Transcarent: Redefining Health & Care Access

Written by
Arvind Ayyala

There is a perfect storm brewing: a combination of rising US healthcare spend and a dizzying number of digital health point solutions that exist today. There is a need for a new type of company that can offer a unified health and care platform to bend the healthcare cost curve and help drive higher quality outcomes. We believe Transcarent is that category-defining company. 

To support their mission of enabling access to high-quality, affordable health and care, we are pleased to announce our participation in Transcarent’s $126M Series D financing. 

In 2022, US healthcare spending grew 4.1% to reach $4.4 trillion (or $13,493 per person) and is expected to reach $5.8 trillion by 2027. Embedded in this spend is the rising cost of private insurance, which accounted for $1.3 trillion in 2022. The insurance premiums for employers (the predominant bearers of private insurance) have increased by 22% over the last 5 years. This growing cost aspect has been compounded by employers having to deal with >700 digital health vendor programs in the marketplace. 

Whilst the proliferation of digital health solutions over the last eight years was needed and has been a boon for improved healthcare access and data-led insights, the point solution bloat is real. It has led to islands of excellence and the need to “pass along” the consumer/patient to other specialist point solution vendors to deliver breadth and depth in healthcare delivery or access. 

Enter Transcarent: a consolidated platform that targets large buckets of healthcare cost drivers such as everyday care, surgery care, pharmacy benefits, cancer care and weight health. Transcarent’s “best-of-breed” platform captures users at the earliest onset of interaction with the healthcare system, offers navigation to the highest quality/lowest cost care, and increases utilization of individual care experiences – all while lowering the employers’ healthcare costs. Transcarent offers a single pane of glass for employers to manage all of their healthcare benefits, abstracting away the complexity and multitude of contracts required when managing multiple-point solutions. Underlying this platform approach is a unified data layer that now possesses the potential to inform the best action at the right time across the consumer/patient journey through the healthcare system. 

Most critical to delivering on this vision is the team. Led by repeat founder and seasoned healthcare operator Glen Tullman (former CEO of Allscripts and Livongo), Transcarent’s leadership team has >150 years of cumulative operating experience in US healthcare. The team’s collective experience positions the company well to build breadth and depth in its care experience offerings and potentially target new segments such as Medicare.

We are proud to support Transcarent in its mission as they deliver a unified digital care platform and tackle efficiency and cost improvements in the US healthcare ecosystem.