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<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>Telehealth and Telecare Aware</title> <atom:link href="https://telecareaware.com/feed/" rel="self" type="application/rss+xml" /> <link>https://telecareaware.com</link> <description>News for the industry</description> <lastBuildDate>Wed, 24 Apr 2024 03:28:18 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <item> <title>Short takes: VA seeks vendor to support EHR testing; Defense Health seeks ‘digital front door’ vendor; GAO recommendations to Oracle; Nonin partners with Finland’s Medixine; Lumeris gains $100M equity funding</title> <link>https://telecareaware.com/short-takes-va-seeks-vendor-to-support-ehr-testing-defense-health-seeks-digital-front-door-vendor-gao-recommendations-to-oracle-nonin-partners-with-finlands-medixine-lumeris-gains-100m-equ/</link> <comments>https://telecareaware.com/short-takes-va-seeks-vendor-to-support-ehr-testing-defense-health-seeks-digital-front-door-vendor-gao-recommendations-to-oracle-nonin-partners-with-finlands-medixine-lumeris-gains-100m-equ/#respond</comments> <dc:creator><![CDATA[Donna Cusano]]></dc:creator> <pubDate>Wed, 24 Apr 2024 03:28:16 +0000</pubDate> <category><![CDATA[Latest News]]></category> <category><![CDATA[Defense Health Agency]]></category> <category><![CDATA[GAO]]></category> <category><![CDATA[Lumeris]]></category> <category><![CDATA[Medixine]]></category> <category><![CDATA[MHS Genesis]]></category> <category><![CDATA[Nonin]]></category> <category><![CDATA[Oracle Cerner]]></category> <category><![CDATA[va]]></category> <category><![CDATA[value based care]]></category> <guid isPermaLink="false">https://telecareaware.com/?p=37230</guid> <description><![CDATA[VA needs support for testers of the Oracle Cerner EHR. Formally, this is called the Independent Enterprise Testing and Support Services Contract for the Department of Veterans Affairs. This will support the testing community overseen by the VA Electronic Health Record Modernization (EHRM) Integration Office Program which is part of the transition/deployment to the Oracle Cerner EHR. The IETSS covers project management, test and evaluation support, testing and technology support, test systems engineering and implementation support and test process, and quality management support. As is typical of Federal/VA contracts, it is a hybrid firm-fixed-price and time-and-materials contract with a 12-month base period of performance, four 12-month options, with an optional transition support period at the end of the period of performance. Responses are due by 3 May. ExecutiveGov, contract/application details on SAM.gov The Defense Health Agency (DHA) wants to build a ‘digital front door’ for health services. Partnering with the Defense Innovation Unit (DIU) at the Pentagon, what’s required is creation of a “technology-enabled framework” in a “new model for delivering care’ integrated with or replacing their current system and that “removes administrative, cognitive and repetitive burdens from the workforce.” This can be supplied by a single vendor or a team of vendors. The change areas are patient experience, provider-supported technology in the health ecosystem, and data management support. NextGov/FCW, DHA press release The Digital Front Door Plus solicitation with details has a response due by 1 May The US Government Accountability Office (GAO) has recommendations coming out of their ongoing user satisfaction study of MHS Genesis that impact the joint MHS/VA implementation at the MHS Genesis Lovell FHCC implementation. This went live in March. The recommendation for the VA side is that “the Secretary of Veterans Affairs should direct the Federal EHR Modernization Office to identify and address specific barriers to maximizing integration at the FHCC, consistent with the FHCC executive agreement.” GAO report summary Shifting away from government work… Finnish health tech company Medixine is expanding its partnership with Nonin’s med monitors. Medixine will be co-developing with Nonin Medical remote digital monitoring services for patient diagnoses of chronic conditions. The first usage combines the Medixine monitoring platform with Nonin’s pulse oximetry devices in areas such as sleep screening using overnight sleep oximetry. This can determine if patients need and qualify for supplemental oxygen or require further testing for sleep apnea in a single night’s test. Medixine release   Lumeris completes a $100 million equity capital raise. The 2 April round announced on Monday was led by lender Deerfield Management and new investor Endeavor Health. Also participating were existing investors Kleiner Perkins, Sandbox Industries, BlueCross BlueShield Venture Partners, and JDLinx (an investment company owned by John Doerr). Total funding now tops $325 million (Crunchbase). Lumeris describes itself as a care strategy, technology, and operations provider for large provider groups to manage all value-based populations, including Medicare Advantage, traditional Medicare, commercial, and Medicaid. The new funding will support expanded partnerships with health systems and physician groups to move them into value-based care models. Mobihealthnews, release]]></description> <content:encoded><![CDATA[<p><strong>VA needs support for testers of the Oracle Cerner EHR.</strong> Formally, this is called the Independent Enterprise Testing and Support Services Contract for the Department of Veterans Affairs. This will support the testing community overseen by the VA Electronic Health Record Modernization (EHRM) Integration Office Program which is part of the transition/deployment to the Oracle Cerner EHR. The IETSS covers project management, test and evaluation support, testing and technology support, test systems engineering and implementation support and test process, and quality management support. As is typical of Federal/VA contracts, it is a hybrid firm-fixed-price and time-and-materials contract with a 12-month base period of performance, four 12-month options, with an optional transition support period at the end of the period of performance. Responses are due by 3 May. <a href="https://executivegov.com/2024/04/va-seeks-vendors-to-support-tande-work-on-modernized-electronic-health-record-platform/" target="_blank" rel="noopener"><strong>ExecutiveGov</strong></a>, contract/application details on <a href="https://sam.gov/opp/b6fda4f9f812410a9c712ed9dbd3b843/view" target="_blank" rel="noopener"><strong>SAM.gov</strong></a></p><p><strong>The Defense Health Agency (DHA) wants to build a ‘digital front door’ for health services.</strong> Partnering with the Defense Innovation Unit (DIU) at the Pentagon, what’s required is creation of a “technology-enabled framework” in a “new model for delivering care’ integrated with or replacing their current system and that “removes administrative, cognitive and repetitive burdens from the workforce.” This can be supplied by a single vendor or a team of vendors. The change areas are patient experience, provider-supported technology in the health ecosystem, and data management support. <a href="https://www.nextgov.com/modernization/2024/04/dha-looks-contract-digital-front-door-modernize-its-health-system/395924/" target="_blank" rel="noopener"><strong>NextGov/FCW</strong></a>, <strong><a href="https://www.dvidshub.net/news/468852/work-with-us-defense-health-agency-seeks-commercial-solutions-support-transformation-military-health-care" target="_blank" rel="noopener">DHA press release</a> The Digital Front Door Plus solicitation <a href="https://www.diu.mil/work-with-us/submit-solution/PROJ00505" target="_blank" rel="noopener">with details has a response due by 1 May</a></strong></p><p><strong>The US Government Accountability Office (GAO) has recommendations coming out of their ongoing user satisfaction study of MHS Genesis that impact the joint MHS/VA implementation at the MHS Genesis Lovell FHCC implementation. </strong>This went <a href="https://telecareaware.com/news-roundup-cerner-goes-live-at-va-dod-lovell-center-webmd-expands-education-with-healthwise-buy-dexcom-has-fda-ok-for-otc-glucose-sensor-centene-may-have-buyer-for-abandoned-charlotte-hq/" target="_blank" rel="noopener"><strong>live in March</strong></a>. The recommendation for the VA side is that “the Secretary of Veterans Affairs should direct the Federal EHR Modernization Office to identify and address specific barriers to maximizing integration at the FHCC, consistent with the FHCC executive agreement.” <a href="https://www.gao.gov/products/gao-24-106187" target="_blank" rel="noopener"><strong>GAO report summary</strong></a></p><p><span style="color: #003300;"><em><strong>Shifting away from government work…</strong></em></span></p><p><strong><a href="https://telecareaware.com/short-takes-va-seeks-vendor-to-support-ehr-testing-defense-health-seeks-digital-front-door-vendor-gao-recommendations-to-oracle-nonin-partners-with-finlands-medixine-lumeris-gains-100m-equ/medixine_laptop_suite9_dashboard_white-background/" rel="attachment wp-att-37232"><img decoding="async" class="alignleft wp-image-37232" src="https://telecareaware.com/wp-content/uploads/2024/04/Medixine_laptop_Suite9_dashboard_white-background-e1713928214170.png" alt="" width="255" height="171" srcset="https://telecareaware.com/wp-content/uploads/2024/04/Medixine_laptop_Suite9_dashboard_white-background-e1713928214170.png 2406w, https://telecareaware.com/wp-content/uploads/2024/04/Medixine_laptop_Suite9_dashboard_white-background-e1713928214170-300x200.png 300w, https://telecareaware.com/wp-content/uploads/2024/04/Medixine_laptop_Suite9_dashboard_white-background-e1713928214170-1024x684.png 1024w, https://telecareaware.com/wp-content/uploads/2024/04/Medixine_laptop_Suite9_dashboard_white-background-e1713928214170-768x513.png 768w, https://telecareaware.com/wp-content/uploads/2024/04/Medixine_laptop_Suite9_dashboard_white-background-e1713928214170-1536x1025.png 1536w, https://telecareaware.com/wp-content/uploads/2024/04/Medixine_laptop_Suite9_dashboard_white-background-e1713928214170-2048x1367.png 2048w" sizes="(max-width: 255px) 100vw, 255px" /></a>Finnish health tech company Medixine is expanding its partnership with Nonin’s med monitors</strong>. Medixine will be co-developing with Nonin Medical remote digital monitoring services for patient diagnoses of chronic conditions. The first usage combines the Medixine monitoring platform with Nonin’s pulse oximetry devices in areas such as sleep screening using overnight sleep oximetry. This can determine if patients need and qualify for supplemental oxygen or require further testing for sleep apnea in a single night’s test. <a href="https://medixine.com/medixine-nonin-press-release/" target="_blank" rel="noopener"><strong>Medixine release</strong></a></p><p> </p><p><strong>Lumeris completes a $100 million equity capital raise.