What You Should Know:
– Transcarent, a new and different health and care experience company for employees of self-insured employers and their families, today announced a $200M Series C round led by Kinnevik and Human Capital, with participation from Ally Bridge Group and leading health systems including Northwell Health, Intermountain Healthcare, and Rush University Medical Center.
– The funding round also included participation from existing investors, including General Catalyst, 7wireVentures, Alta Partners, Merck Global Health Innovation Fund, Jove Equity Partners, Threshold Ventures, and GreatPoint Ventures. This round brings Transcarent’s total funding to $298 million in just over one year.
On-Ramp for Self-Insured Employers and their Employees
Health systems are getting behind Transcarent because it’s the first and only entity to truly align incentives for all stakeholders by taking on full risk. By being paid up front, providers can put a greater focus on delivering high-quality care. Simultaneously, Transcarent’s consumer-first care experience simplifies and expands access to care much beyond their traditional networks at lower costs.
Transcarent serves as the on-ramp for self-insured employers and their employees to a new kind of experience unlike anything in healthcare today. Transcarent provides personalized health and care support for virtually all of the most common and most challenging needs, including not just essentials like urgent care but also including lower cost medications, personalized behavioral health symptom evaluation and support, along with, where appropriate, specialty care like surgeries, care at home, cancer, and expert second opinions.
Members get 24/7 access to trusted digital and live guidance (real humans) and direct access to high-value care. Most Members receive no bills nor are they responsible for co-pays and co-insurance. This is because Transcarent offers what no other company does today – a fully at-risk model which pays providers up-front for care and partners with employers without any up-front or per-employee-per-month (PEPM) fees.
“At Transcarent, we’ve created a new and different health and care experience that puts consumers back in charge and is simply better aligned for employers, employees and their families, and the providers who deliver high quality care in this country,” said Glen Tullman, Chief Executive Officer of Transcarent. “Health consumers want an experience they can understand and feel comfortable with, that provides unbiased information, trusted guidance, and easy access to high value care and that always puts quality first. They want better solutions for everyday care, for medications, for surgeries, for care that is delivered where and when they need it, ideally at home and not always during the day, and for high quality solutions for complex care like cancer. And they want all of that in one place. This is long overdue and judging by the interest we’re receiving in the market from all of us who pay for care and the companies that employ us, everyone likes what we’re doing.”