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We invest in high-growth, next-generation healthcare companies that are harnessing the power of disruptive technologies and new care models to improve healthcare outcomes, affordability, and experiences – for all.


Healthcare is undergoing a paradigm shift driven by technology, changing consumer expectations, and growing demand for value and accountability. Companies that are leveraging new disruptive technologies can make a transformative impact – but only if they are able to successfully navigate through a system rife with complexity, regulation and entrenched mindsets. We are a growth equity platform purpose built to partner with and grow next generation healthcare companies amidst such complexity. We have been in, around and through the system and know what works in healthcare - and how to make things work in healthcare. We make investments in high-growth US companies in key healthcare sectors experiencing accelerated digital and care model transformation and where our team can drive outsized impact.


  • Virtual and digital care modalities that improve convenience and access and create an omni-channel healthcare experience

  • Integration of behavioral and physical health and the ability to bridge medical and social models of care

  • Alternative sites of care such as home-based models that leverage technology and services to improve outcomes and value


  • Care for polychronic, complex and high-cost populations 

  • Aging in place technologies and services that leverage next generation sensor technologies and predictive analytics

  • Managed Medicare models that focus on improved cost of care, quality, and patient experience



  • Solutions that harness new technologies to drive proactive and predictive n=1 insights and interventions

  • Provider enablement solutions that promote and enable greater provider risk sharing

  • Care delivery companies with demonstrated ability to manage population cost and quality and/or episodes of care


"SEMCAP Health brings strategic and wide-ranging experience gained from decades of navigating the complexity of healthcare as operators and investors. Combined with our world-class senior advisory board, we are uniquely positioned to partner with the highest quality healthcare technology and services companies as they look to accelerate growth and redefine healthcare," - Ralph Muller, Executive Chairman


Our team combines deep healthcare investing and operating experience. We have an operator-first mindset deriving from our background as senior executives of leading health IT/services companies, payors and health systems. Our Senior Operating Advisors - leaders of the nation’s most renown health systems and payors, key government agencies and clinical thought leaders- lean in throughout the entire investment lifecycle. Together, we leverage our unique expertise and deep networks to source the most promising investment opportunities and create value for our partner companies.


Ralph Muller

Executive Chairman and Partner

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Lindsey Watson

Managing Director,

Portfolio Impact


Dr. Ray Dorsey

Operating Advisor
Professor of Neurology
University of Rochester Medical Center


Mark R. Laret

Operating Advisor
President and CEO of

UCSF Health


Buck Buckley

Managing Partner

Co-founder and Co-CIO

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Randall Besier



Andrew Dreyfus

Operating Advisor
President and CEO at Blue Cross Blue Shield of Massachusetts


Paul Mango

Operating Advisor
Former Deputy Chief of Staff for Policy HSS


Cyrus Vandrevala

Managing Partner

Co-founder and Co-CIO

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Luke Nichols

Senior Associate


Brad Fluegel

Operating Advisor

Former Chief Healthcare Commercial Market Dev. Officer for Walgreen


Dr. Raina Merchant

Operating Advisor,

VP, Chief Transformation Officer at Penn Medicine, University of Pennsylvania Health System

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Victor J. Kats

Managing Partner


Elizabeth Concordia

Operating Advisor

President & CEO UCHealth

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William J. Goss

Operating Advisor

Former Managing Director with Cain Brothers & Original Partner of Guidon Partners 


Craig E. Samitt

Operating Advisor,
Former CEO of Blue Cross Blue Shield of Minnesota and Dean Health System



Hear from SEMCAP Health's Senior Operating Advisor, Dr. Craig Samitt, on how he is working with SafeRide Health's CEO, Robbins Schrader, to increase health equity and transform non-emergency medical transport services.

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