‘Concierge Medicine On Steroids’ Startup Raised $40 Million To Disrupt Employer-Sponsored Care
By Katie Jennings, Forbes Staff, Healthcare
MARCH 2021 – Shortly after Glen Tullman resigned as CEO of electronic health records company Allscripts in 2012, he got a call from General Catalyst managing partner Hemant Taneja inviting him to ditch the freezing Chicago winter for sunny Palo Alto. Taneja wanted Tullman to help him reimagine the future of healthcare in the United States. The problem: the country with the highest level of healthcare spending in the world is saddled with a system that is economically untenable and grossly ineffective.
Transcarent looks to overhaul self-insured market
Transcarent is offering at-risk contracts to share in employer savings.
BY Susan Morse, Managing Editor
MARCH 19, 2021 – Livongo founder Glen Tullman is the new CEO of Transcarent, a company that is looking to overhaul the employer-sponsored insurance business by creating a digital platform “overlay” to existing plans.
Transcarent Acquires BridgeHealth; Completes $40 Million Series A Funding
Posted on October 22, 2020
Combined entity will create a better experience and improved outcomes for employees and dependents of self-insured employers by providing greater access, choice, and transparency
DENVER, CO — BridgeHealth, the industry-leading provider of surgical advocacy and centers of excellence (COE) programs for large, self-insured organizations and their members, today announced a merger with Transcarent, a Silicon Valley-based consumer digital health company, as part of a $40 million Series A financing round. BridgeHealth will continue to provide its platform to employers with self-insured group health plans while introducing new high-touch, high-tech navigation services and solutions built using the Transcarent technology stack.
BridgeHealth, founded in 2007, helps members identify high-quality healthcare providers, including many of the country’s leading Centers of Excellence who perform high-quality surgeries at affordable, bundled rates. The company has developed the largest footprint of COEs in the market. With more than 300 pre-negotiated, contracted bundles covering procedures across eight surgical categories, members realize transparency, cost savings, and real choice in making their most important healthcare decisions.
“By partnering with BridgeHealth, Transcarent will be able to greatly accelerate our vision of putting health and care back in the hands of health consumers and enabling them to share in the value their decisions help to create,” said Krishnan Sridharan, President of Transcarent. “Together, our goal is nothing less than to transform healthcare and create a new and different experience that leads to better outcomes and lower costs for employees, dependents, and their employers.”
Transcarent, backed by 7wireVentures, Alta Partners, and General Catalyst, offers a technology layer that provides more choice and transparency, and addresses a broader range of health and care challenges people face in today’s confusing, complex, and costly healthcare system.
“We are thrilled to join forces with such an exceptional team of innovative healthcare entrepreneurs, investors, and thought leaders,” said Jamie Hall, President and CEO of BridgeHealth. “Together with Transcarent, BridgeHealth will continue to deliver great healthcare experiences for the people we serve and measurable value to our plan sponsors while we begin to significantly expand our solutions to the market.”
“Since its inception, BridgeHealth’s vision has been to support individuals with the best possible healthcare at their most vulnerable moments,” said David Calone, co-founder and outgoing Board Chair of BridgeHealth, and Director of Transcarent. “When we started the company, we focused on empowering consumers who needed planned surgeries, knowing that the future of healthcare depended on expanding this value to more people across more of their healthcare choices. We are excited to partner with Transcarent; their leadership and investors bring significant expertise and capital to our shared vision for transforming healthcare.”
To learn more about how BridgeHealth can help your business and your members, visit us here.
BridgeHealth is a provider of value-based healthcare services that guide members to surgical Centers of Excellence nationwide. Its bundled rates allow self-insured group health plans to improve the quality and outcomes of surgery while reducing costs from 30% to 50% on average per procedure. Members are supported through concierge-level care coordination, eliminating the stress of planning and preparing for surgery. Our top-level member experience is evident in our consistent 90+ Net Promoter Scores.
Transcarent, a Silicon Valley-based consumer digital health company, uses a combination of software, technology, and data science to empower consumers with information and access, leading to better outcomes and more cost-effective decisions. We believe that having the right information, tools, and incentives in the decision-making process can be positively transformative in the way we all experience healthcare.
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