</strong> The 2 April round announced on Monday was led by lender Deerfield Management and new investor Endeavor Health. Also participating were existing investors <span class="xn-person">Kleiner Perkins</span>, Sandbox Industries, BlueCross BlueShield Venture Partners, and JDLinx (an investment company owned by <span class="xn-person">John Doerr</span>). Total funding now tops $325 million (<a href="https://www.crunchbase.com/organization/lumeris/company_financials" target="_blank" rel="noopener"><strong>Crunchbase</strong></a>). Lumeris describes itself as a care strategy, technology, and operations provider for large provider groups to manage all value-based populations, including Medicare Advantage, traditional Medicare, commercial, and Medicaid. The new funding will support expanded partnerships with health systems and physician groups to move them into value-based care models. <a href="https://www.mobihealthnews.com/news/value-based-care-strategy-company-lumeris-secures-100m" target="_blank" rel="noopener"><strong>Mobihealthnews</strong></a>, <a href="https://www.prnewswire.com/news-releases/lumeris-completes-100m-equity-growth-capital-investment-round-302122454.html" target="_blank" rel="noopener"><strong>release</strong></a></p>]]></content:encoded> <wfw:commentRss>https://telecareaware.com/short-takes-va-seeks-vendor-to-support-ehr-testing-defense-health-seeks-digital-front-door-vendor-gao-recommendations-to-oracle-nonin-partners-with-finlands-medixine-lumeris-gains-100m-equ/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>What the DOJ and FTC Merger Guidelines mean for healthcare M&A–a Epstein Becker Green podcast</title> <link>https://telecareaware.com/what-the-doj-and-ftc-merger-guidelines-mean-for-healthcare-ma-a-epstein-becker-green-podcast/</link> <comments>https://telecareaware.com/what-the-doj-and-ftc-merger-guidelines-mean-for-healthcare-ma-a-epstein-becker-green-podcast/#respond</comments> <dc:creator><![CDATA[Donna Cusano]]></dc:creator> <pubDate>Tue, 23 Apr 2024 23:05:22 +0000</pubDate> <category><![CDATA[Latest News]]></category> <category><![CDATA[DOJ]]></category> <category><![CDATA[Epstein Becker Green]]></category> <category><![CDATA[FTC]]></category> <category><![CDATA[M&A]]></category> <category><![CDATA[Merger Guidelines]]></category> <guid isPermaLink="false">https://telecareaware.com/?p=37225</guid> <description><![CDATA[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 timed to bury the bad news, drowning it in a punch bowl of good cheer or in holiday busy-ness. This Editor (note: not a lawyer nor do I play one on TV or YouTube) took the view that it was that it was a whole scuttle of coal for healthcare holiday stockings (right) and that it would discourage much of 2024’s healthcare M&A until companies figured what mergers would likely past muster, among other predictions. The EBG folks mostly agree. They also point out that the final Guidelines’ language is “more aggressive” than the draft that many healthcare organizations took issue with–what the article referred to as “substantially more restrictive language and interpretation”. There are some wins from the draft, but much of the language, especially on vertical mergers, simply moved into one or another of the 11 Guidelines. The EBG team on the podcast (available for play on the web page and download) are Trish Wagner, John Steren, and Jeremy Morris, moderated by Dan Fahey. Below are some key points made by the team on the podcast. Your Editor recommends that you pull up our 20 December article as a reference to the specific Guideline references they make. Background: Horizontal merger Guidelines were last updated in 2010. Vertical merger Guidelines were issued in 2020 but later rescinded. These new Guidelines apply to both horizontal and vertical mergers and acquisitions. US antitrust is based on three acts passed by Congress: The Sherman Antitrust Act (1890), the Clayton Act (1914), and the Federal Trade Commission Act of 1914, now in US Code Title 15. The Guidelines since then are based on them as well as case law. (From the wrapup) Courts tend to be very deferential to the Guidelines. The wording of Guideline #8, When a Merger is Part of a Series of Multiple Acquisitions, the Agencies May Examine the Whole Series, is both interesting and aggressive in that it will be considered and opens up a pattern of acquisitions. This can be by private equity (PE) or other owners. Guidelines #1, Mergers Raise a Presumption of Illegality When They Significantly Increase Concentration in a Highly Concentrated Market, and 2, Mergers Can Violate the Law When They Eliminate Substantial Competition Between Firms, impact hospital mergers. Prior merger guidelines focused on highly concentrated markets using a point system (HHI, the Herfindahl-Hirschman Index, is a common measure of market concentration). This measure sets a lower bar. To trigger #1, a market share above 30% and an HHI over 100 can trigger it even in unconcentrated markets. On #2, elimination of direct competition is maybe in and of itself harmful Guideline #6, Mergers Can Violate the Law When They Entrench or Extend a Dominant Position: for horizontal mergers, ‘entrench’ is in practice the operative term, whereas ‘extend’ applies mainly to vertical mergers. Companies will have to demonstrate that the beneficial competitive effects outweigh the anticompetitive, especially when involving consumers. And they will have to demonstrate why the merger is necessary. Wrapping up: Ms. Wagner: the Guidelines don’t have the force of law, but they do have impact because they are about the process on how mergers are evaluated. Courts have been very deferential to the Guidelines. Mr. Morris: hospital leaders will have to contemplate this “huge change in a moment” which he questioned. He emphasized that organizations involve their antitrust counsel now even earlier than previously. Mr. Steren: “healthcare has a bullseye on its back”. It is immediately more restrictive. It fits right in with what current enforcers do in trying to bring “persuasive authority” to bring new, novel, cases into court. He seconded Mr. Morris’ last remark. This Editor, as the Canary in the Coal Mine, will assume that UnitedHealth Group and others have already anticipated that they will have difficulty now making new acquisitions, obtaining approvals for ones that haven’t been finalized, or making quick sales of units they no longer want (Walgreens). Hospitals will find that divestiture and regional mergers will be discouraged. Acquirers who’ve been concentrating on filling out their platforms with vertical acquisitions may find that these Guidelines are also written to trip them up–and once tripped, each Guideline knocks on another. (For other predicted consequences, see the 20 December article.)]]></description> <content:encoded><![CDATA[<p><strong>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.</strong> Healthcare law firm <a href="https://www.ebglaw.com/insights/podcasts/key-changes-in-finalized-antitrust-merger-guidelines" target="_blank" rel="noopener"><strong>Epstein Becker Green’s </strong></a><a href="https://www.ebglaw.com/insights/podcasts/key-changes-in-finalized-antitrust-merger-guidelines" target="_blank" rel="noopener"><strong>roundtable </strong></a><a href="https://www.ebglaw.com/insights/podcasts/key-changes-in-finalized-antitrust-merger-guidelines" target="_blank" rel="noopener"><strong>podcast in the ‘Diagnosing Health Care’ series</strong></a> is their half-hour condensed view on the new Federal <strong>Merger Guidelines</strong> 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 <a href="https://telecareaware.com/doj-and-ftc-finalize-merger-guidelines-deliver-coal-for-holiday-stockings/" target="_blank" rel="noopener"><strong>20 December</strong></a>. The DOJ/FTC end-of-year drop perhaps (ahem) was timed to bury the bad news, drowning it in a punch bowl of good cheer or in holiday busy-ness.</p><p>This Editor (note: not a lawyer nor do I play one on TV or YouTube) took the view that it was that it was a whole scuttle of coal for healthcare holiday stockings<a href="https://telecareaware.com/doj-and-ftc-finalize-merger-guidelines-deliver-coal-for-holiday-stockings/coal-scuttle/" rel="attachment wp-att-36682"><img decoding="async" class=" wp-image-36682 alignright" src="https://telecareaware.com/wp-content/uploads/2023/12/Coal-scuttle.jpg" alt="" width="201" height="129" srcset="https://telecareaware.com/wp-content/uploads/2023/12/Coal-scuttle.jpg 513w, https://telecareaware.com/wp-content/uploads/2023/12/Coal-scuttle-300x192.jpg 300w" sizes="(max-width: 201px) 100vw, 201px" /></a> (right) and that it would discourage much of 2024’s healthcare M&A until companies figured what mergers would likely past muster, among other predictions. <span style="text-decoration: underline;">The EBG folks mostly agree</span>. They also point out that the final Guidelines’ language is “more aggressive” than the draft that many healthcare organizations took issue with–what the article referred to as “substantially more restrictive language and interpretation”. There are some wins from the draft, but much of the language, especially on vertical mergers, simply moved into one or another of the 11 Guidelines. </p><p>The EBG team on the <a href="https://www.ebglaw.com/insights/podcasts/key-changes-in-finalized-antitrust-merger-guidelines" target="_blank" rel="noopener"><strong>podcast</strong></a> (available for play on the web page and download) are Trish Wagner, John Steren, and Jeremy Morris, moderated by Dan Fahey. Below are some key points made by the team on the podcast. Your Editor recommends that you pull up our <a href="https://telecareaware.com/doj-and-ftc-finalize-merger-guidelines-deliver-coal-for-holiday-stockings/" target="_blank" rel="noopener"><strong>20 December</strong></a> article as a reference to the specific Guideline references they make.</p><ul><li>Background: Horizontal merger Guidelines were last updated in 2010. Vertical merger Guidelines were issued in 2020 but later rescinded. These new Guidelines apply to both horizontal and vertical mergers and acquisitions. US antitrust is based on three acts passed by Congress: The Sherman Antitrust Act (1890), the Clayton Act (1914), and the Federal Trade Commission Act of 1914, now in US Code Title 15. The Guidelines since then are based on them as well as case law. (From the wrapup) Courts tend to be very deferential to the Guidelines.</li><li>The wording of Guideline #8, When a Merger is Part of a Series of Multiple Acquisitions, the Agencies May Examine the Whole Series, is both interesting and aggressive in that it will be considered and opens up a pattern of acquisitions. This can be by private equity (PE) or other owners.</li><li>Guidelines #1, Mergers Raise a Presumption of Illegality When They Significantly Increase Concentration in a Highly Concentrated Market, and 2, Mergers Can Violate the Law When They Eliminate Substantial Competition Between Firms, impact hospital mergers. Prior merger guidelines focused on highly concentrated markets using a point system (HHI, the Herfindahl-Hirschman Index, is a common measure of market concentration). This measure sets a lower bar.<ul><li>To trigger #1, a market share above 30% and an HHI over 100 can trigger it even in unconcentrated markets.</li><li>On #2, elimination of direct competition is maybe in and of itself harmful</li></ul></li><li>Guideline #6, Mergers Can Violate the Law When They Entrench or Extend a Dominant Position: for horizontal mergers, ‘entrench’ is in practice the operative term, whereas ‘extend’ applies mainly to vertical mergers. Companies will have to demonstrate that the beneficial competitive effects outweigh the anticompetitive, especially when involving consumers. And they will have to demonstrate <em>why</em> the merger is necessary. </li><li>Wrapping up:<ul><li>Ms. Wagner: the Guidelines don’t have the force of law, but they do have impact because they are about the process on how mergers are evaluated. Courts have been very deferential to the Guidelines.</li><li>Mr. Morris: hospital leaders will have to contemplate this “huge change in a moment” which he questioned. He emphasized that organizations involve their antitrust counsel now even earlier than previously.</li><li>Mr. Steren: “healthcare has a bullseye on its back”. It is immediately more restrictive. It fits right in with what current enforcers do in trying to bring “persuasive authority” to bring new, novel, cases into court. He seconded Mr. Morris’ last remark.