HOUSTON INNOVATORS PODCAST EPISODE 155
It's Tatiana Fofanova's goal to have her company's digital health platform active in all 50 states by the end of the first quarter of 2023. She's already halfway there.
Fofanova founded Koda Health, a B2B Enterprise SaaS solution that guides patients through the process of proactive healthcare planning and document authentication, in early 2020 with her co-founders Dr. Desh Mohan, who serves as chief medical officer, and Katelin Cherry, the company's CTO. The trio connected in the Texas Medical Center's Biodesign Fellowship program and observed how advanced care planning was something that wasn't on the radar for most patients.
The tech platform allows for patients and their providers to get on the same page for their care. Fofanova describes the platform as similar to TurboTax — users answer a series of questions and the program provides a care plan then shared with the patient's doctors. This greatly simplifies — and democratizes — the process for patients and providers both.
"The standard of care for advanced care planning has traditionally been left to patients to do on their own — with estate planning attorney or through a direct-to-consumer solution," Fofanova says on this week's episode of the Houston Innovators Podcast.
But when the pandemic hit, not only did patients have a harder time accessing these services, but it also further exposed the gap between the people who traditionally could afford advanced care planning and those who could not. Koda Health targets value-based care organizations, who then onboard the platform for their patients to use for free. Fofanova says it's in these providers' best interest to have these plans established.
"For the customers we were serving — the value-based care organizations — it was there priority as well to bring those services to those populations," Fofanova says. "They save money when they deliver the right care. When they don't know the right care to deliver, everything escalates."
Within a few months of launch, Koda Health was invited to Techstars, received NSF funding, and started its first paid pilot. The pandemic was almost like a firecracker for her business, she says.
Koda Health is having another period of rapid growth. Following a $3.5 million seed funding round earlier this year, the company is developing out its product across the country, which poses several challenges for Koda.
"Regulations for medical power of attorney, advance directives, do not resuscitate orders — things like that — vary from state to state," Fofanova says. "Some states are fairly simple, but others are incredibly complicated. We've been working with a law firm to make our product legally compliant in every state, and that has required an entire rebuild of our fundamental engine in order to toggle on or off all of these requirements."
Recently launching its Spanish beta platform, Koda is now compliant in 25 states with new contracts in most of those areas already. She now has 12 full-time employees working in both Houston and remotely. This year, Koda has about 5,000 patients on its platform. Next year, based on growth projections, Fofanova says that number will grow to 100,000 before hitting 500,000 patients in 2024.
She shares more details about this growth and the future of Koda Health on the podcast. Listen to the interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.