Still traveling ‘light’, we’re breaking early with news of the EMIS acquisition clearing the CMA in the UK. Rock Health tries to put the best face on Q3’s US digital health funding doldrums.
Rock Health Q3 funding roundup: shrinking to fit ‘the new normal’ = the doldrums (Nothing mighty about being stuck in the horse latitudes)
CMA clears £1.2B EMIS acquisition by UnitedHealth Group’s Optum (UK) (It took a year, but UHG nabs the UK GP EHR leader)
Continuing our ‘light’ schedule, it’s feeling like autumn in endings and change. Cano Health is being parted out like an old unrestorable car. Veradigm’s Nasdaq troubles accelerate with delisting and UpHealth is another cracked SPAC. Yet there is encouraging fresh growth with one big merger in employer wellness benefits and two fundings in women’s midlife health and home-based acute care.
News roundup: Veradigm facing Nasdaq delisting, UpHealth files Chapter 11, Virgin Pulse-HealthComp $3B merger, MidiHealth’s $25M Series A, Inbound Health’s $30M Series B (Veradigm still hasn’t figured out a financial software problem after 6 months?)
Cano Health’s dismemberment: Texas, Nevada primary care centers sold to Humana’s CenterWell for $66.7M, more to come (Parting out the old car)
The ‘light’ schedule is a bit heavier than expected! Catching up on industry fundings and pivots, ATA, Walgreens at a crossroads, and the controversies surrounding DocGo in New York.
Short takes: Intuition Robotics gains $25M funding, Akili Interactive abandons digital Rx therapeutics, NextGen goes private for $1.8B, ATA’s DC advocacy ‘fly in’ + launches new tools on disparities
Walgreens trying to reboot “healthcare transformation” momentum, looking for new CEO, settling with Theranos litigants (The high cost of an industry race)
Could DocGo be another Babylon Health or Theranos? CEO resignation may be only the start of their troubles. (NYC/NYS controversy that may forecast further problems)
TTA will be on a light publishing schedule into mid-October as your Editor will be away for some additional time. Following up on Babylon’s bankruptcy and administration, was it simply another Theranos? The fate of the GP at Hand (UK) service seems to be separate from Babylon. As to the US Chapter 7, that will be in the news later this fall.
Our most recent articles from August
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 (Why Cassandra is warning you!)
Babylon Health UK operations on fire sale–buyers to be announced Friday 25 August (UK wrapping quickly, US slowly, and Rwanda?)
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 (Going sideways to please Mr. Market)
Cano Health appoints interim CEO as permanent; founder Hernandez steps down from board (Mark Kent will need to be Clark Kent)
Best of back posts!
Weekend reading: Forbes picks the next $1B startups, is TV streaming analogous to the future of healthcare? (Yes, there may be unicorns, and the fracturing of TV and healthcare)
Babylon Health files for US Chapter 7 bankruptcy, winding down Babyl Rwanda and ending care for 2.8 million users (Hull loss for Babylon. Parting out starts 12 Sept)
M&A and FTC/DOJ antitrust changes
Healthcare M&A hit a 3 year low in Q2 2023, to the surprise of none: KPMG (Many reasons why-and we add a few observations)
Another antitrust shoe drops: FTC, DOJ publish Draft Merger Guidelines for comment–what are the effects? (New restrictions not good for founders, managers, VCs)
FTC, DOJ float enhanced information requirements for HSR premerger notification filing process–what will be M&A effects? (More dampers on a down market?)
Insurtechs and their pivots
Living to fight another day: insurtechs Bright Health, Clover Health, and Oscar Health report improved Q2s, H1s (updated) (Bright still at brink, but Clover and Oscar pivoting)
Legal roundup: Dorsata sues athenahealth, provider group on trade secret theft, Nevada terms Friday Health Plans (Dorsata as another ‘David’)
Why the ‘insurtechs’ didn’t revolutionize health insurance–and the damage they may have done (Back to the legacy payers)
Bright Health to exit insurance business, selling California plans to Molina for up to $600 million–contingent on surviving to 2024 (A dicey proposition all round)
HIMSS and Informa
More details on the HIMSS-Informa partnership on HIMSS24-Global Health Conference & Exhibition (Net-net–not much change and perhaps improvements)
Done (and split) deal! Informa to “manage” HIMSS Global Health Conference & Exhibition (updated) (It’s a partnership. Really!!)
Funding for telehealth and digital health
Rock Health’s first half funding roundup adjusts the bath temperature to tepid, the bubbles to flat (2020-22 an aberration)
“Hope is not a business model”–advice from two VCs, with a bit more advice on basic banking (We unpack good advice for early-stage companies)
‘Warning flare’ study: will pandemic-induced digital health solutions get renewed by hospitals in 2023-4, or will they churn? (Get cracking with your account relationships)
Watch your cash burn! Now 31 months average for startups between Series A and B. Now what do you do? (Cautionary advice for startups)
Legal roundup: Teladoc class-action suit dismissed; NextGen EHR $31M Federal settlement; significant AliveCor-Apple antitrust ‘spoiliation’ update; class action suits filed against HCA, Johns HopkinsNews roundup: MHS Genesis EHR completes US rollout, telehealth selective savings by disease, CarePredict’s $29M funding, Amazon Alexa *Spying on You* (Confirming telehealth unevenly bends the curve)
Ireland’s Clare Island as multimodal rural telehealth and telemonitoring testbed (Very rural health on Ireland’s west coast)
Embedding ECG sensors to a supermarket cart (trolley) handle as ‘first-line’ screening for atrial fibrillation (Bringing monitoring to everyday life)
‘The Future of AI and Older Adults 2023’ now published (Laurie Orlov’s latest analysis)
VA awards four remote patient monitoring companies to share in $1B Home Telehealth contract (Medtronic wins again plus 3 newbies)
Perspectives: How AI and ML can accelerate the growth of telemedicine across the globe (Thoughtful take on the up-and-downsides of both)
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