TLDR:
- Summa Health is defending its decision to pursue a sale and dispelling fears that the deal could result in the hospital system sacrificing quality of care for higher profits.
- Summa spokesperson Mike Bernstein responded to concerns about the sale in an email, stating that the venture capital firm involved, Health Assurance Transformation Corp. (HATCo), is not structured as a typical venture fund and is committed to Summa Health’s model and culture.
Summa Health has responded to criticism of its proposed sale to venture capital firm Health Assurance Transformation Corp. (HATCo), dispelling fears that the sale could compromise the quality of care provided by the hospital system. The sale has faced opposition from Ward 8 Councilman James Hardy, who called on Summa Health to pause the sale. However, Summa spokesperson Mike Bernstein defended the decision in an email, stating that HATCo is not a typical venture fund and is committed to enhancing the local delivery of care. Bernstein emphasized that HATCo’s investment will focus on technology, innovation, and services that generate revenue, rather than relying on cost cuts and increases in volume-based revenue.
Bernstein highlighted that becoming part of HATCo will position Summa Health’s leadership, providers, and employees for continued success and improve the quality of care for patients in the Greater Akron region and across Northeast Ohio. He also stressed the unique and exciting aspect of the partnership, which involves a shared commitment to transforming and improving how care is delivered. Additionally, Summa Health will benefit from HATCo’s experience and expertise in health care innovation. Bernstein mentioned that the sale will lead to more efficient operations, enabling the hospital system to achieve its growth plans while enhancing the patient experience.
Regarding the gathering of community input, Bernstein did not provide a direct response but mentioned that Summa Health’s leadership and board, comprised of members from the communities it serves and its medical staff, are focused on opportunities that will ensure the health system’s growth and enhance its organization. He reiterated Summa Health’s belief that HATCo shares its vision and emphasized the immediate and long-term benefits the investment will bring to the organization and the local community. Summa Health is now entering the due diligence process and looks forward to defining the specific path forward.
