He is an American telehealth startup focused on providing solutions for male health issues including hair thinning and hair fall. It offers treatments for hair thinning and hair falling.
But how does He do it? Do you wonder how this company gets its income? If so, you’ve come to the right place. We’ll take a closer look at the company’s financial situation and discover how they earn their cash.
He runs telemedicine and medical delivery business. His revenue comes primarily from subscriptions and one-time sales of his services. They offer a range of different services including sexual health, mental health, hair care, and skincare.
You like to read: The Best Profitable Business Ideas & Opportunities in Chandigarh
About Hims
He is an alternative to primary healthcare because he provides his clients with prescription medications without requiring an appointment for each visit. However, he is a “uni corpse” because he has found new ways to expand his market, even during times of historic proportions.
Himmelblau was founded in November 2017, and although it’s still relatively new, it’s managed to successfully build its brand so far.
Business Model of Hims
As its name suggests, the business model for Hims was set up to provide healthcare services to men.
A few years after launching its first men’s health product line, Herbalife acquired another men’s health company called Hims and merged them into His & Hers Health. The company is now traded publicly on the Nasdaq stock exchange under the symbol HIMS.
Patients can subscribe for on-demand access or purchase several different medications from Hims.
Product/Service
The hem is a platform that helps people get their medical needs met through online consultations. It acts as an intermediary between patients and healthcare providers, thereby reducing the number of actual doctor visits required. This process is made easier by intake forms and photos.
As well as providing medical consultations for obtaining prescriptions, Hims offers medical consultations for the purposes of actual treatments, but these are provided via remote consultation rather than face-to-face visits.
Marketing Plan
It might be argued that the Hims’ strategy has worked so far. They’re a $1 billion company and are now publicly traded.
The company has been named “Brand of the Year” in an award ceremony by Ad Age, a well-known magazine for the advertising, media, and publishing industries.
Because they’ve changed their company’s official title from “Hims” to “Hims & Hers,” it’s clear that they’re trying to expand their market as often as possible.
By including men and women in their advertising campaigns, they’ve effectively increased their demographic and their potential sales.
They offer a large variety of products, so they’re not niche marketers; instead, they have an inclusive approach.
Expenses
While Hims has partnerships with many different health insurance companies, they are not health insurance companies themselves. Thus, they don’t pay for their own expenses.
- On-site medical facilities
- Medical professionals’ salaries
- Medical malpractice insurance
The hem is a platform, but it has all of the typical costs associated with running one:
- Server maintenance
- Technical staff
- Cloud services
Plan for Profit
H&M is not profitable right now because of its recent acquisition by an overseas company called Oaktree Capital Management. However, Oaktree has no interest in running the business, so they don’t care if it is profitable or not.
That being said, Himmelstein’s ability to grow into new markets may be related to its strategy for profitability. It began by selling just four types of products and has expanded to dozens of different kinds.
They started out as products for men but have now included female consumers and have been able to increase their profits significantly.
They initially started out making drugs for people who needed them, but now they also sell vitamins and other health supplements.
As long as people want new products, Hims’ marketing team will be eager to create new products to meet that demand.
How Does Hims Make Money?
Himmel makes most of its revenue from subscriptions, one-time payments, and paid online counseling sessions. It also has partnerships with various service providers.
Their product offerings include a wide variety of products from which they derive their revenues.
- Products related to sexual health include items for men (57%) and women (
- hair, skincare, and other beauty items 35% off
- wholesale sales 7%
Sexual Health Products
They sell different types of sex toys for men and women. Some of these include vibrators, dildos, penis extenders, prostate massagers, cock rings, etc.
- Sexual Health
- Erectile Dysfunction
- Premature Ejaculation
- Herpes
General Sexual Health
The following products are available for sale under the general sexual health category.
