What happens if we don’t fix American healthcare?In this episode of Self Disclosed, Patrick Gilligan talks with Candace Richardson, Partner at General Catalyst and one of the leading voices in healthcare investing, about the looming macroeconomic, societal, and ethical consequences of a broken health system and why she still believes there’s time to turn it around.
Candace unpacks why the stakes have never been higher, why the future of care depends on tech-enabled services, and how AI is quietly transforming margins, workflows, and access.
She also shares hard-earned advice for founders building in Medicaid, outcomes-based care, and highly regulated markets, plus the legacy she hopes to leave behind.
We cover:
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⏱️ Timestamps
00:00 – Intro: The mental health funding boom
00:59 – The $4T problem no one is solving
02:00 – What a sick, aging society means for the economy
03:30 – Healthcare vs. education: a state budget death spiral
05:00 – Will Medicare even exist when we retire?
06:00 – Why Candace is still optimistic about U.S. healthcare
08:10 – Tech is finally catching up to healthcare’s complexity
10:30 – Why health tech is more expensive to build
12:00 – The dream of replacing legacy systems like Epic
13:50 – How AI is driving down build costs and boosting outcomes
15:00 – Advice for modernizing public health infrastructure
17:30 – The 90/10 Medicaid incentive that no one talks about
20:00 – What actually changed in healthcare VC post-2020
22:00 – Why every services business now needs AI-native DNA
24:30 – The capital gap after Series A and how to survive it
26:00 – “What if Oak Street had been built in 2025?”
28:00 – Why AI’s biggest wins won’t be an AI doctor
30:20 – The shift in product velocity thanks to AI
32:00 – Will legacy orgs get left behind in the AI wave?
34:00 – Founders need near-term ROI to win adoption
36:00 – The hard psychology of building in a slow industry
38:00 – Why real healthcare change requires long-term vision
40:30 – Candace on being wrong about AI—and why she changed
43:00 – The white papers influencing CMS policy
46:00 – The power of influence when you don’t own the outcome
49:00 – The legacy Candace wants to leave in healthcare
52:00 – Snap your fingers: one fix to change it all
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