TLDR:
- Venture capital firm General Catalyst plans to acquire Ohio-based hospital system Summa Health, which includes three hospitals and a health insurance plan with 60,000 members.
- The creation of a new company, Healthcare Assurance Transformation Corporation (HATCo), is facilitating the acquisition.
Venture capital firm General Catalyst has announced plans to acquire Ohio-based hospital system, Summa Health. General Catalyst has created a new company, Healthcare Assurance Transformation Corporation (HATCo), to facilitate the acquisition. Summa Health is a nonprofit health system comprising three hospitals and a health insurance plan with around 60,000 members. The organizations have signed a non-binding letter of intent, and if the deal is finalized, Summa Health will convert to a for-profit entity. The terms of the deal have not been disclosed, but HATCo CEO Marc Harrison has confirmed that the acquisition will include significant capital and technological capabilities. Summa Health reported an operating loss of around $39m in 2022 on $1.8bn in revenue. The deal is subject to due diligence, the signing of a definitive agreement, and regulatory review.
