SoulCycle, FlexIt Partner With Dr. B To Make Fitness More Affordable
Dr. B drives more consumers to gyms and fitness classes by quickly unlocking pre-tax HSA/FSA funds
Dr. B, a telehealth platform focused on affordable, accessible healthcare, has partnered with SoulCycle and FlexIt on a new service allowing fitness enthusiasts to easily use pre-tax HSA/FSA funds for gym memberships and fitness app fees in just three hours.
The New York-based Dr. B comes as Gen Z and Millennials are increasingly looking towards fitness as a vehicle to overall well-being and prevention but remain cost-conscious.
“Having lived through the financial upheaval of the last decade, young adults are thriftier than the generations before them,” said Cyrus Massoumi, founder and CEO of Dr. B. “At the same time, coming into adulthood during the pandemic means they’re actively invested in their physical and mental health.”
“Our new service makes it simple for people who need it to get and stay healthy—while still prioritizing their financial future,” added Massoumi, who also founded Zocdoc, a telehealth service to find and book medical and dental care appointments.
While accessing HSA/FSA funds for fitness typically means filing a Letter of Medical Necessity from a licensed provider who confirms that exercise can prevent or treat a specific condition, Dr. B offers a straightforward, time-saving approach with its telehealth service — no appointment or video meeting is required.
For a fee of $15 for those 18 and older, patients virtually connect with a provider in their state using a chat-based online consult process where providers review consultations 365 days a year, including on weekends and holidays. Qualified users receive a Letter of Medical Necessity via email within three business hours, making it quick to hit the gym, take a fitness class or sign up for a fitness app with HSA/FSA funds.
Expanding Access to Fitness
As Dr. B partners, SoulCycle and FlexIt will have dedicated pages to bridge current and potential members to the consultation platform easily. SoulCycle is also extending a 20% discount to new Dr. B riders to increase their cost savings.
“At SoulCycle, we believe that being well is a mind-body-soul commitment, and that doesn’t just happen in one place or with one activity,” said Doug Leonard, chief of staff and head of strategic initiatives at SoulCycle. “Movement and mindfulness are healthcare, and we are thrilled to partner with Dr. B and help consumers save on these essential activities.”
Austin Cohen, founder and CEO of FlexIt, said the company is pleased to help advance the mission of making health and wellness more accessible.
“By lowering the barrier of entry for new customers, we are excited to connect with more people—wherever, whenever,” Cohen said.
Can Telehealth Drive Fitness Memberships?
Dr. B’s streamlined approach helps consumers maximize their health benefits while also supporting fitness clubs, classes and apps to increase their member base. Although in-person fitness has rebounded significantly, fitness operators such as Planet Fitness are still looking to invite more fitness enthusiasts into their gyms.
Planet Fitness CFO Tom Fitzgerald indicated last month that the Judgement Free Zone gym isn’t trying to steal members from other concepts but is instead trying to target the 80% of the U.S. population that still doesn’t belong to a gym.
Dr. B’s HSA/FSA strategy can also support the number of consumers interested in taking GLP-1 weight loss medications, jumpstarting their confidence to hit the gym or a fitness class while giving them access to strength-building modalities. As experts have warned, while medications like Ozempic and Wegovy can kickstart weight loss, patients must be proactive in protecting and building their lean muscle mass.
A variety of conditions can qualify for HSA/FSA fitness fee reimbursement, such as autoimmune disease, back pain, cancer, chronic fatigue, diabetes, fibromyalgia, high blood pressure, mental health conditions, migraines, obesity, polycystic ovary syndrome, pre-diabetes, physical injury, respiratory diseases, and sleep disorders
