Episode Overview

Podcast: Becker’s Healthcare Podcast
Episode: Healthcare Investing, AI Enablement, and Scaling Category Leaders with Saurabh Bhansali of Health Velocity Capital
Air Date: December 20, 2025
Guest: Saurabh Bhansali, Partner, Health Velocity Capital
Host: Chanel Bunger

This episode spotlights current trends, strategies, and future opportunities in healthcare investing, particularly focusing on the role of AI, network-driven deal flow, and the characteristics of successful healthcare founders. Saurabh Bhansali shares his perspective on investing in category leaders, the importance of operational fundamentals, and key friction points in the healthcare landscape.

Key Discussion Points and Insights

Saurabh’s Investment Philosophy and Health Velocity’s Unique Approach

• Health Velocity Capital Overview:
  • Founded nearly 10 years ago, soon deploying its third fund (2026).
  • Focus: Investing in companies making healthcare more affordable, sustainable, and consumer-centric.
  • Track record of backing transformative sector leaders (e.g., Teladoc, Livongo, IVX Health).
• Investment Fundamentals:
  • Emphasis on customer incentives, unit economics, sales velocity, and capital intensity as measures of business durability.
  • Focus on how early advantages become “repeatable at scale.”
• Network-Driven Value Creation:
  • Leverage an extensive network: LPs include major healthcare organizations and 100+ senior industry executives.
  • Unique advantage comes from “commercial pull through”—turning networking into real partnerships, revenue, talent, and faster scaling.
    • “Network is common, but commercial pull through is rare and we work really hard and take a lot of pride in driving that commercial pull through.” — Saurabh Bhansali [02:49]

Market Complexity and Trends Investors Miss (03:18)

• Cautions Against Hype:
  • Healthcare is "too complex for the casual participant.”
  • Sustainability and lasting improvement require long-term perspective and understanding of system incentives.
• Value of Operator Feedback:
  • Proximity to industry operators—through their network—enables early detection of pain points and inefficiencies before they become visible to the wider market.
    • “Our proximity gives us a bit of an unfair advantage. We can spot what’s broken before the market does because we hear it directly from the operators that are feeling the pain.” — Saurabh Bhansali [04:02]
• Example—IVX Health:
  • Originated from a network introduction; Health Velocity not only invested but also recruited much of the executive team, helping build the company into a billion-dollar platform redefining the infusion experience.

Hot Areas of Healthcare Innovation (05:06)

• Investment Focus Areas:
  • Preference for companies that tap into “large dollar flow” markets and benefit from regulatory or market tailwinds.
• Recent Standout Companies:
  • Octave: Mental health therapy, delivering high-quality, efficient care.
  • Torch Dental: Streamlining procurement for dental practices—“the Amazon of the dental industry.”
• Emerging Attractive Segments:
  • Revenue cycle management
  • AI-enabled services
  • Specialty pharmacy and drug management
  • Next-gen health plans for SMBs
  • Quote: "AI enablement is really driving more efficiency, operational leverage and ultimately great sustainable businesses." — Saurabh Bhansali [06:26]
• Case Study—SureCo:
  • Administrates ICHRA plans (Individual Coverage Health Reimbursement Arrangement), a regulatory-driven category likened to the move from pensions to 401(k)s in health insurance.
  • Health Velocity’s network found that nearly every carrier had a dedicated ICHRA strategy, signaling broad industry momentum.

What Sets Great Founders Apart (07:47)

• Essential Quality—Resourcefulness:
  • Resourcefulness is the “core” trait correlated with outsize returns.
    • “The best founders turn turbulence into tailwind.” — Saurabh Bhansali [08:07]
• Example—Octave’s Founding Team:
  • Investment made pre-COVID-19; leadership quickly pivoted from a physical clinic model to a virtual-first approach, collaboratively integrating with payers and EMRs, even leveraging AI to streamline care navigation.
    • "Pivoted from...physical clinics to a virtual first model...the business has really been accelerated as a result of that resourcefulness." — Saurabh Bhansali [08:40]

Closing Note to Listeners (09:07)

• Advice for Founders:
  • If you are a growth-stage, resourceful founder, Health Velocity Capital wants to hear from you.
    • “If you are a growth-stage, resourceful founder, you know who to reach out to.” — Saurabh Bhansali [09:11]

Notable Quotes and Timestamps

• “Network is common, but commercial pull through is rare and we work really hard and take a lot of pride in driving that commercial pull through.”
  — Saurabh Bhansali [02:49]

• “Our proximity gives us a bit of an unfair advantage. We can spot what’s broken before the market does because we hear it directly from the operators that are feeling the pain.”
  — Saurabh Bhansali [04:02]

• "AI enablement is really driving more efficiency, operational leverage and ultimately great sustainable businesses."
  — Saurabh Bhansali [06:26]

• “The best founders turn turbulence into tailwind.”
  — Saurabh Bhansali [08:07]

• “Pivoted from...physical clinics to a virtual first model...the business has really been accelerated as a result of that resourcefulness.”
  — Saurabh Bhansali [08:40]

• “If you are a growth-stage, resourceful founder, you know who to reach out to.”
  — Saurabh Bhansali [09:11]

Timestamps for Key Segments

• Introduction & Background: [00:00–03:02]
• Emerging Investment Trends & Friction Points: [03:02–05:06]
• Exciting Areas of Innovation & Example Companies: [05:06–07:47]
• What Sets Great Founders Apart: [07:47–09:00]
• Closing & Call to Action for Founders: [09:00–09:22]

Episode Tone

• Expert, energetic, pragmatic, and optimistic about the intersection of operational rigor and network-driven healthcare innovation.
• Bhansali’s tone is focused, insightful, and enthusiastic about both macro trends and the pivotal traits of successful founders.

This episode delivers actionable insights for investors, founders, and healthcare leaders on not just how to spot the next big healthcare business, but also how to support and scale them in a highly regulated, ever-evolving industry.