Jack Stoddard’s Patina Health and fitness Raises $57M From Andreessen Horowitz, GV

  • Jack Stoddard, Haven’s former chief functioning officer, is launching a new startup, Patina Overall health.
  • It can be hoping to make health care a lot easier for more mature men and women and their loved kinds.
  • Patina has lifted $57 million, and it is launching early next 12 months.

When Jack Stoddard left Haven, the now shuttered wellness enterprise formed by Amazon, JPMorgan, and Berkshire Hathaway, he was not completely ready to retire to the land of board seats and advisory roles. 

“It’s one of all those items where by you step back again in everyday living, and you’re like, ‘What legacy do I want to go away?'” Stoddard, who was Haven’s chief working officer, informed Insider.

Inspired in element by his mom and dad, who are nearing 80, the longtime healthcare executive is launching a startup referred to as Patina Health and fitness. The business wishes to use on the internet care groups and house visits to provide most important care for individuals who are 65 and older, a population of about 55 million in the US.

Patina is likely right after the hot Medicare Advantage sector, in which non-public companies are paid fixed service fees by the govt to regulate people’s care. The arrangement has sparked new thoughts for offering treatment in the US as additional vendors are acquiring compensated in accordance to how nicely they get care of sufferers, not how numerous methods they buy.

The startup will start supplying its services early future 12 months, Stoddard explained. The enterprise corporations Andreessen Horowitz and Alphabet’s GV coled Patina’s seed and Collection A funding, with Patina boosting a complete of $57 million.

The companies bought concerned early on with the startup Stoddard was building, supporting him make Patina’s founding crew and strategizing which insurers to function with initial, Julie Yoo, a general companion at Andreessen Horowitz, informed Insider. 

Stoddard, who led the treatment and navigation large Accolade as its main functioning officer for just about a 10 years in advance of his time at Haven, will serve as Patina’s CEO, joined by Main Wellbeing Officer Dr. Neil Patel, who spent about a ten years assisting develop Iora Wellness.

The aspects Patina is searching to consist of in its model — which include virtual treatment, house-dependent treatment, and new means to pay out for that treatment — mirror Stoddard’s vocation in health care.

“It is really just about like this is the business he’s been functioning his whole occupation to develop,” Yoo stated.

How Patina works

Patina will work by location up sufferers with a treatment crew led by a principal-treatment physician. 

The treatment crew features a nurse practitioner and “wellbeing champion,” or navigator, as properly as other specialists in mental wellness, serious treatment, pharmacy, and many others as wanted.

The arrangement, available via Medicare Edge options, offers companies a way to get resourceful with how they care for patients. Because they’re not reimbursed for each and every transaction, their focus is on preventing folks from having sick, which ideally saves income.

That indicates Patina’s treatment staff can assistance with not only professional medical issues like appointments but also facets of day by day lifetime that influence patients’ wellness — such as preventive care to resolve back agony, greater entry to food, and handrails to prevent falls.

A patient’s liked ones will also be able to speak to the navigator or medical doctor on the staff as required and entry Patina’s mobile application, which could a single working day consist of providing caregivers the electricity of lawyer and to-do merchandise for clients, Stoddard mentioned.

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

Dr. Neil Patel, Patina’s chief wellbeing officer.

Patina Health

Patina’s success will rely on the startup’s skill to form shut associations with sufferers and link virtual care to at-home treatment when it really is desired. The home expert services involve exams, diagnostic exams, sutures, and treatment management.

“Your objective is not to get this particular person on to the following detail — your target is to get them to the appropriate place,” Dr. Krishna Yeshwant, a running companion at GV, explained.

Patina sees possible in the pandemic’s wake

Patina is launching at a time when extra providers, from Optum to Amazon, are leaning into primary treatment that starts off with on the net visits.

But Stoddard is self-confident you can find area for yet another player, specifically because more mature grownups are much more capable technology consumers than we give them credit score for, and the coronavirus pandemic aided show that persons can be cared for effectively by means of telephones and computers, he reported.

Stoddard reported 1 of the major lessons from his tenure at Haven was the electrical power of aim, which is aspect of why Patina is setting up little and will keep on creating from there.

The identify Patina will come from the green movie that varieties on the area of bronze or other metals as they age. Stoddard reported it was supposed to symbolize splendor that emerges in excess of time and challenge society’s inclination to marginalize and forget about more mature individuals.

“I believe you will find heading to be a large amount of electrical power when you few the romance and the really like and the care that our teams will offer you with placing patients on their have couch, where they’re at ease,” Patel, the chief health and fitness officer, said.