AKRON, Ohio (News Talk 1480 WHBC) – Akron-based Summa Health is being sold to a venture capital firm.
But that firm’s founder and its CEO are medical professionals who reportedly believe a new approach to health care using technology can work.
Summa and the Health Assurance Transformation Corporation or HATCo announced the deal on Wednesday, with both sides signing a non-binding letter of intent.
There’s a trend in the industry for hospital groups to be sold to larger companies.
HATCo is owned by General Catalyst, one of the largest venture capital firms in the country.
Under the agreement, Summa would keep its name.
It is Summit County’s largest employer.
Summa would transform into a for-profit company, but maintain its Akron headquarters and even possibly grow employment.
They have facilities throughout Summit, Portage and Medina Counties.
The hope is for the financial bleeding to stop.