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  "documentTitle": "Progyny, Inc. (PGNY)",
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      "text": "As discussed, private equity players have aggressively consolidated the fertility clinic landscape. We believe a logical outcome is that a major clinic network will develop its own fertility benefit. Much like Kindbody, such a strategy would benefit from clinic ownership and the resultant quality and cost control levers.",
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      "text": "As discussed, private equity players have aggressively consolidated the fertility clinic landscape. We believe a logical outcome is that a major clinic network will develop its own fertility benefit.",
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      "text": "I think a lot of clinics are beginning to explore that idea because that's essentially what Kindbody has started to do. They can go out and sell themselves directly to employers instead of going through the benefits manager, negotiating a deal with them rather than having the middle man. I think it's definitely being tested right now. — Endocrinologist at Leading Fertility Clinic, Spruce Point Interview, 11/29/22",
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      "text": "We Also Believe A Large Clinic Network May Eventually Challenge PGNY",
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