Summa Health CEO to step down at end of 2025

Group 1 - General Catalyst's acquisition of Summa Health is notable as it marks the first instance of a venture capital firm fully owning a health system, allowing for experimentation in hospital operations without cash shortfall risks [3][5] - Summa Health serves around 1 million patients annually through various facilities, including two acute care hospitals and a health insurance arm called SummaCare [4] - Prior to the acquisition, Summa Health faced financial difficulties, reporting poor operating returns and high long-term debt levels [5] Group 2 - General Catalyst has committed to invest millions beyond the purchase price, including $15 million for community health, $350 million for technology investments, and $200 million for strategic transformation projects, aimed at enhancing Summa Health's viability [5] - The acquisition process took approximately two years due to increased scrutiny over the transition of nonprofit health systems to for-profit entities, which studies suggest can lead to declines in care quality and rising prices [6] - Summa Health's CEO, Dr. Cliff Deveny, will step down at the end of the year, transitioning to a CEO emeritus role, with Daryl Tol serving as interim CEO during the executive search [7]