Summa Health has announced that it will be acquired by a new healthcare venture capital firm, HATCo.
The deal, which could be completed by mid-summer, maintains or expands Summa's staffing and strengthens its Akron headquarters, and neither is part of any other Summa merger or sale. said Dr. Cliff Deveney, president of Summa. CEO.
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New healthcare venture capital firm HATCo acquires Akron's Summa Health — January 17, 2024
Summa Health is trying something radical to secure its long-term future serving the Akron metropolitan area.
Summit County's largest employer and hospital system has agreed to become a kind of guinea pig for a new venture capital firm aiming to transform health care through technology.
Summa and Health Assurance Transformation Corporation (HATCo) today announced that they have signed a non-binding letter of intent outlining HATCo's planned acquisition of Summa.
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Here's what we know about the sale of Summa to venture capital firm HATCo — January 17, 2024
Summa Health has entered into negotiations to be acquired by a new healthcare venture capital firm called Health Assurance Transformation Corporation, or HATCo for short.
Here's what we know about this deal.
What is HATCo? Here's what we know about the company that acquired Summa Health — January 17, 2024
Summa Health has signed an agreement to be acquired by HATCo, a new healthcare venture capital firm. So what is Healthcare Assurance Transformation Corporation?
Here's what we know:
Worry and hope surround proposed sale of Summa Health to HATCo — January 18, 2024
A capital venture firm's plan to acquire Summa Health and transform it into a modern model of health care has people in Northeast Ohio both worried and excited.
James Hardy, Akron's 8th Ward Councilman, said he is “philosophically opposed to private equity owning health care resources because private equity's primary obligation is to investors, not the community.” ” Hardy, who has a master's degree in public health with an emphasis in health care policy and management, predicts that “a for-profit scenario will inevitably lead to a gradual erosion of health care access.”
Tom Campanella, a healthcare executive in residence at Baldwin Wallace University, also discusses the potential of Suma and Dr. Mark Harrison, who heads healthcare company Health Assurance Transformation Corporation (HATCo). , is much more bullish. Buy a smartphone.
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Akron City Council member envisions path for Suma Health to avoid venture capital acquisition — January 23, 2024
One of Akron's new city council members is worried about a venture capital firm's plan to buy Suma Health.
At the end of a recent legislative session, 8th District Councilman James Hardy announced that the health system would be transformed into Health Assurance Transformation Corporation, a health care company formed in October and owned by some of America's largest corporations. He publicly called on Mr. Suma to temporarily suspend sales of the product. General Catalyst, a venture capital firm;
“The community was not consulted at all,” Hardy said, “and we have the most to gain or lose as a result of this proposal. We owe the people a transparent process to resolve their concerns and questions.''The public is asked and answered. ”
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“Improving patient experience”: Summa responds to criticism of proposed sale — January 25, 2024
Summa Health has defended its decision to proceed with the sale, allaying concerns that the deal would result in the hospital system sacrificing quality of care to increase profits.
At Monday's City Council meeting, 8th Ward City Councilman James Hardy told Summa that Health Assurance Transformation, a start-up healthcare company owned by General Catalyst, one of the largest venture capital firms in the United States, will・Publicly called for a moratorium on sales to corporations.
Summa spokesperson Mike Bernstein responded to the Beacon Journal's concerns in an email.
He said HATCo is structured to deliver continued investment in technology, innovation and services that generate new revenue, move hospitals in a sustainable direction, and improve care delivery in the region in the process. I explained that
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Barberton Lessons: What the proposed Smasale-created foundation could do for Akron — January 25, 2024
If Summa Health's sale to state venture capital firm HATco goes ahead, the new company will establish a hospital transformation foundation, Summa officials said recently.
Although not the first in the Akron-Canton area, it could end up being the largest donation.
Dr. Cliff Deveney, president and CEO of Summa, said the new foundation will rival the GAR Foundation, which gives more than $7 million annually to larger nonprofits in Akron. suggested.
When residents approved the sale of Barberton Municipal Hospital in November 1996, proceeds from the sale were donated to the newly created Barberton Community Foundation.
The new organization immediately assumed responsibility for funding a $32 million high school for the community, making the final payment in November 2021.
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