Announcing the newest member of the 7wireVentures portfolio:
We are pleased to announce the 7wireVentures portfolio company Transcarent has officially emerged from stealth. Transcarent is the first comprehensive, consumer-directed health and care platform for employees of self-insured employers and their families. Transcarent’s suite of services focuses on empowering and educating employees and their dependents to improve the quality and the experience of their care while reducing the overall cost.
Transcarent was conceived and Hatched by Glen Tullman and Lee Shapiro, Managing Partners of 7wireVentures, and Hemant Taneja, Managing Partner of General Catalyst, the same team behind Livongo. Glen Tullman will add to his role of Executive Chairman and become Chief Executive Officer as the company begins its growth stage. Glen will remain Managing Partner of 7wireVentures and continue with his responsibilities, working closely with our portfolio companies and new investment opportunities.
“Healthcare is simply too confusing, complex, and costly for consumers and employers, something we knew from our time at Livongo. We knew we could do better so we created Transcarent, to make it easier for people to stay healthy. We believe that by providing employees and their families with unbiased information, trusted guidance and easy access to the best care, they will receive higher quality, more affordable care. I am excited to lead Transcarent as the company transforms the future of health and care.” – Glen Tullman, Chairman and CEO of Transcarent and Managing Partner of 7wireVentures
Self-insured employers, who pay for almost half of the healthcare expenditures in the US, have seen costs escalate year after year without corresponding improvements in the quality of care. While employers attempt to offer access to best-in-class healthcare services, the result for employees and their families is often fragmented experiences that are confusing to use and have little impact on health outcomes or reducing costs.
Transcarent addresses these challenges by combining many of the commonly used healthcare services in one seamless solution that provides employees with information to better understand their choices and the associated costs of that care. The Transcarent platform establishes a cohesive partnership between employers and their employees. For employers, Transcarent offers a risk-based model that fully aligns incentives. In return, employees can trust that Transcarent will focus on quality first, provide clear and unbiased information, and share the rewards from better decisions they make. This consumer-centric model for navigating and selecting care fully embodies the 7wireVentures thesis around empowering an Informed Connected Health Consumer.
Transcarent closed a $44 million Series A in October 2020 led by General Catalyst, with participation from 7wireVentures, Alta Partners, and Jove Capital. Through the funding round, Transcarent acquired BridgeHealth as a foundation for the broader platform. BridgeHealth is the leader in Center of Excellence and Appropriate Site of Care musculoskeletal surgical solutions for self-insured employers. BridgeHealth serves over one million employees with more than 150 Centers of Excellence and Ambulatory Surgery Centers, offering more than 300 pre-negotiated surgical bundles across eight surgical categories. Through this model, BridgeHealth provides improvements in quality of care, resulting in 80% lower complications. With a critical focus on the consumer experience, BridgeHealth consistently reports NPS scores above 90. BridgeHealth has proved that by focusing on quality care and a better experience for consumers, lower costs can be achieved for all stakeholders.
7wireVentures is excited to support Transcarent as it takes on this challenging domain. With a world class team, investors, and partners, we believe that Transcarent will be able to achieve what no organization has done before – reducing the cost of care for employers at scale – and will be transformative for consumers, employers, and the broader healthcare ecosystem.