Summa Health, a large integrated healthcare delivery system based in Akron, Ohio, has signed a letter of intent to be acquired by Health Assurance Transformation Corporation (HATCo), a new entity formed by General Catalyst, a venture capital firm.

The deal aims to create a new, more proactive, affordable and equitable system of community-based, lifelong healthcare, leveraging innovative technology and value-based care.

The transaction will also result in the creation of a community foundation that will invest in social determinants of health in the Greater Akron area, where Summa Health delivered $210.1 million in community benefit in 2022. Summa Health will become a for-profit organization and maintain its commitment to charity care.

The two organizations are expected to finalize a definitive agreement in the next few months, subject to regulatory approvals. Summa Health will then become a wholly owned subsidiary of HATCo and continue to serve its patients and communities.

“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,” said Cliff Deveny, M.D., Summa Health President and CEO.

“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.”

Marc Harrison, M.D., co-founder and CEO of HATCo, said, “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.”

Hemant Taneja, CEO of General Catalyst, and founder and chairman of HATCo, said, “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.”