</li></ul></li></ul><p><a href="https://telecareaware.com/latest-news/virus-almost-free-news-ceras-70m-raise-rx-healths-rxstitch-remote-teledentistry-to-rescue-alcuris-responds-caravan-buys-wellpepper-and-teladocs-heavy-reading/canary-in-the-coal-mine-jpgw595/" rel="attachment wp-att-30172"><img decoding="async" class="alignleft wp-image-30172" src="https://telecareaware.com/wp-content/uploads/2017/12/canary-in-the-coal-mine.jpgw595.jpeg" alt="" width="201" height="155" srcset="https://telecareaware.com/wp-content/uploads/2017/12/canary-in-the-coal-mine.jpgw595.jpeg 500w, https://telecareaware.com/wp-content/uploads/2017/12/canary-in-the-coal-mine.jpgw595-300x232.jpeg 300w" sizes="(max-width: 201px) 100vw, 201px" /></a>This Editor, as the Canary in the Coal Mine, will assume that UnitedHealth Group and others have already anticipated that they will have difficulty now making new acquisitions, obtaining approvals for ones that haven’t been finalized, or making quick sales of units they no longer want (Walgreens). Hospitals will find that divestiture and regional mergers will be discouraged. Acquirers who’ve been concentrating on filling out their platforms with vertical acquisitions may find that these Guidelines are also written to trip them up–and once tripped, each Guideline knocks on another. (For other predicted consequences, see the 20 December article.)</p>]]></content:encoded> <wfw:commentRss>https://telecareaware.com/what-the-doj-and-ftc-merger-guidelines-mean-for-healthcare-ma-a-epstein-becker-green-podcast/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Breaking: UnitedHealth admits to paying ransomwareistes on Change stolen patient data (updated)</title> <link>https://telecareaware.com/breaking-unitedhealth-admits-to-paying-ransomwareistes-on-change-stolen-patient-data/</link> <comments>https://telecareaware.com/breaking-unitedhealth-admits-to-paying-ransomwareistes-on-change-stolen-patient-data/#respond</comments> <dc:creator><![CDATA[Donna Cusano]]></dc:creator> <pubDate>Tue, 23 Apr 2024 17:12:23 +0000</pubDate> <category><![CDATA[Latest News]]></category> <category><![CDATA[Opinion]]></category> <guid isPermaLink="false">https://telecareaware.com/?p=37221</guid> <description><![CDATA[Admitted, finally, to CNBC on Monday. UnitedHealth told CNBC in a statement. “A ransom was paid as part of the company’s commitment to do all it could to protect patient data from disclosure.” UHG’s release alludes to this but without specifics as to what entity was paid (ALPHV? RansomHub?) nor the amount. It vaguely states that it reviewed 22 screenshots “some containing PHI and PII, posted for about a week on the dark web by a malicious threat actor” and that “it is likely to take several months of continued analysis before enough information will be available to identify and notify impacted customers and individuals”. This seems to point to the most recent RansomHub offer of 4TB of Change Healthcare PHI/PII for sale. Also Becker’s. However, the admission that Change files were breached is substantial and points to multiple leaks of the PHI and PII on multiple sites. Despite no identification and notification of customers yet, UHG is offering a support hotline to individuals concerned about the cyberattack, offering free credit monitoring and identity theft protections for two years plus “emotional support.” Another fun fact that DataBreaches.net points to in its short article is that the Wall Street Journal (also cited by TechCrunch) said that its research indicated that the original breach came from stolen remote access credentials. It took only a week for ALPHV’s hackers to explore the system before deploying the cyberransom and hacking software through Change’s systems. Updated: the WSJ pins the original breach to 12 February but the hackers didn’t ‘detonate’ the ransomware till 21 February. Also multi-factor authentication is standard operating procedure for remote access, but MFA wasn’t enabled on this. Developing and will be updated. Our article posted on Monday here with links to our prior articles.]]></description> <content:encoded><![CDATA[<p><span style="color: #ff0000;"><strong>Admitted, finally, to <a style="color: #ff0000;" href="https://www.cnbc.com/amp/2024/04/22/unitedhealth-paid-ransom-to-bad-actors-says-patient-data-was-compromised-in-change-healthcare-cyberattack.html" target="_blank" rel="noopener">CNBC on Monday</a>.</strong> </span>UnitedHealth told CNBC in a statement. “A ransom was paid as part of the company’s commitment to do all it could to protect patient data from disclosure.” UHG’s <strong><a href="https://www.unitedhealthgroup.com/newsroom/2024/2024-04-22-uhg-updates-on-change-healthcare-cyberattack.html" target="_blank" rel="noopener">release</a></strong> alludes to this but without specifics as to what entity was paid (ALPHV? RansomHub?) nor the amount. It vaguely states that it reviewed 22 screenshots “some containing PHI and PII, posted for about a week on the dark web by a malicious threat actor” and that “it is likely to take several months of continued analysis before enough information will be available to identify and notify impacted customers and individuals”. This seems to point to the most recent RansomHub offer of 4TB of Change Healthcare PHI/PII for sale. Also <a href="https://www.beckershospitalreview.com/cybersecurity/unitedhealth-paid-ransom-for-patient-data.html" target="_blank" rel="noopener"><strong>Becker’s.</strong></a></p><p>However, the admission that Change files were breached is substantial and points to multiple leaks of the PHI and PII on multiple sites. Despite no identification and notification of customers yet, UHG is offering a <a href="https://www.unitedhealthgroup.com/ns/health-data-breach.html" target="_blank" rel="noopener"><strong>support hotline</strong></a> to individuals concerned about the cyberattack, offering free credit monitoring and identity theft protections for two years plus “emotional support.”</p><p>Another fun fact that <a href="https://databreaches.net/unitedhealth-paid-ransom-to-bad-actors-says-patient-data-was-compromised-in-change-healthcare-cyberattack/" target="_blank" rel="noopener"><strong>DataBreaches.net</strong></a> points to in its short article is that the <a href="https://www.wsj.com/articles/change-healthcare-hackers-broke-in-nine-days-before-ransomware-attack-7119fdc6?st=begxy6y2ji8yyf5&mod=googlenewsfeed" target="_blank" rel="noopener"><strong><span style="text-decoration: underline;">Wall Street Journal</span></strong></a> (also cited by <span style="text-decoration: underline;">TechCrunch</span>) said that its research indicated that <strong>the original breach came from stolen remote access credentials. It took only a week</strong> for ALPHV’s hackers to explore the system before deploying the cyberransom and hacking software through Change’s systems. <span style="color: #ff0000;"><strong>Updated:</strong></span> the WSJ pins the original breach to 12 February but the hackers didn’t ‘detonate’ the ransomware till 21 February. Also multi-factor authentication is standard operating procedure for remote access, but MFA wasn’t enabled on this. <em>Developing and will be updated. Our article posted on Monday <a href="https://telecareaware.com/who-really-has-the-4tb-of-change-healthcare-data-4-sale-and-in-great-timing-optum-lays-off-a-rumored-20k-say-wot/" target="_blank" rel="noopener">here</a> with links to our prior articles.</em></p>]]></content:encoded> <wfw:commentRss>https://telecareaware.com/breaking-unitedhealth-admits-to-paying-ransomwareistes-on-change-stolen-patient-data/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Who really has the 4TB of Change Healthcare data 4 sale? And in great timing, Optum lays off a rumored 20K–say wot?</title> <link>https://telecareaware.com/who-really-has-the-4tb-of-change-healthcare-data-4-sale-and-in-great-timing-optum-lays-off-a-rumored-20k-say-wot/</link> <comments>https://telecareaware.com/who-really-has-the-4tb-of-change-healthcare-data-4-sale-and-in-great-timing-optum-lays-off-a-rumored-20k-say-wot/#respond</comments> <dc:creator><![CDATA[Donna Cusano]]></dc:creator> <pubDate>Tue, 23 Apr 2024 01:00:15 +0000</pubDate> <category><![CDATA[Latest News]]></category> <category><![CDATA[Opinion]]></category> <category><![CDATA[ALPHV]]></category> <category><![CDATA[Amedisys]]></category> <category><![CDATA[BlackCat]]></category> <category><![CDATA[Change Healthcare]]></category> <category><![CDATA[cyberattack]]></category> <category><![CDATA[DataBreaches.net]]></category> <category><![CDATA[Optum]]></category> <category><![CDATA[RansomHub]]></category> <category><![CDATA[ransomware]]></category> <category><![CDATA[UnitedHealth Group]]></category> <guid isPermaLink="false">https://telecareaware.com/?p=37216</guid> <description><![CDATA[The data is for sale! And the top does not go down, but the price definitely goes up! That old antique auto auction cry is paraphrased here because the 4TB of patient data hacked from Change’s systems is up for sale, since Change/Optum didn’t buy it. Interested parties should stroll over to the dark web and see RansomHub’s listing for details. Unlike some news sources that got confused, this apparently is the same 4TB that BlackCat/ALPHV affiliate ‘notchy’ stole (technically, exfiltrated) posted about on a dark web site shortly after the attack [TTA 7 Mar]. According to those early reports, ‘notchy’ was dissatisfied that he didn’t get a cut of the $22 million ransom that Optum supposedly paid the BlackCat/ALPHV group. For their $22 million ransom, which Change has not, repeat NOT, confirmed, ALPHV gave Change a decryptor key. But, they didn’t have the good manners to 1) return the stolen data to Change or delete it, which included highly sensitive data from multiple Change customers including active military PII (from Tricare), patient PII, payment and claims data, and much more, and 2) pay a cut to the affiliate. And then ALPHV shut down and ran out of town. Here’s the latest updates from DataBreaches. net, Over a month later, an outfit called RansomHub posted, again on the dark web, that it has the 4TB of data. As reported here on 10 April, there was an announcement on the RansomHub website, not signed by ‘notchy’, that if Change wasn’t interested in paying for the data, it would be up for sale. There was some confusion, based on a WIRED report, that this was a second breach. The RansomHub information seemed to point to only ‘notchy’s’ data. DataBreaches followed up with RansomHub to 1) verify they had the data, asking if 2) was it ‘notchy’s data’, and 3) how did RansomHub obtain it if not ‘notchy’? RansomHub also leaked some screenshots of 2011-2013 Medicare claims data. This old data raises even more questions on why this data was even available online and not stored offline…unless…. RansomHub’s 15 April posting included this statement, “The more we go through the data the more we are shocked of the amount of financial, medical, and personal information we find and it will be more devastating than the first attack itself.” By 16 April, DataBreaches reported that the listing read: Change HealthCare – OPTUM Group – United HealthCare Group – FOR SALE The data in now for sale. Anyone interested in the purchase should contact RansomHub. But does RansomHub actually have it? Are they ‘notchy’, in it with ‘notchy’, brokering ‘notchy’, or is it a second 4TB breach? Stay tuned. Thousands at Optum won’t care one way or another. Reports since last Thursday have been that first hundreds, then thousands, then up to 20,000, have been laid off. These are based on social media postings on LinkedIn and boards like The Layoff where anyone can post. Optum has not confirmed any layoffs to industry media such as FierceHealthcare and Becker’s Hospital Review / Becker’s ASC Review which published reports starting last Friday. Federal and state WARN notices, which usually confirm mass layoffs by state, have been oddly empty. Across the reports, Optum has laid off staff from their California care division (400), home health provider Landmark Health (500), urgent care MedExpress (all as of 18 July), Genoa (OptumRx-unknown). Notices range from immediate, to two weeks into May, and forward. Types of jobs eliminated have been at all levels of regional and corporate, affecting engineers, care management, clinical, case directors, data operations, and integration managers. This LinkedIn post claims up to 20,000. Optum’s silence has let the rumor mill run overtime. CMS has lowered Medicare Advantage reimbursement, but other insurers factored this in earlier this year. The major whack was the Change Healthcare cyberattack. Though the public posture of UnitedHealth Group is that most of the systems are back or being worked around, the financial truth is that the Change disaster will cost them $1.6 billion in 2024 as announced last week. It does lead one to wonder about how mighty UHG, on an acquisition tear for years through today, always doing well and pleasing Mr. Market, got quite so overstaffed. How would it be overstaffed by thousands or the rumored 20,000 who are suddenly, dramatically unnecessary? That may boost the stock, but it gives the Feds yet another ax to grind, what with the House savaging an absent UHG on the cyberattack handling and their payments to providers [TTA 18 April], DOJ taking a hard cold look into UHG’s business practices, specifically around antitrust between the payer group and Optum [TTA 6 Mar], and approvals for the 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.]]