Salt Lake City, May 09, 2022 (GLOBE NEWSWIRE) — General Catalyst and Intermountain Healthcare announced a strategic collaboration to drive innovation across the integrated health system and help achieve priorities that include, among others, expanding value-based care, reducing total costs of care, providing world-class patient experiences, and achieving health equity objectives.
Through the collaboration, Intermountain, a national leader in healthcare innovation, experience, and value, and General Catalyst, one of the top venture capital firms in the U.S., will leverage the Health Assurance Network, which is a group of tech innovation companies within General Catalyst’s investment portfolio that are dedicated to delivering focused solutions and collectively committed to helping transform the health industry into a more proactive, resilient, and equitable system of care. Health Assurance Network companies include Transcarent, Olive, Sprinter Health, Commure, and Cadence, among many others.
The collaboration will involve jointly exploring opportunities within the Intermountain system and within healthcare in general to accelerate the shift to value-based care through digital and other solutions offered by companies in the Health Assurance Network. It will establish a rigorous process for identifying and scoping specific needs, assessing and co-developing feasible and effective solutions, and scaling those solutions across the health system to drive positive outcomes. The Intermountain-General Catalyst collaboration builds on other transformative collaborations Intermountain has helped launch, including Civica Rx and Graphite Health, and has helped establish a new Digital Hippocratic Oath to improve hospital data interoperability and secure patient privacy rights.
“We’ve historically been on the cutting edge of health innovation, especially when it comes to providing high-quality care that keeps people healthier at more affordable costs,” said Intermountain Healthcare President and CEO Marc Harrison, MD. “This collaboration between Intermountain and General Catalyst can help turbocharge the movement towards population health and value-based care by connecting us with a network of innovators outside the traditional healthcare space.”
At Intermountain Healthcare, providers participating in risk-based (fee-for-value) care arrangements had more than 10 percent savings in 2021 compared to providers not in those same value-based care arrangements. Prior to the recent merger with SCL Health, more patient-derived revenue at Intermountain came from value-based care than patient revenue from volume-based (fee-for-service) care. This level of transition to population health is unique among other major health provider systems.
“Marc and the Intermountain team are on the forefront of making value-based care a reality,” said Hemant Taneja, Managing Partner at General Catalyst. “They are long-term thinkers with a shared belief in our health assurance thesis and a commitment to building a modern healthcare system that has true interoperability. We think this collaboration will yield something transformative for Intermountain and for health systems everywhere.”
About Intermountain HealthcareBased in Utah with locations in seven states and additional operations across the western U.S., Intermountain Healthcare is a nonprofit system of 33 hospitals, 385 clinics, approximately 3,800 employed physicians and advanced practice providers, a health plans division (SelectHealth) with more than 1 million members, and other health services. With a mission of helping people live the healthiest lives possible, Intermountain is committed to improving community health and is widely recognized as a leader in transforming healthcare by using evidence-based best practices to consistently deliver high-quality care at sustainable costs. For updates, see https://intermountainhealthcare.org/news.
About General CatalystGeneral Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, London, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker. General Catalyst works closely with the companies building the network of health assurance including Commure, Tendo, Transcarent and Olive. For more: www.generalcatalyst.com.
Daron Cowley Intermountain Healthcare (801) 442-2834 [email protected]
Copyright 2022 GlobeNewswire, Inc.