How $20 billion health care behemoth Blue Shield of California sees startups – TechCrunch
In the two years since Jeff Semenchuk took the reins in the newly created position of chief innovation officer for Blue Shield of California, the nonprofit health insurer with $20 billion in revenues has stepped up its investments in startup companies.
As one of California’s largest insurance providers with more than four million members, Blue Shield plays an outsized role in technology adoption among physicians, hospital networks and patients.
Semenchuk said he sees Blue Shield as working to create a new health care system: “It’s not to perpetuate the health care system we have today.” Increasingly, startups have a role to play in that revisioning of health care services in America, according to Semenchuk.
Investing in those transformational technologies involves taking cash directly from Blue Shield’s balance sheet for investments.
The company doesn’t operate a corporate venture capital fund in the traditional sense, instead making strategic investments under the auspices of Semenchuk or Chief Financial Officer Robert Kolodgy.
Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by StartupAround.
82% of successful business owners admit they have the right qualifications and backed up experience to run a company, even with limited cash flow.
Search Startup Around
Boost Your Discovery with Us
Advertise with us to boost your article, content pience, product, event, conference discovery to our readers which includes founders, startup enablers, investors and every key stakeholders from global startup eco-system.