></description> <content:encoded><![CDATA[<p><strong>The data is for sale! And the top does not go down, but the price definitely goes up!</strong> That old antique auto auction cry is paraphrased here because the 4TB of patient data hacked from Change’s systems is up for sale, since Change/Optum didn’t buy it. Interested parties should stroll over to the dark web and see <strong>RansomHub’s</strong> listing for details.</p><p>Unlike some news sources that got confused, this apparently is the same 4TB that <strong>BlackCat/ALPHV</strong> affiliate ‘notchy’ stole (technically, exfiltrated) posted about on a dark web site shortly after the attack [<a href="https://telecareaware.com/is-blackcat-alphv-faking-its-own-death-hhs-and-cms-come-to-providers-assistance-with-flexibilities/" target="_blank" rel="noopener"><strong>TTA 7 Mar</strong></a>]. According to those early reports, ‘notchy’ was dissatisfied that he didn’t get a cut of the $22 million ransom that Optum supposedly paid the BlackCat/ALPHV group.</p><p>For their $22 million ransom, which Change has not, repeat <span style="text-decoration: underline;">NOT,</span> confirmed, ALPHV gave Change a decryptor key. But, they didn’t have the good manners to 1) return the stolen data to Change or delete it, which included highly sensitive data from multiple Change customers including active military PII (from Tricare), patient PII, payment and claims data, and much more, and 2) pay a cut to the affiliate. And then ALPHV shut down and ran out of town.</p><p>Here’s the latest updates from <a href="https://databreaches.net/data-allegedly-from-change-healthcare-ransomware-attack-raises-more-questions-than-answers/" target="_blank" rel="noopener"><strong>DataBreaches. net</strong></a>, </p><p>Over a month later, an outfit called RansomHub posted, again on the dark web, that <span style="text-decoration: underline;">it</span> has the 4TB of data. </p><p>As reported here on <a href="https://telecareaware.com/news-roundup-now-clover-health-faces-delisting-blackcat-alphv-affiliate-with-4tb-of-data-puts-it-up-for-sale-58m-for-biolinqs-smallest-blood-glucose-biosensor/" target="_blank" rel="noopener"><strong>10 April</strong></a>, there was an announcement on the RansomHub website, not signed by ‘notchy’, that if Change wasn’t interested in paying for the data, it would be up for sale. There was some confusion, based on a <a href="https://www.wired.com/story/change-healthcare-ransomhub-data-sale/" target="_blank" rel="noopener"><strong>WIRED</strong></a> report, that this was a second breach. The RansomHub information seemed to point to only ‘notchy’s’ data.</p><p>DataBreaches followed up with RansomHub to 1) verify they had the data, asking if 2) was it ‘notchy’s data’, and 3) how did RansomHub obtain it if not ‘notchy’? RansomHub also leaked some screenshots of 2011-2013 Medicare claims data. This old data raises even more questions on why this data was even available online and not stored offline…unless…. RansomHub’s 15 April posting included this statement, “The more we go through the data the more we are shocked of the amount of financial, medical, and personal information we find and it will be more devastating than the first attack itself.” </p><p>By 16 April, DataBreaches reported that the listing read:</p><blockquote><h3><em>Change HealthCare – OPTUM Group – United HealthCare Group – FOR SALE</em></h3></blockquote><div class="content"><blockquote><h4><em><strong>The data in now for sale. Anyone interested in the purchase should contact RansomHub. </strong></em></h4></blockquote><p><em>But does RansomHub <span style="text-decoration: underline;">actually</span> have it? Are they ‘notchy’, in it with ‘notchy’, brokering ‘notchy’, or is it a second 4TB breach? Stay tuned.</em></p><p><strong>Thousands at Optum won’t care one way or another.</strong> Reports since last Thursday have been that first hundreds, then thousands, then up to 20,000, have been laid off. These are based on social media postings on LinkedIn and boards like <a href="https://www.thelayoff.com/t/1s6STs4j" target="_blank" rel="noopener"><strong>The Layoff</strong></a> where anyone can post. Optum has not confirmed any layoffs to industry media such as <a href="https://www.fiercehealthcare.com/payers/optum-undergoes-mass-layoffs-scale-unclear" target="_blank" rel="noopener"><strong>FierceHealthcare</strong></a> and <a href="https://www.beckershospitalreview.com/workforce/optum-enacts-layoffs-workers-say.html" target="_blank" rel="noopener"><strong>Becker’s Hospital Review</strong></a> / <a href="https://www.beckersasc.com/leadership/optum-workers-report-layoffs-what-ascs-need-to-know.html" target="_blank" rel="noopener"><strong>Becker’s ASC Review</strong></a> which published reports starting last Friday. Federal and state WARN notices, which usually confirm mass layoffs by state, have been oddly empty. </p><p>Across the reports, Optum has laid off staff from their California care division (400), home health provider Landmark Health (500), urgent care MedExpress (all as of 18 July), Genoa (OptumRx-unknown). Notices range from immediate, to two weeks into May, and forward. Types of jobs eliminated have been at all levels of regional and corporate, affecting engineers, care management, clinical, case directors, data operations, and integration managers. <a href="https://www.linkedin.com/posts/codycoonradt_active-threads-re-optum-layoffs-thelayoffcom-activity-7187225557707776001-KjkD/" target="_blank" rel="noopener"><strong>This LinkedIn post</strong></a> claims up to 20,000. Optum’s silence has let the rumor mill run overtime.</p><p>CMS has lowered Medicare Advantage reimbursement, but other insurers factored this in earlier this year. The major whack was the Change Healthcare cyberattack. Though the public posture of UnitedHealth Group is that most of the systems are back or being worked around, the financial truth is that the Change disaster will cost them $1.6 billion in 2024 as <a href="https://telecareaware.com/mid-week-short-takes-unitedhealths-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/" target="_blank" rel="noopener"><strong>announced last week</strong></a>. It does lead one to wonder about how mighty UHG, on an acquisition tear for years through today, always doing well and pleasing Mr. Market, got quite so overstaffed. How would it be overstaffed by thousands or the rumored 20,000 who are suddenly, dramatically<em> unnecessary? </em>That may boost the stock, but it gives the Feds yet another ax to grind, what with the House savaging an absent UHG on the cyberattack handling and their payments to providers [<a href="https://telecareaware.com/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/" target="_blank" rel="noopener"><strong>TTA 18 April</strong></a>], DOJ taking a hard cold look into UHG’s business practices, specifically around antitrust between the payer group and Optum [<a href="https://telecareaware.com/reality-bites-again-uhg-being-probed-by-doj-on-antitrust-onemedical-layoffs-not-related-to-amazon/" target="_blank" rel="noopener"><strong>TTA 6 Mar</strong></a>], and approvals for the Amedisys buy stalling.</p><p><strong><em>Here’s a view at variance, not about the layoffs but about how UHG is really doing.</em></strong> <a href="https://www.statnews.com/2024/04/22/unitedhealth-change-healthcare-congress/" target="_blank" rel="noopener"><strong>STAT’s analysis</strong></a> 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 <em>so much worse</em> 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.</p></div>]]></content:encoded> <wfw:commentRss>https://telecareaware.com/who-really-has-the-4tb-of-change-healthcare-data-4-sale-and-in-great-timing-optum-lays-off-a-rumored-20k-say-wot/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Weekend reading: 23andMe’s exploding plastic inevitable fate–and what might have been</title> <link>https://telecareaware.com/weekend-reading-23andmes-exploding-plastic-inevitable-fate-and-what-might-have-been/</link> <comments>https://telecareaware.com/weekend-reading-23andmes-exploding-plastic-inevitable-fate-and-what-might-have-been/#respond</comments> <dc:creator><![CDATA[Donna Cusano]]></dc:creator> <pubDate>Sat, 20 Apr 2024 00:20:57 +0000</pubDate> <category><![CDATA[Latest News]]></category> <category><![CDATA[Opinion]]></category> <category><![CDATA[23andMe]]></category> <category><![CDATA[Anne Wojcicki]]></category> <category><![CDATA[genetic testing]]></category> <category><![CDATA[SPAC]]></category> <category><![CDATA[taking private]]></category> <guid isPermaLink="false">https://telecareaware.com/?p=37208</guid> <description><![CDATA[23andMe may go private, break up, or go bankrupt. Not many other options. A major end-of-week news item in healthcare was that 23andMe, the beleaguered genetic testing company, may be taken private by its CEO and founder Anne Wojcicki per an SEC 8-K filing on 18 April and a press release issued the same day. Currently, she is a major shareholder controlling more than 20% of the total outstanding shares with ‘supervoting’ rights that entitle her to approximately 49% voting power. She filed a Schedule 13D the prior day indicating her intent to buy all outstanding shares. No offer value nor timing was specified. Bloomberg, LinkedIn 23andMe shares closed Friday at $0.48 on the Nasdaq Global Select Market. On Wednesday, they closed at an all-time low of $0.36. It has not had a close above $1.00 since 29 September 2023. In November, Nasdaq notified them that the company had 180 days to bring the share price above $1.00 or face delisting–and there is little time remaining on the clock. CNBC In February, after a disastrous fiscal Q3 with net loss tripling and revenue down 32%, Wojcicki floated the idea of separating the consumer genomics/virtual care and the commercial genomic database/drug discovery businesses but has turned now to taking the company private and fully under her control. Its market cap is now about $200 million with $200 million cash on hand, creating a zero-sum situation. The release states that on 28 March, the board of directors formed a special committee to evaluate alternatives to maximizing shareholder value. But when ‘shareholder value’ has to be approved by one shareholder with 49% of the votes, the BOD’s options may be constrained. What a difference in three years. In February 2021 after much anticipation, 23andMe went public in a SPAC founded by Richard Branson 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, initially via a five-year exclusive deal with GSK. That commercial use proved to be a sticky wicket with consumers concerned about how their data was being protected, with opting out made (deliberately?) opaque and difficult. Other than Lemonaid, 23andMe failed to successfully diversify beyond the core ‘one and done’ genotype testing until very late last year. Last February, after their disastrous 6.9 million record data breach turned the spotlights on, the Wall Street Journal revealed that a pricey subscription program for lifestyle counseling that included clinical exome sequencing plus Lemonaid called Total Health failed to gain traction after its late 2023 debut and their in-house drug discovery moved only two out of 50 into early-stage human trials. The GSK deal expired and was not renewed. 