2 for 1

2 major Texas hospital systems merge with service and innovation in mind

Houston-based Memorial Hermann could soon be part of one of the largest health care networks in Texas. Photo via memorialhermann.org

Two powerhouse medical centers have decided to team up to become one of the largest health care systems in Texas.

Houston-based Memorial Hermann Health System and Dallas-based Baylor Scott & White Health's board members signed a letter of intent to merge and create a combined system, according to an October 1 press release. A definitive agreement is expected to be complete in 2019.

"Together, we believe we will be able to accelerate our commitments to make care more consumer centric; grow our capabilities to manage the health of populations; and bend the unsustainable healthcare cost curve in the state," says Chuck Stokes, president and CEO of Memorial Hermann, in the release. "Through this combined system, we have a unique opportunity to reinvent healthcare and make a profound difference in the lives of millions of Texans."

The two systems together have over 68 hospital campuses, 1,100 care delivery sites, almost 14,000 physicians, and serve almost 10 million patients each year, according to the release.

The combined organization will operate under a unified board, led by Ross McKnight, the current chair of the Baylor Scott & White Holdings Board of Trustees. A vice chair will be selected by Memorial Hermann and will serve as the chair after McKnight's two-year term.

Jim Hinton, current CEO of Baylor Scott & White, will be the CEO. Stokes will serve in the proposed office of the CEO, along with current Baylor Scott & White president, Pete McCanna.

"Baylor Scott & White was founded as a Christian ministry more than 100 years ago; ever since, it has advanced health and driven change in North and Central Texas," McKnight says in the release. "This proposed combination starts the next chapter in the legacies of service and innovation for both systems. It will not only make a positive difference in the lives of millions here, it will become a national model."

Both organizations will maintain their brands and names locally. Executive and support staff will be based in the cities where the two entities currently have operations: Austin, Dallas, Houston, and Temple.

"This is about two mission-driven organizations — both committed to making safe, high-quality healthcare more convenient and affordable — building something transformative together," Hinton says in the release. "We must lead the change in our industry, while insisting we continue to fulfill our unwavering commitments to meeting the needs of all Texans."

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Building Houston

 
 

This week's roundup of Houston innovators includes Samantha Lewis of Mercury Fund, Barbara Burger of Chevron, and Lauren Bahorich of Cloudbreak Ventures. Courtesy photos

Editor's note: In the week's roundup of Houston innovators to know, I'm introducing you to three female innovators across industries recently making headlines — all three focusing on investing in innovation from B2B software to energy tech.

Samantha Lewis, principal at Mercury Fund

Samantha Lewis, principal at Mercury Fund, joins this week's episode of the Houston Innovators Podcast. Photo courtesy of Mercury Fund

When Samantha Lewis started her new principal role at Houston-based Mercury Fund, she hit the ground running. Top priority for Lewis is building out procedure for the venture capital firm as well as finding and investing in game-changing fintech.

"(I'm focused on) the democratization of financial services," Lewis says on this week's episode of the Houston Innovators Podcast. "Legacy financial institutions have ignored large groups of our population here in America and broader for a very long time. Technology is actually breaking down a lot of those barriers, so there are all these groups that have traditionally been ignored that now technology can reach to help them build wealth." Click here to read more and stream the episode.

Barbara Burger, president of Chevron Technology Ventures

Houston-based Chevron Technology Ventures, spearheaded by Barbara Burger, has announced their latest fund. Courtesy of CTV

Chevron Technology Ventures LLC's recently announced $300 million Future Energy Fund II builds on the success of the first Future Energy Fund, which kicked off in 2018 and invested in more than 10 companies specializing in niches like carbon capture, emerging mobility, and energy storage. The initial fund contained $100 million.

"The new fund will focus on innovation likely to play a critical role in the future energy system in industrial decarbonization, emerging mobility, energy decentralization, and the growing circular carbon economy," Houston-based Chevron Technology Ventures says in a February 25 release.

Future Energy Fund II is the eighth venture fund created by Chevron Technology Ventures since its establishment in 1999. Click here to read more.

Lauren Bahorich, CEO and founder of Cloudbreak Enterprises

Cloudbreak Enterprises, founded by Lauren Bahorich is getting in on the ground level with software startups — quickly helping them take an idea to market. Photo courtesy of Cloudbreak

Lauren Bahorich wanted to stand up a venture studio that really focused on growing and scaling B-to-B SaaS-focused, early-stage technology. She founded Cloudbreak Enterprises last year and already has three growing portfolio companies.

"We truly see ourselves as co-founders, so our deals are structured with co-founder equity," Bahorich says, explaining that Cloudbreak is closer to a zero-stage venture capital fund than to any incubator. "We are equally as incentivized as our co-founders to de-risk this riskiest stage of startups because we are so heavily invested and involved with our companies."

This year, Bahorich is focused on onboarding a few new disruptive Houston startups. Click here to read more.

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