Andy Slavitt has been called a renegade, a rabble rouser and a policy wonk.

Soon, he might be known by a new title: Venture capitalist.

Slavitt made a name for himself as the entrepreneur-turned-Medicare chief who took on Republican lawmakers seeking to repeal the Affordable Care Act.

When members of Congress declined to hold town halls to educate their constituents about the pros and cons of the health bill, Slavitt showed up instead. On a tour of the country, Slavitt made appearances in towns ranging from Cleveland, Ohio to Reno, Nevada. His answered questions, broke down policies, and urged anyone who attended to write their senator to block the Republican health bill.

While traveling the country, he refined his investment thesis after hearing from everyday Americans about their health woes and anxieties.

"We need to stop investing in the third Fitbit for the 50-year-old upper-class person and start innovating for people who have common diseases and conditions, but live in communities with low access to care," he said.

Slavitt has now returned to his home town right outside Minneapolis, Minnesota, to invest in ideas that will improve the health care system. CNBC caught up with him about his new fund, which is still in the development phase. He declined to share his limited partners or the funding amount at this stage, as he's still in the process of recruiting partners to join him.

He's starting out with a clear population in mind: The oldest and sickest people in America.