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Integrated health systems and venture businesses form a strategic alliance to provide more robust and interconnected healthcare.
FREMONT, CA: “People talk about the U.S. healthcare system, but a connected system doesn't exist. We’re on a mission to change that, creating a resilient infrastructure that's value-oriented and enhances quality, access, equity, and affordability,” says Daryl Tol, head of health assurance ecosystem, General Catalyst. General Catalyst and WellSpan Health have formed a strategic partnership to foster digital transformation within the WellSpan community and stimulate innovation within the health industry. This cooperation between a renowned venture capital firm and a health system aims to enhance patient experiences and business efficiency, maximize caregiver relationships, and develop new care models. The partners' ultimate objective is to construct a more resilient, value-oriented healthcare system that improves quality, access, equity, and affordability.
“Our partnership with WellSpan demonstrates our ongoing commitment to work as a true strategic partner to all different types of health systems and bring the best of tech innovation to healthcare ultimately changing the way founders and health systems innovate together,” adds Tol.
WellSpan collaborates throughout the healthcare system to develop communities that support lifelong well-being and provide great care for all. WellSpan, a system of care delivery centered on value-based care, consists of approximately 1,900 employed providers, 220 locations, eight award-winning hospitals, and a behavioral health organization serving South Central Pennsylvania and northern Maryland. Its clinically integrated network of 2,600 aligned physicians and advanced practice providers is committed to offering the best quality and safety, motivating patients and communities to be their healthiest.
General Catalyst's second strategic collaboration since closing its $670 million Health Assurance Fund II last month is with WellSpan. The company plans to continue investing in new ideas such as the convergence of digital and physical care, health equity, mental health, and value-based care using the new fund. This relationship is also General Catalyst's first since Daryl Tol joined the team in a new capacity in July of this year to establish a network of firms that contribute to achieving the objective of health assurance, making care more proactive, accessible, cheap, and effective. Unique among venture capital firms, the firm's partnership strategy seeks to radically collaborate with all healthcare systems to understand what works for each to create a digital healthcare system that works for all.
"Our collaboration with General Catalyst provides a seat at the table with other like-minded change makers from innovative organizations across the country to share ideas and collaborate on initiatives that drive transformation," states Roxanna Gapstur, PhD, RN, president, and chief executive officer, WellSpan Health. "With more direct access to the newest start-up ideas, trends and advances in technology through General Catalyst we can focus our attention on originative opportunities to improve the care and experience of our patients."
“With Daryl, our Catalyst Advisors and global investment team we can transcend the role of a traditional venture firm. We dont want a Silicon Valley disruptive mindset. We want to partner with the industry,” says Hemant Taneja, CEO and managing director, General Catalyst. “If we are going to transform the healthcare system and make health assurance a reality, we need to make it more affordable and valuable and build together with that intentionality and focus.”
Following partnerships with HCA, Jefferson Health, and Intermountain Health, this is the fourth healthcare partnership for General Catalyst. The company is devoted to operationalizing and accelerating its existing collaborations, developing new ones, and assisting healthcare leaders in better understanding and tapping the innovation ecosystem through a single access point.
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