A sobering, mercifully hype-free view of AI in healthcare

Way up there on the Peak of Inflated Expectations in the Gartner Hype Cycle is that two-letter creature, AI. Artificial Intelligence has been invoked in multiple tech fields, and Microsoft in the US currently is running 30 second commercials about how AI is “making tomorrow today” but without much explanation as to how.

If AI’s current puffery makes you dizzy, long-time observer of the Healthcare Scene Anne Ziegler’s article in Hospital EMR and EHR might stabilize the whirlies. In direct and brief terms, she classifies the realities of healthcare AI adoption in three areas:

  1. Lack of Transparency. How does AI reach its conclusions in making ‘good decisions’? Sometimes the logic of the conclusion is obvious, but often it is not, and what you get is physician and clinician bypass–and suspicion.
  2. That Old Monkey Wrench Tossed into Existing Processes. It’s taken a long time for organizations to fully integrate their EHR inputs and documentation. Throwing in an AI implementation even in a limited sense may require more adjustments than the outcomes are worth.
  3. It’s Too, Tooooo Much Data. Healthcare organizations do not suffer from a paucity of data. AI feeds on data. Sounds like a good match, doesn’t it. Except that a lot of this data isn’t usable without filtering and mining, and that takes a lot of processing. The future may have more advanced data processing and indexing tech to do that, but right now even natural language processing to identify useful information is rare in the field.

Widespread AI use in healthcare is, despite the IBM Watson Health hype, a long way off. In healthcare, the rubber must meet the road of patient care and clinical practicality to be useful to us with Non-Artificial Intelligence. Problems We Need To Address Before Healthcare AI Becomes A Thing

No more smartwatches or connected tablets? Reading human vital signs through walls via a reverse Wi-Fi box and machine learning

A monitoring future without smartwatches, pendants, or transmitting readings through your tablet? A professor at MIT has developed a box, about the size of a Wi-Fi router, that can monitor a person’s vital signs throughout the house. Like Wi-Fi, the device emits a low-power wireless radio signal, but the device then measures the return on those radio signals from the bodies in the residence. The ‘neural network’ takes the data from the tiny changes in electromagnetic signals to track physiological signs as the person moves from room to room, even through walls, using machine learning to analyze those reflected signals and extract physiological data such as breathing, heart rate, posture, and gait. The device has also been tested on sleep patterns including sleep stages, which means it could replace the awkward and artificial electrodes in a lab which are usual for sleep testing.

Dina Katabi, a MIT professor of electrical engineering and computer science, built this box in her lab. So far it has been tested in over 200 homes around the US, tracking the baselines of healthy people and those with Parkinson’s, Alzheimer’s, depression, and pulmonary diseases. In the case of Parkinson’s, the data gathered by the device over eight weeks in the home of a patient indicated that his gait improved around 5 or 6 am, right around the time he took his medication. Data is encrypted and Professor Katabi has stated that the setup process requires a user to complete a series of specific movements before it’s possible to be tracked. She has also cofounded a startup, Emerald Innovations, to commercialize the technology. If it is workable beyond the test stage, it has the capability to revolutionize remote patient monitoring. Engadget, MIT Technology Review

3rings assistive tech will be ringing off next March (UK) (updated)

[grow_thumb image=”http://telecareaware.com/wp-content/uploads/2014/02/3rings-logo-only.jpg” thumb_width=”150″ /]Another assistive technology/TECS company decides that they have reached the end of the road.

Mark Smith, one of our Readers and Business Development Director of 3rings, which has been featured more than a few times in these pages over the past six years from Kickstarter days, this morning passed along the sad news that 3rings is closing. From Steve Purdham, the founder and chairman (and updated by him today 19 September):

It is with great regret and sadness that we have to inform you that we will be bringing the 3rings Care plug and Internet of Things sensor service to a close. 

After a journey of 6 years we have taken this decision because the technology adoption within the Social care market is extremely slow moving, which means that we are not able to attain a sustainable business model that would give the quality, and daily operational support that we believe is the minimum we would expect to deliver, to look after you, our customers.

Our customers including individuals, regional council’s and housing association’s that use 3rings as a safety net of care, are very important to us and this is the reason why we haven’t waited until the last moment to notify you of our decision.

