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Today: May 16, 2024
January 18, 2024
1 min read

Summa Health: A Non-profit Revolutionized by Health Venture Capital

TLDR:

  • Summa Health, a non-profit healthcare system based in Akron, Ohio, has signed a letter of intent to be acquired by HATCo (Health Assurance Transformation Corporation), owned by venture capital firm General Catalyst.
  • After the acquisition, existing patients will still have access to their current care providers and services.
  • The deal is part of a larger trend of hospital systems merging or being sold to larger companies in order to remain competitive in the changing healthcare landscape.
  • The acquisition will help preserve Summa Health’s position in the community and allow for continued growth and improved access to care.
  • Summa plans to use the proceeds of the sale to create a foundation focused on addressing social determinants of health.

Summa Health, a non-profit healthcare system based in Akron, Ohio, has announced that it has signed a letter of intent to be acquired by HATCo (Health Assurance Transformation Corporation), a company owned by venture capital firm General Catalyst. The acquisition is part of a larger trend of hospital systems merging or being sold to larger companies in order to remain competitive in the changing healthcare landscape.

Despite the acquisition, Summa Health will continue to provide care to its existing patients and the services they are accustomed to. Patients will still have access to their current care providers and the healthcare system will remain focused on growth and enhanced access to care. Summa Health will continue to be based out of the Akron area, and its name and logo will not change following the acquisition.

The acquisition is seen as an opportunity for Summa Health to transform and improve its organization. According to Dr. Cliff Deveny, President and CEO of Summa Health, the acquisition will help drive the organization’s growth and success, as well as provide sustainable and long-term transformation. Summa Health plans to use the proceeds of the sale to create a foundation that will focus on addressing social determinants of health, such as housing, transportation, and food insecurity.

The details of the acquisition have not been released, but Summa Health plans to hold town hall meetings for its employees and has provided a FAQ page on its website to address any questions or concerns. The acquisition is subject to regulatory approval and is expected to be finalized by summer. Both Summa Health and HATCo believe that the acquisition will benefit the entire healthcare industry and serve as a model for other hospital systems.

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