Healthcare Landscape
Seminal Trends Drive Change


  • Rising costs and shifting profit pools

  • Regulatory uncertainty

  • Move away from fee-for-service to greater accountability / better outcomes


  • Aging population

  • Rising consumerism

  • Connected mobile living

Seminal Trends

  • Unique inflection point for pervasive technology adoption

  • AI & data analytics reshaping the healthcare industry

  • Value-based care delivery models across the care continuum

  • Home and mobile point-of-care

  • Patient-centric business models

  • Consolidation of fragmented marketplaces


  • Confluence of new technologies

  • Payment and delivery innovation

  • Unprecedented data collection and sharing

To accelerate digital transformation and innovation across the healthcare industry by improving quality of care, patient experience, and delivery efficiency, whilst decreasing costs.
Investment Focus Underpinned by Three Themes

Aging Population

  • Changes in demographics and rise of chronic conditions will change demand patterns

  • Care in non-traditional sites will require greater supply chain reach and new processes

  • Focus on patients (super-users, 5% of US patients are responsible for 50% of the costs) with the highest impact

Value-based Care

  • Reimagining the patient journey through digital enablement and redesigning the healthcare experience

  • Value based reimbursement emphasizes value beyond price transparency, putting the traditional value chain model at risk

  • Decentralize and shift total cost of care risk from payers to providers 

  • Bridging the care continuum (from urgent care to home care)

Care Innovation

  • Data interoperability supporting patient-centric supply chains

  • Growth of the virtual hospital, digital pharmacies and remote monitoring that support personalization and patient engagement

  • Increased deployment of advanced healthcare technologies such as; automation/RPA, advanced analytics and AI/ML, NLP, big data, IOT, cloud, and blockchain

Seminal Healthcare Team

Ralph Muller

Executive Chairman and Partner

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Victor J. Kats

Managing Partner


Elizabeth Concordia

Operating Advisor

President & CEO UCHealth, Denver


Mark R. Laret

Operating Advisor
President and CEO of UCSF Health, San Francisco


Buck Buckley

Managing Partner

Co-founder and Co-CIO

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Mark Miller

Managing Director


Dr. Ray Dorsey

Operating Advisor
Professor of Neurology
University of Rochester Medical Center


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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Lindsey Watson

Managing Director,

Portfolio Impact


Andrew Dreyfus

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


Dr. Raina Merchant

Operating Advisor
Professor, Emergency Medicine, AVP, Digital Health at Penn Medicine


Brett Moraski

Managing Partner

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Randall Besier



Brad Fluegel

Operating Advisor

Former Chief Healthcare Commercial Market Dev. Officer for Walgreen


Craig E. Samitt

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