With this in mind, we will be maintaining support for the 3rings care service, including the Plug and IOT sensors platform until Friday 1st March 2019.

Given the extended notice period we feel that this provides enough time for you to make alternative arrangements.

The 3rings team strongly believe in the world of IoT sensors and true digital solutions to provide a safety net of care, 3rings has always evangelised this as our goal, we know that digital safety nets of care will change the face of social care in the future. With that in mind we are still exploring alternatives and should anything change we will inform you at the earliest opportunity.

We are truly sorry to have to deliver this message, but can I personally thank you for your support, we are immensely proud to have helped so many families and vulnerable people, and to have saved lives through the 3rings service.

Your support for the 3rings product range made a massive difference, and we thank you for your understanding and commitment to providing to the safety net of care for your loved ones or clients.

Should you wish to clarify anything or have any comments then please don’t hesitate to contact me directly either by email on steve@3rings.co.uk or call me on 01260-222853 or my mobile 07899 803555.

Yours sadly
Steve
Steve Purdham · Chairman

Steve, in his separate note to this Editor, explained that they chose this four-month-plus winding down in order to responsibly look after their customers so that they have enough time to transition to other monitoring systems. Individual users of 3rings will be separately notified as well.

It was, as Mark said, a shock, but as this Editor noted in the Canary Care article from earlier today, in many ways the TECS/AT/telehealth business has not progressed much since 2006. The funding, technology, and consumer acceptance are all better since the early 2000s, but there is a lot more competition with not enough market takeup to warrant it. Even 3rings’ integration with the very trendy Amazon Echo and the IoT space showed innovation, but not the reward.

The social care area is more developed in the UK than the US as a concept. In the US, we speak more about ‘social determinants of care’, with one determinant–transportation–getting most of the action and the money. When you look at the truly disproportionate amounts of investment in certain hot companies with sexy tech, for instance a few ‘unicorns’–the now expired Theranos being the Poster Child–where far smaller amounts funding tech that works in real companies with real customers would do immediate good and would change things in the long term (longer than 18 months, which is the usual VC horizon), one wonders if we haven’t gone a little bonkers.

Yet those of us in the industry remain hopeful. As Steve Purdham said to me in a separate note, “the market has all the tools to change face of social care but the families and the existing structures are so glacial in the acceptance of this change. It will come and it will make a massive difference when it does.” We’re all trying.

We wish Steve, Mark, and the 3rings team all the best–and perhaps a White Knight will Save the Plug. Hat tip to Gerry Allmark of UK Telehealthcare as well for the information.

Canary Care goes into administration, is acquired by Lifecycle Software (UK)

[grow_thumb image=”http://telecareaware.com/wp-content/uploads/2018/09/Canary-Care.jpg” thumb_width=”150″ /]Abingdon-based Canary Care, a developer and marketer of wireless sensor-based home health monitoring systems, has gone both into administration (the closest US equivalent is Chapter 11 bankruptcy) and been acquired by Lifecycle Software Ltd., a developer of CRM and billing software for telecommunications, internet service providers, and utility companies. In US terms, this is basically a pre-packaged bankruptcy.

According to their listing on Companies House, the administration started on 31 August. At the end of August, Lifecycle acquired the company (5 September press release). The Lifecycle website now features that Canary Care will be ‘keeping your dearest nearest’.

Stuart Butterfield, a Canary Care director as well as interim managing and technical director, was kind enough to answer my inquiry about the company’s status with a message that expressed a great deal of hope:

So, we’re still very much alive, and will continue to provide the Canary Care product and service that our existing customers know and love. As you will be aware, adoption of TECS is painfully slow. However, our new owner provides us with the stability and resources to continue to develop the Canary Care offering and we’re very excited and optimistic about the future and the opportunity to bring Canary Care to a wider audience.

Innovative assistive technology/TECS, despite the investments by major players, remains a difficult area for funding and adoption not only in the UK but also in the far larger market of the US and Canada. While we see a Best Buy acquiring GreatCall, we’re also reminded that GreatCall picked up the remnants of Lively for the IP and Healthsense for their assisted living customers and for the technology. The “name” health tech companies of the early ’00s are largely gone or no longer independent (Viterion, Living Independently, HealthSpot, Cardiocom, WellAware…)

In many ways, we have not progressed much from, say, 2007, in the field, except for tech advances and the number of players.

