Founder: Glen Tullman (CEO)
Launched: 2020
Headquarters: Denver, Colorado
Funding: $450 million
Valuation: $2.2 billion
Key technologies: Artificial intelligence, machine learning
Industry: Health care
Previous appearances on Disruptor 50 List: 0
In a paradigm shift accelerated by the pandemic, changes are coming swiftly to a broken health system, and digital health-care has taken off with customers increasingly in charge of more options to navigate the maze.
Emerging company Transcarent is ramping up a business model specifically for self-insured employers and their employees, offering information virtually about benefits, medication savings and personalized care. Founded during the Covid outbreak in 2020, the company more than doubled in size last year, counting 80-plus employer customers and more than 800 healthcare provider partners.
Transcarent is scaling up quickly under CEO Glen Tullman, a serial entrepreneur and investor who joined the firm in 2021 with a track record that includes leading his prior healthcare company Livongo to an IPO in 2019, and a blockbuster $18.5 billion acquisition in 2020 by telehealth giant Teladoc.
Former Merck chairman and CEO Ken Frazier is chair of the Denver-headquartered digital health-care company's board of directors.
In the past year, Transcarent acquired the AI-led care business of on-demand virtual care platform 98point6, used by more than 100 self-insured employers. Aiming to provide higher-quality health care and more predictable and affordable costs, Transcarent also launched a national independent provider network with 10 health-care systems that offers employers and their employees a concierge-type service of care and support.
Transcarent also partnered with the Cleveland Clinic to access its 3,500 specialists for personalized care evaluations such as second opinions on diagnoses and feedback on treatment plans as well as follow-ups. Rounding out its services, Transcarent launched a mobile app that embeds treatments, coaching and care for healthy weight.
Earlier this month, the company raised $126 million in a deal led by General Catalyst and 7wireVentures (co-founded by Tullman), and joined by previous investors including Merck Global Health Innovation Fund and Leaps by Bayer. It is aiming to be profitable within two years.
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