Hydrogen Health will leverage K Heath's AI technology to bring digital-first healthcare to employers, insurers, and the public.
Digital-first technology solutions, boosted by an investment from Anthem, Inc., will be the product of a new joint venture called Hydrogen Health, LLC.
K Health, which makes a free AI tool that helps people understand how doctors diagnose and treat those with similar symptoms; and Blackstone Growth, part of a leading investment firm, round out the new joint venture.
The healthcare technology startup aims to increase access to services and make care more affordable for millions of people in the U.S., the partners stated in a joint announcement Wednesday morning.
Hydrogen Health will leverage K Heath's AI technology to bring digital-first healthcare to employers, insurers, and the public, the companies added.
For several years, Anthem and K Health have worked together to leverage K Health technology in an attempt to reduce avoidable healthcare costs and improve health outcomes. Hydrogen Health is meant to expand that impact at a broader scale to more people, the companies stated.
Allon Bloch, CEO and co-founder of K Health, will serve as CEO of Hydrogen Health. The agreement includes a put/call framework between Anthem, the Indianapolis-based insurer, and Blackstone. No financial terms of the joint venture were disclosed.
"K Health has proven that we can give people access to really high-quality medicine remotely," Bloch said. "This partnership with Anthem and Blackstone will help get K Health’s solutions into the hands of those who need them most, expanding upon our existing base of 4 million users and reducing costs in the healthcare system to make it work for all."
“Our stakeholders expect us to find innovative solutions to increase access to high-quality care, enhance the healthcare experience, and help lower costs,” says Amy Mulderry, senior vice president and chief development officer at Anthem.
Blackstone’s $619 billion in assets under management include investments in private equity, real estate, public debt and equity, life sciences, growth equity, non-investment grade credit, real assets and secondary funds.
Scott Mace is a contributing writer for HealthLeaders.
Photo credit: Kiev, Ukraine, March 22, 2020. Editorial illustrative. In this photo illustration Anthem, Inc. logo is seen displayed on a smartphone / Editorial credit: IgorGolovniov / Shutterstock.com