We wish Canary Care and Lifecycle success–and the patience they will need with this market. Hat tips first to a UK industry insider who alerted this Editor, as well as Gerry Allmark, managing director of UK Telehealthcare for help in sourcing Companies House.

AI promises, promises! Babylon Health to spend $100m, hire 1,000 to develop leading AI platform

Babylon Health’s CEO Ali Parsa announced at their headquarters last week that the company would be spending $100 million to develop the ‘world’s leading AI healthcare platform’. In the company of Health Secretary Matt Hancock, an admitted GP at hand fan (nothing goes better after poring over your red boxes), Mr. Parsa confirmed that the 1,000 data scientists, programmers, and clinicians would be based in London after a global search of suitable cities. They will be helping to design the next generation of health AI for diagnosis and to support patients with long-term conditions. 

The report in Digital Health noted that the audience included key figures such as Malcolm Grant, chairman of NHS England; Dr Simon Eccles, NHS England CCIO; and Juliette Bauer, head of digital experience. This is despite Babylon challenging the Care Quality Commission (CQC) over an unfavorable report [TTA 11 Dec] and being put on hold by Birmingham as well as Hammersmith and Fulham CCGs [TTA 23 Aug].

Babylon is well able to afford this as Prudential Asia (Prudential plc) has licensed Babylon’s software for its own apps across 12 countries in Asia for an estimated $100 million over several years. Forbes  It also inked a deal in June to provide insurer Bupa’s Instant GP to corporate clients [TTA 21 June]. Will this include a foray into the US? No clues so far!

Cigna’s $69 million acquisition of Express Scripts clears US Department of Justice hurdle

As reported on 8 Sept, the DOJ announced on Monday that they have formally cleared the Cigna acquisition of pharmacy benefits manager Express Scripts. This puts together a major payer with a PBM manager, the latter area considered to be challenged for profitability as the PBM drug rebate model may be substantially less profitable in the future. Federal policy pressure is ramping up from Health & Human Services (HHS), with Secretary Alex Azar only last week promising disruptive change and more transparency in drug pricing.

CVS (PBM-Caremark) with Aetna is in the works and Anthem is creating its own PBM called IngenioRx. UnitedHealthcare has its own OptumRx for some years. 

Another point of pressure on the entire PBM category is the Amazon-Berkshire Hathaway-JP Morgan combine, sometime in the future when the hype and speculation on What Amazon Will Do turns into actual plans beyond their acquisition of tiny, specialized player PillPack for an exorbitant $1bn [TTA 4 July]. 

The DOJ investigation took six months, reviewed more than 2 million documents, and more than 100 industry people were interviewed.

Cigna and Express Scripts now must negotiate over 50 state departments of banking and insurance–over 50 because some states have two. Both companies already have shareholder approval, and the lack of overlap in their businesses limits the possibility of divestitures. Their advocacy website is here. But state DOBIs can be unpredictable, as Cigna found out with Anthem. (Their contentious breakup is still being contested in court–and Cigna could use the contractual breakup money to ease the Express Scripts debt estimated at $15 bn. Forbes.  Bloomberg, Healthcare Dive

Weekend reading: the deadly consequences of unpredictable code

The Guardian’s end of August post-bank holiday/pre-Labor Day essay on how algorithms are morphing beyond the familiar if/then/else model we learned in coding school or in the IT engineers’ bullpen as you strained to understand how the device you sought to market actually worked is scary stuff, especially read in conjunction with the previous article about Click Here to Kill Everybody. We may be concerned with badly protected IoT, cybersecurity, and the AI Monster, but this is actually much nearer to fruition as it drives areas as diverse and close to us such as medicine, social media, and weapons systems.

The article explains in depth how code piled on code has created a data universe that no one really understands, is allowed to run itself, and can have disastrous consequences socially and in our personal safety. “Recent years have seen a more portentous and ambiguous meaning emerge, with the word “algorithm” taken to mean any large, complex decision-making software system; any means of taking an array of input – of data – and assessing it quickly, according to a given set of criteria (or “rules”).” Once an algorithm actually starts learning from their environment successfully, “we no longer know to any degree of certainty what its rules and parameters are. At which point we can’t be certain of how it will interact with other algorithms, the physical world, or us.”

