General Catalyst and Jefferson Health Announce Innovation Partnership | Your money
SAN FRANCISCO, Oct. 18, 2021 (GLOBE NEWSWIRE) – General Catalyst and Jefferson Health today announced the formation of a one-of-a-kind innovation partnership, making the venture capital firm an innovation partner leader in the digital transformation of Jefferson Health initiatives. As part of this partnership, Jefferson will operate the new “Health Assurance Network”, a group of technology innovation companies dedicated to delivering the best offering in their respective spaces, and collectively committed to helping healthcare systems transform. . The partnership will help Jefferson accomplish his strategic priorities: seeking to modernize Jefferson’s technology platform; diversify sources of income; and prepare him to lead as more care becomes digital and values-based. The partnership announced today involves a coordinated effort by General Catalyst and its network of health insurance companies, including Commure and Tendo, and may expand to others.
“This partnership is essential to accelerate the Medicare promise to evolve the current ‘healthcare’ system into a more proactive, preventative and cost-effective approach,” said Stephen K. Klasko, MD, MBA, president of Thomas Jefferson University and CEO of Jefferson Health. “Healthcare leaders who collaborate with technological innovators have real power. Our partnership with General Catalyst and its companies enables all of us to achieve results none of us could achieve alone: better patient experiences, lower costs, and greater access to quality care while solving the proliferation of siled and disconnected technological solutions. ”
The deal represents a unique reimagining of the role of a venture capital firm – going beyond the traditional goal of financing companies to think about how to build, focus and unite them. Hemant Taneja, Managing Partner of General Catalyst, said: “This is both an incredible opportunity and a great responsibility for our health insurance network companies, including Commure, Tendo, Transcarent and Olive. . Jefferson’s management adopts innovation as a core strategy for how they deliver health insurance to their communities. This work will become a model for how we impact nationally. “
The partnership approach solves a big challenge for major healthcare systems like Jefferson: the proliferation of siled and disconnected technological solutions. Each health system, with its own regional footprint and unique needs, has created its own technological flows and systems. There is no one-size-fits-all standard or delivery platform. In addition, there are hundreds of technology solutions that compete for a part of the growing technology budget of the hospital system, resulting in further fragmentation. The new agreement will provide Jefferson with the opportunity to minimize technical complexity and reduce fragmentation, but without sacrificing access to sophisticated and cutting-edge technology.
Jefferson and General Catalyst have long been at the forefront of healthcare innovation. Klasko and Taneja co-wrote Unhealthcare: A Health Assurance Manifesto in 2020, before the global pandemic exposed the shortcomings and inequalities of the current system. In the book, they advocate for a shift from a “health care” system to a more proactive, resilient, and equitable health insurance system designed to help people stay healthy.
About General Catalyst General Catalyst is a venture capital firm that invests in powerful, positive and lasting change – for our entrepreneurs, investors, employees and society. We support founders with a long-term vision that challenge the status quo, partnering with them from seed to growth and beyond to create businesses that stand the test of time. With offices in San Francisco, Palo Alto, New York, London and Boston, the company has helped support the growth of companies such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara , Snap, Stripe and Warby Parker. General Catalyst works closely with the companies that build the health insurance network, including Commure, Tendo, Transcarent, and Olive. For more: www.generalcatalyst.com.
About Jefferson Health Jefferson Health, home of Sidney Kimmel Medical College, is reinventing healthcare in the greater Philadelphia area and southern New Jersey. Jefferson’s dedicated team of physicians, nurses, healthcare professionals and staff provide a range of primary to highly specialized care in 18 hospitals (ten are Named Magnet® by ANCC for Nursing Excellence ), more than 50 ambulatory and emergency care centers, the NCI-designated Sidney Kimmel Cancer Center, Moss Rehabilitation Hospitals and Magee Rehabilitation and the JeffConnect® telemedicine program. For 2021-2022, Jefferson is ranked among the nation’s top hospitals in seven specialties by US News & World Report. Jefferson Health’s mission is to improve the lives of patients in the communities it is privileged to serve through safe, effective, equitable and compassionate care.
Katy Dormer, General Catalyst [email protected]
John Brand, Jefferson [email protected]
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