Company: Patina Health

External Assessment - PESTEL

Patina Health is a new company focused on Primary Healthcare services for adults aged 65 and up. They are based in Pennsylvania and began providing services to the greater Philadelphia area in 2022. They made news in 2021 by attracting several high-profile investors including Andreessen Horwitz and GV by offering technological and home-based solutions for senior healthcare that researched heavily the needs of their market before launching.

Patina's Mission is summed nicely in this quote by CEO Jack Stoddard: "Older adults are often overlooked by a society that values 'young over old, as we become older, we all deserve a better care experience that sees us, understands us, and accepts our role in guiding our own care so we can live our fullest lives. That kind of model doesn't exist in healthcare today, so we're building it. The current system is built around hospitals and clinics at the center, resulting in a production model of short, episodic, and transactional office visits, which doesn't meet the unique needs of older adults. That's why we spent the last year-and-a-half conducting research and applying human-centered design principles to build Patina directly from the perspective of older adults. We've gathered invaluable feedback from hundreds of people over 65 and their loved ones to better understand their experiences, frustrations, and underlying needs. We've assembled an amazing team of mission-driven people, designed the core processes, and architected the underlying technology to enable this new care experience. We've also secured a great syndicate of investors backing our Series A financing so that we can begin serving people and prepare to scale our solution nationally."(Pennic, 2021)

This External analysis was performed by Anthony Logan. Anthony has spent over 20 years in the business sector holding leadership roles in program management, finance, product development, sales, operations, quality, and inventory management. His breadth of knowledge in these fields marks him as supremely qualified when it comes to performing business analysis.

Political

Today's hyper-polarized political climate of the United States often pulls at those in the age group that Patina is targeting. This is relevant because the healthcare of the retired and oldest generations is often at the center of political discourse. By creating a product that simplifies and streamlines healthcare for this segment of the population Patina is positioning itself in a rarified position of reducing the stress of healthcare for older Americans.

Patinas' focus on home care may also put it at odds with lawmakers as there historically have been issues with covering such visits with programs such as Medicare and Medicaid (George, 2022). It seems by positioning themselves as a primary care service that does not have a significant physical presence they may find ways to avoid these issues. This strategy combined with a significant investment in App based home care position Patina well for a strong case as a worthwhile option for seniors.

It is also noteworthy that Patina has strong backing from companies known to have a significant presence with lobbyists on Capitol Hill.

Economic

Firstly, Economic growth for the healthcare industry has not faltered over the last several decades. There appears to be no stopping the healthcare behemoth in the United States. A strong competitor in the primary care space that expands into major markets could easily find itself competing with the likes of Mayo Clinic, Ascension Health, or UC Health.

Patina is once again differentiating itself as a cost-effective option for seniors. Their approach has the potential to be disruptive in their field.

The target audience of 65+ is historically an age group that struggles with financial constraints. A healthcare solution that does not require travel and instead is a more "on-demand" type of service and no additional cost would be very attractive to this market segment.

The model also allows for a smaller footprint from a business management perspective. No costly waiting rooms with receptionists, security, and janitorial staff. The reduction in overhead could certainly offset the need for potentially paying a premium to healthcare professionals that will travel to the home of the patient. The added inclusion of a strong virtual component would also likely remove the requirement for most physical home care.

Socio-Cultural

The timing of Patina's initial offering as a Healthcare alternative is no doubt related to the Covid-19 Pandemic. As millions of people around the world found greater risk in making regular doctor visits and were want for virtual options that in many cases did not exist Patina and its investors see an opportunity to cre ate a long-term solution that is not only far less susceptible to "Covid-like" risks but also more palatable to an older generation that has grown accustomed to using technology options like Zoom as a normal part of life.

The option of an online-based healthcare option would not have been acceptable to the age group that Patina is targeting just three years ago. Patina is taking advantage of the current social climate at an opportune moment.

Another benefit afforded by Patina is the ease of access from a physical mobility standpoint. For those that have assisted an elderly relative to a traditional in-person doctor's appointment; they are made acutely aware of just how much of an ordeal this can become, transportation, ease of access, sitting, standing. All can present challenges that online and in-home care resolve.

Technological

The significant barrier that Patina will need to contend with is creating a user interface for its products that is easily used and troubleshot by older generations. An investment will be needed in strong product support and training materials. This is another area where the user experience will need to be studied closely to ensure satisfaction and access. The last thing they want is frustration added to an already potentially stressful situation of resolving healthcare needs.

The mock-up UI appears to be simple and effective. The current digital tech will easily support the needs of the company with the right personnel investments.

Environmental

Even the healthcare industry is susceptible to the risk that climate change presents. The largest impact that could be mitigated here is to the reduction of carbon emissions of all those needed to run and visit physical offices. Reduced travel to the consumer and the staff will equate to a positive environmental impact. Patina would do well to present itself as a "green" alternative to traditional healthcare.

Legal

As stated in the previous section on political constraints there remains a risk around Medicare and Medicaid use for a home visit. This is clearly something that will need to be navigated carefully as Patina expands into other markets. It will also be interesting to see how cases of malpractice will be affected when physical doctors' offices are not involved as this is largely unexplored legal territory.

Based on the information provided, define:

1. Possible goals in the short and long term and explain how they will be useful for the company

2. SMART objectives