Scott Perricelli

FORCING CHANGE IN SITE OF CARE McKinsey & Company's recent paper on the forces pressuring healthcare, including the possibility of margin compression of up to 13 percentage points for health systems, does a good job of putting numbers around what most operators already feel. Two of the biggest drivers they mention are policy shifts in reimbursement and rising utilization driven by an aging population. The cohort of 70+ year old Americans will grow the fastest over the next 5 years, and it is well established that older patients have more complex needs, more chronic disease, and more touchpoints within the healthcare system. Layer that on top of continued clinical workforce shortages, and the supply-demand gap widens further. From my perspective, optimizing for site of care is the most important lever we have to address this challenge. We can’t quickly reduce how much care older patients need, but we can change where and how services are delivered. Supporting aging patients in lower-cost settings like the home, ambulatory sites, and virtual environments is no longer just a preference or convenience, it’s a necessity. This is where the conversation around site-neutral payments becomes so relevant. CMS is moving quickly in this direction, and hospital outpatient departments (HOPDs) are squarely in the crosshairs. The shift will undoubtedly clamp down further on hospital margins, but it shouldn’t be surprising. We’ve been talking about the demise of HOPD reimbursement for years, and the health systems that will fare best are the ones who are working towards aligning their approach with where patients can be treated safely, efficiently, and at lower cost, rather than relying on legacy reimbursement structures to fill the gap. And just like it doesn’t make sense to try to replicate a hospital or nursing home environment in a patient’s home, we also shouldn’t try to carry the same clinical staffing model into every care setting. Yes, there are non-negotiables when it comes to patient safety and clinical expertise, but there’s also a meaningful opportunity to rethink how teams are built. That means clinicians at every level working at the top of their licenses, thoughtfully involving family members and community resources, and using technology to surround these sites of care with non-clinical operational support. From my health system days, I understand why rising costs, margin pressure, and site-neutral payments feel like threats. While painful, I’m hopeful they can also serve as a positive forcing function, pushing us toward care models that are better aligned with our aging population and the realities of today’s workforce.

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For small business buyers, how important is industry experience? I discussed this topic with Lisa Piercey—physician-turned-operator, former Tennessee Commissioner of Health, and now a healthcare acquirer. The key takeaway: It can be the difference between generating alpha and facing unpleasant surprises post-close. Below are some of the other topics we discussed: 1️⃣ Credibility wins deals. Not just with employees and customers—with sellers. 2️⃣ Beware "unknown unknowns." Buying outside your domain? Mitigate with true subject-matter experts. 3️⃣ Use a "tight, loose, tight" thesis framework. Define the buy box clearly, stay open minded in the middle, then apply a binary filter: in the buy box or not. 4️⃣ When deals wobble, get creative. One of Lisa's best examples: a contract CEO + call option structure to bridge a diligence gap and flatten the post-close learning curve. Lisa also wrote Natural Born Entrepreneurs for mid-career professionals considering ETA, packed with templates, checklists, and an honest look at the tradeoffs vs. a W-2 path. If you're underwriting operators, or searching yourself, this one's worth a listen. Watch here: https://lnkd.in/dadEJ7WZ Listen here: https://lnkd.in/dm2sAG9v

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Today we announced that WellSpan Health, the 220+ site integrated health system based in Pennsylvania, will be HATCo's first Transformation Partner, signing an innovative Transformation as a Service (TaaS) agreement. We first began working with Roxanna Gapstur and the entire WellSpan team in2023 to address a critical pain point in staffing shortages that were straining both care teams and patient access. Since then, WellSpan has partnered with several General Catalyst portfolio companies including Commure, Aidoc and Hippocratic AI, being crucial early adopters steering how AI-powered tools can improve care quality, operational efficiency, and workforce capacity. With this agreement, HATCo will deploy a team to WellSpan to co-develop their technology stack, leveraging solutions, both GC portfolio companies and external, that bring the best of care to WellSpan's patients and prove what the future of healthcare can be. This partnership is happening earlier than I expected. When we launched HATCo, I assumed we’d need to first validate our health assurance thesis through our ownership and work at Summa Health before others would be ready to commit. But WellSpan’s experience working with our portfolio companies and witnessing tech-enabled possibilities was validation enough. The timing of this partnership also underscores the rising urgency and appetite for transformation in health systems. There’s a growing recognition among health systems that transformation can’t be outsourced. A future of health assurance will be co-built by systems and technology companies. I’m thankful to the WellSpan leadership team for demonstrating the ambition for an AI transformation, setting the pace, and embarking on this journey together. More here: https://lnkd.in/g25Uge7A cc Daryl Kate Brad Reva Mark Kandrysawtz, Kasey Paulus, Anthony Aquilina

