Senior-focused platform supports mental enrichment, continues to expand SilverSneakers beyond fitness
NASHVILLE, Tenn., Nov. 1, 2021 /PRNewswire/ -- Tivity Health® will offer GetSetUp, a virtual learning platform designed specifically for seniors to provide mental enrichment activities, to SilverSneakers® members in participating Medicare Advantage plans starting in January of 2022. The strategic relationship with GetSetUp will expand opportunities for SilverSneakers members to learn new skills, combat social isolation and unlock new life experiences.
Tivity Health has been granted the exclusive right to offer GetSetUp to Medicare Advantage plans and their members. SilverSneakers members in participating plans will have unlimited access to the platform at no additional cost to the member. GetSetUp is a live, secure, interactive platform developed to support mental enrichment and cognitive health in older adults. It not only features instructors but also enables seniors to become instructors to share their skills and knowledge with their peers. GetSetUp offers a wide range of classes (over 2,000 hours/week), through a senior-specific video platform optimized for ease of activation, user engagement and social connection.
"At Tivity Health, we've always believed that fitness means more than just physical activity – it is also important to stay mentally, intellectually and socially engaged," said Richard Ashworth, president and CEO, Tivity Health. "GetSetUp is the perfect solution to provide engaging, relevant content and an accessible platform designed specifically for seniors. This solution, along with our social engagement program, SilverSneakers Connect, are the most recent additions to our engagement platform, expanding beyond our industry-leading senior fitness options to provide a more holistic approach to healthy aging."
"When we launched GetSetUp, we wanted to create a safe, secure place online for older adults to learn new skills and connect with others while engaging in mentally stimulating activities," said Lawrence Kosick, president and co-founder, GetSetUp. "We believe seniors have incredible wisdom and life experience and built GetSetUp to create a senior-specific video platform to bring this to life. Today, we have grown to three million users who engage in classes an average of two to five times per week, and we are excited to make these services available to SilverSneakers members and the Medicare Advantage plans that offer the program."
Eighty-seven percent of people 65 and over experience cognitive changes associated with normal aging. Physical activity is proven to improve cognitive function as people age through neuroplasticity, which allows the brain to compensate for injury and disease and to adjust in response to new situations. Lifelong learning and mental enrichment are increasingly viewed as a protective strategy against commonly observed cognitive decline in the older population.
"Mental enrichment activities increase our enjoyment of life through the stimulation of learning and connecting with others, and they are also important to maintain brain health," said Kelly O'Brien, Executive Director, Brain Health Partnership for UsAgainstAlzheimers. "Research is increasingly pointing to the importance of strengthening brain health, maintaining cognitive function, and delaying or preventing the onset of Alzheimer's and dementia. Providing seniors with opportunities to engage their brains is an important part of healthy aging."
SilverSneakers is the nation's leading fitness provider for older adults, with almost thirty years of expertise supporting senior health and wellness. The program is offered to 18 million eligible members through more than 70 Medicare Advantage plans and in 2022 will offer access to more than 22,000 fitness locations nationwide. GetSetUp will be part of SilverSneakers' suite of virtual programming, which includes live with instructor fitness classes and workshops, an on-demand library of fitness and health improvement content, the SilverSneakers GO™ mobile application, SilverSneakers OnDemand and social engagement opportunities.
About Tivity Health
Tivity Health® Inc. (Nasdaq: TVTY) is a leading provider of healthy life-changing solutions, including SilverSneakers®, Prime® Fitness, WholeHealth Living® and Wisely Well™. We are focused on becoming the modern destination for healthy living. We will expand beyond fitness by establishing an engagement platform that enables personalized member interaction with all our offerings, and we will partner with other payors and service providers to aggregate services to seniors under the SilverSneakers umbrella. The continued development of our suite of digital offerings will enable a more tailored, interactive, and impactful experience across a variety of areas, including fitness, social connection, community involvement, volunteering, and enrichment. Learn more at www.tivityhealth.com.
GetSetUp is the largest and fastest-growing online community of older adults with over 3 million members in 160 countries, who want to learn, stay active and connect. The GetSetUp platform helps older adults stay mentally and physically fit and creates engaging socialization opportunities to truly impact the social determinants of health. The platform offers live classes taught by peers who are experts in their field, social hours hosted by community members, and special events with speakers who directly address areas of interest to older adults. Classes are taught in English, Spanish, Hindi and Mandarin. Learn more at https://www.getsetup.org
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that are "forward-looking" statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based upon current expectations and include all statements that are not historical statements of fact and those regarding the intent, belief or expectations, including, without limitation, statements that are accompanied by words such as "will," "expect," "outlook," "anticipate," "intend," "plan," "believe," "seek," "see," "would," "target," or other similar words, phrases or expressions and variations or negatives of these words. These forward-looking statements include, but are not limited to, the Company's statements regarding its future financial performance. Readers of this press release should understand that these statements are not guarantees of performance or results. Many risks and uncertainties could affect actual results and cause them to vary materially from the forward-looking statements.
