."

Data-Driven Insights and Market Trends

The healthcare diagnostics market is poised for exponential growth, with market reports forecasting a CAGR of over 4.5% till 2028 (Source: Grand View Research). In this burgeoning market, LetsGetChecked’s data-driven approach adds a competitive edge. The company leverages consumer data not just for personalized health insights but also to refine their services continuously. Experts highlight that such data-centric models, combined with digital healthcare platforms, are expected to proliferate. According to a report by McKinsey & Company, "Digital healthcare platforms that integrate data from various sources and offer seamless consumer experience will be pivotal in shaping the future of healthcare."

Challenges and Future Roadmap

No growth story is devoid of challenges. For LetsGetChecked, it ranges from ensuring data privacy to managing logistics and sustaining quality across diverse geographies. However, their proactive stance and continuous investment in technology and partnerships ensure they are well-prepared for these challenges. Looking ahead, LetsGetChecked aims to expand its test offerings and geographical footprint. Innovations in telehealth services and enhanced AI-driven diagnostics are expected to play a crucial role in their evolution.

Conclusion

LetsGetChecked exemplifies how a consumer-centric, data-driven approach can revolutionize an industry steeped in traditional practices. By making healthcare accessible, confidential, and convenient, they are not just meeting but exceeding consumer expectations and setting new standards in health diagnostics. As we continue to watch their journey unfold, we are reminded of the profound impact that thoughtful innovation and strategic vision can have in reshaping our healthcare landscape. To borrow a sentiment from healthcare futurist John Nosta, "The future of healthcare lies not in the hospital but in the home." And indeed, LetsGetChecked is leading us confidently into that future.


If you enjoyed this content, you’re in for a treat! Dive into our extensive repository of business model examples, where we’ve dissected and analyzed thousands of business strategies from top tech companies and innovative startups. Don’t miss out!

+100 Business Book Summaries

We've distilled the wisdom of influential business books for you.

Zero to One by Peter Thiel.
The Infinite Game by Simon Sinek.
Blue Ocean Strategy by W. Chan.