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💡"Focusing on women-specific outcomes offers a real opportunity to create alpha by investing where competitors have not spent much time or capital, creating room for differentiation and early leadership." Kudos to Millie Nelson and BioXconomy for drawing attention to the positive impact of investing in women's health!

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I’m excited to share that Angle Health, founded by former Palantir Technologies execs Tylon (Ty) W. and Anirban Gangopadhyay, has announced an oversubscribed Series B bringing total funding to nearly $200M. I’m proud to be an early investor and to have led this competitive round with the amazing team at Portage. Why we keep leaning in: - 26x revenue growth since the Series A - Serving 3,000+ employers across 44 states - 80%+ renewal rates Angle Health is rebuilding the healthcare benefits infrastructure for SMBs, who employ nearly half of America’s workforce but have historically been shut out of enterprise-grade coverage. Their AI-native platform helps predict risk and deliver better care at a sustainable cost. This is exactly the kind of product-driven, AI-native company we’re proud to support at Mighty Capital.

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Outpatient models, whole-person care, AI adoption, and regulatory pressure are reshaping healthcare delivery and strategy. In this recap of the Nashville Healthcare Sessions conference, my colleague, Kevin Kuzmick, explores the implications of these trends: https://lnkd.in/etSCSzKf

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Say you know me without saying it ... "Hey, let's improve healthcare purchasing!" Durable goods, every day disposables, every part of purchasing in healthcare products continues to be broken. Natan Wise and team Conduit Health are improving the spend process for consumers, healthcare providers. This moves $100b in annual spend, but also improves people's lives. You can read our deeper take at XYZ here: https://lnkd.in/gEhfACtB Thrilled to have more money to run with the Drive Capital partnership! And Maybe you want to improve people's everyday lives? Live in NYC? You probably want to work here: https://lnkd.in/gtGEB8Ku

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18 Months of Transformation 18 months ago: physician executive seeing patients and managing clinical operations. Today: managing $25M fund in investments across multiple businesses. The transition required embracing uncertainty and accepting that expertise doesn't automatically transfer. But some skills translate perfectly: pattern recognition, pressure decisions, and understanding that business ultimately serves people. What's the biggest professional risk you've taken that paid off? #CareerTransition #ProfessionalGrowth #RiskTaking

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Transforming healthcare with AI requires industry. Industry requires capital investment. Capital investment requires return. Return requires revenue. Revenue requires reimbursement. Medicare (and transitively private insurance) reimbursement policy for clinical AI will define the incentives for the technologies we build and deploy over the next decade. Our existing fee for service codes are what the military would call cost-plus contracting. We pay for every nail, screw, and hour of labor and don't care if that was a good and efficient way to build the tank or not. Our CMS Innovation Center director, Abe Sutton, believes cost-plus is the wrong path for the future of American healthcare. ACCESS and VBC models pay for outcomes. When we have AI that can manage heart failure can we link payment to making people healthier? Doing so would unleash the might of American techno-capitalism on exactly the thing we care about in society, but there are devils in the details.

