TTA’s summer startup #1: Bright Health’s IPO, Noom’s $540M, UK news potpourri, CoverMyMeds big bang, pandemic health effects, deals and funding, more!

 

 

Weekly Update

 

A bumper crop this week as we ease into the unofficial start of summer and wind up May.

ATA2021 coming up (virtually) starting 1 June (At least you don’t have to get the jab before attending!)
News and deals roundup: CoverMyMeds ‘big bang’, Noom’s $540M Series F, insurtech Bright Health’s IPO, Grand Rounds-Included Health, GoodRx, Cedar-OODA, Huma, Bluestream Health’s outreach (So many we had to ‘short take’ them!)
UK news roundup: West Wales’ CONNECT project, WelcoMe app for disabled access, X-on Surgery Connect expands, Arc Health in 46 care homes, Alcove’s £75M contract with Suffolk County Council (Things moving along smartly)
An unappreciated long term pandemic health effect? Increased frailty among older adults. (Making up for lost time and health not easy or quick)
The Theranos Story, ch. 72: a little lifestyle and celebrity is admissible at trial–but not too much. And no profanity, please! (Hold the popcorn till Labor Day)
News and deals roundup: SCP Health-SOC Telemed, Epion Health-MSU, Sensyne Health’s new data agreements, Geisinger’s RPM app (Definitely ‘springing forward’)
Survey: 80% of Americans believe telehealth can provide quality medical care–up 23 points from 2020 (More confirmation of five years of progress in one)

From last week’s mini-update–our ‘top of the pops’ 

Tunstall excluded from Sweden’s framework agreements for municipal alarm and technology procurement (A software update that went sideways affects contracts in over 200 municipalities)

A small bombshell in the traditional PERS world (yes, it’s still there) is Philips’ sale of Lifeline to Connect America–which two years ago bought Tunstall Americas. Teladoc gets into the cognitive therapy app business–and sends a message–in a big way.

Connect America acquires Philips’ Aging and Caregiving, including Lifeline (Big news in aging services, though it’s Old Tech. And another Philips North America divestiture.)
Teladoc integrates the myStrength cognitive mental health app with their telehealth network (Sending a message to the smaller players?)

 

May may be chilly where you are, but we serve up some hot news in funding, wobbly Walmart’s dive into telehealth, Germany’s DiGA, a OnePerspective around stroke care, and a free webinar on what public health may look like post-Covid. And kicking off the month–a Theranos hearing (remember them?)

The Theranos Story, ch. 71: Holmes appears in court, lawyers argue celebrity, lavish lifestyle, Silicon Valley ethics (The consequences of ‘faking till you make it’)
News and funding roundup: Vida Health’s $100M Series D, Kry’s $316M raise, CVS and Advocate Aurora’s fresh funds, Boost Mobile offers K Health symptom checker (Substantial raises and more funding on the table)
Walmart Health moves into the hot telehealth area with MeMD buy (Continuing to be a puzzle)
What you need to know about Germany’s new DiGA fast tracking for health apps (New R2G research)
Webinar: Public Health and Responsible Innovation in a Post-Covid Europe 20 May
OnePerspective: Covid-19 accelerates digital stroke care for the East of England (Stroke Telemedicine Partnership with Visionable)

April closes with a !! NHS Digital appoints an interim CEO. A brace of UK virtual conference events starts in May–robotics is of interest internationally. Deals and funding include Buddi floating on the LSE this year, PlushCare bought for $450M, and Capsule’s $300 raise. Amwell raises its low profile a bit with a new platform and a surprise. And in dustups–David (AliveCor) takes on Goliath (Apple) about patent infringement on the core of AliveCor’s business. 