These risks and uncertainties include, among other things: impacts from the COVID-19 pandemic (including the response of governmental authorities to combat and contain the pandemic, the closure of fitness centers in the Company's national network (or operational restrictions imposed on such fitness centers), reclosures and potential additional reclosures as a result of surges in positive COVID-19 cases) on the Company's business, operations or liquidity; the risks associated with changes in macroeconomic conditions (including the impacts of any recession or changes in consumer spending resulting from the COVID-19 pandemic), widespread epidemics, pandemics (such as the current COVID-19 pandemic) or other outbreaks of disease, geopolitical turmoil, and the continuing threat of domestic or international terrorism; the Company's ability to collect accounts receivable from its customers and amounts due under its sublease agreements; the market's acceptance of the Company's new products and services; the Company's ability to develop and implement effective strategies and to anticipate and respond to strategic changes, opportunities, and emerging trends in the Company's industry and/or business, as well as to accurately forecast the related impact on the Company's revenues and earnings; the impact of any impairment of the Company's goodwill, intangible assets, or other long-term assets; the Company's ability to attract, hire, or retain key personnel or other qualified employees and to control labor costs; the effectiveness of the reorganization of the Company's business and the Company's ability to realize the anticipated benefits; the Company's ability to effectively compete against other entities, whose financial, research, staff, and marketing resources may exceed its resources; the impact of legal proceedings involving the Company and/or its subsidiaries, products, or services, including any claims related to intellectual property rights, as well as our ability to maintain insurance coverage with respect to such legal proceedings and claims on terms that would be favorable to us; the impact of severe or adverse weather conditions, the current COVID-19 pandemic, and the potential emergence of additional health pandemics or infectious disease outbreaks on member participation in the Company's programs; the risks associated with deriving a significant concentration of revenues from a limited number of the Company's customers, many of whom are health plans; the Company's ability and/or the ability of its customers to enroll participants and to accurately forecast their level of enrollment and participation in the Company's programs in a manner and within the timeframe anticipated by the Company; the Company's ability to sign, renew and/or maintain contracts with its customers and/or the Company's fitness partner locations under existing terms or to restructure these contracts on terms that would not have a material negative impact on the Company's results of operations; the ability of the Company's health plan customers to maintain the number of covered lives enrolled in those health plans during the terms of the Company's agreements; the Company's ability to add and/or retain active subscribers in its Prime Fitness program; the impact of any changes in tax rates, enactment of new tax laws, revisions of tax regulations or any claims or litigation with taxing authorities; the impact of a reduction in Medicare Advantage health plan reimbursement rates or changes in plan design; the impact of any new or proposed legislation, regulations and interpretations relating to Medicare, Medicare Advantage, Medicare Supplement, and privacy and security laws; the impact of healthcare reform on the Company's business; the risks associated with potential failures of the Company's information systems or those of our third-party vendors, including as a result of telecommuting issues associated with the Company's employees working remotely, which may include a failure to execute on policies and processes in a work-from-home or remote model; the risks associated with data privacy or security breaches, computer hacking, network penetration and other illegal intrusions of the Company's information systems or those of third-party vendors or other service providers, including those risks that result from the increase in personnel working remotely, which may result in unauthorized access by third parties, loss, misappropriation, disclosure or corruption of customer, employee or the Company's information, or other data subject to privacy laws and may lead to a disruption in the Company's business, costs to modify, enhance, or remediate its cybersecurity measures, enforcement actions, fines or litigation against the Company, or damage to its business reputation; the risks associated with changes to traditional office-centered business processes and/or conducting operations out of the office in a work-from-home or remote model by us or our third party vendors during adverse situations (e.g., during a crisis, disaster, or pandemic), which may result in additional costs and/or may negatively impact productivity and cause other disruptions to the Company's business; the Company's ability to enforce its intellectual property rights; the risk that the Company's indebtedness may limit the Company's ability to adapt to changes in the economy or market conditions, expose the Company to interest rate risk for the variable rate indebtedness and require a substantial portion of cash flows from operations to be dedicated to the payment of indebtedness; the Company's ability to service its debt, make principal and interest payments as those payments become due, and remain in compliance with its debt covenants; the Company's ability to obtain adequate financing to provide the capital that may be necessary to support its current or future operations; counterparty risk associated with the Company's interest rate swap agreements; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company's filings with the SEC. Except as required by law, the Company undertakes no obligation to update any such forward-looking statements to reflect new information, subsequent events or circumstances.
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SOURCE Tivity Health