23andMe was also torching through cash. [TTA 2 Feb]. The thick and sticky icing on the cake was 23andMe’s antagonistic response to the breached customers, blaming them for recycling passwords and using multiple features they offered [TTA 19 Jan]. This was rightfully blasted in the industry and the subject of multiple consumer class-action lawsuits. In this Editor’s opinion, 23andMe’s ship must pass between the Scylla and Charybdis of financial choices. Splitting up a near-worthless company into three money-losing parts, like Gaul, is rearranging deck chairs on the sinking ship (to really scramble our metaphors). In either a Chapter 7 (closure) or Chapter 11 (reorganization) option, Wojcicki would lose control and her spot as CEO, wiping out the shareholders, but she might retain some value in Chapter 11 in the IP, depending on how it is structured. Then finally, there is Wojcicki’s buying out the other shareholders. That is dependent on her having or being able to access the cash from investors. None of this solves the failure of the business model, which was for most customers ‘one and done’ testing, not subscribing to additional services, and unsubscribing from any further data use. They saw nothing attractive or useful in the other services. Then as a member to be hacked and blamed for it? That is a run, do not walk, to the exit. Chapter 7s are usually forced situations where there is little value left in the company other than intellectual property (as in Pear) and equipment (if applicable), zero confidence in management and product delivery (Olive AI), withdrawal of key client business, collapsing in a heap of litigation (Theranos), and any of the above coupled with overwhelming debt that lenders will no longer carry (Babylon Health). A Must Read for your weekend is Arundhati Parmar’s gem of an essay on 23andMe in MedCityNews–the company’s current dilemma contrasted with what if co-founder Linda Avey had not been ousted in 2009. She expertly sets off interviews with Avey and Wojcicki into an illuminating virtual debate that should be part of an MBA candidate’s case study. Parmar sets them off with analyst views, the experience of a referred 23andMe customer who illuminates the life-changing nature of genetic testing as well as 23andMe’s service drawbacks, and a sparkling view from an empty 23andMe cocktail reception at this past January’s JPM.]]></description> <content:encoded><![CDATA[<p><strong><a href="https://telecareaware.com/shock-news-the-cvs-aetna-merger-officially-approved-after-9-months/jacobs-well-texas-woe1/" rel="attachment wp-att-27808"><img loading="lazy" decoding="async" class="alignleft wp-image-27808" src="https://telecareaware.com/wp-content/uploads/2016/11/jacobs-well-texas-woe1.jpg" alt="" width="239" height="179" srcset="https://telecareaware.com/wp-content/uploads/2016/11/jacobs-well-texas-woe1.jpg 1024w, https://telecareaware.com/wp-content/uploads/2016/11/jacobs-well-texas-woe1-300x225.jpg 300w, https://telecareaware.com/wp-content/uploads/2016/11/jacobs-well-texas-woe1-768x576.jpg 768w" sizes="(max-width: 239px) 100vw, 239px" /></a>23andMe may go private, break up, or go bankrupt. Not many other options.</strong> A major end-of-week news item in healthcare was that <a href="https://www.23andme.com/" target="_blank" rel="noopener"><strong>23andMe</strong></a>, the beleaguered genetic testing company, may be taken private by its CEO and founder Anne Wojcicki per an <a href="https://investors.23andme.com/node/9451/html" target="_blank" rel="noopener"><strong>SEC 8-K filing on 18 April</strong></a> and a <strong><a href="https://investors.23andme.com/node/9451/html#d818453dex991.htm" target="_blank" rel="noopener">press release</a></strong> issued the same day. Currently, she is a major shareholder controlling more than 20% of the total outstanding shares with ‘supervoting’ rights that entitle her to approximately 49% voting power. She filed a Schedule 13D the prior day indicating her intent to buy all outstanding shares. No offer value nor timing was specified. <a href="https://archive.ph/YJRmc" target="_blank" rel="noopener"><strong>Bloomberg,</strong></a> <a href="https://www.linkedin.com/news/story/23andme-ceo-mulls-go-private-deal-6700538/" target="_blank" rel="noopener"><strong>LinkedIn</strong></a></p><p>23andMe shares closed Friday at $0.48 on the Nasdaq Global Select Market. On Wednesday, they closed at an all-time low of $0.36. It has not had a close above $1.00 since 29 September 2023. In November, Nasdaq notified them that the company had 180 days to bring the share price above $1.00 or face delisting–and there is little time remaining on the clock. <a href="https://www.cnbc.com/2024/02/08/23andme-considers-splitting-up-company-to-revive-stock-price-.html" target="_blank" rel="noopener"><strong>CNBC</strong></a></p><p>In February, after a disastrous fiscal Q3 with net loss tripling and revenue down 32%, Wojcicki floated the idea of separating the consumer genomics/virtual care and the commercial genomic database/drug discovery businesses but has turned now to taking the company private and fully under her control. Its market cap is now about $200 million with $200 million cash on hand, creating a zero-sum situation. The release states that on 28 March, the board of directors formed a special committee to evaluate alternatives to maximizing shareholder value. But when ‘shareholder value’ has to be approved by one shareholder with 49% of the votes, the BOD’s options may be constrained. </p><p><strong>What a difference in three years.</strong> In February 2021 after much anticipation, 23andMe went public in a SPAC founded by Richard Branson and soared to a $3.5 billion valuation. It achieved a $4.8 billion market capitalization after <strong><a href="https://telecareaware.com/serious-swerving-indeed-23andme-buys-lemonaid-health-for-400-million/" target="_blank" rel="noopener">buying in October 2021 </a>Lemonaid</strong>, 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, initially via a five-year exclusive deal with GSK.</p><p>That commercial use proved to be a sticky wicket with consumers concerned about how their data was being protected, with opting out made (deliberately?) opaque and difficult. Other than Lemonaid, 23andMe failed to successfully diversify beyond the core ‘one and done’ genotype testing until very late last year. Last February, after their disastrous 6.9 million record data breach turned the spotlights on, the <span style="text-decoration: underline;">Wall Street Journal</span> revealed that a pricey subscription program for lifestyle counseling that included clinical exome sequencing plus Lemonaid called Total Health failed to gain traction after its late 2023 debut and their in-house drug discovery moved only two out of 50 into early-stage human trials. The GSK deal expired and was not renewed. 23andMe was also torching through cash. [<a href="https://telecareaware.com/23andme-data-breach-may-have-targeted-those-of-jewish-and-chinese-heritage-company-valuation-crashes/" target="_blank" rel="noopener"><strong>TTA 2 Feb</strong></a>]. The thick and sticky icing on the cake was 23andMe’s antagonistic response to the breached customers, blaming them for recycling passwords and using multiple features they offered [<a href="https://telecareaware.com/got-a-data-breach-blame-the-victims-like-23andme-did/" target="_blank" rel="noopener"><strong>TTA 19 Jan</strong></a>]. This was rightfully blasted in the industry and the subject of multiple consumer class-action lawsuits.</p><p><strong>In this Editor’s opinion, 23andMe’s ship must pass between the Scylla and Charybdis of financial choices.</strong> Splitting up a near-worthless company into three money-losing parts, like Gaul, is rearranging deck chairs on the sinking ship (to really scramble our metaphors). In either a Chapter 7 (closure) or Chapter 11 (reorganization) option, Wojcicki would lose control and her spot as CEO, wiping out the shareholders, but she might retain some value in Chapter 11 in the IP, depending on how it is structured. Then finally, there is Wojcicki’s buying out the other shareholders. That is dependent on her having or being able to access the cash from investors. None of this solves the failure of the business model, which was for most customers ‘one and done’ testing, not subscribing to additional services, and unsubscribing from any further data use. They saw nothing attractive or useful in the other services. Then as a member to be hacked and blamed for it? That is a run, do not walk, to the exit.</p><p>Chapter 7s are usually forced situations where there is little value left in the company other than intellectual property (as in Pear) and equipment (if applicable), zero confidence in management and product delivery (Olive AI), withdrawal of key client business, collapsing in a heap of litigation (Theranos), and any of the above coupled with overwhelming debt that lenders will no longer carry (Babylon Health).</p><p><strong>A Must Read for your weekend is Arundhati Parmar’s <a href="https://medcitynews.com/2024/04/23andme-what-if/" target="_blank" rel="noopener">gem of an essay on 23andMe in MedCityNews</a></strong>–the company’s current dilemma contrasted with what if co-founder Linda Avey had not been ousted in 2009. She expertly sets off interviews with Avey and Wojcicki into an illuminating virtual debate that should be part of an MBA candidate’s case study. Parmar sets them off with analyst views, the experience of a referred 23andMe customer who illuminates the life-changing nature of genetic testing as well as 23andMe’s service drawbacks, and a sparkling view from an empty 23andMe cocktail reception at this past January’s JPM.</p>]]></content:encoded> <wfw:commentRss>https://telecareaware.com/weekend-reading-23andmes-exploding-plastic-inevitable-fate-and-what-might-have-been/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>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!</title> <link>https://telecareaware.com/ttas-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-s/</link> <comments>https://telecareaware.com/ttas-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-s/#respond</comments> <dc:creator><![CDATA[Donna Cusano]]></dc:creator> <pubDate>Fri, 19 Apr 2024 08:00:59 +0000</pubDate> <category><![CDATA[Alerts emails]]></category> <category><![CDATA[ad trackers]]></category> <category><![CDATA[ALPHV]]></category> <category><![CDATA[Amputee Coalition]]></category> <category><![CDATA[Bizarro World]]></category> <category><![CDATA[BlackCat]]></category> <category><![CDATA[Bright Health]]></category> <category><![CDATA[Cerebral]]></category> <category><![CDATA[Change Healthcare]]></category> <category><![CDATA[Christopher and Dana Reeve Foundation.]]