What’s happening? Acceleration. What’s missing? Any kind of ethical standards or brakes on this careening car. A Must Read. Franken-algorithms: the deadly consequences of unpredictable code

IoT=Cyberdisaster, if we don’t chill innovation and secure it. It’s hip to be scared!

It’s hip to be scared and chill out innovation till we can secure it. That is the plain thought behind the new book Click Here to Kill Everybody, Bruce Schneier’s take on how IoT is going to wreck our lives. Basically, if it can be hacked, it will be, and the more we make dumb things smart, the easier this mischief will be able to hurt us–not our data, but our lives, health, and property.

As our Readers know, TTA has been calling out the threat to humanity since The Gimlet Eye lampooned Internet Thingys doing things against their will back in 2015 and more seriously here. (And yes, parking meters can be paid on a smartphone app in the resort burg of Cape May, NJ.) We have explored, for instance, how easy it is for Black Hats to exploit medical devices and to get into networks via fax machines and all-in-one printers.

Mr. Schneier is not a Luddite. For starters, he is a fellow at the Berkman Klein Center for Internet and Society at Harvard University and a lecturer in public policy at the Harvard Kennedy School. He is on the board of the Electronic Frontier Foundation and is chief technology officer of IBM Resilient, which helps companies prepare to deal with potential cyberthreats. But he can’t buy an unconnected new car (think of that eight-year-old Black Hat waiting to sabotage your steering) and you can’t get an unconnected DVR. It’s getting near-impossible to buy a dumb TV that doesn’t spy on you and to live a lifestyle that is fully disconnected unless you go ‘Life Below Zero.’

So what he is proposing is to ‘chill innovation’ as we do with medical devices and pharmaceuticals for safety’s sake. (Editor’s emphasis)

There’s no industry that’s improved safety or security without governments forcing it to do so. Again and again, companies skimp on security until they are forced to take it seriously. We need government to step up here with a combination of things targeted at firms developing internet-connected devices. They include flexible standards, rigid rules, and tough liability laws whose penalties are big enough to seriously hurt a company’s earnings.

Yes, they will chill innovation—but that’s what’s needed right now! The point is that innovation in the Internet+ world can kill you. We chill innovation in things like drug development, aircraft design, and nuclear power plants because the cost of getting it wrong is too great.

Thoughtful writing and point of view. This Editor would also make the argument about public sanitation, public water supplies, and somewhat in housing, although I would argue that the automotive industry pushed for ease of use (the self-starter) and safety long before the government was engaged, and we are sure Readers can cite more examples.

Just because we can do it technologically does not mean it is the safe, beneficial, and moral thing to do. The more you know about technology, the more you realize it’s good to be more fearful and less trusting of technology, an odd sentence for an health tech Editor to write. But she does like living in one peaceful piece. Think about that when you hear the next Rhapsody about All-Electric Self-Driving Cars, Trucks, and Scooter and How Wonderful They Will Be. MIT Technology Review

Best Buy update: ‘Assured Living’ assuredly up and running. And was this Editor’s in-store experience not typical?

Reader and Opinionator Laurie Orlov wrote this Editor to advise her that Assured Living was most definitely alive and well in Best Buy-land. The Assured Living page presents a variety of services, starting with a personal monitoring service (video) for an older adult that starts with a fairly standard pendant PERS (two way) and also creates an in-home network of motion sensors for doors, windows, and furniture installed by Geek Squad. These sensors send activity to a control panel which tracks activity and wellness patterns (sic!–as we know it’s algorithms and rules in the software). Within about a month, the system will send real-time automated alerts if something is out of the ordinary. The video then promises the usual ‘deeper insights’ into wellness and potential issues with the older person.

What doesn’t sound like QuietCare circa 2006, down to the need for installation, are the Wi-Fi camera in the doorbell and the automated remote door locks, the tie ins with the Mayo Clinic and UnitedHealthcare. 

We both speculated on the motion sensor set as being Lively Home (from GreatCall) –Laurie added possibly Alarm.com’s BeClose, which has supplied Best Buy in the past.

Assured Living is available only in limited markets (not listed) but you can get 10 percent off with AARP! But product packages go up to nearly $189.97 for a one time fee plus $29.99/month, not inclusive of that nifty doorbell camera and remote door locks.