Breaking: NHS Digital appoints Simon Bolton interim CEO

2021 UK-RAS Network Robotics Summer Showcase 5 May-30 July and UK Festival of Robotics 19-25 June (If you’re interested in healthcare or other robotics, this is the place–and not just for the UK)
David sues Goliath: AliveCor claims patent infringement by Apple–ITC filing requests bar on Apple Watch US importation (Bring the popcorn, but it’s serious)
Amwell debuts new telehealth platform, Converge; previews Carepoint for hospital care into the home (Carepoint is the ‘stealthy’ move)
Funding roundup: new unicorn Capsule’s $300M, $100M for Caresyntax, Sesame Care’s $24M, UCM Digital Care’s $5M; MD Ally brings telehealth to 911 (No signs of cooling down in funding–but keep MD Ally on the radar which meets an unserved need)
Upcoming UK digital health events: The King’s Fund 24-27 May, UKTelehealthcare Marketplaces & Forum (Events are coming back–slowly)
News roundup: Buddi’s £500M LSE float, Accolade to buy PlushCare for $450M, Teladoc adds chief innovation officer, Tyto Care’s Italy expansion (Buddi a huge float for the UK)

And of continued interest–

News roundup: dogs sniffing out COVID, CVS rolling out OTC COVID tests, Hydrogen Health launches, Alcidion UK acquires ExtraMed (Man’s Best Friend can do anything but talk!)
Mayo Clinic creates AI-powered clinical decision/diagnostics support platform, two digital health portfolio companies (What Dr. John Halamka’s been up to)
A new event–and not all virtual! HLTH and CHIME to launch ViVE in March 2022. (Another sign of normal business)
Good news! Eight software functions no longer classified as medical devices under FDA. (One for the techies. And anything you don’t have to clear with FDA makes for a good day.)
News and deal roundup: Microsoft’s $20B deal for Nuance; Cigna Evernorth finalizes MDLive; GoodRx buys HealthiNation; Papa’s $60M Series C (And the money is still rolling)

 

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Telehealth & Telecare Aware: covering the news on latest developments in telecare, telehealth, telemedicine and health tech, worldwide–thoughtfully and from the view of fellow professionals

Thanks for asking for update emails. Please tell your colleagues about this news service and, if you have relevant information to share with the rest of the world, please let me know.

Donna Cusano, Editor In Chief
donna.cusano@telecareaware.com

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News and deals roundup: CoverMyMeds ‘big bang’, Noom’s $540M Series F, insurtech Bright Health’s IPO, Grand Rounds-Included Health, GoodRx, Cedar-OODA, Huma, Bluestream Health’s outreach

McKesson shmushes four units into CoverMyMeds. McKesson’s Big Bang combines four McKesson business units–RelayHealth (pharmacy networking), McKesson Prescription Automation (software), CoverMyMeds (medication access for patients), and RxCrossroads by McKesson (therapeutic and drug commercialization). They are being reassembled into one massive unit under the CoverMyMeds name. The unit will have about 5,000 people and will be headed by Nathan Mott. More here in a blog post/announcement posting that’s short on information and long on cheerleading.

And the funding rounds keep marching down the alphabet. Noom, the weight loss app, gained a generous Series F of $540 million led by Silver Lake with participation from Oak HC/FT, Temasek (Singapore), Novo Holdings, Sequoia Capital, RRE and Samsung Ventures. Valuation is now at $4 billion. Adam Karol, a managing director at Silver Lake, and former TaskRabbit chief executive Stacy Brown-Philpot will join Noom’s board. The fresh funding will be used to expand into areas such as stress and anxiety, diabetes, hypertension, and sleep.

Noom had a banner year in 2020, with $400 million in revenues as people tried to shed Pandemic Pounds (aided by a near-ubiquitous ad push). The app has had 45 million downloads to date in 100 countries, largely in the US, UK, Canada, Australia, Ireland, and New Zealand. According to a (paywalled) Bloomberg News report, feelers are out for an IPO which may be valued at $10 billion. TechCrunch, Reuters, FierceHealthcare