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Healthcare isn’t evolving gradually anymore. It’s being forced forward. That was the consistent message from the 300+ CEOs and healthcare leaders we had the privilege of hosting at our Wing at JPM Summit. Following the event, my teammate, Ansuman Satpathy, and I put together a 2026 predictions survey to capture how leaders across pharma, providers, payors, regulators, technologists, and investors see the next phase of healthcare unfolding. 👉 The therapeutic modality predicted to have the most impact in the next 5 years? CELL AND GENE THERAPIES, voted #1 by a whopping 44% of leaders (small molecules only got 12% of the votes). Take note, early-stage investors! 👉 Drug development is accelerating, with leaders predicting a 52% INCREASE in FDA approvals over the next decade 👉 Cost pressure is intensifying, with a median 15% expected reduction in administrative costs from AI within three years What excited me most wasn’t just the numbers. It's the shared belief that this moment will unlock truly personalized medicine, better interventions earlier in the care journey, and real progress on access that goes far beyond prescriptions. This is no longer an experimentation phase. It’s an acceleration moment for healthcare and biotech. See how healthcare leaders are thinking about 2026 in the full survey: https://lnkd.in/gt3YREWk @Wing Venture Capital

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Over the weekend, alongside Sam Ulin of ClearView Healthcare Partners, I discussed how the rise of integrated direct-to-consumer (DTC) models marks a foundational shift for pharma, streamlining access, empowering patients, and redefining how treatments are promoted, prescribed, and delivered.   What started in obesity care is now expanding across therapeutic areas. The momentum is clear that patient-first models aren't just better for patients, they enable faster access and greater innovation.    Read the piece in BioCentury Inc.: https://lnkd.in/ejqJbhJh   #DTC #Innovation #Obesity #Healthcare #PatientFirst

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🔥🔥 PANEL ALERT 🔥🔥 What gaps may AI fill with the recent policy impacts on Medicaid?  Coyote Ventures 2025 Health Equity Innovators Fall Gathering will feature an expert panel discussing the impact of AI in Healthcare with a particular focus on its implications for Medicaid and Medi-Cal. As we are past the mid-point mark of 2025, AI and OBBBA are reshaping U.S. health policy in profound ways, from expansive new federal and state guidelines to sharp debates around oversight and authority. Our discussion will dive into the themes of bias, equity, and accountability in AI, and what these evolving mandates mean for those developing, deploying, or relying on AI-driven solutions in healthcare. With Medicaid and Medi-Cal covering some of our most vulnerable populations, the stakes couldn’t be higher. I’m looking forward to an engaging conversation with Priyanka Vaidya, Pooja Mittal, and Stella Tran - exploring how we can ensure AI not only advances innovation but also builds trust, fairness, and better outcomes. Curious to hear your thoughts: can AI truly help reduce disparities in Medicaid care, or will it deepen them?

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Honored to join this panel at LSI USA 2026 alongside medical device leaders from Boston Scientific, Abbott, and Edwards Lifesciences 🎯 The topic — engaging physicians early in company development — sits at the heart of PhyCap Fund's investment thesis: clinical operators don't just validate products, they unlock superior deal flow and identify scalable business models that traditional VCs often miss 💡 When physicians move from the sidelines to decision-making roles in healthcare innovation, everyone wins: ✅ Founders get better clinical insights ✅ Investors access higher-quality opportunities ✅ Patients benefit from solutions built by those who understand care delivery Looking forward to sharing perspectives on what effective physician engagement actually looks like — and why it matters more than ever in healthcare venture 🏥 See you in Dana Point, March 16-20 🌊 Scott PantelHenry PeckKelly WilliamsPhyCap Fund #LSI2026 #HealthTech #MedTech #HealthcareVC #PhysicianLeadership #MedicalDevices #HealthcareInnovation

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More data in health care does not always mean better outcomes. Most consumer data only appeals to the worried well, without considering the downstream impact on the health system. Real change requires real ROI - justified reimbursement, workflow changes, and overall cost reduction. Data is only valuable when it changes behavior, not just for patients, but for payers and providers too. The founders who win will connect consumer insight to system economics, where the real leverage lives.

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Healthcare SaaS companies operate in environments where precision and accountability matter. Revenue leadership influences more than top-line numbers. It shapes financial resilience, operational discipline, and the ability to build systems that last. Welcoming James Aylward as Chief Revenue Officer reflects that understanding as Knowwn continues its next phase of growth. Recently featured by The Associated Press. Read more: https://lnkd.in/eB4rs3Qe

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