One wonders if the reluctance of older adults to admit they need monitoring and consent to the installation is less than in 2006, when QuietCare’s and ADT’s sales people had difficulty overcoming the reluctance of a person living home on their own to be monitored by their (usually) child. Sometimes a sale would be made, the installer would come, and the installer would be shooed out after second thoughts. The genius of GreatCall was in making technology palatable to this market by assigning it a positive use, such as communicating with friends and direct personal safety, not someone minding her. Right now, the template is 2006 with a tech twist.

Drop in and visit Laurie Orlov on her Website We Like, Aging in Place Technology Watch. (She’s alarmed about chipping people too and frames it as more of a security and a moral issue than this Editor did, who prefers her chips to be chocolate and her cars to be driven by her alone.)

As to this Editor’s ghostly experience buying a TV in store, perhaps I should have invited a Best Buy rep over! Reader, former Marine flyboy, eldercare expert, and full time grandfather John Boden did and got a simple solution to an annoying problem. Read about it in comments on our prior article here.

Rounding up September’s start: AliveCor’s hyperkalemia detector, Apple’s ECG Watch, Tunstall Nordic’s EWII, steps towards a bionic eye, Philips licenses BATDOK, VistA’s international future

[grow_thumb image=”http://telecareaware.com/wp-content/uploads/2017/12/Lasso.jpg” thumb_width=”120″ /]AliveCor gets a fast track for its bloodless hyperkalemia (high blood potassium) detector through the FDA Breakthrough Device program. Working with doctors at the Mayo Clinic, they developed a way to read patterns in electrocardiograms (ECG/EKG) that track increasing potassium levels without drawing blood. While attributed in the CNBC article to AI, it seems closer to machine learning. Hyperkalemia is a condition that is seen in type 1 diabetes, chronic kidney disease, and other kidney related conditions. The device and software is at least one year away from approval including a clinical trial, even on this program which further speeds up the Expedited Access Pathways (EAP) program under the 21st Century Cures legislation. AliveCor currently markets the Kardia Band that reads ECGs.

Meanwhile, the Series 4 iteration of the Apple Watch moves further into the medical device area–and AliveCor’s ECG niche–with a built-in atrial fibrillation-detecting algorithm and an ECG, along with fall detection via the new accelerometer and gyroscope. The Apple Watch will start shipping September 21. Mobihealthnews.

Danish energy and broadband provider EWII has sold its subsidiary EWII Telecare A/S to Tunstall Nordic. EWII Telecare provides telemedicine and telehealth services on a tablet platform dubbed Netcare (video here). The EWII Telecare website is already down. Telecompaper, Tunstall Nordic release

Foundational technology for a bionic eye? The University of Minnesota has developed a method using 3D printing to create light receptors on a hemispherical surface. Printing a base of silver ink, the next layer was photodiodes of a semiconducting polymer which convert light into electricity. ZDNet

Philips Healthcare is licensing the Battlefield Airmen Trauma Distributed Observation Kit (BATDOK) technology for remote monitoring of vital signs by combat paramedics. Terms were not disclosed. BATDOK was developed by the US Air Force Research Laboratory, which sought commercialization. [TTA 6 Sept 17]  Mobihealthnews

What is generally not known about the VA’s eventually departing EHR is that it has for some years an open source version called OSEHRA VistA. Plan VI will expand VistA capability by making it compatible with different languages using Unicode and creating a reference implementation for global use. Working with non-profit OSEHRA are research groups in South Korea, China, and the Kingdom of Jordan. Release

Apply to pitch your older adult health solution at the SOMPO Digital Lab Pitch Event at Aging2.0

SOMPO Digital Lab Pitch Event, 14 November, Aging2.0 Optimize Conference, San Francisco

SOMPO Digital Lab, in partnership with California senior care communities Front Porch and Carlton Senior Living, will host a pitch event for high potential startups at the Aging2.0 OPTIMIZE Conference on 14 November in San Francisco. Startups focused on Brain Health, Caregiving and Daily Living and Lifestyle are invited to present. The grand prize is $5,000 and a pilot opportunity in the U.S. or Japan. Your startup must have raised a minimum of $100,000 up to a maximum of $5 million.

