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Penn Medicine and Wharton Social Impact Initiative: $5 Million Fund for Health

Three start-up companies will be the first to receive investment from the Fund for Health, a joint partnership between Penn Medicine and the Wharton Social Impact Initiative of the University of Pennsylvania’s Wharton School that seeks to invest in early-stage businesses striving to strengthen the social determinants of health of economically disadvantaged Philadelphians. The Fund for Health plans to invest a total of $5 million over the next three years to push for measurable progress in socio-economic factors that can have lifelong effects.

The three companies receiving a total of $750,000 in the first round of funding are:

  • Kinvolved, a leader in developing communications software to reduce absenteeism in underserved school districts.
  • Uptrust, a customer relationship management tool that helps keep people out of the criminal justice system by avoiding unnecessary technical violations, like missing court dates or probation appointments.
  • RecoveryLink, a telehealth and electronic recovery records platform that improves the availability and delivery of recovery support services to people experiencing substance use and mental health disorders.

“The path to health equity needs unconventional and transformative approaches. Penn Medicine and Wharton joined forces to create the Fund for Health because we believe we have a responsibility not just to our patients but also the broader communities we serve,” said Kevin B. Mahoney, chief executive officer of the University of Pennsylvania Health System. “Investing and supporting innovative, forward-thinking ventures has great potential to make a meaningful impact on our city’s health while helping to build sustainable and profitable companies for the region that provide paths to jobs and economic opportunities for more city residents.”

For the initiative, a diverse investment team of students from Wharton and Penn Medicine have been tasked with identifying and conducting due diligence on early stage, for-profit companies set out to strengthen social determinants of health.

Social determinants of health are conditions—such as food insecurity or equitable care or housing access – that are common in the places where people live, learn, work, and play that affect a wide range of health risks and outcomes. These drivers can explain why some populations often suffer from poorer health compared to others who do not contend with the same adverse conditions. Philadelphia County is hit particularly hard by these issues, with more than 25 percent living in poverty, 20 percent living with food insecurity, and nearly 15 percent without health insurance, according to Penn Medicine’s 2019 Community Health Needs Assessment report.

“The Fund for Health not only has the potential to improve the city’s health and economic vitality, it also is an important experience for students hoping to make a difference,” noted Katherine Klein, Wharton’s Vice Dean for Social Impact. “The program brings together students of business, medicine, and the social sciences from all across Penn and charges them with finding the most promising high-impact start-up companies that might merit a Penn investment.”

“Health starts within our communities, schools, and individual homes. Increasing resources and opportunities that address social determinants have a major impact on health outcomes, especially for the most vulnerable,” said Brandon Grant, a strategic support manager in the office of Penn Medicine’s CEO, who co-directs the Fund for Health with Rajith Sebastian of the Wharton Social Impact Initiative.

Support from the program will also bring the opportunity for consultation with Penn faculty and staff and opportunities to leverage insights from both Penn Medicine and Wharton’s own work.

“Access to subject matter experts, ground-breaking research in addiction and mental health, as well as business operations will allow us to accelerate the business in ways that means more people served faster,” said Robert D. Ashford, the founder and CEO of RecoveryLink.

The Fund for Health is expected to invest in up to 10 companies a year and will be funded by Penn Medicine. Penn students will also work alongside the companies with support and guidance from faculty and external advisors, creating opportunities for learning and leadership related to impact investing and social determinants of health.

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