In October 2023, former Intermountain Well being CEO Marc Harrison, M.D., introduced he would lead a brand new firm owned by enterprise capital agency Normal Catalyst known as Well being Assurance Transformation Corp. (HATCo). Apart from working with Normal Catalyst’s well being system companions on remodeling their operations, he defined that HATCo would additionally purchase and function a well being system the place it may reveal the blueprint for this transformation. Now Harrison has introduced that the well being system HATCO is planning to buy is Akron-based Summa Well being, one of many largest built-in healthcare supply programs in Ohio.
If the deal meets regulatory approval, the at present nonprofit Summa Well being will turn into a for-profit subsidiary of HATCo, and Summa Well being will maintain its present management and preserve its dedication to charity care. As well as, on account of the transaction, a group basis could be created to put money into social determinants of well being in ways in which profit your entire Better Akron space, HATCo mentioned. The sale worth was not disclosed.
Summa contains Akron Metropolis Hospital, the Barberton campus, SummaCare insurance coverage firm and outpatient places and doctor workplaces throughout the area, and has greater than 8,000 staff, in keeping with a narrative within the Akron Beacon Journal newspaper.
The Beacon Journal reported that Summa has been seeking to discover a new associate for a number of years. Most not too long ago, a deal to promote Summa to Michigan-based Beaumont Well being fell by means of in 2020.
Harrison, HATCo’s CEO, and Hemant Taneja, Normal Catalyst CEO, will work with Summa’s leaders to leverage their collaborative, complementary experience in healthcare and well being programs to plan the transformation journey.
“This new construction will higher serve our communities clinically, economically and socially. With HATCo, Summa Well being will have the ability to improve native funding and introduce new assets that permit us to broaden entry to reasonably priced, high quality, coordinated care,” mentioned Cliff Deveny, M.D., Summa Well being president and CEO, in a press release. “We’re enthusiastic about new alternatives to reinforce the affected person and supplier expertise, strengthen our recruitment pipeline, construct upon our dedication to medical training and coaching, and broaden the expansion of SummaCare to advance well being fairness and inhabitants well being throughout the communities we serve.”
In Might 2022, Intermountain and Normal Catalyst introduced a collaboration to drive innovation throughout the Utah-based well being system with the objectives of increasing value-based care, lowering complete prices of care, offering world-class affected person experiences, and attaining well being fairness goals. Intermountain mentioned it could leverage Well being Assurance Community, which is a gaggle of tech innovation corporations inside Normal Catalyst’s funding portfolio. These corporations embody Transcarent, Olive, Sprinter Well being, Commure, and Cadence, amongst others.
In August 2022, Harrison introduced he was leaving Intermountain to run the healthcare platform enterprise for Normal Catalyst.
“HATCo is grounded within the perception that by making well being programs extra worthwhile, vibrant and revolutionary, they are going to be higher geared up to serve everybody of their communities with larger influence. We’re thrilled to associate with Summa Well being to convey this imaginative and prescient to life,” mentioned Harrison, in a press release. “The present nationwide healthcare system is fragmented and creates boundaries to care and wellness. In partnership with Summa Well being, we intend to show {that a} mannequin that’s higher for sufferers can be good for enterprise and create a blueprint for different programs and communities.”
Normal Catalyst’s well being system companions embody UC Davis Well being, HCA Healthcare, Jefferson Well being, Intermountain Wellspan Well being, Man’s & St Thomas NHS Basis Belief, Cincinnati Youngsters’s, UCI Well being, Well being First, Metro Well being, Medical College of South Carolina Well being, Hackensack Meridian Well being, Banner Well being, Common Well being Providers, and OhioHealth.