SOMPO Digital Lab is the innovation group of Sompo Holdings, one of the largest insurance and senior care conglomerates in Japan. Please view this document to see the eligibility requirements for this event: http://bit.ly/SOMPOapplication

Deadline is 28 September.

We should also mention Aging2.0 OPTIMIZE 14-15 November. For more information and to register, click here. For a list of their other local and international events (oddly, none in NYC for the foreseeable future), click here.

Can Best Buy have an effective older adult strategy when they can’t sell a TV?

We noted last month that the acquisition of GreatCall by big box retailer Best Buy was the next step in a strategy targeting an older adult market niche, with goods and services promoting digital health and wellness, ‘solving technology problems and addressing key human needs across a range of areas.’ GreatCall will be managed as a separate division because, as their CEO admitted, ‘it is a different business’, presumably continuing to do what they do best–direct marketing. Longer term, what GreatCall was purchased for is to enable what they have touted to investors as “Best Buy 2020 that includes Assured Living, a program aimed at using the mobile web, sensors and other digital or smart-home healthcare technology to help adult children or caregivers remotely check in on the health and safety of aging residents at home.” The acquisition is expected to close this fall.  Digital Commerce 360/Internet Health Management  

But will this strategy, which requires a bit of personal service and problem solving, work in the field? The result of a simple search and transaction for a common electronic product wasn’t a promising predictor. This Editor went to a Best Buy in search of a new TV set to replace her aged and fritzing Panasonic (the kind with a cathode ray tube). It was a rainy Saturday night in Paramus NJ, the kind of night on which only Those Determined To Buy brave the traffic to shop. After a sweep of the aisles looking for that senior-oriented healthcare technology, finding none, she hit the TV displays, adjacent to the laundry dryers.

With space measurements and a tape measure in hand, she looked at smaller TVs. Having already determined that a 28″ would likely be best, but with no 28″ on display, she measured 32″ sets which maybe, maybe could fit the TV spot in the wall unit. Smart? Roku? What do these mean, and do I need them? 720 px? 1080 px?  This went on for about 30-40 minutes. In that time, not one blue-shirted salesperson stopped to assist a willing buyer who just needed a little help. So she went in search of one, finding exactly…none. Other shoppers looking at larger sets? Also non-assisted. After a few more sweeps of the aisles, stopping to marvel at an QLED’s resolution, feeling a bit ghostly and ghosted, she tapped out and left, vowing to buy a Samsung online–anywhere other than Best Buy.

If this can happen with a straight-forward electronic product with a relatively willing buyer…what will happen to a more complex sale with a lower level of understanding? Without a better level of customer service, all the corporate strategy talk will simply…flop.

Oh yes, that live link to Assured Living? It goes to a page that says “We’re sorry, something went wrong.” 

CVS-Aetna, Cigna-Express Scripts reportedly on road to merger approval; Athenahealth in hostile takeover–or not (updated)

CVS’ pickup of Aetna, and Cigna‘s acquisition of Express Scripts are reported to be clearing the Department of Justice anti-trust review within the next few weeks, just in time for pumpkin season. The DOJ may have concerns on some assets related to Medicare drug coverage and may require a sell-off to resolve them. One potential buyer is WellCare Health Plans, which this week completed its acquisition of Meridian Health Plans and entered the S&P 500 on Monday. The Cigna-Express Scripts combine may not require any asset selloff. Seeking Alpha (report is from the Wall Street Journal).

The once blazingly hot Athenahealth is up for sale but can’t seem to get arrested by another healthcare company. Both Cerner and UnitedHealthcare passed on an acquisition. One of the larger shareholders, Elliot Management, initiated moves toward a hostile takeover in May, and in the process managed to oust founder and CEO Jonathan Bush on still-murky charges of past domestic abuse and workplace sexual harassment. Mr. Elliot is partnering with Bain Capital which owns Waystar, a revenue cycle management (RCM) company from the merged ZirMed and Navicure. Waystar could benefit from Athenahealth’s systems and IP. Mr. Bush would receive a relatively small sum in a sale –$4.8 million– with new executive chair and former GE CEO Jeffrey Immelt earning $150,000 a month in salary and $150,000 in restricted stock perhaps looking for a new job. Elliot’s reputation is that of a corporate raider–taking over businesses to strip assets and sell off the remains. New York Post, POLITICO Morning eHealth.

