...This Editor will go further. A minimum requirement for the sale should have been security hardening. There was time before the closing. Senator Thom Tillis, R-North Carolina, had the best riposte. He brought a copy of “Hacking for Dummies” to the hearing, highlighting MFA. I doubt he was much moved by UHG now bringing in cybersecurity company Mandiant to both investigate and harden their systems, nor by UHG having to pay ransom, without knowing whose data was compromised. Beyond the breach, UHG was called ‘monopolistic’ by both Republican and Democrat Members. There were calls to break up UHG as not... Continue Reading
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Walmart Health shutters health centers, Walmart Virtual Care, in sudden move (updated–why?)
In a shocker, Walmart throws in towel on onsite primary care, urgent care, and telehealth, effective today (30 April). Walmart’s release stated that “we determined there is not a sustainable business model for us to continue” either service since “the challenging reimbursement environment and escalating operating costs create a lack of profitability that make the care business unsustainable for us at this time.” Analysts also attributed the difficulties to the rising cost of labor, real estate, complex billing procedures, and reimbursement rates that haven’t increased in years. The boom was lowered only three weeks after Walmart announced that they were... Continue Reading
TTA’s April Showers 4: UHG admits ransom payment–to whom? Interpreting Merger Guidelines misery, VA needs EHR testing help, DHA a ‘front door’; Lumeris’ funding, Optum layoffs, more!
...suddenly departs, Amwell at risk of a NYSE delisting–we look at What Happened and what needs to be done. VillageMD gets new COO to manage the shrinkage. And Change Healthcare data on sale from disgruntled ALPHV affiliate. Digital health funding continues to limp along. Clover looks at another delisting, Walmart Health applies the brakes. And we highlight innovations from Novosound, Biolinq, Eko, Universal Brain. Digital health’s Q1 according to Rock Health: the New Reality is a flat spin back to 2019 (Limping, but alive) VillageMD names new president and COO as it shrinks to 620 locations (Ex Centene, Humana exec... Continue Reading
What the DOJ and FTC Merger Guidelines mean for healthcare M&A–a Epstein Becker Green podcast
Are you in the (mostly) lucky group of companies seeking to buy or be bought? This podcast is a ‘must hear’ as likely you’ll be affected. Healthcare law firm Epstein Becker Green’s roundtable podcast in the ‘Diagnosing Health Care’ series is their half-hour condensed view on the new Federal Merger Guidelines that the Department of Justice (DOJ) and the Federal Trade Commission (FTC) finalized last 18 December. Their view on how it will affect healthcare organizations is not too different from your Editor’s lengthy review of the DOJ/FTC document published on 20 December. The DOJ/FTC end-of-year drop perhaps (ahem) was... Continue Reading
Who really has the 4TB of Change Healthcare data 4 sale? And in great timing, Optum lays off a rumored 20K–say wot?
...Amedisys buy stalling. Here’s a view at variance, not about the layoffs but about how UHG is really doing. STAT’s analysis of UHG’s financial report is that the Change losses barely dent the overall picture and won’t affect 2024 earnings. Q1’s loss was mostly the Brazil writedown. It also confirmed that CEO Andrew Witty had a certain gall to say in prepared remarks that the Change situation would have been so much worse had they not been owned by UHG. Mr. Witty will have some ‘splainin’ to do before the House and the Senate, 30 April and 1 May, respectively.... Continue Reading
Weekend reading: 23andMe’s exploding plastic inevitable fate–and what might have been
...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
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
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