Summa Health and General Catalyst’s Health Assurance Transformation Corporation (HATCo) recently announced that the two organizations have signed a non-binding Letter of Intent outlining HATCo’s planned acquisition of Summa Health. This strategic deal marks the beginning of a long-term, transformational journey to create a new, more proactive, affordable, and equitable system of community-based lifelong healthcare.
HATCo is ready to work with Summa Health to advance healthcare innovation based on the strength of Summa Health’s large, integrated healthcare delivery system and proven track record in leading meaningful changes to care delivery. As part of HATCo, Summa Health will build on its existing strengths and capabilities and create new opportunities to leverage innovative technology to improve communities’ health across the Greater Akron region.
Summa Health’s leadership team will work closely with HATCo, including Dr. Marc Harrison, HATCo CEO, and Hemant Taneja, General Catalyst CEO, to utilize their collaborative, complementary healthcare and health systems expertise to plan the transformation journey. HATCo’s investment into Summa Health will drive near-term benefits to the organization and the patients it serves and sustainable, long-term transformation through a true shift to value-based care.
Within the new structure, Summa Health will become a for-profit organization, and HATCo and Summa Health will maintain the health system’s commitment to charity care. As a result of the transaction, a community foundation will be created that advances Summa Health’s mission through increased, focused investment into social health determinants that benefit the Greater Akron area. This health system delivered $210.1 million in community benefits to area residents in 2022 and is deeply committed to continuing this long-standing work to improve the health of its region.
HATCo and Summa Health are now entering a due diligence period. They will work together to evaluate further and define details of the proposed relationship while carefully reviewing information from both organizations before finalizing a definitive agreement. And Summa Health will continue providing the same essential services, current and planned commitments will proceed uninterrupted, and the organization will continue to invest in Ohio employees and initiatives.
These two organizations anticipate finalizing a definitive agreement in the next several months. Following the required regulatory approvals and transaction closing, Summa Health will become a wholly owned subsidiary of HATCo and continue its focus on growth and enhanced access to care.
KEY QUOTES:
“This new structure will better serve our communities clinically, economically and socially. With HATCo, Summa Health will be able to increase local investment and introduce new resources that allow us to expand access to affordable, quality, coordinated care. We’re excited about new opportunities to enhance the patient and provider experience, strengthen our recruitment pipeline, build upon our commitment to medical education and training, and expand the growth of SummaCare to advance health equity and population health across the communities we serve.”
– Cliff Deveny, M.D., Summa Health President and CEO
“HATCo is grounded in the belief that by making health systems more profitable, vibrant and innovative, they will be better equipped to serve everyone in their communities with greater impact. We are thrilled to partner with Summa Health to bring this vision to life. The current national healthcare system is fragmented and creates barriers to care and wellness. In partnership with Summa Health, we intend to prove that a model that’s better for patients can also be good for business and create a blueprint for other systems and communities.”
– Marc Harrison, M.D., co-founder and CEO of HATCo
“Our shared vision is to create a replicable healthcare model that marks a true and meaningful shift from a ‘sick care’ system to a resilient, proactive model of health assurance. By doing so, we will help people stay well, bend the cost curve through innovation and make quality care more affordable and accessible. I couldn’t be more excited to collaborate and execute on that vision with Summa Health and HATCo. We aim to improve the health and wellbeing of the greater Akron community, create a standard for the health system of the future, and inspire communities across America to adopt this vision.”
– Hemant Taneja, CEO of General Catalyst, and founder and chairman of HATCo
“This alliance provides Summa Health with comprehensive opportunities to grow our organization in ways we can’t achieve alone. Many other health systems are navigating the very same challenges we must transcend. We are excited about this opportunity to work hand-in-hand with HATCo to increase investment in Summa Health and our communities and drive meaningful, transformative change that will benefit the entire healthcare industry.”
– George Strickler, Chair of Summa Health’s Board of Directors
“From a nursing perspective, I‘m very excited about the potential to shape the future of nursing care through this relationship. As we look to continue to extend our work on evidenced-based practices across Summa and beyond, our shared vision with HATCo provides us with unique opportunities to enhance and grow our focus on innovative nursing models.”
– Penelope Gorsuch, DNP, RN, NEA-BC-FACHE, Summa Health Senior Vice President and Chief Nursing Officer
