K Health, Anthem and Blackstone Growth are teaming up to launch a joint venture that aims to lower healthcare costs and make care more accessible.
Hydrogen Health is backed by investment from Blackstone and Anthem, and K Health CEO Allon Bloch will serve as the new company's chief executive. Financial terms were not disclosed.
The new venture will harness K Health's artificial intelligence tools to bring new digital health offerings to the consumer and employer markets, according to an announcement from the companies. Hydrogen Health will develop new platforms targeting the direct-to-consumer, direct-to-employer and direct-to-insurer markets.
“Our stakeholders expect us to find innovative solutions to increase access to high-quality care, enhance the healthcare experience, and help lower costs," Amy Mulderry, senior vice president and chief development officer at Anthem, said in a statement.
"As part of this approach, we focus on investments and partnerships like this one that leverage exponential technologies, such as Artificial Intelligence; revolutionize industries; and profoundly affect our lives. We look forward to working with K Health and Blackstone Growth to redefine the future of healthcare," Mulderry said.
According to the announcement, Hydrogen Health's platforms will be designed to allow users to integrate them across different types of health coverage.
The company will launch with a put and call agreement between Anthem and Blackstone in terms of investment, according to the announcement.
“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.”