></category> <category><![CDATA[ChrysCapital]]></category> <category><![CDATA[class action lawsuits]]></category> <category><![CDATA[cyberattack]]></category> <category><![CDATA[Dexcom]]></category> <category><![CDATA[DOJ]]></category> <category><![CDATA[EHR]]></category> <category><![CDATA[Epic]]></category> <category><![CDATA[FTC]]></category> <category><![CDATA[GeBBS Healthcare]]></category> <category><![CDATA[Hinge Health]]></category> <category><![CDATA[ISfTeH]]></category> <category><![CDATA[Kyle Robertson]]></category> <category><![CDATA[MD Revolution]]></category> <category><![CDATA[Meta Pixel]]></category> <category><![CDATA[NEA]]></category> <category><![CDATA[NeueHealth]]></category> <category><![CDATA[Optum]]></category> <category><![CDATA[Oracle Cerner]]></category> <category><![CDATA[PTSD]]></category> <category><![CDATA[Steward Health Care]]></category> <category><![CDATA[Stewardship Health]]></category> <category><![CDATA[TandemStride]]></category> <category><![CDATA[telemental health]]></category> <category><![CDATA[Trauma Survivors Network]]></category> <category><![CDATA[traumatic injury]]></category> <category><![CDATA[Two Chairs]]></category> <category><![CDATA[United Spinal Association]]></category> <category><![CDATA[UnitedHealth Group]]></category> <category><![CDATA[va]]></category> <category><![CDATA[Village Medical]]></category> <category><![CDATA[VillageMD]]></category> <category><![CDATA[Walgreens]]></category> <guid isPermaLink="false">https://telecareaware.com/?p=37206</guid> <description><![CDATA[    Another packed week, with a few baffling events. Leading in bafflement is NeueHealth’s additional $30M from NEA, which now owns 60%. UHG battling on multiple fronts between the Change hacking and the House, Walgreens lays off more to cut costs, VillageMD sued on ad trackers, and Cerebral’s comeuppance costs $7.1M. VA may restart Oracle Cerner implementation, Epic and Particle Health feud. But restoring faith in health tech benefiting a neglected group is TandemStride. TandemStride launches platform to assist survivors of traumatic injury; a personal look (A real care gap) 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 (UHG’s troubles cover the waterfront) ISfTeH student contest and award 2024–deadline 26 April! (Move fast!) 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 (Walgreens still downsizing–what’s next) News roundup: VillageMD sued on Meta Pixel trackers; Cerebral pays $7.1M FTC fine on data sharing, cancellation policy; VA may resume Oracle Cerner implementation during FY2025; Epic-Particle Health dispute on PHI sharing (Cerebral still in trouble) The New Reality, Bizarro World version: NeueHealth gets $30M loan increase from NEA, now majority owner (Baffling) This packed week was about righting listing ships. Teladoc’s CEO 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 comes out of short retirement to clean up) News roundup: Now Clover Health faces delisting; BlackCat/ALPHV affiliate with 4TB of data puts it up for sale; $58M for Biolinq’s ‘smallest blood glucose biosensor’ (Will UHG pay more ransom?) Opinion: Further thoughts on Teladoc, Amwell, and the future of telehealth–what happens next? (A hard look at the follies, mistakes, and saving ships) News roundup: Amwell faces NYSE delisting; Walmart Health slows Health Centers, except Texas; Novosound’s ultrasound patent; Eko’s Low EF AI; Universal Brain; Elizabeth Holmes in ‘Dropout’ + update Teladoc CEO Jason Gorevic steps down immediately in shock announcement (Now what?) A damp start to April leads with puzzling news. NeueHealth loses plans and big money in ’23–but gives a big bonus to its CEO. Cano Health reorganizing or selling by June. ATA kicks DOJ about expediting controlled substance telehealth regs. Apple keeps kicking around the ‘Davids’, but Davids won’t stop slinging either. And if you work with a PR or marketing agency, our Perspectives has some advice for you. More New Reality: NeueHealth (Bright Health) CEO’s $1.9M bonus, 2023 financials–and does Cano Health have a future? (Two stories gone way sideways) ATA requests expediting of revised proposed rule on controlled substance telehealth prescribing; announces Nexus 2024 meeting 5-7 May (DEA needs to get moving now, not later) Davids (AliveCor, Masimo) v. Goliath (Apple): the patent infringement game *not* over; Masimo’s messy proxy fight with Politan (updated) (Seeing value in Masimo?) Perspectives: Working with a PR Agency–How to Make the Most of the Partnership (Expert advice if you manage communications) It was a pre-Easter week that started as quiet and got VERY LOUD at the end. Walgreens took the hard road, writing down VillageMD even before the closures were final and lowering forecasts. An important metastudy+ casts doubt on the efficacy of present digital health diabetes solutions but provides solid direction forward. And it’s definitely an early sunny spring for funding, but there’s continued bad weather forecast for UnitedHealth Group and Oracle Cerner’s VA implementation. Facing Future 2: Walgreens writes down $5.8B for VillageMD in Q2, lowers 2024 earnings on ‘challenging’ retail outlook (Biting bullet early and hard) Short takes: PocketHealth, Brightside fundings; VA OIG reports hit Oracle Cerner; Change cyberattack/legal updates; UHG-Amedisys reviewed in Oregon; Optum to 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 (And that was LAST year!) Why is the US DOJ filing an antitrust lawsuit against Apple–on monopolizing the smartphone market? (One wonders) Mid-week roundup: UK startup Anima gains $12M, Hippocratic AI $53M, Assort Health $3.5M; Abridge partners with NVIDIA; VillageMD sells 11 Rhode Island clinics; $60 for that medical record on the dark web (Funding’s back and AI’s got it) Walgreens’ latest cuts affect 646 at Florida, Connecticut distribution centers (More in next week’s financial call) A lighter week with the Change hacking starting to recede (pharmacy back up on Wed 13 March) and most industry types at HIMSS, we caught up with the first VA go-live in a year, Dexcom’s cleared OTC CGM, WebMD doubles down on health ed with Healthwise buy, Centene may sell abandoned HQ building. And Friday’s news is on a big cyberattack of an NHS Scotland region. Weekend roundup: NHS Dumfries (Scotland) cyberattacked; delisted Veradigm’s strong financials; One Medical NY patients’ coverage clash; Suki voice AI integrates with Amwell; Legrand and Possum extended; Zephyr AI’s $111M Series A News roundup: Cerner goes live at VA, DOD Lovell Center; WebMD expands education with Healthwise buy; Dexcom has FDA OK for OTC glucose sensor; Centene may have buyer for abandoned Charlotte]]></description> <content:encoded><![CDATA[<p><a href="https://telecareaware.com/?attachment_id=34851" rel="attachment wp-att-34851"><img loading="lazy" decoding="async" class="alignleft size-full wp-image-34851" src="https://telecareaware.com/wp-content/uploads/2022/05/News-Update-header.png" alt="" width="500" height="125" srcset="https://telecareaware.com/wp-content/uploads/2022/05/News-Update-header.png 500w, https://telecareaware.com/wp-content/uploads/2022/05/News-Update-header-300x75.png 300w" sizes="(max-width: 500px) 100vw, 500px" /></a></p><p> </p><p> </p><div id="headerimage"><p style="text-align: center;"><img decoding="async" style="max-width: 400px;" src="http://sendy.qwikli.uk/uploads/1413492532.gif" alt="" /></p></div><p><span style="color: #c0392b;"><span style="font-family: trebuchet ms, geneva, sans-serif;"><span style="font-size: 18.6667px;"><b>Another packed week, with a few baffling events. </b></span></span></span><span style="color: #006400;"><span style="font-family: trebuchet ms, geneva, sans-serif;"><span style="font-size: 18.6667px;"><b>Leading in bafflement is NeueHealth’s additional $30M from NEA, which now owns 60%. UHG battling on multiple fronts between the Change hacking and the House, Walgreens lays off more to cut costs, VillageMD sued on ad trackers, and Cerebral’s comeuppance costs $7.1M. VA may restart Oracle Cerner implementation, Epic and Particle Health feud. But restoring faith in health tech benefiting a neglected group is TandemStride. </b></span></span></span></p><p><span style="font-size: 14px;"><span style="font-family: Arial;"><a href="https://telecareaware.com/tandemstride-launches-platform-to-assist-survivors-of-traumatic-injury-a-personal-look/"><strong>TandemStride launches platform to assist survivors of traumatic injury; a personal look</strong></a> (A real care gap)<br /><strong><a href="https://telecareaware.com/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/">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 </a></strong>(UHG’s troubles cover the waterfront)<br /><a href="https://telecareaware.com/isfteh-student-contest-and-award-2024-deadline-26-april/"><strong>ISfTeH student contest and award 2024–deadline 26 April!</strong></a> (Move fast!)<br /><a href="https://telecareaware.com/mid-week-short-takes-unitedhealths-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/"><strong>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</strong></a> (Walgreens still downsizing–what’s next)<br /><a href="https://telecareaware.com/news-roundup-villagemd-sued-on-meta-pixel-trackers-cerebral-pays-7-1m-ftc-fine-on-data-sharing-cancellation-policy-va-may-resume-oracle-cerner-implementation-during-fy2025-epic-particle-health-d/"><strong>News roundup: VillageMD sued on Meta Pixel trackers; Cerebral pays $7.1M FTC fine on data sharing, cancellation policy; VA may resume Oracle Cerner implementation during FY2025; Epic-Particle Health dispute on PHI sharing</strong></a> (Cerebral still in trouble)<br /><a href="https://telecareaware.com/the-new-reality-bizarro-world-version-neuehealth-gets-30m-loan-increase-from-nea-now-majority-owner/"><strong>The New Reality, Bizarro World version: NeueHealth gets $30M loan increase from NEA, now majority owner </strong></a>(Baffling)</span></span></p><p><span style="font-size: 14px;"><span style="color: #006400;"><span style="font-family: Arial;"><b>This packed week was about righting listing ships.</b></span></span><span style="color: #006400;"><span style="font-family: trebuchet ms, geneva, sans-serif;"><b><span style="font-family: Arial;"> Teladoc’s CEO 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.</span> </b></span></span></span></p><p><span style="font-size: 14px;"><span style="font-family: Arial;"><strong><a href="https://telecareaware.com/digital-healths-q1-according-to-rock-health-the-new-reality-is-a-flat-spin-back-to-2019/">Digital health’s Q1 according to Rock Health: the New Reality is a flat spin back to 2019</a></strong> (Limping, but alive)<br /><a href="https://telecareaware.com/villagemd-names-new-president-and-coo-as-it-shrinks-to-620-locations/"><strong>VillageMD names new president and COO as it shrinks to 620 locations</strong></a> (Ex Centene, Humana exec comes out of short retirement to clean up)<br /><a href="https://telecareaware.com/news-roundup-now-clover-health-faces-delisting-blackcat-alphv-affiliate-with-4tb-of-data-puts-it-up-for-sale-58m-for-biolinqs-smallest-blood-glucose-biosensor/"><strong>News roundup: Now Clover Health faces delisting; BlackCat/ALPHV affiliate with 4TB of data puts it up for sale; $58M for Biolinq’s ‘smallest blood glucose biosensor’</strong></a> (Will UHG pay more ransom?)<br /><a href="https://telecareaware.com/opinion-further-thoughts-on-teladoc-amwell-and-the-future-of-telehealth-what-happens-next/"><strong>Opinion: Further thoughts on Teladoc, Amwell, and the future of telehealth–what happens next?</strong></a> (A hard look at the follies, mistakes, and saving ships)<br /><strong><a href="https://telecareaware.com/news-roundup-amwell-faces-nyse-delisting-walmart-health-slows-health-centers-except-texas-novosounds-ultrasound-patent-ekos-low-ef-ai-universal-brain-elizabeth-holmes-in-dropout-updat/">News roundup: Amwell faces NYSE delisting; Walmart Health slows Health Centers, except Texas; Novosound’s ultrasound patent; Eko’s Low EF AI; Universal Brain; Elizabeth Holmes in ‘Dropout’ + update</a></strong><br /><a href="https://telecareaware.com/teladoc-ceo-jason-gorevic-steps-down-immediately-in-shock-announcement/"><strong>Teladoc CEO Jason Gorevic steps down immediately in shock announcement</strong></a> (Now what?)</span></span></p><p><span style="color: #c0392b;"><span style="font-size: 14px;"><span style="font-family: Arial;"><b>A damp start to April leads with puzzling news. NeueHealth loses plans and big money in ’23–but gives a big bonus to its CEO. Cano Health reorganizing or selling by June. ATA kicks DOJ about expediting controlled substance telehealth regs. Apple keeps kicking around the ‘Davids’, but Davids won’t stop slinging either. And if you work with a PR or marketing agency, our Perspectives has some advice for you.