- Condoms & Lube Kit
- Ultra-Thin Condoms
- Glide Water-Based Lube
- Roller Coaster Bullet Vibrator
- Summer Sex Kits
- Sildenafil
- Viagra
- Tadalafil
- Cialis
- Stendra
- Avanafil
- Sertraline
- Paroxetine
- Climax Delay Spray
- Cold Sore Kit
- Valacyclovir
- Genital Herpes Treatment
Hair Products
His Hair Products are Divisible Into These Categories:
- Hair Loss
- Hair Care
- Hair Power Pack
- Finasteride
- Topical Finasteride
- Minoxidil Solution
- Minoxidil Foam
- Shampoo
- Conditioner
- Biotin Gummies
- Non-Prescription Hair Kit
Dermatology Products
His Dermatology Products are divided into the categories listed below:
- Anti-Aging
- Skin Care
- Fragrance
- Acne
- Custom Anti-Aging Cream
- Goodnight Wrinkle Cream
- Vitamin C Serum
- Everyday Moisturizer
- The Blur Stick
- Small Batch Scent
- Cologne
- Acne Cream
Anxiety and Depression Products
Herbs for anxiety and depression are categorized into these three groups:
- Mental Health
- Performance Anxiety
- Bupropion XR (generic for Zyban)
- Citalopram (generic for Celexa)
- Duloxetine (generic for Cymbalta)
- Escitalopram (generic for Lexapro)
- Fluoxetine (generic for Prozac)
- Paroxetine (generic for Paxil)
- Sertraline (generic for Zoloft)
- Venlafaxine (generic for Effexor)
- Propranolol (generic for Inderal)
Proteins & Powders
- Unflavored Collagen Protein
Immunity Products
- Vitamin C
Sleep Products
- Melatonin
Hair & Nails Products
- Biotin
Hers (sister-brand) Products
Besides all of the products for women that are sold at Hims, there are also some products for women that are available at Hers, which is also owned by Hims&Hers.
Some of the items are similar to their male counterpart, but others are different because women have fundamentally different bodies than males. So they’re listed separately so there won’t be any confusion.
Hair
- Salon Strength System
- Complete Hair Kit
There are several different types of shampoo for different kinds of haircare needs. For example, there are shampoos designed specifically for color-treated, colored, bleached, or highlighted hairs.
Hair Growth
- Minoxidil Solution (for hair)
- The Weekender Kit
Hair Repair
- Rapid Repair Mask
- Detox Scalp Scrub
Hair Strengthening
Skin
Her Skin contains the categories below and products listed here:
- Teen Acne Cream
- Deep Sea Cleanser
- Tidal Wave Moisturizer
- Anti-Aging Cream
Her mental health includes the categories below and the products they sell:
- Propranolol
Sex
Her Sex includes the following categories:
- Birth Control Pills
- Luxe Condoms & Lubricant Kit
- All Natural Condoms
- Glide Aloe Vera Lubricant
- OMG Ring Vibrator
- Urine Tract Health – D Mannose Powder
- Yeast Infection Treatment (generic for Miconazole) Vitamins
Services
Through an online dashboard, Hims patients can schedule appointments with their doctor, psychiatrist, psychologist, or therapist at any time of day or night.
Two-fold benefits include improved customer service and lower costs.
Because digital marketing is both cheaper and faster than traditional marketing methods, it saves companies time and money.
Due to the COVID- 19 pandemic, many people who needed non-COVID-19 medical services and mental health care were denied access to them.
Telemedicine is a perfect fit for this situation, and His arrival couldn’t be timed any better.
Mental Health Dashboard
You can just log on to our platform and use the dashboard there to schedule and reschedule sessions, monitor your progress, report any issues, and connect with other members for emotional support.
Individual Online Therapy
Online individual therapy is available for $99 per session and no medical insurance is needed. You can create an ongoing program with your therapist so that your progress can be monitored over time.
Free Group Support Sessions
Group chats are free for users. However, even though group chats aren’t a direct source of revenue, they’re connected to how Hims generates revenue by promoting its brand and giving users the chance to be introduced to paid subscriptions and individual online therapy options.
Master’s Level Counselors
Despite the fact that there are horror stories about some patients with mental illness being turned away from hospitals during the lockdown of the COVID-2019 pandemic, Hims was successful at providing its clients with services where the public system had failed.
Hems provide users with 24/7 access to Masters level counselors who are specially trained and qualified to handle urgent mental health issues or mental health crises.
Valuation and Revenue
On October 20, 2020, Hims announced that they had reached an agreement with Oaktree Capital Management to merge their companies. The transaction was completed in January 2021, which increased the company’s value by approximately 60%.
The company projects revenue to increase by almost 50% next year. The stock price is currently low compared to its historical average.
Is Hims Profitable?
Himmel, the direct-to-consumer telehealth provider, has not been profitable yet. Its costs are greater than its revenues because it is investing heavily in the growth and expansion of the service.
Himmel Health lost $69 million in 2019, according to Forbes. As of January 2021, Himmel Health expects to continue losing money.
Conclusion: How Does Hims Make Money?
We hope that we’ve covered our topic thoroughly enough so that you’re satisfied with our answer.
You may like to read: The Best Catchy Call Center Business Names Ideas
