Q&A with Steve Loyd of Latitude Recovery
Founder, Chief Medical Officer
Latitude Recovery will provide a range of cloud-based services to the treatment industry. These include new digital treatment protocols for methamphetamine and opioid use disorders, and software for electronic medical records, case management and telemedicine. Built on Preventum’s software platform, Latitude Recovery will provide turnkey solutions for the treatment industry.
SOFTWARE START UP FROM THE “DOPESICK” DOC
Join us for a private Family Office Insights NYC Pitch Luncheon featuring co-founders Dr. Steve Loyd and Steve Huff. Dr. Loyd is a national leader in addiction medicine focusing on opioid and methamphetamine use disorders. His vision is to disrupt the current treatment and recovery industry by developing the first digital treatment protocol for methamphetamines and other treatment-related software solutions.
From Nashville, Tennessee, he was recently portrayed by the doctor in the Hulu series Dopesick, played by Michael Keaton, whose character is based on Dr. Loyd. https://abcnews.go.com/US/rocked-opioid-crisis-west-virginia-now-dealing-rise/story?id=84225151
Dr. Loyd has joined forces with serial start-up entrepreneur Steve Huff to improve patient outcomes and increase the efficiency and effectiveness of doctors, therapists and treatment centers.
New York City Family Office Insights Investor Luncheon
October 27, 2022 at 12:00pm-1:30pm EST
Venue provided upon RSVP confirmation
RSVP & Confirmation Required
Investors Only Please!
Family Office Insights is a voluntary, “opt-in” collaborative peer-to-peer community of single family offices, qualified investors and institutional investors. Join the community here www.familyofficeinsights.com
Why do they call you the Dopesick Doc?
When Beth Macy was writing her book Dopesick she interviewed me at length. Dr. Samuel Finnix’s character, played by Michael Keaton in the Hulu series, is based on me and my experiences. During residency, I developed an addiction to opioids. At the height of my addiction I was taking up to 40 Vicodin tablets per day. Since I’ve been in recovery, I’ve spent my time and energy helping people through their recovery journey. In my roles as CMO of a major treatment and recovery center, as Drug Czar of Tennessee, or working with vulnerable populations I have seen first-hand what works and doesn’t work in our treatment and recovery industry.
So why Latitude Recovery and how will it make money?
That’s a great question! I think there are two major challenges facing the industry. The first is that lack of an FDA approved treatment protocol for methamphetamine addiction. The majority of meth is now adulterated with Fentanyl which makes it very difficult to treat. The retention rates for meth programs are shocking and most programs are based on a 12-step model which simply does not work for this type of addiction. This effects the revenue of doctors, therapists and treatment centers, and we are seeing insurance companies starting to push back against treatment centers wanting value-based contracts to insure better outcomes. Latitude Recovery’s digital treatment protocol for methamphetamine addiction is evidence-based and uses contingency management to keep patients engaged. Our technology platform also provides real-time reporting to the doctor, therapist or treatment centers and insurance companies.
The second challenge is that a large portion of the treatment center market is underserved by current software solutions. Small practices with one doctor or therapist cannot afford large enterprise software solutions for case management, telehealth, or electronic health records. Latitude Recovery will be providing a suite of cloud-based software solutions with a subscription licensing model to meet the needs of this market segment.
Latitude Recovery is providing services that are already fully or partially reimbursed by insurance, medicare or medicaid. Our business plan calls for average monthly revenue per person of $20. By offering the different services we will no doubt match or eclipse this revenue target. In developing our model, we looked at various states and their reimbursements for services under insurance, medicare and medicaid. For example, in the state of Tennessee, Latitude Recovery services qualify for all or part of the following reimbursements:
- Fully integrated Telehealth platform – $20 per licensed user/ per month
- Contingency Management – $12.50 per month for six months
- Case Management – $15-$25 per 30-minute visit
- Telemedicine medical visit – $190*
- Tele-therapy visit – $23* per 30-minute session; $36* per 45-minute session
- Tele-case management visit – $15-25 per visit
- Stimulant Use Disorder treatment protocol – $310 bundled medical and therapy per visit ($190 medical only per visit)
*under current emergency declaration status
What is the opportunity for investors?
We are currently raising our SEED round of $2,000,000. This means investors can get in early and have potential high rewards. We are currently offering 30% of the company in this round with 428,000 shares on offer at $4.67 per share. Our implied pre-money valuation is $4,666,666.67
We recognize that as early investors you have more risk. We are therefore offering seed investors added protection. In the event that the next fundraising round is a Down Round then the valuation of this round will be adjusted downward to equal 80% of the valuation applied to the Down Round. Each investor will then be issued additional shares to meet this goal.
The market is currently growing and poised for our solution. We envision a high growth solution with an EBITDA of over $20,000,000 by year five.
Steve Loyd of Latitude Recovery
Dr. Loyd is the former drug Czar of Tennessee, and is currently the CMO of Cedar Recovery, one of the largest treatment and recovery centers in the Southeast. Dr. Loyd is joined by Steve Huff as the CEO of Latitude Recovery. Steve Huff is a serial entrepreneur with over a dozen successful startups to his credit. These include Typefi Systems, Sixty Second Parent and Preventum. Preventum’s technology platform has been used to launch social change initiatives like FEND (Full Energy, No Drugs), a gamified drug education program for schools. It also recently launched GrayBridge, a racial/diversity training program for corporations and universities.
Contact Steve: firstname.lastname@example.org