UPDATED 19 Sept Reports from yesterday indicate that Mr. Elliot has ‘balked’ at the $160 per share price that Athenahealth is asking, and may be angling for a lower price, according to the NY Post report. Reportedly no one else–Cerner and UnitedHealthcare–is interested, though Athenahealth has extended the bid deadline to 27 September. There may be problems uncovered by the due diligence. It’s also a recognized hardball lowball strategy to get the share price way down. The industry is betting on the latter because the former is difficult to contemplate for customers and healthcare as a whole. Also HealthcareITNews.

The Theranos Story, ch. 56: Bye, bye Theranos…but the litigation continues (updated)

[grow_thumb image=”http://telecareaware.com/wp-content/uploads/2018/07/Rock-1-crop-2.jpg” thumb_width=”150″ /]No more blood in this rock. Really. Theranos, according to a report by John Carreyrou in the Wall Street Journal (unfortunately paywalled) is dissolving. An email to shareholders by (short-lived) Chief Executive David Taylor informed them that the company will cease to exist soon, and that whatever remaining cash will be distributed to unsecured creditors in coming months. The email also added that Theranos made overtures to more than 80 potential buyers through Jefferies Group, but despite 17 NDA’s signed, none succeeded. 

The dissolution process will start on Monday, pending approval by the board and shareholders. 

The shareholders’ letter is available here (PDF) including the rationale on dissolution versus bankruptcy.

Over $60 million was owed to unsecured creditors but there was evidently only $5 million (net of expenses and fees) left in the kitty to distribute, which may be enough to buy lunch or copies of ‘Bad Blood’ for most. That is because Fortress Investment Group now has full control of the assets and intellectual property. Part of Japan’s SoftBank Group, Fortress invested $65 million in Theranos in December 2017 of a possible $100 million, collateralized by the patent portfolio. [TTA 28 Dec 17] At the time of the Holmes/Balwani indictments by the DOJ in June (nine counts of wire fraud and two counts of conspiracy), reports indicated that Theranos would shutter by the end of July.

The few remaining employees were reportedly given notice last Friday. The website is offline. No one from Theranos is speaking to media. This Editor wonders what the shareholders from the $600 million funding round [TTA 18 May 17] will do with their doubled shares–presumably, use the paper as firestarter in their fireplaces this winter along with their printed selfies with Ms. Holmes. (Fear not, they will be receiving a copy of the certificate of dissolution to give to their accountant and IRS.) 

At the time of the Fortress investment, this Editor wrote:

Our takeaway is that the IP is worth far more than the company and that is what has been bought. SoftBank would dearly like another entree into Silicon Valley for their tech portfolio and can use that IP, if not at Theranos, elsewhere. For Fortress, which has $36.1 billion in assets under management and now backed by SoftBank, $100 million is pocket change with a smidge of lint.

One wonders what SoftBank and Fortress will be doing with that IP.

Theranos will not be leaving the headlines soon, as the June indictment of Holmes and Balwani (who was pushed out by Holmes in 2016) and the sidelights produced by their ‘Tainted Love’ will provide schadenfreude for many months.

Reports: Reuters, CNBC (video-Squawk Box), USA Today, TechCrunch  Our 55 chapters chronicling the slow-motion crash of Theranos can be accessed here.

More events for your autumnal calendar, from Israel to Ireland to Santa Clara to NYC! (updated)

Startup of the Year, Mediterranean Towers, Ganei Tikva, Israel, Sunday 3 September, 6-8pm (Past–but there’s a winner!)

Mediterranean Towers Ventures, the investment subsidiary of the largest retirement living community in Israel, is sponsoring this competition featuring five finalists:

1. Facense – Facense Ltd. develops smartglasses with tiny thermal and CMOS sensors to measure vital signs unobtrusively and continuously, with one application being to detect a person having a stroke.
2. MyTView – My-TView’s proprietary technology enables dynamic modification and enhancement of real-time broadcasts, whilst numbing the “noise”.
3. Invisi.care – transforming existing non-medical data into an effective large-scale clinical prevention tool; a remote seamless population monitoring technology encourages independent and active lifestyle.
4. GaitBetter – A universal, VR based, expert system add-on transforming any treadmill to an operator independent motor cognitive training solution
5. TuneFork–a software audio personalization technology that gives you the optimal hearing experience anywhere you go. 

