...and soared to a $3.5 billion valuation. It achieved a $4.8 billion market capitalization after buying in October 2021 Lemonaid, a quick-diagnosis/quick-prescription telehealth company for minor but troublesome conditions that was touted, but never became, a nexus of, to quote the announcement, “healthcare that is based on the combination of your genes, your environment, and your lifestyle.” At the time, its future seemed unlimited between consumer genetic testing (genotyping, not diagnostic) for health and ancestry, building up Lemonaid into a full-featured virtual diagnostics and health service, while taking the deidentified data and marketing it for commercial research to Big Pharma,... Continue Reading
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TTA’s April Showers 3: UHG damp financials, Change hack, House grilling; Cerebral hands over $7M; VA may restart Cerner EHR implementation; NeueHealth gets $30M from NEA; TandemStride debuts trauma survivor app, more!
...buy Steward Health practices (UHG carries on as does company funding) Can digital health RPM achieve meaningful change with type 2 diabetics? New metastudy expresses doubt. (Major digital health findings from PHTI) This week’s Big Quake was DOJ’s antitrust suit against Apple for smartphone monopoly and control over apps. Another quake: 2023 data breaches were up 187%–when a medical record is worth $60, it’s logical. Early-stage funding and partnerships are back with a roar when AI’s in your portfolio. And Walgreens shrinks both VillageMD and distribution. 2023 US data breaches topped 171M records, up 187% versus 2022: Protenus Breach Barometer... Continue Reading
News roundup: Congress hammers absent UHG on Change cyberattack–and more; 10% unhinged at Hinge Health; Steward Health nears insolvency; Two Chairs $72M Series C
UnitedHealth Group facing direct Congressional criticism–and didn’t show up to answer it. The House Energy and Commerce Committee held a hearing yesterday on the BlackCat/ALPHV cyberattack on UHG/Optum’s Change Healthcare systems. Representatives of the American Hospital Association, which we noted led the earliest efforts to assess the situation, help health systems, and then lobby Health and Human Services to assist providers, the College of Healthcare Information Management Executives, and the Healthcare Sector Coordinating Council testified to a restive group of House representatives. Though reports have said that UHG had previously briefed the committee and CEO Andrew Witty will appear before... Continue Reading
ISfTeH student contest and award 2024–deadline 26 April!
...year, in October, the award session will take place, in which the winners (first, second and third place) will receive a cash prize sponsored by ISfTeH member, Medgate. If you are a student, but not yet a student member in the ISfTeH, submit your membership application at www.isfteh.org/members/how_to_join. If you are working at a school or university and would like your students to be involved in the contest, also contact Dr. Simone Farah. Editor Donna would invite our international Readers to keep up with ISfTeH on their website linked above, with member and supported affiliate events from Finland to Nigeria.... Continue Reading
Mid-week short takes: UnitedHealth’s $1.2B Q1 loss from Change attack, another Walgreens layoff, Dexcom-MD Revolution partner, Kontakt.io $47.5 raise, GeBBS Healthcare may sell for $1B
...in several waves earlier this year and last fall, VillageMD staff due to 140 closures, and 646 distribution center staff laid off last month. Walgreens stock is down 33% this year. In cheerier news, Dexcom is partnering with remote patient monitoring (RPM) provider MD Revolution to add its continuous glucose monitoring (CGM) system to MD Revolution’s RPM platform. MDR is a startup company marketing its RPM platform to large practices, health systems, and healthcare organizations. Current raises date back to 2015 totaling under $60 million mostly from venture round funding (Crunchbase). Release Inpatient data analytics company Kontakt.io raised a Series... Continue Reading
News roundup: VillageMD sued on Meta Pixel trackers; Cerebral pays $7.1M FTC fine on data sharing, cancellation policy; VA may resume Oracle Cerner implementation during FY2025; Epic-Particle Health dispute on PHI sharing
...involvement in these practices. Those have not been settled and apparently were severed from the company as a separate action (FTC case information). Since 2022, Mr. Robertson has consistently blamed company management and investors for pushing for bad practices such as prescribing restricted stimulant drugs. Cerebral countersued him for defaulting on a $49.8 million loan taken in January 2022 to buy 1.06 million shares of Cerebral common stock. More to come, as the order also does not address other Federal violations under investigation, such as those under the Controlled Substances Act. FTC release, FierceHealthcare VA to possibly resume Oracle Cerner... Continue Reading
The New Reality, Bizarro World version: NeueHealth gets $30M loan increase from NEA, now majority owner
Because NeueHealth needs money now after a 2023 cratering–then paying 2023 performance bonuses to its top execs. New Enterprise Associates (NEA), one of NeueHealth’s remaining key funders, has decided to double down on its bet and extended $30 million to NeueHealth. It’s structured as a credit facility agreement effective 8 April, with NeueHealth able to access $20 million immediately and the remaining $10 million after 180 days. It’s secured by penny warrants ($0.01) of 1,113,563 shares of the company’s common stock to the lenders. According to FierceHealthcare’s Noah Tong, this brings NEA’s shares to more than 2.76 million shares since... Continue Reading
TTA’s April Showers 2: Teladoc, Amwell’s future, VillageMD’s new COO, Change data on sale, digital health funding limps along, pending delistings, innovations sprout, more!
...Dexcom’s cleared OTC CGM, WebMD doubles down on health ed with Healthwise buy, Centene may sell abandoned HQ building. And Friday’s news is on a big cyberattack of an NHS Scotland region. Weekend roundup: NHS Dumfries (Scotland) cyberattacked; delisted Veradigm’s strong financials; One Medical NY patients’ coverage clash; Suki voice AI integrates with Amwell; Legrand and Possum extended; Zephyr AI’s $111M Series A News roundup: Cerner goes live at VA, DOD Lovell Center; WebMD expands education with Healthwise buy; Dexcom has FDA OK for OTC glucose sensor; Centene may have buyer for abandoned Charlotte HQ (Back to normal news!) Updates... Continue Reading
News roundup: Now Clover Health faces delisting; BlackCat/ALPHV affiliate with 4TB of data puts it up for sale; $58M for Biolinq’s ‘smallest blood glucose biosensor’
...nasty comments about BlackCat/ALPHV and claiming it had 4TB of data now has put the specs out on a dark web site called Ransomhub. The post first accuses ALPHV of stealing the $22 million ransom paid by UnitedHealth Group and not sharing it with the affiliate. It then claims it has highly sensitive data from multiple Change customers including active military PII (from Tricare), patient PII, payment and claims data, and much more. If Change/UHG isn’t interested, it will be up for sale to the highest bidder. Readers will recall the claims of ‘notchy’ early in the Change Healthcare attack... Continue Reading
Opinion: Further thoughts on Teladoc, Amwell, and the future of telehealth–what happens next?
...to any telehealth provider’s business whether corporate or provider-based. It mainstreamed telehealth. Smaller players like MDLive and Included Health snatched market share. But it also introduced ‘silly money’ that led companies to think that all they had to do was hold out the buckets, fill them with cash, and buy business. By late 2020, practices had reopened–and telehealth usage nosedived quickly, stabilizing to around 5% of medical claims, over 60% of which is mental health according to the FAIR Health end of 2023 telehealth tracker. The integration of telehealth into multiple platforms is now commonplace. This Editor observed in her... Continue Reading
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