In the two years given that Jeff Semenchuk took the reins in the newly produced position of chief innovation officer for Blue Shield of California, the not-for-profit health insurer with$20 billion in revenues has stepped up its financial investments
in startup business. As one of California’s largest insurance coverage service providers with more than 4 million members, Blue Shield plays an outsized function in innovation adoption among doctors, hospital networks and patients. With that in mind, and with the acceleration of entrepreneurial activity around the multitrillion health care market, Semenchuk was employed after acting as chief executive of Yaro (now Virgin Plus) and CIO of Hyatt Hotels and co-founder of Citi Ventures.
Semenchuk said he sees Blue Shield as working to develop a new health care system: “It’s not to perpetuate the health care system we have today.” Progressively, start-ups have a function to play in that revisioning of healthcare services in America, according to Semenchuk.
“What I would state has actually occurred over the last two years is that we have actually really focused on transformational development,” he included.
Purchasing those transformational technologies involves taking cash straight from Blue Guard’s balance sheet for investments. The company does not operate a business equity capital fund in the standard sense, instead making strategic financial investments under the auspices of Semenchuk or Chief Financial Officer Sandra Clarke. *
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.