General Catalyst to buy Summa Health

General Catalyst is planning to buy Ohio-based Summa Health to create a “new, more proactive, affordable and equitable system of community-based, lifelong healthcare.” The deal involves Health Assurance Transformation Corporation (HATCo), a portfolio company of General Catalyst.

Once the deal is approved and finalized, Summa Health will become a wholly owned subsidiary of HATCo and will turn to a for-profit company.

Summa Health is a nonprofit integrated healthcare delivery system based in Northeast Ohio. It’s known as the largest employer in Summit County and offers a wide range of healthcare services. The system includes hospitals, community-based health centers, a health plan (Summa Care), and facilities for medical research and education. Summa Health provides emergency, acute, critical, outpatient, and long-term/home care services. It specializes in various areas including bariatric care, cancer care, cardiovascular services, and more.

“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.