Creating the Most Comprehensive Health and Care Platform for Employers and Health Plans
Serving 20 Million Members & 1,700 Employer and Health Plan Clients
Today Transcarent announced the successful completion of its merger with Accolade, the leading health advocacy, expert medical opinion, and virtual primary care company in the market. The combined organization now serves over 20 million Members and more than 1,700 employer and health plan clients as the One Place for Health and Care.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250407811112/en/
With the completion of the transaction, Transcarent will offer a health and care experience that is unmatched in its ability to offer choice, quality, and affordability to health consumers, self-insured employers, and health plans. Transcarent's AI-powered WayFinding and comprehensive Care Experiences – Cancer Care, Surgery Care, Weight Health – along with its Pharmacy Benefit offering combined with Accolade's leadership in health advocacy, expert medical opinion, and virtual primary care, offers a broad array of choices to make it easy for people to get the services they need, deliver better health outcomes, and significantly reduce costs.
"Transcarent and Accolade coming together is an important step to make it easier for everyone to access the high-quality, affordable health and care they deserve," said Glen Tullman, Chief Executive Officer of Transcarent. "WayFinding is already delivering faster and more personalized answers to critical health questions and easy access to care, when and where people need it, and always on their terms. Whether that's meeting virtually with their trusted primary care physician, instant connection to a Care Advocate, or getting care for complex needs like cancer treatment or surgery. Adding Accolade's people and capabilities will significantly enhance our existing offerings. We're creating an entirely new way to experience health and care. We are truly better together."
We Deliver the Most Comprehensive, Personalized Health and Care Experience
It's Only Getting Better
Together, Transcarent and Accolade are making it easy to get expert clinical guidance and high-quality care on a single, trusted platform. The experience will be enhanced by better technology, better care, and better access all in one place:
-
Investing in Technology to Deliver Better Access and Answers
Transcarent and Accolade have independently invested in AI and technology systems that make their experiences easier to use, resulting in industry leading engagement that delivers better health outcomes and drives down costs. The expansive data-driven platform brings together Transcarent's AI-powered WayFinding with Accolade's True Health Actions, delivering clinical guidance personalized for each Member.
WayFinding is the first experience using generative AI application to ensure people can both understand and use their health and care benefits. By combining benefits navigation and clinical guidance with instant access to care providers, WayFinding supports each person throughout their health and care journey.
True Health Actions, developed by Accolade, begin by ingesting employer and health plan data, Electronic Medical Record data, and various other data sets to create an individual Member profile that includes clinical and social factors. Members are then given a True Health Action Plan. True Health Action plans are used to inform targeted outreach for case management, to create care suggestions, and to support collaboration with Care Advocates and Health Guides.
Generative AI solutions, pioneered by software engineers at Transcarent and Accolade, are being used to enable doctors, nurses, and specialists to be more productive, so they have the time to focus on their patients instead of cumbersome and time-consuming administrative work, eliminating much of the administrative, billing, and prescription work they used to do.
-
More Care Delivered the Way You Want It
Health consumers can get the care they need, on their terms. Whether someone wants to call us, get Care in 60 Seconds, schedule an appointment, or talk to our AI Care Assistant, care is always available, 24x7x365. Transcarent is their one place to go for health needs, simple or complex: get primary and urgent care, schedule an appointment for recurring chronic conditions with your regular doctors (virtual or in their office) or manage complex care like cancer or surgery. Members receive personalized guidance, exceptional care, and an easy to understand Health Action Plan to optimize health outcomes.
We have a shared commitment to delivering a quality-first experience. Whether leaning on strengths in advocacy, expert medical opinions, and primary care, through a Transcarent Care Experience, or providing easy access to one of our Trusted Partners, Members have better health outcomes and those paying for care see lower costs.
We also believe that trust is paramount, and it comes from aligning on the principle that the best care delivered may be reducing unnecessary treatments, procedures, and surgeries by ensuring quality information and clinical consultations are available early in the care process. Through access to industry-leading expert medical opinions from industry partners and our own 2nd.MD offering, Members have access to expert physician specialists representing all specialties and subspecialties.
-
More Choice in Point Solutions and Care Experiences
Accolade's Trusted Partner Ecosystem of point solutions and Transcarent's relationships including local and virtual providers, will now be offered together in our Experience Store, allowing employers and health plans to choose what's best for the people they serve --- all available on one secure platform --- and accessible through single sign-on integration. Deep integration with point solution partners in areas like mental health, diabetes, fertility and musculoskeletal care will allow our platform to meet the diverse care needs of the populations we serve while reducing fragmentation and increasing appropriate utilization.
"Together we will now have the largest Experience Store with solutions covering a broad range of health conditions. This merger provides health consumers, employers, and health plans with more options to meet each of their diverse health and care needs. Powered by technology that drives personalized solutions, higher engagement, and easy access to physicians and other healthcare professionals when needed, we offer choice and put people back in charge of their care, which delivers measurably better health and care outcomes and does so at lower overall costs. This is far beyond legacy navigation," said Snezana Mahon, Pharm.D., President of Transcarent.
Leadership Team
Glen Tullman will continue as Chief Executive Officer of the combined organization. The company is also excited to announce the promotion of Snezana Mahon, Pharm.D., to President. The go-forward leadership team will focus on delivering the same exceptional service and support that both organizations have delivered independently while introducing new capabilities that enhance the overall health and care experience of our Members.
The Executive Leadership Team, reporting to Tullman, includes key business talent from both organizations:
- Stephanie Peng, Chief Financial Officer
- Kristen Bruzek, EVP, Care Delivery Operations
- Connie Hwang, MD, Chief Clinical Officer
- Laurie McGraw, Chief Commercial Officer
- Abhi Pathak, Chief Product Officer
- Drew Garner, Co-Chief Technology Officer
- Praful Kaul, Co-Chief Technology Officer
- Caitlin Fleming, Chief Strategy Officer
- Janine Gianfredi, Chief Marketing Officer
- Tom Richards, EVP, Consultant Relations & Business Development
- Erica Davila, General Counsel
- Rachel Stillman, Chief of Staff
Transaction Details
Transcarent announced the intent to acquire Accolade (NASDAQ:ACCD) on January 8th, completing the transaction in three months.
Under the terms of the agreement, Accolade shareholders received $7.03 per share in cash. The acquisition financing was led by General Catalyst and Glen Tullman's 62 Ventures, along with existing and new investors, in addition to cash on hand from the combined company's balance sheet and debt financing led by J.P. Morgan.
The transaction, valued at approximately $621 million, has received all necessary regulatory and shareholder approvals and Accolade is now part of a privately held company, and its common stock will no longer be listed on Nasdaq.
For more information on this announcement, please visit: www.transcarent.com/transcarent-accolade-one-place
About Transcarent
Transcarent and Accolade have come together to create the One Place for Health and Care, the leading personalized health and care experience that delivers unmatched choice, quality, and outcomes. Transcarent's AI-powered WayFinding, comprehensive Care Experiences – Cancer Care, Surgery Care, Weight Health – and Pharmacy Benefits offerings combined with Accolade's health advocacy, expert medical opinion, and primary care, allows us to meet people wherever they are on their health and care journey. Together, more than 20 million people have access to the combined company's offerings. Employers, health plans, and leading point solutions rely on us to provide trusted information, increase access, and deliver care.
For more information, visit www.transcarent.com or www.accolade.com, and follow us on LinkedIn, X, Instagram, and Facebook.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250407811112/en/
Media Contact:
Transcarent
Leslie Krigstein, VP, Communications & Government Affairs
[email protected]
802-598-3305