...from two bad dips to $6 in May and December 2022. NS Medical Device DocGo’s response to the AG’s office and to the comptroller, the politics of the New York State and City crisis around thousands of migrants flooding housing, the streets, and schools, whether their contracts continue, and their internal financials will determine DocGo’s viability in the future. For those of us with long memories though, DocGo is repeating a pattern: first Peak Hype Altitude, then the Pileup of Problems on their wings, finally crashing to Total Hull Loss. Those are the ominous parallels with Theranos and Babylon Health.... Continue Reading
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Echoes of Theranos in Babylon Health? And additional information on GP at Hand.
Was Babylon Health all a fraud, and where would it place on the Theranos scale? There is an excellent article in MedCityNews that if true, exposes Babylon’s technology as, at minimum, far less than ever claimed. From the perspectives presented, their crash was inevitable. MedCityNews returns to the original debunker, best known to our UK Readers as @DrMurphy11. In February 2020, while Babylon rode a tide of UK hype (not yet in the US), Dr. David Watkins, a consultant oncologist, revealed himself publicly via BBC’s Newsnight [TTA 27 Feb 2020]. He had been documenting Babylon’s chatbot diagnosis problems in GP... Continue Reading
Babylon Health UK in administration, assets sold to eMed Healthcare Ltd.
While this Editor is on vacation leave, she also knows that Readers are interested in the outcome of Babylon Health’s administration in the UK. The basic story: The UK administrator appointed by the courts is Alvarez & Marsal, an experienced international advisory services firm. We thank A&M for sending us their release. They are supervising the sale of assets of Babylon Group Holdings Limited (“BGHL”) and one of its subsidiaries, Babylon Partners Limited (“BPL”) (“the Companies”). eMed Healthcare UK Ltd., a new subsidiary of a US company in primarily medical testing, acquired certain assets of BGHL and BPL. These assets... Continue Reading
Babylon Health UK operations on fire sale–buyers to be announced Friday 25 August (updated)
...left in the proverbial lurch. Sifted.eu, Becker’s The sale does not include the US operations that are included under the Chapter 7 liquidation which is still in the filing of documents stage. Babylon US, which generated most of Babylon’s revenue, has already shut down. Close to half its business was with Centene entities such as Ambetter and WellCare, which terminated their contracts on 8 August, the day after the collapse of the AlbaCore deal. The only operating part of Babylon is the Meritage Medical Network, a medical practice IPA. Next steps start tomorrow, Thursday 24 August, for documentation of its... Continue Reading
Mid-week roundup: Babylon Rwanda update, CVS Health laying off 1,700+, Optum laying off too, Veradigm’s third non-compliance Nasdaq notice, AireHealth auctioning assets, Viome’s $86M raise + CVS retail kit deal
...(not Babylon’s 2.8 million, but still close to 20% of population) and employs over 600 people–doctors, nurses, call center agents, and software developers, Babyl is maintaining normal daily operations for now while Babyl Rwanda’s managing director, Dr. Shivon Byamukama, told the publication that the Rwanda operation is in active discussions with potential investors and partners either as a standalone entity or in partnership with another body. One wonders where the $2.2 million in funding from the Bill & Melinda Gates Foundation went. CVS Health is starting to wield the knife on its promised (to investors) 5,000-person layoff, starting with at... Continue Reading
Babylon Health files for US Chapter 7 bankruptcy, winding down Babyl Rwanda and ending care for 2.8 million users (updated)
...the email was signed ‘Babylon Leadership’. The Gates Foundation did not comment on whether the foundation had been informed of Babylon’s plans to wind down service. Previous TTA coverage back to May: Babylon Health shuts US operations, goes into UK receivership, Babylon merger with AlbaCore and MindMaze collapses, selling UK and transitioning US businesses, bankruptcy anticipated, Babylon Health to go private with AlbaCore in planned ‘Take Private Proposal’, combine with MindMaze, Babylon Health to go private (includes summary of Q1 financials) This story is developing. *’Hull loss’ describes an aviation accident that results in catastrophic, unrecoverable damage to the aircraft.... Continue Reading
Cano Health at precipice of bankruptcy after disastrous Q2, lays off 700
Primary care provider Cano Health may follow Babylon Health down the same drain. After announcing a horrible Q2 last week, Cano Health in its press release finally admitted that their “liquidity is not sufficient to cover the Company’s operating, investing, and financing uses for the next 12 months”. 700 people, or 17% of its current workforce, will be laid off during Q3 as part of restructuring. Cano, or what will be left of it after the following, is officially up for sale either whole or partially, ASAP. Cano will exit three states and one territory: California, New Mexico, and Illinois... Continue Reading
Healthcare M&A hit a 3 year low in Q2 2023, to the surprise of none: KPMG
...by UBS, all in fairly short order in late winter, ant that will tend to curb anyone’s enthusiasm. It also affected companies that located their cash, investments, and payables/receivables in these banks. High valuations seem to have an inverse relationship to survival. This past year has seen the total ‘hull loss’ of the following former ‘industry darling’ companies: Pear Therapeutics, SimpleHealth, The Pill Club, Hurdle, Quil Health [TTA 11 July], and now Babylon Health. Teetering on the edge are Bright Health Group and possibly 23andMe. Insurtechs Clover and Oscar are cleaning up frantically, trying to recover. Established companies such as... Continue Reading
Babylon Health shuts US operations, goes into UK receivership
...for privacy reasons, went to login for a scheduled therapy appointment today, she received the following message on her Babylon app, according to a screenshot. “Babylon’s clinical services and appointments are no longer available. For details about your health plan benefits and to find a new provider, contact your health plan.” It appears that Babylon is putting the responsibility of the “transition” on patients and their insurance companies. An email Linda received from Babylon at 11:02 am ET said: “We know you may have questions about this change. Your health plan’s dedicated Member Services team can assist you. You can... Continue Reading
Babylon merger with AlbaCore and MindMaze collapses, selling UK and transitioning US businesses, bankruptcy anticipated
...release copy. Babylon is selling its UK businesses. The company is pursuing the divestiture of its UK business to third parties to provide financing to assure the continuity of Babylon’s operations. There is non-surprising coverage language in the release that “it cannot provide assurance that any of these initiatives will result in Babylon entering into a definitive agreement for or completing a divestiture” which means that the UK businesses may close without a transition. Babylon will be transitioning its US business to other providers. It is exiting its core US business. As to the transition, no providers are disclosed as... Continue Reading
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