</b></span></span></span></p><p><span style="font-size: 14px;"><span style="font-family: Arial;"><a href="https://telecareaware.com/more-new-reality-neuehealth-bright-health-ceos-1-9m-bonus-2023-financials-and-does-cano-health-have-a-future/"><strong>More New Reality: NeueHealth (Bright Health) CEO’s $1.9M bonus, 2023 financials–and does Cano Health have a future?</strong></a> (Two stories gone way sideways)<br /><a href="https://telecareaware.com/ata-requests-expediting-of-revised-proposed-rule-on-controlled-substance-telehealth-prescribing-announces-nexus-2024-meeting-5-7-may/"><strong>ATA requests expediting of revised proposed rule on controlled substance telehealth prescribing; announces Nexus 2024 meeting 5-7 May</strong></a> (DEA needs to get moving now, not later)<br /><a href="https://telecareaware.com/davids-alivecor-masimo-v-goliath-apple-the-patent-infringement-game-not-over-masimos-proxy-fight-with-politan/"><strong>Davids (AliveCor, Masimo) v. Goliath (Apple): the patent infringement game *not* over; Masimo’s messy proxy fight with Politan (updated)</strong></a> (Seeing value in Masimo?)<br /><a href="https://telecareaware.com/perspectives-working-with-a-pr-agency-how-to-make-the-most-of-the-partnership/"><strong>Perspectives: Working with a PR Agency–How to Make the Most of the Partnership</strong></a> (Expert advice if you manage communications)</span></span></p><p><span style="font-size: 14px;"><span style="font-family: Arial;"><span style="color: #006400;"><b>It was a pre-Easter week that started as quiet and got VERY LOUD at the end. Walgreens took the hard road, writing down VillageMD even before the closures were final and lowering forecasts. An important metastudy+ casts doubt on the efficacy of present digital health </b></span><span style="color: #006400;"><b>diabetes </b></span><span style="color: #006400;"><b>solutions but provides solid direction forward. And it’s definitely an early sunny spring for funding, but there’s continued bad weather forecast for UnitedHealth Group and Oracle Cerner’s VA implementation.</b></span></span></span></p><p><span style="font-size: 14px;"><span style="font-family: Arial;"><strong><a href="https://telecareaware.com/facing-future-2-walgreens-writes-down-5-8b-for-villagemd-in-q2-lowers-2024-earnings-on-challenging-retail-outlook/">Facing Future 2: Walgreens writes down $5.8B for VillageMD in Q2, lowers 2024 earnings on ‘challenging’ retail outlook </a></strong>(Biting bullet early and hard)<br /><a href="https://telecareaware.com/short-takes-pockethealth-brightside-fundings-va-oig-reports-hit-oracle-cerner-change-cyberattack-legal-updates-uhg-amedisys-reviewed-in-oregon-optum-to-buy-steward-health-practices/"><strong>Short takes: PocketHealth, Brightside fundings; VA OIG reports hit Oracle Cerner; Change cyberattack/legal updates; UHG-Amedisys reviewed in Oregon; Optum to buy Steward Health practices</strong></a> (UHG carries on as does company funding)<br /><a href="https://telecareaware.com/can-digital-health-rpm-achieve-meaningful-change-with-type-2-diabetics-new-metastudy-expresses-doubt/"><strong>Can digital health RPM achieve meaningful change with type 2 diabetics? New metastudy expresses doubt.</strong></a> (Major digital health findings from PHTI)</span></span></p><p><span style="color: #c0392b;"><span style="font-family: Arial;"><span style="font-size: 14px;"><b>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.</b></span></span></span></p><p><span style="font-size: 14px;"><span style="font-family: Arial;"><a href="https://telecareaware.com/2023-us-data-breaches-topped-171m-records-up-187-versus-2022-protenus-breach-barometer/"><strong>2023 US data breaches topped 171M records, up 187% versus 2022: Protenus Breach Barometer </strong></a>(And that was LAST year!)<br /><a href="https://telecareaware.com/why-is-the-us-doj-filing-an-antitrust-lawsuit-against-apple-on-monopolizing-the-smartphone-market/"><strong>Why is the US DOJ filing an antitrust lawsuit against Apple–on monopolizing the smartphone market? </strong></a>(One wonders)<br /><a href="https://telecareaware.com/mid-week-roundup-uk-startup-anima-gains-12m-hippocratic-ai-53m-assort-health-3-5m-abridge-partners-with-nvidia-villagemd-sells-11-rhode-island-clinics-60-for-that-medical-record-on-the-dark/"><strong>Mid-week roundup: UK startup Anima gains $12M, Hippocratic AI $53M, Assort Health $3.5M; Abridge partners with NVIDIA; VillageMD sells 11 Rhode Island clinics; $60 for that medical record on the dark web </strong></a>(Funding’s back and AI’s got it)<br /><a href="https://telecareaware.com/walgreens-latest-cuts-affect-646-at-florida-connecticut-distribution-centers/"><strong>Walgreens’ latest cuts affect 646 at Florida, Connecticut distribution centers</strong></a> (More in next week’s financial call)</span></span></p><p><span style="font-size: 14px;"><span style="font-family: Arial;"><span style="color: #006400;"><b>A lighter week with the Change hacking starting to recede (pharmacy back up on Wed 13 March) and most industry types at HIMSS, we caught up with the first VA go-live in a year, Dexcom’s cleared OTC CGM, WebMD doubles down on health ed with Healthwise buy, Centene may sell abandoned HQ building. And Friday’s news is on a big cyberattack of an NHS Scotland region.</b></span></span></span></p><p><a href="https://telecareaware.com/weekend-roundup-nhs-dumfries-scotland-cyberattacked-delisted-veradigm-reports-strong-23-24-financials-one-medical-ny-patients-caught-in-coverage-clash-suki-voice-ai-to-integrate-with-amwell/"><span style="font-size: 14px;"><span style="font-family: Arial;"><strong>Weekend roundup: NHS Dumfries (Scotland) cyberattacked; delisted Veradigm’s strong financials; One Medical NY patients’ coverage clash; Suki voice AI integrates with Amwell; Legrand and Possum extended; Zephyr AI’s $111M Series A</strong></span></span></a></p><p><span style="font-size: 14px;"><span style="font-family: Arial;"><a href="https://telecareaware.com/news-roundup-cerner-goes-live-at-va-dod-lovell-center-webmd-expands-education-with-healthwise-buy-dexcom-has-fda-ok-for-otc-glucose-sensor-centene-may-have-buyer-for-abandoned-charlotte-hq/"><strong>News roundup: Cerner goes live at VA, DOD Lovell Center; WebMD expands education with Healthwise buy; Dexcom has FDA OK for OTC glucose sensor; Centene may have buyer for abandoned Charlotte HQ (</strong></a>Back to normal news!)<br /><a href="https://telecareaware.com/updates-on-change-cyberattack-uhgs-timeline-for-system-restorations-key-updates-around-claims-and-payments-in-next-weeks/"><strong>Updates on Change cyberattack: UHG’s timeline for system restorations, key updates around claims and payments in next weeks (updated) </strong></a>(Saving the analysis for later)</span></span></p><p><span style="color: #c0392b;"><span style="font-size: 14px;"><span style="font-family: Arial;"><b>The Change Healthcare/Optum cyberattack entered a second week with no restoration of services in sight; how providers and pharmacies are coping without their primary means of processing patient claims and furnishing care–and the psychological toll; and the uncertain future of Walgreens, WBA, and the rapid downsizing of their provider arm, VillageMD. To add further insult to UHG, now DOJ is putting them under antitrust scrutiny.</b></span></span></span></p><p><span style="font-size: 14px;"><span style="font-family: Arial;"><a href="https://telecareaware.com/is-blackcat-alphv-faking-its-own-death-hhs-and-cms-come-to-providers-assistance-with-flexibilities/"><strong>Is BlackCat/ALPHV faking its own ‘death’? (updated) HHS and CMS come to Change affected providers’ assistance with ‘flexibilities’</strong></a><br /><a href="https://telecareaware.com/update-villagemd-lays-off-49-in-first-two-of-six-village-medical-closures-in-illinois/"><strong>Update: VillageMD lays off 49 in first two of six Village Medical closures in Illinois</strong></a><br /><a href="https://telecareaware.com/reality-bites-again-uhg-being-probed-by-doj-on-antitrust-onemedical-layoffs-not-related-to-amazon/"><strong>Reality Bites Again: UHG being probed by DOJ on antitrust, One Medical layoffs “not related” to Amazon, the psychological effects of cyberattacks</strong></a><br /><a href="https://telecareaware.com/facing-future-walgreens-ceo-moves-company-into-strategic-review-will-he-get-wba-board-alignment/"><strong>Facing Future: Walgreens CEO moves company into strategic review–will he get WBA board alignment?</strong></a> (‘Go big’ now in reverse)<br /><a href="https://telecareaware.com/week-2-change-healthcares-blackcat-hack-may-last-for-the-next-couple-of-weeks-uhg-provides-temp-funding-to-providers-aha-slams-it-as-a-band-aid-but-did-optum-already-pay-blackcat-a-22m/"><strong>Week 2: Change Healthcare’s BlackCat hack may last “for the next couple of weeks”, UHG provides temp funding to providers, AHA slams it as a ‘band aid”–but did Optum already pay BlackCat a $22M ransom? (updated)</strong></a> (When will it end? Providers. staff, and patients are hurting)</span></span></p><p><span style="font-size: 14px;"><span style="font-family: Arial;"><span style="color: #006400;"><b>Three major stories lead this <em>packed</em> week. Change Healthcare’s and Optum’s week-long struggle to get 100 or so BlackCat hacked systems up and running again for pharmacies and hospitals–no end in sight. Walgreens keeps closing Village MD locations–up to 85. But the funding freeze seems to be thawing, with M&A and lettered funding rounds suddenly poking through like daffodils–though the structure of one (Dario-Twill) is puzzling and another may be contested (R1 RCM). And Veradigm finally delists–while buying ScienceIO.</b></span></span></span></p><p><span style="font-family: Arial;"><span style="font-size: 14px;"><a href="https://telecareaware.com/blackcat-is-back-claims-theft-of-6tb-of-change-healthcare-data/" target="_blank" rel="noopener"><strong>BlackCat is back, claims theft of 6TB of Change Healthcare data</strong></a> <span style="color: #e74c3c;"><strong>(Latest breaking news)</strong></span></span></span></p><p><span style="font-size: 14px;"><span style="font-family: Arial;"><a href="https://telecareaware.com/breaking-villagemd-exiting-illinois-clinics-in-its-home-state-as-closures-top-80-locations/"><strong>Breaking: VillageMD exiting Illinois clinics–in its home state–as closures top 80 locations</strong></a> (Something not good in the Village)<br /><a href="https://telecareaware.com/short-takes-on-a-springlike-defrosting-redi-healths-14m-series-b-dario-health-buys-twill-for-30m/"><strong>Short takes on a springlike ‘defrosting’: Redi Health’s $14M Series B, Dario Health buys Twill for ~$30M </strong></a>(About time for a Spring thaw)<br /><a href="https://telecareaware.com/roundup-walgreens-new-chief-legal-officer-digital-health-collaborative-launched-fundings-m-veradigm-likely-delists-buys-scienceio-mystery/"><strong>Roundup: Walgreens’ new chief legal officer; Digital Health Collaborative launched; fundings/M&A defrosting for b.well, R1 RCM, Abridge, Reveleer; Veradigm likely delists, buys ScienceIO–mystery?</strong></a> (updated)<br /><a href="https://telecareaware.com/change-healthcare-cyberattack-persists-is-the-blackcat-gang-back-and-using-lockbit-malware/"><strong>Change Healthcare cyberattack persists–is the BlackCat gang back and using LockBit malware? BlackCat taking credit. (update 28 Feb #2) </strong></a>(100 systems down, BlackCat’s back)</span></span></p><hr /><p><strong><span style="font-family: Arial;"><span style="font-size: 14px;"><span style="font-family: Arial;"><span style="font-size: 14px;"><span style="color: #c0392b;"><strong><strong>Have a job to fill? Seeking a position? 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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.