Introduces New Transformative Health and Care Platform to Help Improve the Quality and Value of Care, Reduce Waste, and Share Savings Directly with Employees of Self-Insured Employers
San Francisco, CA, March 18, 2021 Transcarent, a new consumer-directed health and care platform for employees of self-insured employers and their families, announced today that Glen Tullman has added the role of Chief Executive Officer to his role as Executive Chairman of the Company. Transcarent was created to improve the quality and value of care in America by giving employees and their families greater control over their healthcare decisions and by allowing them to share in the financial benefits of those decisions.
Self-insured employers, who pay for almost half of the healthcare expenditures in the U.S., have seen costs escalate year after year without corresponding improvements in the quality of care. While employers attempt to offer their employees access to best-in-class healthcare services, the result for employees and their families is often fragmented solutions that are confusing to use, complex to understand, and costly to pay for.
Transcarent is a new kind of experience that puts people back in charge of their health and care, providing unbiased information, trusted guidance to better understand their options in care and the associated costs, and easy access to high-value care. Transcarent does this by meeting people where they are through voice to voice talking to a Health Guide, an easy-to-use app, or simply chatting or video-conferencing with a physician, nurse, or pharmacist anytime that’s convenient. What also makes Transcarent different is the true partnership it offers to employers and their employees. For employers, Transcarent provides a risk-based model that fully aligns incentives. And their employees can trust that Transcarent will focus on quality first, provide clear and unbiased information, a full range of choices, and share the rewards that their better health decisions generate.
“Today’s healthcare system is more confusing, more complex, and more costly than ever before. We started Transcarent to make it easier for people to stay healthy and enable employers to empower their employees and their families with unbiased information, trusted guidance, and access to a broader range of choices, which will lead to higher quality and more affordable care,” said Tullman. “As we have all learned in the past year, an efficient and effective system of health and care is vital to our success as a nation and is the cornerstone of a strong economy. I am excited to lead Transcarent as we create a new and different kind of health and care experience for people and a more aligned system for employers and others who pay for care.”
Transcarent combines best-in-class care with a trusted advisor and a personalized, 24/7 experience. Transcarent connects employees via chat, phone, or video to a personal Health Guide or a physician, expert second opinions, medication review and management, virtual physical therapy, and full surgery management. Employees will also have access to the leading Centers of Excellence and Appropriate Site-of-Care offerings, as well as a range of care provided at home rather than in the hospital, which especially given the COVID-19 pandemic, is just what the doctor ordered and what today’s health consumer wants.
Transcarent recently merged with BridgeHealth, the leader in Center of Excellence and Appropriate Site of Care surgical solutions for self-insured employers. BridgeHealth serves 1 million Member lives with more than 160 Centers of Excellence and Ambulatory Surgery Centers, more than 300 pre-negotiated surgical bundles across eight surgical categories, and provides documented improvements in quality of care, resulting in 80 percent lower complications. With a critical focus on the consumer experience, BridgeHealth consistently reports Net Promoter Scores (NPS) above 90, proof that if you focus on quality care and a better experience for the patient, you can also drive lower costs for everyone, including whomever is paying for the surgery.
Transcarent also closed a $40 million Series A round in October 2020, led by Hemant Taneja, Managing Partner of General Catalyst, and Lee Shapiro, Managing Partner of 7wireVentures (of which Tullman is a founder and remains as a Managing Partner). They were joined by Alta Partners and Jove Equity Partners. 7wireVentures and General Catalyst were the first investors in Livongo, Tullman’s prior venture.
“We believe Transcarent will be another game changer,” said Taneja. “With Livongo, we were able to transform the healthcare experience for employees with chronic conditions. At Transcarent, we’re forming true partnerships with self-insured employers by introducing an innovative business model and offering their employees a transformative experience across their most common and most important care needs. It’s an authentic collaboration between the healthcare and technology sectors to usher in consumer-directed innovations in an industry that historically has been slow to evolve.”
Tullman is a long-standing business leader and well-regarded entrepreneur in the healthcare industry, with experience including healthcare systems, electronic prescribing, practice management, and electronic health records. Most recently at Livongo, he focused on empowering people with chronic conditions to live healthier and better lives. Livongo, a company he founded in 2013 and served as CEO and later Executive Chairman, went public in 2019 and became the largest consumer digital health IPO in history. Livongo succeeded by combining a novel, consumer-directed virtual care approach born out of Silicon Valley with a unique understanding of how to navigate the complexities of the healthcare system. Livongo recently merged with Teladoc Health in a transaction valued at $18.5 billion.
Tullman joins a talented team of executives, representing every aspect of the healthcare continuum, including Krishnan Sridharan, President of Transcarent (Aetna, Cigna, UnitedHealthcare); Jeff Dobro, M.D., Chief Innovation Officer (Mercer, One Medical, Willis Towers Watson); Jamie Hall, Chief Commercial Officer (BridgeHealth, BCBSA); Bipin Mistry, M.D., Chief Medical Officer (Remedy Partners, Signify Health); Marin Hoffman, Member Success (Virgin Pulse, Target); Caitlin Fleming, Chief of Staff (Haven, Optum); Vikas Sabnani, Head of Product (Glassdoor, Expedia Group); Owen Tran, Head of Engineering (Points, Switchfly); and John Hallock, Communications (Livongo, athenahealth).
Glen Tullman on joining Transcarent as CEO: Link to Video
Transcarent, a Silicon Valley-based consumer digital health company, is putting people in charge of their health and care experiences. Transcarent created a new consumer-directed health and care platform. Using a combination of software, technology, Health Guides and data science, Transcarent empowers consumers with the kind of unbiased information, trusted guidance and access to high-value care that leads to better care, better outcomes, and more cost-effective decisions and allows Members to share in the benefits of their decisions. Transcarent believes that having the right information, tools, and incentives in the decision-making process can positively transform the way we all experience our health and care.