Capital Impact Council

The Duke-Margolis Capital Impact Council (CIC) supports the development of strategies, tools, and frameworks to enable the private investment community to demonstrate and deliver measurable benefits for health outcomes, access, affordability, and community resilience. 

The Need

Image with Cheryl Pegus quote: “Many investment groups, their limited partners, and entrepreneurs demonstrate the synergy of positive health value impact and financial returns as an integral part of their business strategies. Systematic analysis and sharing of these approaches can expand the scale and scope of investors committed to this approach, growing private investment’s positive impact on health care.”Private investment provides critical resources that enable existing and new health care organizations to provide access to better treatments, improve outcomes, increase affordability, and strengthen communities. However, there are real and understandable public concerns about private investment activities that potentially leverage payment and regulatory policies that are not working as intended and leaving critical and urgent health reform goals unrealized. To ensure that private investments are aligned with essential health care reform goals, urgent needs and growing opportunities exist to characterize and assess the measurable impact of private investments on individual and community health, alongside assessments of financial returns.

 

Image with Mark McClellan Quote: “This effort is grounded in the reality that private investment is needed to enable innovative health care models, and the hypothesis that it is not only possible to make a positive health impact and earn strong financial returns—but that in an increasingly value-based health care system, it should be the best path for long-term returns for investors.”

The Council

The Duke-Margolis CIC is comprised of mission-aligned venture capital and private equity investors and Duke-Margolis Advisory Board members. The Council is dedicated to:

  • advancing use of evidence and establishing best practices for achieving measurable health value improvements through private investment in health care. 
  • driving the impact of private investment in health care to improve the lives of people and communities.

CIC members draw on their extensive experience and collaborations to develop and disseminate: 

  • Resources and tools to assess and evaluate investment returns for health, affordability, and community resilience alongside financial returns 
  • Promising opportunities to increase investments that are more likely to lead to measurable improvements in long-term health, sustainability, and healthier communities
  • Further steps to extend this approach beyond the CIC and throughout the private investment community

 


Independent Leadership

Duke-Margolis brings to the Council its extensive experience in convening diverse stakeholder perspectives, rigorous academic expertise, technical guidance for creating evidence-based solutions, implementing reforms effectively, and supporting better public-private collaboration in health care—all from an independent perspective. The Council is an important extension of those Duke-Margolis capabilities. It also will provide a lively community to exchange and refine ideas to enhance and advance the positive impact of private investment in health care.

 

Capital Impact Council

  • Cheryl Pegus, Co-Chair, FlyteHealth
  • Alex Albert, TPG*
  • David Brailer, The Cigna Group
  • Craig Cimini, The Cigna Group Ventures*
  • Rob Coppedge, Echo Health Ventures
  • Blake Goodner, Bridger Capital
  • Gregory Grunberg, Temasek
  • Marc Harrison, Health Assurance Transformation Corp. (HATCo)
  • Dan Mendelson, Morgan Health
  • Brian Morfitt, Frazier Healthcare Partners
  • Amy B. Raimundo, KP Ventures*
  • Amir Dan Rubin, Healthier Capital
  • Lee Shapiro, 7Wire
  • Lisa Suennen, American Heart Association Ventures

*new as of 2025

DM Leadership and Advisors

  • Mark McClellan, Co-Chair, Duke-Margolis
  • Bob Margolis, Duke-Margolis
  • Marc Samuels, ADVI

 

The Health Value-ROI Framework 

The HV-ROI framework includes two key elements:

  • HV Model and Evidence: A baseline analysis of the positive impact of a proposed investment on health value as well as its potential financial ROI, based on published literature and preliminary evidence. 
  • HV Key Performance Indicators: Feasible and worthwhile metrics linked to the model that will be tracked and updated, enabling an organization to be proactive in advancing health value alongside financial ROI.

“Health value” assessment is an essential and increasingly important part of evaluating an investment’s expected financial returns. Health value assessment approaches are not yet consistently, widely, and transparently applied. Better tools and supports for assessing an investment’s expected impact on health value could help make a health value-return on investment (HV-ROI) assessment a more integral feature of investment decisions. 

CIC members are private investors leveraging their individual commitment to drive broad-based health value through testing and sharing results in their own investment activities to improve transparency and share learnings.

 

CIC Case Studies: Private Investments Aligned with the HV-ROI Framework

These case studies demonstrate examples of how the key elements of the HV-ROI Framework, HV Model and Evidence as well as HV-KPIs, are already being implemented in private investments in health care. Provided by our 2024 Capital Impact Council members committed to adopting the HV-ROI Framework, these examples highlight the Capital Impact Council's aim to develop and share resources to support alignment in investor and health system incentives and advance the positive impacts of private investment in health care. 

Through sharing and developing case examples, tools, metrics and analyses, we aim to strengthen and expand the use of effective health value assessments to increase the positive impact of private capital investments for patients, health care professionals, communities, entrepreneurs and investors and advance a repeatable, evolving model for this work.

Investor and Portfolio Company