And there’s a winner–TuneFork. Their award includes free participation at the Aging2.0 Optimize Conference in San Francisco (14-15 Nov), professional mentoring by Mediterranean Towers Ventures, and the opportunity to be evaluated for investment. 

Hat tip to Dov Sugarman, co-CEO of MTV.

Health 2.0’s 12th Annual Fall Conference, Santa Clara, California, 16-18 September

This year’s conference, despite the corporate hand of HIMSS, may be as breezy as ever with a continued concentration on early stage companies and speakers like Lisa Suennen, late of GE Ventures, Sarah Krug of the Society for Participatory Medicine, and Sean Lane of Olive talking about AI. Register here, and dig deep for the ticket.

UK Health Show, ExCel, London, 25-26 September

A major and mostly free event for providers, NHS, local authorities, independent sector, and primary care that addresses system transformation and integration through digital technology, commissioning, procurement and cybersecurity. More information on their website here. Registration here (free full passes for providers and public sector, floor passes for vendors and commercial organizations)

Brain Health, Aging 2.0 Los Angeles, Thursday 27 September, 6-8pm

Not many details on this other than it will be in West LA and the topic will be Brain Health and Artificial Intelligence. The keynote speaker will be Adam C. Lichtl, Ph.D., CEO of Delta Brain, Inc. More information to come and RSVP for now on Eventbrite.

Inspiring Innovation in Digital Health: The UK Telehealthcare Marketplace Northern Ireland. La Mon Hotel and Country Club, Castlereagh, Belfast, Wednesday 3 October 10am – 3pm

UK Telehealthcare is traveling to Northern Ireland for their first event in the beautiful Lisburn & Castlereagh area, one of Northern Ireland’s fastest growing regions. It will be a showcase for digital technology to help people to stay safely and independently in their own homes for longer. A ‘don’t miss’. See the attached PDF for details including masterclass speakers and exhibitors. Free registration here. Hat tip to Gerry Allmark, UK Telehealthcare’s managing director.

Additional UK Telehealthcare events into December are listed on their main page which is linked through their advert on right or here. They are partnering with the UK Health Show (above) and exhibiting in the UK TECS Hub in the assistive technology area (blocks F98, F100, F92, F94).

MedStartr Momentum 2018, PwC Madison Avenue, NYC, Thursday-Friday 29-30 November

Put this on your calendars for after Thanksgiving. 20 startups, 9 Momentum Talks, 4 stakeholder panels, and Mainstream 2019. More here on Eventbrite and as in previous years, watch this website. TTA is a media partner and supporter of Momentum,  MedStartr and Health 2.0 NYC.

Two more events for the calendar: ATA’s EDGE18 (Austin TX), SEHTA/Brunel MedTech Connects (London)

EDGE18, American Telemedicine Association, 26-28 September, Fairmont Austin, Austin TX

The revamped fall meeting of the ATA is being held in Austin, Texas this year as EDGE18.  The conference will highlight emerging best practices in telemedicine and virtual care, which are accelerating delivery model innovation, program design, and technology implementation. Speakers will include industry thought-leaders from WalMart, Aetna, Blue Cross Blue Shield, Ascension Healthcare, Babylon Health, AHIP, and NY Presbyterian Hospital. There will also be interactive workshops and immersion tours (space limited) offering “hands-on” previews of new technologies and programs at the Austin offices of Fjord Austin, Dell Medical School, and others. For more information and registration, see their website 

MedTech Connects: SMEs to Universities – Brunel University Showcase, 10 October, Darwin Room, Hamilton Centre, Brunel University, London UB8 3PH, 09:30 – 15:00

Brunel University, SEHTA and the GLA are hosting a free conference to highlight research, teaching and commercial collaborations through the Co-Innovate programme, a Brunel initiative supported by the EU through the European Regional Development Fund (ERDF). This major event is designed to start partnerships leading to collaborations with Brunel’s Design, Computer Science and Business schools, and collaborative research bids including current opportunities from InnovateUK, UKRI, SBRI and the Industry Challenge Fund. More information and registration is here.