Breaking Health Podcast

Candid Conversations with Digital Health Innovators & Business Leaders



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Conversations between VCs and entrepreneurs typically occur in boardrooms or coffee shops. In the Breaking Health Podcast, you get a seat at the table. Healthcare VC Stephen Krupa, Managing Director of the Psilos Group, brings his investor insight to revealing conversations with the most disruptive CEOs in healthcare. Listen to understand how these leaders are building the companies – and fostering the cultures – that will change everything.

HLM General Partner Steve Tolle on How to Spot a Winning Investment and the Ever-Changing Needs in the Tech-Enabled Healthcare Space

October 4, 2022


From working nights in the Prudential mailroom during college to securing leadership roles at big names like IBM Watson Health, Allscripts, and Pfizer, Steve Tolle, now general partner at HLM Venture Partners, has seen it all. With a multi-faceted skill set and a wealth of knowledge in technology and healthcare, he eventually transitioned from an operator to an investor at one of the nation’s oldest and most established healthcare venture capital firms. Given his background, it is no surprise that Tolle knows a thing or two about the growing needs of the healthcare industry and how to spot a winning investment.

In this episode, Tolle speaks with Breaking Health host Steve Krupa about HLM’s focus on behavioral health, member engagement, access to care, value-based care enablement, and tech-enabled services. He also talks about the six-point test every company must pass before he considers investing and what each founder should know to win over investors in under five minutes.


Steve Tolle

General Partner

HLM Venture Partners

Steven Tolle is a Partner with HLM Venture Partners. He brings to HLM 30 years of commercial health care technology expertise in the areas of strategy, business development, and product management. Steve has spent his career helping to develop and manage some of the most important themes in health care innovation and investment today, including artificial intelligence, diagnostic imaging/medical devices, electronic health records, population health, managed care, and value-based pharmaceutical pricing.

Prior to joining HLM, Steve was global Vice President of Strategy at IBM Watson Health. Previously, he was Chief Strategy Officer at Merge Healthcare (acquired by IBM for $1B in 2015). Steve led the effort to move Merge Healthcare into the AI space and played a key role in the successful sale to IBM. As part of the Merge/Watson Health leadership team, Steve worked on over $2 billion of strategic M&A deal opportunities.

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Meet Our Host


Healthegy Contributing Host Stephen Krupa is CEO of Healthedge, a software company focused on providing next-generation, business-transforming technology products to the healthcare payor market.

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