Jack Stoddard’s Patina Wellness Raises $57M From Andreessen Horowitz, GV

Table of Contents

  • Jack Stoddard, Haven’s previous chief operating officer, is launching a new startup, Patina Health.
  • It really is hoping to make health care less difficult for older persons and their liked kinds.
  • Patina has raised $57 million, and it really is launching early following 12 months.

When Jack Stoddard still left Haven, the now shuttered health undertaking formed by Amazon, JPMorgan, and Berkshire Hathaway, he wasn’t prepared to retire to the land of board seats and advisory roles. 

“It is really just one of individuals points where you step again in daily life, and you might be like, ‘What legacy do I want to leave?'” Stoddard, who was Haven’s chief running officer, instructed Insider.

Motivated in section by his mothers and fathers, who are nearing 80, the longtime healthcare govt is launching a startup known as Patina Overall health. The corporation would like to use on line care groups and household visits to present major treatment for people today who are 65 and older, a population of about 55 million in the US.

Patina is likely just after the warm Medicare Gain marketplace, in which private providers are compensated fastened costs by the government to manage people’s care. The arrangement has sparked new suggestions for offering care in the US as far more companies are getting paid in accordance to how very well they just take treatment of clients, not how numerous processes they purchase.

The startup will start offering its providers early upcoming 12 months, Stoddard mentioned. The undertaking firms Andreessen Horowitz and Alphabet’s GV coled Patina’s seed and Series A funding, with Patina raising a total of $57 million.

The corporations received concerned early on with the startup Stoddard was developing, assisting him establish Patina’s founding crew and strategizing which insurers to work with first, Julie Yoo, a standard companion at Andreessen Horowitz, told Insider. 

Stoddard, who led the care and navigation huge Accolade as its main running officer for practically a 10 years right before his time at Haven, will provide as Patina’s CEO, joined by Main Health Officer Dr. Neil Patel, who invested about a ten years serving to create Iora Wellness.

The aspects Patina is wanting to incorporate in its product — including digital treatment, house-based mostly care, and new means to pay for that treatment — mirror Stoddard’s vocation in health care.

“It’s almost like this is the firm he’s been working his full occupation to establish,” Yoo explained.

How Patina is effective

Patina is effective by placing up individuals with a care staff led by a primary-care medical professional. 

The care staff features a nurse practitioner and “wellness champion,” or navigator, as nicely as other professionals in psychological health, long-term treatment, pharmacy, and some others as needed.

The arrangement, presented through Medicare Advantage programs, presents companies a way to get resourceful with how they treatment for people. Considering the fact that they’re not reimbursed for every transaction, their emphasis is on preventing men and women from receiving unwell, which ideally will save funds.

That implies Patina’s care group can aid with not only health-related issues like appointments but also aspects of every day daily life that impact patients’ wellbeing — which include preventive care to fix again suffering, better entry to foodstuff, and handrails to avert falls.

A patient’s beloved ones will also be able to talk to the navigator or medical doctor on the team as vital and accessibility Patina’s cell app, which could a single day contain offering caregivers the energy of attorney and to-do merchandise for patients, Stoddard said.

Dr. Neil Patel, Patina's chief health officer.

Dr. Neil Patel, Patina’s main overall health officer.

Patina Wellbeing

Patina’s accomplishment will depend on the startup’s potential to variety close relationships with clients and hook up virtual care to at-home care when it really is required. The house services incorporate tests, diagnostic checks, sutures, and treatment administration.

“Your target is not to get this particular person onto the future detail — your objective is to get them to the right position,” Dr. Krishna Yeshwant, a handling lover at GV, reported.

Patina sees opportunity in the pandemic’s wake

Patina is launching at a time when extra providers, from Optum to Amazon, are leaning into main treatment that begins with online visits.

But Stoddard is confident there is certainly space for one more player, especially because more mature grownups are a lot more able engineering consumers than we give them credit history for, and the coronavirus pandemic assisted establish that persons can be cared for properly by phones and computers, he stated.

Stoddard mentioned a person of the greatest lessons from his tenure at Haven was the electricity of concentrate, which is aspect of why Patina is starting off little and will go on creating from there.

The title Patina arrives from the environmentally friendly film that kinds on the floor of bronze or other metals as they age. Stoddard reported it was supposed to symbolize elegance that emerges over time and challenge society’s tendency to marginalize and ignore more mature people today.

“I consider you can find heading to be a large amount of energy when you pair the marriage and the appreciate and the treatment that our groups will offer with placing individuals on their possess couch, wherever they are snug,” Patel, the main wellbeing officer, stated.

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