Bright Health Group filed its S-1 registration statement with the Securities and Exchange Commission (SEC). Their rumored $1 billion IPO will be on the NYSE and trade under the symbol BHG. Timing, share value, and number of shares are to be determined. It’s speculated that the valuation at that point is expected to be between $10 and $20 billion. Bright Health is an insurtech operating exchange and Medicare Advantage (MA) health plans under Bright HealthCare  in 14 states and 50 markets, covering over 620,000 lives. They also have a separate care delivery channel called NeueHealth, 61 advanced risk-bearing primary care clinics delivering in-person and virtual care to 75,000 unique patients. Last month, they purchased Zipnosis, adding their white-labeled telemedicine for large health systems business. Bright Health Group release, Mobihealthnews

Short takes:

Doctor on Demand and Grand Rounds, which finalized their merger earlier this month, have agreed to acquire Included Health. Terms and timing were not disclosed. Included Health specializes in care concierge and healthcare navigation services for the LGBTQ+ community. FierceHealthcare, Release

GoodRx acquired rival RxSaver for $50 million in cash in late April to bulk up against Amazon. FierceHealthcare

Medical billing and pre-visit tech company Cedar is acquiring payer workflow tech company OODA Health for $425 million deal in a mix of cash and equity. It’s expected to close at end of May. OODA’s co-founder, chairman, and co-CEO is Giovanni Colella, MD, also co-founded Castlight Health and founded RelayHealth (see above), so another successful exit for him. FierceHealthcare, HISTalk

London-based Huma, raised $130 million in a Series C. Leaps by Bayer and Hitachi Ventures led the round. The former, mysterious Medopad now seems to have settled on a platform that supports ‘hospital at home’ plus pharma and research companies in large, decentralized clinical trials. There’s an add-on of $70 million to the Series C that can be exercised at a later date. Release, HISTalk

White-label telehealth provider Bluestream Health is partnering with The Azadi Project to provide virtual care services to refugee women and girls fleeing from countries like AfghanistanIranIraq, and Syria for safety in Greece. “Bluestream Health has teamed with The Azadi Project to provide a virtual care platform that stretches around the world. The women fleeing war-torn and conflict-affected countries have suffered unspeakable abuse, and while seeking safety in Greece, they are further exposed to terrible living conditions and hostility.”  said Matthew Davidge, co-founder and CEO of Bluestream Health.  Release

Lasting effects of the pandemic lockdown on health and wealth

A PR hook for healthcare-related companies is a survey that tells us More Bad News about the effects of the pandemic and the US lockdown. Some of it is marketing content scrum, but the quantification of lasting effects has value.

  • Early surveys came from non-profits working with (largely) non-vendors, such as the Epic Health Research Network and Commonwealth Fund/Harvard/Phreesia studies.
  • Then later tracking studies such as those published in PLOS One, by FAIR Health and the Harvard study published in Health Affairs.
  • Focused studies such as those by GoodRx, the prescription discounter, with a surprisingly deep survey concentrating on the CoronaDepressed–mental health and the worsening of anxiety and depression, inferring from prescription usage. SECOM CareTech in the UK concentrated on the effects of ‘lockdown loneliness’ on older adults.

The latest survey comes from another free prescription coupon platform, RxSaver, concentrating on financial and medication adherence:

  • 51 percent of adults reported a negative financial impact resulting from the pandemic. 65 percent of them were Hispanic.
  • Over 60 percent of millennials reported continuing financial impact one year after the pandemic’s start.
  • Where are they economizing? Unsurprisingly, medication.
    • 15 percent of adults surveyed stopped taking medication in the past year. Of this group, the under 30 cohort comprised the largest demographic segment at 23 percent.
    • Trying to manage, 21 percent have used a prescription savings coupon, but 31 percent either didn’t fill prescriptions, skipped doses, or split their pills/capsules–all of which are risky.

Phoenix Research performed a Public Insights Survey for RxSaver, N=1,000 nationally representative adults ages 18 and older, and performed 20-22 January. There was no disclosure on survey methodology. This Editor hopes that other entities use this directional information in conducting larger and less product promotional research to be used by health organizations and policy groups. RxSaver web page, release.