Mandy Fard So, Mr. Wentworth started at Walgreens yesterday. I do understand that his job is the diversification of Walgreens healthcare services. As a consumer, I will never forget having a very very bad experience with one of their pharmacists a few years back. It was so bad that I had to write directy to their President of Pharmacy and Retail Operations as well as their VP of Customer Experience about it. I hope Mr. Wentworth's leadership will also influence the quality of Walgreens customer service. Wishing him much success. Donna Cusano The fact that another competitor, Rite Aid, is... Continue Reading
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Two studies: telehealth’s ‘generation gap’ and $22B target for healthcare generative AI–by 2032
...with MDLIVE (Evernorth/Cigna) coming in at 741 and Amwell 739. CVS’ telehealth is provided by Amwell. Where telehealth is provided by a health plan, the numbers were extremely close. UnitedHealthcare scored the best (702), with Kaiser Foundation Health Plan immediately behind at 701 and Humana at 695. UnitedHealthcare uses Included Health’s Doctor on Demand, Teladoc for Kaiser. The June-July survey included over 5,400 telehealth users within the last 12 months. Healthcare Finance, J.D. Power study page (subscription required for report). Generative AI for healthcare projected to be a $22 billion business by 2032 from $1 billion today. Generative AI is... Continue Reading
Funding/new business roundup: General Catalyst’s HATco ‘health assurance’ venture and $6B portfolio merger, Brightside Health expands, Diana Health’s $34M, Headway’s $125M, Main Street Health’s $315M
...scored a jumbo investment of $315M in new capital. Investors include Oak HC/FT as well as five of the largest national Medicare Advantage plans. Main Street equips rural partner clinics with Health Navigators who assist the clinic’s providers with patient care coordination, such as med pickup reminders, scheduling visits post-hospital discharge, scheduling preventative screenings, and assisting with social determinants of health (SDOH) services. They plan to expand to 26 states from the current 18. A typical clinic is located in a town of 3,000 to 5,000 people and has 2.5 providers, making this additional outsourced service valuable indeed. Release, FierceHealthcare... Continue Reading
Cano Health’s dismemberment: Texas, Nevada primary care centers sold to Humana’s CenterWell for $66.7M, more to come
...reverse stock split. NYSE has a six-month deadline for this. Once again, not a peep from the Cano 3 (resigned directors Barry Sternlicht, Elliot Cooperstone, and Lewis Gold). Perhaps they have resigned themselves to writing off their 35% of near-worthless shares in their collective portfolios. Given the above timelines, Q3 reporting due next month, and end of year looming, CEO Kent will need to be Clark Kent (the Daily Planet disguise of Superman) to pull Cano Health either to survival as a smaller entity, as stated in their press releases, a sale in toto of what remains–or a complete parting-out.... Continue Reading
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
Advance notice to Readers–be back in September!
...think we ALL need a break!) The 25 August weekly alert will be the last till then, except for a ‘best of’ edition. This will also give Editor Emeritus Steve Hards the opportunity and time to do some much-needed maintenance on our website, including our X (formerly Twitter) messaging (Elon Musk’s curveballs) which is off-piste and on our email platform, ‘in the clear’. Just so you don’t forget us, our Alert subscribers will receive a Saturday ‘best of’ email with back articles of interest on 2 and 9 September. Have a happy rest of Summer and see you in September!... Continue Reading
Short takes: FTC’s Lina Khan’s vendetta on tech, employers disillusioned with virtual care, telepsychiatry cuts LOS and inpatient ED, Lotte’s AI-assisted telepsych diagnostics, ThymeCare’s $60M Series B
FTC, the new three-letter Headache for Healthcare. Your Editor has been closely following the Federal Trade Commission (FTC) and Department of Justice (DOJ) changes to antitrust filing processes and merger guidelines. She has been alarmed by the weaponization of the previously fast-asleep 2009 Health Breach Notification Rule against ad trackers to collect quick fines from GoodRx and Teladoc/BetterHelp and creating new policy. In fact, she has been feeling a bit like Cassandra shouting into a Category 4 hurricane. Comes along City Journal, published by the Manhattan Institute think tank, that delves deep into the belief system of FTC chair Lina... 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
It’s another jump into the unknown between bankruptcies, layoffs, and funding raises for the Lucky Few. Emblematic of this year as we prepare to wind up this Crazy Summer in the next few weeks. Rwandan government scrambling to keep Babyl services going. According to a local website, The EastAfrican, on 7 August “Health Minister Sabin Nsanzimana convened a meeting with the head of Babyl’s operations in Rwanda, Shivon Byamukama, to formulate a contingency plan to mitigate the impact of the company’s bankruptcy.” The Rwanda Ministry of Health is trying to secure the Babyl Rwanda operation that serves 2.4 million Rwandans... Continue Reading
Weekend reading: Forbes picks the next $1B startups, is TV streaming analogous to the future of healthcare?
...raised $47 million and has revenue of $6 million. Is there a usable analogy between the TV streaming wars and healthcare’s future? This essay in Becker’s Hospital Review is unusual for them. It draws a line between the fragmentation, redundancy, and overlap in entertainment that streaming services such as Hulu, Disney+, and Netflix have created, to the fragmentation, redundancy, and overlap between health systems and health companies such as Optum, Humana, CVS Health, Walgreens, and even Amazon in taking care away from the hospital setting into clinics and the home, breaking the centralized hold that health systems have had on... Continue Reading
Babylon Health files for US Chapter 7 bankruptcy, winding down Babyl Rwanda and ending care for 2.8 million users (updated)
...Inc. and Babylon Healthcare Inc. are the two entities filing Chapter 7. There are hundreds of creditors, but as is typical in Chapter 7 bankruptcy, only the creditors secured by collateral will have some chance of being paid something on the dollar. AlbaCore Capital alone is owed $34.5 million from their recent bridge financing and an earlier $300 million in notes due 2026. Katie Jennings, the writer, notes that Babylon has three other subsidiaries incorporated in Delaware, none of which filed for bankruptcy. In the filings, Babylon’s assets and liabilities are listed as between $100 and $500 million. She attempted... Continue Reading
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