Finding PMF in Healthcare (After Tasting it Elsewhere) with Eren Bali and Max Cohen

In this episode, a16z GP Julie Yoo sits down with Peter McCanna, CEO of Baylor Scott & White Health, to break down how one of America's largest health systems is transforming from a supply-driven "walled castle" to a customer-centric ecosystem, and how it's achieving a 10% operating margin while most hospitals struggle to stay in the black.They get into why helping his father navigate healthcare convinced Pete the entire system is fundamentally broken, what differentiates academic medical centers from community health systems, and why traditional hospital economics root out essential services like behavioral health. Peter also explains how ambient AI reduced physician burnout rates by 70%, why AI will eventually replace any job involving human-screen interaction, and what he looks for in startup partnerships beyond just TAM and business fundamentals. Resources:Follow Peter on LinkedIn: https://www.linkedin.com/in/peter-mccanna-784619104Follow Julie on X: @julesyoo Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYXListen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711Follow our host: https://x.com/eriktorenbergPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A labor and delivery nurse who ran Senate healthcare policy now manages $1.7 trillion in federal health spending—and she runs her team like a startup.Steph Carlton, Chief of Staff and Deputy Administrator at CMS, reveals the OKRs driving Medicare and Medicaid, why they're killing social determinants funding while building consumer health apps at scale, and how real-time provider data could collapse the 18-month lag between care delivery and payment. The team mixing founders with policy veterans is rewriting quality measures around VO2 max and app engagement, not just disease management—because preventing illness years before it happens might finally be worth more than treating it after. Stay Updated:If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYXListen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see http://a16z.com/disclosures Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Drug discovery has doubled the flow of candidates, but approvals remain roughly flat. The constraint is development, not discovery. In this episode, a16z General Partner, Jorge Conde talks with Formation Bio cofounder and CEO Ben Liu about building a modern pharma company around clinical execution. They discuss Formation Bio’s hub-and-spoke model for acquiring and advancing assets, how AI compresses trial timelines and costs, picking winners, regulatory strategy, and what it would take to move from about 50 approvals a year to many more. They also touch on global competition and why clinical proof still drives value in today’s market.\ Timecodes: 0:00 Introduction0:38 Why Formation Bio? Origins and Mission1:12 The Real Bottleneck: Clinical Development4:56 Formation Bio’s Business Model7:50 Picking Winners: The Art and Science of Drug Selection11:54 First-in-Class vs. Best-in-Class Strategies14:04 Overcoming Regulatory and Market Challenges17:26 The Stakes: Can We Approve More Drugs?19:07 How Formation Bio Cuts Cost and Time21:43 AI’s Role in Drug Development25:10 The Future: From 50 to 500 Drug Approvals?35:18 Global Competition: The Rise of China39:28 The Path Forward: Data, Regulation, and Access41:47 Conclusion: Realizing the AI Revolution in Pharma Resources: Find Ben on X: https://x.com/BenjamineYLiuFind Jorge on X: https://x.com/JorgeCondeBio Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the Raising Health Podcast on Spotify: https://open.spotify.com/show/4fjb8YTzHDuPBgDXc3ElkRListen to the Raising Health Podcast  Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/raising-health/id1529318900Follow our host: https://x.com/eriktorenbergPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Josh Weiner left Meta to return to CVS Health with two painful realizations: consumers don't manage their health—they expect it, and the healthcare market fundamentally violates every principle of economics. In this conversation with a16z's Julie Yoo, the CVS Senior VP explains why 50% of Americans can't afford a healthcare emergency, how CVS is becoming a platform to solve structural healthcare problems, and why the future depends on consumers finally controlling their own health data. Timecodes: 0:00  The Healthcare Market Isn't Functioning 2:30  Consumers Don't Manage Health, They Just Expect It 3:39  Why Consumer Playbooks Die in Healthcare5:41  Motion vs Progress: The Innovation Illusion8:46  Platform Philosophy: "It Takes a Village"11:38  The Vaccine Paradox Under One Roof19:37  The 40% Hidden Reality: Healthcare Is Caregiving21:04  The Deductible Comprehension Crisis22:10  "This Does Have an Expiration Date"24:40  The Health Passport Future Resources:Find Josh on LinkedIn: https://www.linkedin.com/in/joshweiner2/Follow Julie on X: https://x.com/julesyoo Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the Raising Health Podcast on Spotify: https://open.spotify.com/show/4fjb8YTzHDuPBgDXc3ElkRListen to the Raising Health Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/raising-health/id1529318900Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

