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  "documentTitle": "Progyny, Inc. (PGNY)",
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      "text": "We have no doubt that insurance companies – often believed to look at cost minimization approaches to fertility benefits – can be frustrating for patients. However, we believe exuberance about PGNY’s offering overlooks a treatment plan and benefit structure that both seeks to maximize revenues and ignores existing science.",
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      "text": "We believe PGNY uses its dubious outcomes data to craft a marketing message around its treatment plan that, while compelling, conflicts with the existing science and presents financial conflicts of interest",
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      "text": "Implicit in the PGNY treatment protocol is that, when costs are not a constraint, a more intensive, expensive, and proactive treatment plan results in improved outcomes",
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      "text": "Source: Spruce Point Research",
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      "text": "Treatment Protocol, PGNY Rationale, Benefits to PGNY and Clinics",
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      "text": "We Believe PGNY Trades Traditional Reactive Cost Minimization For Proactive Revenue Maximization",
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