General Catalyst and WellSpan Health today announced a strategic collaboration to drive digital transformation among the WellSpan community and spur health sector innovation. Bringing together a leading venture firm and health system, this partnership aims to improve patient experiences and business efficiency, optimize caregiver relationships and create new care models. Ultimately, the partners aim to build a more resilient, value-oriented healthcare system that enhances quality, access, equity and affordability.
WellSpan works collaboratively across the healthcare system to build healthy communities that foster lifelong wellness and exceptional care for all. An integrated delivery system focused on value-based care, WellSpan encompasses 2,000 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 are dedicated to providing the highest quality and safety, inspiring patients and communities to be their healthiest.
Partnering with WellSpan marks General Catalyst’s latest strategic partnership since the close of its $670MM Health Assurance Fund II last month. With the new fund, the firm intends to continue to invest in new innovations like the convergence of digital and physical care, health equity, mental health, and value-based care. This partnership is also General Catalyst’s first since Daryl Tol joined the team in a new role, also in July of this year, to build a network of companies that help achieve the vision of health assurance–making care more proactive, accessible, affordable and effective care. The firm’s partnership approach is unique among venture firms…seeking to ‘radically collaborate’ with all different types of healthcare systems to understand what works for each…in order to create a transformed digital healthcare system that works for every.
“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.” said Daryl Tol, head of health assurance ecosystem, General Catalyst. “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.”
“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,” said 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 don’t want a Silicon Valley disruptive mindset. We want to partner with the industry,” said 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 partnership with HCA, Jefferson Health and Intermountain Health, this is General Catalyst’s fourth healthcare collaboration overall. The firm is committed to operationalizing and accelerating its existing partnerships, forging new ones, and helping to provide a single point of access for healthcare leaders to better understand and tap the innovation ecosystem.