For the first time in human history, we can diagnose thousands of genetic diseases—often for under $1,000—but we still can't treat most of them. The problem isn't understanding what's broken; it's delivering the fix to the right cells.Eric Kelsic, CEO of Dyno Therapeutics, joins a16z's Jorge Conde to explain how AI-designed protein shells are solving gene therapy's delivery crisis. They explore why Huntington's patients can now get 15 extra years of healthy life, how Dyno inverted the liver-to-brain delivery ratio by 1000x, and why capsids evolved by nature are now being designed by machine learning models trained on millions of variants.Eric introduces the concept of genetic agency—humanity's first-ever ability to take action at the DNA level—and details why solving delivery for common diseases will make ultra-rare disease treatments economically viable. Plus: what happens when gene therapy requires neurosurgery today but could be a simple injection tomorrow, why recent deaths in clinical trials prove we need better technology now, and how genetic medicine could become as routine as surgery within our lifetimes. Resources:Follow Eric on X: https://x.com/ekelsicFollow Jorge on X: https://x.com/JorgeCondeBioLearn more about GATC 2025: https://www.dynotx.com/gatc2025 Stay Updated:If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYXListen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711Follow our host: https://x.com/eriktorenbergPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Cancer care in the U.S. costs over $250 billion each year, and nearly 2 million Americans receive a new diagnosis annually, yet too often the journey begins with silence: no call, no plan, no guide.In this episode, a16z’s Vineeta Agarwala and Jay Rughani talk with Thyme Care leaders Robin Shah (cofounder and CEO), Bobby Green, MD (president and CMO), and Brad Diephuis, MD (president and COO) about rebuilding oncology around the patient. They cover where the system breaks, how navigation plus value-based contracts align incentives, how AI can extend clinicians, and what scale looks like today, more than 83,000 active patients. A concise blueprint for truly patient-centered cancer care. Timecodes: 0:00  Introduction 1:47 Personal Stories & Early Days of Time Care5:27 Building the Team & Mission7:07 The Patient Journey: Where the System Fails9:58 Why Tech Hasn’t Solved Cancer Care (Yet)15:45 Scaling Impact: Growth & Partnerships17:45 How Time Care Works: Value-Based Care Explained23:15 Technology, AI, and the Human Touch37:06 Building for the Future: Generational Impact Resources: Find Robin on LinkedIn: https://www.linkedin.com/in/robin-shah-8072bb35Find Bobby on LinkedIn: https://www.linkedin.com/in/drbobbygreen/FInd Brad on LinkedIn: https://www.linkedin.com/in/bdiephuis/Find Vineeta on X: https://x.com/vintweetaFind Jay on X: https://x.com/JayRughani Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the Raising Health on Spotify: https://open.spotify.com/show/4fjb8YTzHDuPBgDXc3ElkRListen to Raising Health on Apple Podcasts: https://podcasts.apple.com/us/podcast/raising-health/id1529318900Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode, Julie Yoo and Jay Rughani are joined by Thatch cofounders Chris Ellis and Adam Stevenson to explore why ICHRA—a more recent policy innovation—might quietly revolutionize employer-sponsored health benefits. Unpacking the surprising history of how U.S. healthcare became entangled with employment, they make the case for a defined-contribution future that mirrors the rise of the 401(k) and HSA. Tailored especially for today’s distributed and fast-moving workforce, ICHRA allows employers to offer tax-free health dollars employees can spend how—and where—they choose. For healthcare entrepreneurs, the conversation provides a blueprint for navigating a rapidly shifting payer landscape, including insight into how fintech infrastructure, policy tailwinds, and carrier ecosystem integrations unlock market readiness. This episode was originally published in October of 2024. The conversation remains relevant today.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode,  Sprinter Health co-founders Max Cohen and Cameron Behar sit down with Julie Yoo to unpack how their home-based care model reaches underserved populations and reintegrates “the unengaged” into the healthcare system. From starting with blood draws in living rooms to scaling a high-complexity, tech-enabled logistics platform, they share how operations, empathy, and human connection power their success. The duo reflects on the constraints and regulatory nuance of healthcare, revealing how humility, intentional culture-building, and pragmatism give tech-native founders an edge. Listeners will walk away with tactical advice on balancing scrappiness with long-term scalability, architecting tech-clinical collaboration, and applying AI to augment—not replace—human-delivered care. For healthcare entrepreneurs navigating systems transformation without deep domain roots, this candid conversation is both roadmap and reality check.Learn more about a16z Bio+HealthLearn more about & Subscribe to Raising HealthFind a16z Bio+Health on LinkedInFind a16z Bio+Health on X Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode, Tennr cofounder and CEO Trey Holterman sits down with a16z’s David Haber and Jay Rughani to unpack one of healthcare’s most overlooked pain points: patient referral logistics. When a patient is referred to a specialist and told that the specialist will follow up with them, what happens next? A convoluted system sometimes involving dozens of staff and multiple portals, all of which may or may not result in the specialist actually following up. Trey shares how Tennr leverages AI to automate the complex, unstructured workflows that delay patient care and burden frontline staff. Tennr's goal is to meaningfully increase patient conversions—ensuring more people get the treatment they need, faster. Learn more about a16z Bio+HealthLearn more about & Subscribe to Raising HealthFind a16z Bio+Health on LinkedInFind a16z Bio+Health on X Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What if one of healthcare’s most complex administrative challenges—revenue cycle management—was reframed as a data science problem? In this episode, Malinka Walaliyadde, cofounder and CEO of AKASA, joins Julie Yoo to unpack how large language models have the potential to transform hospital revenue by automating highly nuanced coding and billing workflows. Malinka discusses how AI is finally making it possible to extract simplicity from a sea of clinical complexity and unstructured data, simplifying the flow of dollars through the healthcare system and freeing staff to focus on patients.Plus:Learn more about a16z Bio+HealthLearn more about & Subscribe to Raising HealthFind a16z Bio+Health on LinkedInFind a16z Bio+Health on X Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.