What It Really Takes to IPO in Digital Health: Lessons from Hinge and Omada

In today’s tough funding climate, only a handful of digital health companies are making it to the public markets. Among them, Hinge Health and Omada Health stand out — not just for their products or clinical outcomes, but for something even more foundational: Their ability to align with payers, and use that alignment to scale.

At Akros, we’ve worked with dozens of companies navigating the road from Series B to M&A or IPO. What we see over and over is this:

The most IPO-ready companies aren’t just clinically effective — they’re payer-integrated, financially sound, and operationally scalable.

Let’s unpack what made Hinge and Omada IPO-ready, and what others can learn from their playbook.

Visual Framework: IPO Readiness through the Akros Lens

We use a five-part framework to assess readiness for M&A or IPO. It’s the same model shared during our recent Exit Strategy 101 workshop:

Case Study: Hinge Health

• Category: Digital MSK

• Estimated ARR: $200M+

• Model: B2B2C via employers & payers 

• Payer Partnerships: UnitedHealthcare, Anthem, Cigna, and others

What Made Them IPO-Ready?

Value Driver	Strength	Notes
Financial Performance	✅ 5/5	>$200M ARR, capital-efficient growth, strong unit economics
Scalable Business Model	✅ 5/5	Employer + payer distribution = high TAM and retention
Assets	✅ 4/5	Motion-sensor tech, analytics, and outcome data
Management & Leadership	✅ 4/5	Proven exec team; raised capital through market volatility
Competitive Position	✅ 3/5	Crowded space but leading adoption and funding

Hinge Health’s IPO readiness wasn’t just about clinical results. It was about business fundamentals, payer integration, and scale. These are the same levers we help clients strengthen every day.

Case Study: Omada Health

• Category: Chronic Condition Management

• Estimated ARR: $150M–$180M

• Model: B2B2C via payers & employers

• Payer Strategy: MA, Medicaid MCOs, commercial plans

What Made Them IPO-Ready?

Value Driver	Strength	Notes
Scalable Business Model	✅ 5/5	Multi-condition platform, long-term payer relationships
Assets	✅ 5/5	APIs, remote monitoring tools, data infrastructure
Financial Performance	✅ 4/5	Solid growth; less clarity on profit profile
Management & Leadership	✅ 4/5	Trusted CEO + well-connected board
Competitive Position	✅ 4/5	Strong among chronic care players (Virta, Livongo, etc.)

Omada’s strength lies in its platform extensibility and payer pedigree, and that's what public investors are betting on.

Why Payers Mattered

In both examples, payer alignment was a non-negotiable pillar of growth:

• Access to lives → massive TAM expansion

• Recurring, multi-year revenue → better financial predictability

• Validation of clinical & economic ROI → increased enterprise value

What Akros Brings to the Table

Our advisory model helps digital health companies:

• Identify and prove the right payer-aligned value drivers

• Translate technical success into business readiness

• Build strategic relationships with MCOs and health plans

If your endgame is IPO or M&A, payers are the lever, and we’re the partner that helps you pull it.

Need help pressure-testing your GTM strategy or preparing for a capital event?

Let’s talk. We’ll help you align your business to what payers and buyers are actually looking for.