Transcarent, a San Francisco-based company seeking to overhaul the self-insured employer market via a consumer-directed health and care platform, has announced the creation of a national provider ecosystem in partnership with 10 large health systems.
The company said that this ecosystem would provide national employers and their employees with a health and care experience they value, faster access to verified high-quality digital or in-person care and guaranteed, affordable and predictable costs with full transparency.
The 10 health systems in the network are:
- Advocate Health
- Atrium Health
- Baylor Scott & White Health
- Corewell Health
- Hackensack Meridian Health
- Intermountain Health
- Mass General Brigham
- Memorial Hermann Health System
- Mount Sinai Health System
- Virginia Mason Franciscan Health
“Everyone agrees that healthcare in America is too confusing, complex, and costly. Our goal is to make it easy to access high-quality care and to do that, we’ve partnered with the people who deliver that care . . . the best health systems across the country,” said Glen Tullman, Transcarent’s CEO, in a statement. “Our close collaboration with these 10 leading health systems will allow us to better design care pathways, provide higher-quality care, and faster access. By aligning with health systems who can guarantee both quality of care and competitive pricing, we can reduce administrative burden, and just as important, demonstrate true measurable value for the people who pay for care – employers and their employees. We’ll also more closely integrate the digital experience with the hands-on care that we know only health professionals can provide. It’s not an either/or, it’s both,” said Tullman, who was previously CEO of Livongo and Allscripts.
In January 2022 the company announced a $200 million Series C investment, bringing its total funding raised to $298 million.
Transcarent describes itself as serving as the on-ramp for self-insured employers and their employees to a new kind of healthcare experience. The company said it provides personalized health and care support for the most common and most challenging needs, including urgent care but also lower-cost medications, personalized behavioral health symptom evaluation and support, along with specialty care and expert second opinions.
Transcarent says that employers will receive competitive pricing previously reserved only for narrow networks while maintaining access and choice for members. The company adds that by directly contracting for rates upfront with its health systems and guaranteeing same-day payment, it can guarantee employer clients cost-effective outcomes.
“To be clear, we’re not talking about the lowest costs, we’re talking about the highest quality of care enabled by better processes. High-quality care drives down the overall cost of care. Through early intervention, process design, and second opinions, we identify what care is necessary and then ensure it is performed by quality organizations at the appropriate site of care. We share the benefits with both our employer clients and our health system partners, creating a win-win,” said Randy Hawkins, M.D., Transcarent’s chief medical officer, in a statement.
