Devoted Health – Startup Story | Founder| CEO | Funding | History | Competitor

Introduction:

A company delivering healthcare planning services with the goal of enhancing patient care through the provision of individualised medical plans. In order to minimise unneeded medical treatments, the company’s healthcare plans include personal guides, contracts, and Medicare Advantage plans. These features allow beneficiaries to receive healthcare through a network of doctors and tech-enabled healthcare platforms.

Users may browse Medicare plans on the company’s website to cover medical expenses including dental work, medicines, and telehealth visits. The Devoted Health website allows users to compare plans and conduct searches for information on physicians and medications. Additionally, it directs customers to the required medical papers and paperwork and educates them on their coverage rights.

About:

Seniors are served by the healthcare provider Devoted Health. The Massachusetts-based healthcare provider Devoted Health creates senior-specific healthcare programmes. The business provides brokers and providers with services in addition to its Medicare Advantage programmes.

Devoted a Health, a Medicare Advantage health plan, was founded with the intention of becoming a cloud-first business from the beginning. The objective was to set the company apart from conventional health insurers who depended on on-premise hardware and VPNs. Tools for productivity on the cloud would provide businesses greater resilience, more flexibility, and a competitive edge.

Because of their usability, unified services, high security, and interoperability with other programmes and apps, ChromeOS and Pixelbooks were chosen by Devoted Health. Devoted Health was ready to transition staff, especially Member Service Guides who provide consumer guidance, to remote work at the start of the epidemic.

By utilising digital solutions to assure cost reduction for the business’s bottom line—as well as a high-quality health care plan that treated members like family—Devoted Health sought to create the next-generation Medicare Advantage health insurance plan. In order to organise the logistics of patient-centered care, find and hire the best providers, and maintain strict cost control over operations and administrative expenses, a digital platform will be essential.

Website : https://devoted.com/

Founder & Team:

The firm was started by Ed Park. Co-founder and executive chairman of Devoted Health, Todd Park is dedicated to enhancing the health and wellbeing of senior citizens in America by treating each client as if they were a member of the family. It was established in 2017. Devoted Health’s headquarters are in Waltham, Massachusetts, in the United States.

History:

Devoted Health is a new sort of healthcare organisation that offers comprehensive care for senior citizens in the United States. It was founded in 2017 by brothers Todd and Ed Park. Devoted Medical, the first virtual and in-home medical group created from the ground up to satisfy the unique requirements of the Medicare population, offers treatment to members of the company’s best-in-class MA insurance plans.

• Oct. 20, 2017: Eight Roads Ventures, Maverick Ventures, NextView Ventures, Oak HC/FT, Obvious Ventures, and Venrock fund $62,000,000 in a series A round for Devoted Health.
• In October 2018: Andreessen Horowitz, PremjiInvest, The a16z Cultural Leadership Fund, and Uprising Ventures invested $300,000,000 in Devoted Health’s series B investment.

Devoted Health Highlight:

Revenue:

In 2023, it anticipates earning around $1.2 billion in revenue while suffering a little deficit. Devoted Health also included the following information in their presentation deck: How the corporation, in addition to its insurance business, expects to profit by having its own medical group. In the presentation, Devoted Health outlined a plan for quick development. The business stated in the deck that it intended to add 5,000 new members this year and increase that number to 103,722 by 2023. It projects that year’s sales will be around $1.2 billion, with a little net loss.

Funding & Investors:

• On October 8, 2021, Devoted Health completed their last round of Series D fundraising.
• $2B has been raised by Devoted Health.
• There are 27 investors in Devoted Health, including General Catalyst and Formica Capital.
• The rapidly expanding demand for private health insurance plans for US seniors is why the firm, Devoted Health, was established.
• The rapidly expanding demand for private health insurance plans for US seniors is why the firm, Devoted Health, was established. When it secured $300 million from investors led by Andreessen Horowitz late last year, it used the slide deck. Before it started providing coverage for a single consumer, the firm had a $1.8 billion market value.

Business Model:

Ed and Todd Park, two brothers, established Devoted in 2017. Before starting Devoted, Todd built the health IT business Athenahealth and worked as the US’s CTO under the Obama administration. Ed, the CEO of Devoted, served as the CTO and subsequently the COO of Athenahealth.

Devoted aims to do more than just cover trips to physicians and hospitals; the firm is also recruiting nurses and other personnel to keep seniors healthier and out of the hospital. As a result, the company’s health insurance plans may appear a little different from typical insurance.

Since health insurers are in charge of covering medical expenses, they frequently have knowledge about a patient’s condition. For example, have they recently visited the emergency department or have they recently gone in for a checkup? Given such information, the insurer—in this case, Devoted—can inform the other components of the system so that, for instance, the primary care physician is aware when their patient has been hospitalised and may follow up.

Services Offered thru Devoted Health:

Alabama, Colorado, Hawaii, North Carolina, Oregon, Pennsylvania, South Carolina, and Tennessee are the eight new states where Devoted Health has launched its Devoted Medicare Advantage plans and Devoted Medical services. Devoted Health is an all-in-one healthcare provider that offers comprehensive, coordinated, and customised care for Medicare-eligible beneficiaries.

Awards & Recognition:

On October 13, 2021, Devoted Health will compete for the Powerhouse Company of the Year award at the New England Venture Capital Association’s NEVY Awards.

Competitors:

Top 7 Devoted Health competitors are –

• Bright HealthCare.
• United HealthCare.
• Humana.
• Centene.
• Cigna.
• Clover Health.
• UnitedHealthcare.

Latest News:

During the current Medicare Annual Enrollment Period, which began on October 15, Devoted is enrolling members. Devoted Medical will start providing treatment and coverage for new subscribers on January 1, 2023.

Future Plans:

The new markets are run by seasoned experts who have a thorough grasp of how to expand Medicare Advantage (MA) plans and work with important provider partners. James Laughlin and Robert Pettigrew, who both have more than 30 years of combined expertise, will head a number of new markets. Laughlin will be in charge of the markets in North and South Carolina, and Pettigrew will be in charge of the markets in Oregon and Denver. Keith Dines, who now serves as the president of the Devoted Market, will also be in charge of the market in Hawaii. Sheffield Young, who now oversees the Illinois market for Devoted, will now also be in charge of Alabama, Pennsylvania, and Tennessee.

Some FAQs:

What is devoted Health Plan of Texas?

Devoted Health is an HMO and PPO plan with a Medicare contract. Our D-SNPs also have contracts with State Medicaid programs. Enrollment in our plans depends on contract renewal.

Who is devoted Health owned by?

Ed Park.

How does Devoted Health make money?

The startup, Devoted Health, was founded to sell private health insurance plans to US seniors, a market that’s growing rapidly.

Is devoted health public or private?

private company.

Is devoted health profitable?

Devoted grew membership and revenue as it swung to a profit.

Conclusion:

Devoted Health informed investors that it anticipated having margins that were, on average, three times wider than those of competitors in the market as well as performing an especially effective job of managing its clients’ medical requirements at a reduced cost. By providing clinical services, Devoted helps its Medicare Advantage plan’s overall healthcare costs while simultaneously generating income and profit for its Medical Group.