The Future of Health & Care is Here . . . and It’s Just in Time!
Glen Tullman, Chief Executive Officer, Transcarent
Nearly five years ago, Transcarent set out to transform the experience people have with their health and care. It was never about technology or even building a company in the digital healthcare space. Technology is a tool and we’ve had the good fortune of building digital healthcare companies before. Been there, done that. Our vision was much broader . . . to support all of a person's needs, simple or serious. We wanted to reimagine the entire health and care experience, and yes, I separate them on purpose because our goal is to keep people healthy and then, if necessary, and only when necessary, provide high-quality, affordable care for them. Our approach assumed we wouldn’t just stay within the lines, but do something that challenged the status quo, that was not just better but fundamentally different. It was like moving from a flip phone, which some of you remember, to an iPhone. It wasn’t just better, it was a completely different experience and opened a whole new world to us.
So, we made some big bets. A major milestone for the company was the launch of WayFindingTM in the spring of 2024. Transcarent was the first to put the power of generative AI into the hands of health consumers, to create an experience they would (and do) love to use . . . one where they can Just Ask and receive fast, personalized answers about their health benefits, clinical guidance, and even access care they need (like our Care in 60 Seconds, which allows you to text with a real physician in 60 seconds, 24 hours a day). It was a bold move, to put AI in the hands of our Members, to empower them to be in charge of their care (just like they are in charge of their travel, banking, and virtually everything else in their lives), all on their phones. It wasn’t easy and it wasn’t inexpensive . . . using AI in healthcare is not ChatGPT and we had to invest in a safe and secure system . . . but it has paid off. What we’re seeing . . . a better experience for people, higher-quality care, and, especially important today, lower costs at a time when costs are accelerating faster than ever. This is how we do more than create change but truly transform an industry.
Taking bold steps is woven into the fabric of our company. 100 days ago, just about a year since the launch of WayFinding, we took possibly our boldest step to date when we acquired Accolade, an established industry leader in advocacy, expert medical opinion, and virtual primary care, in a $620 million take private transaction. This merger gave us great people, leadership in a number of areas in which we had client interest, and an innovative group of clients to work with. Accolade also had expertise in data analytics and converting a rich trove of data into true health actions, personalized and specific recommendations to improve people’s health. This was a hidden gem. Our goal became how to deliver these “insights” to the right people at just the right time so we could impact their health.
For the past few months, I have been on the road meeting dozens of clients and prospects and have repeatedly heard the same themes across industries, company sizes, and geographies . . . rising costs - 8-12% increases have become 12-18% for many mid-size and smaller companies and everyone is just starting to understand how large the increases will be fully wiping out profits for some companies. This is unsustainable and must change. I’ve also heard about low employee engagement, and the complications of managing multiple point solutions and vendors. We all know the healthcare status quo is unacceptable . We’ve all heard the statement . . . doing the same thing over and over and expecting things to change is the definition of insanity. So, it’s time to do something, to take action.
I’m proud to tell you that the future of health and care is here and it’s just in time to address the fast-approaching cost tsunami. Let me explain:
Our commitment is to deliver on our vision and we’re doing it today . . . One Place for all of your health and care. It’s all on your phone . . . today. . . and it’s being used by many of the leading and most innovative companies across industries, geographies, and all sizes of companies. And our mission, to make it easy to access high-quality, affordable, health and care, is measured in three ways you can understand and hold us accountable for:
A New, Different and Better Experience: WayFinding . . . being able to Just Ask anything about your health and benefits in multiple languages and get the answers faster than you can dial a phone number . . . is what people want and deserve. It drives higher satisfaction and participation (aka engagement), which is what everyone is looking for.
Improved Quality of Care: By ensuring people get the information they need, like expert second opinions, we’ll eliminate a lot of unnecessary care, get people to high-quality medical professionals, and improve adherence.
Drive Down Costs: It’s not enough to "bend the trend," we have to drive costs down and we’re doing it, today, in pharmacy, surgery care, and many other places.
What’s exciting is that 100 Days in, we’re already planning to deliver Accolade clients all of the benefits of WayFinding and the additional Transcarent Care Experiences, in their existing apps, before the end of the year. And Transcarent clients will have access to expert second opinions, advocacy services, and virtual primary care. Both groups are benefiting from our work together on true health actions, the data-driven, personalized health and care recommendations we’re delivering.
Bringing two companies together is never easy. But we’re doing it in record time, just in time, all to benefit our current and future Members and clients who need a solutions today. We are going Beyond Navigation, with Pharmacy Care, Surgery Care, Cancer Care, Weight Health and a robust “Experience Store” of the industry’s leading point solutions, all integrated. All of your health and care in One Place, on one platform.
So, 100 Days in, the 20 million Members we serve at more than 1,700 companies, health systems, and health plans, now have access to a new and different experience of health and care. And, while our team won’t always get it right, I can assure you that no one cares more or will work harder to make it right than this team. I was proud when CNBC recognized us as a 2025 Disruptor and summarized the company in two words: “They care.” I agree.
The challenges for health and care in our country are larger than ever and the cost pressure is increasing faster than ever. As William Gibson said, “The future is here. It’s just not evenly distributed.” We can solve that problem. We don’t have to accept the status quo. We can do Better Together.
I like to say “Innovation Begins By Doing Something!” We have everything we need to fix our broken healthcare system and now it’s up to us to make it happen. Here’s to the healthy future we deserve and your leadership to get us there.
