Transcarent

California-based Transcarent provides a wide spectrum of 24/7 virtual care services, such as urgent care, lower-cost medications, behavioral health, at-home care, and second opinion consultations. Members can connect with doctors and obtain other medical services via Transcarent’s mobile app. As of January 2022, the company had more than 80 self-insured employers.

In May 2022, the company launched a behavioral health offering for self-insured corporates, employees, and their families.

In September 2022, the company launched a pharmacy benefit offering for self-insured employers.

In March 2023, the company announced plans to acquire the virtual care platform and care offering of fellow virtual care provider 98point6 in a deal worth USD 100 million. The acquisition announcement noted 98point6’s self-insured employer business, affiliated physician groups, and a software license will be acquired. The deal is expected to close by late March 2023.

Key customers and partnerships

In September 2023, the company launched its National Independent Provider Ecosystem which aims to provide national employers and their employees with easy access to high-quality, affordable healthcare. As a part of the offering, Transcarent has partnered with 10 health systems across the US to offer patients a connected member experience, high-quality outcomes, and predictable, lower costs of care.

In November 2022, the company partnered with Prescryptive Health to launch its pharmacy benefit solution, “Transcarent Pharmacy Care.” The solution allows Transcarent members to access Prescryptive Health’s network of over 60,000 pharmacies. Members are able to use digital prescriptions, compare prices, and choose a pharmacy to fill out prescriptions or deliver the drugs home.

In January 2023, the company partnered with Cleveland Clinic to provide specialist second opinion consults to Transcarent’s members. Through the partnership, Transcarent members are able to consult with Cleveland Clinic’s 3,500 expert specialists, with over 550 subspecialties, for second opinions as part of Transcarent’s benefits with no out-of-pocket expenses in some cases.

In June 2023, the company partnered with virtual orthopedic and musculoskeletal platform ViewFi to offer users orthopedic and musculoskeletal care via Transcarent’s platform. Through the partnership, ViewFi will provide care services for Transcarent’s Orthopedic Consult Solution, allowing patients to gain access to a virtual diagnostic team of orthopedic specialists and musculoskeletal-related physical therapy and pain management. These services will be accessible via Transcarent’s app, with ViewFi acting as a digital front door.

Funding and financials

The company received its most recent injection of investment in January 2022, when it raised USD 200 million in a Series C funding round, which propelled it to unicorn status at a USD 1.62 billion valuation. The funds were allocated for its R&D programs as well as scaling up its team, and entering into new markets including Medicare Advantage.