A hospital, named Santa Maria della Misericordia, was founded on the site in 1240, and enlarged in 1320s by the Blessed Andrea Gallerani.

Part of the hospital was assigned to the University of Siena, who erected the Accademia Fisiocritica (1691) with Pirro Maria Gabbrielli.

The wall niches have six statues of Sienese saints, the ceiling is frescoed with stories of the Life of Mary, and the main altar has a painting by Giuseppe Nicola Nasini depicting the Birth of the Virgin.

Also of note in the church are earlier depictions of Blessed Andrea Gallerani attributed to the school of Simone Martini, a St Peter and Paul by Bartolomeo Bulgarini, and a 14th-century ivory triptych and icon of the Madonna di Monteguaitano, originally from the church of Maria Santissima del Rosario.

Other frescoes in the church were painted by Giuliano Traballesi; canvases were present in 1840 by Lorenzo Feliciati and Jacopo Calvi, with statues by Giuseppe Mazzuoli.