</span></span></span></strong></strong></strong></span></span></strong></span></p><p><strong><span style="font-family: Arial;"><span style="font-size: 14px;"><strong><strong><strong><span style="color: #006400; font-family: trebuchet ms, helvetica, sans-serif;"><span style="font-family: helvetica;"><span style="font-size: 14px;">Donna Cusano, Editor In Chief<br /><a href="mailto:donna.cusano@telecareaware.com">donna.cusano@telecareaware.com</a></span></span></span></strong></strong></strong></span></span></strong></p><p><strong><span style="font-family: Arial;"><span style="font-size: 14px;"><strong><strong><strong><span style="color: #006400; font-family: trebuchet ms, helvetica, sans-serif;">– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –</span></strong></strong></strong></span></span></strong></p></div>]]></content:encoded> <wfw:commentRss>https://telecareaware.com/ttas-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-s/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>TandemStride launches platform to assist survivors of traumatic injury; a personal look</title> <link>https://telecareaware.com/tandemstride-launches-platform-to-assist-survivors-of-traumatic-injury-a-personal-look/</link> <comments>https://telecareaware.com/tandemstride-launches-platform-to-assist-survivors-of-traumatic-injury-a-personal-look/#respond</comments> <dc:creator><![CDATA[Donna Cusano]]></dc:creator> <pubDate>Fri, 19 Apr 2024 00:14:23 +0000</pubDate> <category><![CDATA[Latest News]]></category> <category><![CDATA[Opinion]]></category> <category><![CDATA[Amputee Coalition]]></category> <category><![CDATA[Christopher and Dana Reeve Foundation.]]></category> <category><![CDATA[PTSD]]></category> <category><![CDATA[TandemStride]]></category> <category><![CDATA[Trauma Survivors Network]]></category> <category><![CDATA[traumatic injury]]></category> <category><![CDATA[United Spinal Association]]></category> <guid isPermaLink="false">https://telecareaware.com/?p=37194</guid> <description><![CDATA[A peer-support platform for those with life-altering injuries. TandemStride is an app for the use and support of those with traumatic injury. It is structured as a peer-to-peer platform to connect those who are injured–from amputations to head and spinal injuries–to mentors and others to share their experiences and connect to resources. The app, available for free on Google Play and the Apple App Store, matches patients with peers who have progressed well in their recovery, with guidance from the TandemStride Assistant. It also connects them with resources such as the Trauma Survivors Network, United Spinal Association, Amputee Coalition, and the Christopher and Dana Reeve Foundation. Local trauma centers can then connect to this national network. Last week, this Editor had the opportunity to speak with their founder, Matt Kalina. How he came to develop TandemStride threads through health tech’s latest boom and bust cycle–and loops back to the motivation of most industry founders. He is a veteran of the late Olive AI (post-mortem here) in the GTM (go-to-market) team, was one of their first employees, and one of the last to turn out the lights. After that too-much-too-soon roller coaster, he focused on something personal, beyond another job. Matt’s brother had a bi-lateral amputation as a college student due to a train accident in 2012. His brother’s injury and recovery had its ups and downs, but he had the important and focused help of his mother, a nurse. This led to Matt looking at others with similar injuries, which are all too common. Psychiatrists, like your Editor’s brother, see many of them in everyday practice. Beyond the physical injuries, there is PTSD coupled with loss of employment and ordinary socialization due to lack of physical ability. One in four have PTSD. But with help, they can overcome. Today, Mark Kalina is married with children, a senior analyst for the MetroHealth System in Cleveland, and works with other traumatic injury survivors. ‘A Leg To Stand On’ on LinkedIn We discussed the extent and the effect of traumatic injury. Globally, there are 140 million who experience one or more traumatic injuries. These disproportionately affect lower to middle-income and minority people. Based on claims analysis, an Ohio study found that 13% of Medicaid beneficiaries have had physical trauma in the prior year. Timing and quality of rehabilitation are vital to better outcomes, to recovering ability and gaining employment. But there are a lot of gaps not only in treatment but also in the total picture–moving the injured back to their ‘stride’ in life. One in five ‘recidivize’, according to Matt, which means they lose ground after recovery and can wind up back in acute care. Reducing that number is key not only to better individual outcomes, but also to reducing long-term costs to insurers and Medicaid. As part of the launch, TandemStride, based in Cleveland, is partnered with Molina Healthcare to support members in Ohio recovering from traumatic injury. Collaborating with trauma-focused associations also provides them with technology they did not have before, according to Sue Prentiss, executive director of the American Trauma Society, home to the Trauma Survivors Network. What is disturbing is how on a national level, support and resources for traumatic injury haven’t been available or organized for the civilian population. Veterans have the VA and deep resources there, with delivery the problem. Yet we have maybe a dozen or more telemental health services jockeying for business, with a new entrant promising something unique every few months, an overpopulation of competitors similar to what happened more slowly in telehealth. In this Editor’s view, Matt’s technology and building a network of traumatic injury survivors right now is filling a wide gap in care and recovery, connecting fragmented resources, and through community, can boost their long-term outcomes. TandemStride launch release, Matt’s launch posting on LinkedIn]]></description> <content:encoded><![CDATA[<p><strong><a href="https://telecareaware.com/tandemstride-launches-platform-to-assist-survivors-of-traumatic-injury-a-personal-look/tandemstride-app/" rel="attachment wp-att-37201"><img loading="lazy" decoding="async" class="wp-image-37201 aligncenter" src="https://telecareaware.com/wp-content/uploads/2024/04/Tandemstride-app.jpg" alt="" width="464" height="356" srcset="https://telecareaware.com/wp-content/uploads/2024/04/Tandemstride-app.jpg 884w, https://telecareaware.com/wp-content/uploads/2024/04/Tandemstride-app-300x230.jpg 300w, https://telecareaware.com/wp-content/uploads/2024/04/Tandemstride-app-768x589.jpg 768w" sizes="(max-width: 464px) 100vw, 464px" /></a>A peer-support platform for those with life-altering injuries.</strong> <a href="https://www.tandemstride.com/" target="_blank" rel="noopener"><strong>TandemStride</strong></a> is an app for the use and support of those with traumatic injury. It is structured as a peer-to-peer platform to connect those who are injured–from amputations to head and spinal injuries–to mentors and others to share their experiences and connect to resources. The app, available for free on Google Play and the Apple App Store, matches patients with peers who have progressed well in their recovery, with guidance from the TandemStride Assistant. It also connects them with resources such as the Trauma Survivors Network, United Spinal Association, Amputee Coalition, and the Christopher and Dana Reeve Foundation. Local trauma centers can then connect to this national network.</p><p><strong> Last week, this Editor had the opportunity to speak with their founder, Matt Kalina.</strong> How he came to develop TandemStride threads through health tech’s latest boom and bust cycle–and loops back to the motivation of most industry founders. He is a veteran of the late <strong>Olive AI</strong> (<a href="https://telecareaware.com/some-final-words-on-olive-ai-what-can-we-learn-from-its-failure/" target="_blank" rel="noopener"><strong>post-mortem here</strong></a>) in the GTM (go-to-market) team, was one of their first employees, and one of the last to turn out the lights. After that too-much-too-soon roller coaster, he focused on something personal, beyond another job.</p><p>Matt’s brother had a bi-lateral amputation as a college student due to a train accident in 2012. His brother’s injury and recovery had its ups and downs, but he had the important and focused help of his mother, a nurse. This led to Matt looking at others with similar injuries, which are all too common. Psychiatrists, like your Editor’s brother, see many of them in everyday practice. Beyond the physical injuries, there is PTSD coupled with loss of employment and ordinary socialization due to lack of physical ability. One in four have PTSD. But with help, they can overcome. Today, Mark Kalina is married with children, a senior analyst for the MetroHealth System in Cleveland, and works with other traumatic injury survivors. <a href="https://www.linkedin.com/pulse/leg-stand-mark-kalina-jr-/" target="_blank" rel="noopener"><strong>‘A Leg To Stand On’ on LinkedIn</strong></a></p><p>We discussed the extent and the effect of traumatic injury. Globally, there are 140 million who experience one or more traumatic injuries. These disproportionately affect lower to middle-income and minority people. Based on claims analysis, an Ohio study found that 13% of Medicaid beneficiaries have had physical trauma in the prior year. Timing and quality of rehabilitation are vital to better outcomes, to recovering ability and gaining employment. <strong>But there are a lot of gaps not only in treatment but also in the total picture–moving the injured back to their ‘stride’ in life.</strong> One in five ‘recidivize’, according to Matt, which means they lose ground after recovery and can wind up back in acute care. Reducing that number is key not only to better individual outcomes, but also to reducing long-term costs to insurers and Medicaid.</p><p>As part of the launch, TandemStride, based in Cleveland, is partnered with Molina Healthcare to support members in Ohio recovering from traumatic injury. Collaborating with trauma-focused associations also provides them with technology they did not have before, according to Sue Prentiss, executive director of the American Trauma Society, home to the Trauma Survivors Network. </p><p><strong>What is disturbing is how on a national level, support and resources for traumatic injury haven’t been available or organized for the civilian population. Veterans have the VA and deep resources there, with delivery the problem</strong>. Yet we have maybe a dozen or more telemental health services jockeying for business, with a new entrant promising something unique every few months, an overpopulation of competitors similar to what happened more slowly in telehealth. In this Editor’s view, Matt’s technology and building a network of traumatic injury survivors right now is filling a wide gap in care and recovery, connecting fragmented resources, and through community, can boost their long-term outcomes. <a href="https://www.tandemstride.com/tandemstride-launch" target="_blank" rel="noopener"><strong>TandemStride launch release</strong></a><strong>, <a href="https://www.linkedin.com/feed/update/urn:li:activity:7183089604441296896/" target="_blank" rel="noopener">Matt’s launch posting on LinkedIn</a></strong></p>]]></content:encoded> <wfw:commentRss>https://telecareaware.com/tandemstride-launches-platform-to-assist-survivors-of-traumatic-injury-a-personal-look/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>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</title> <link>https://telecareaware.com/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/</link> <comments>https://telecareaware.com/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/#respond</comments> <dc:creator><![CDATA[Donna Cusano]]></dc:creator> <pubDate>Thu, 18 Apr 2024 03:34:15 +0000</pubDate> <category><![CDATA[Latest News]]></category> <category><![CDATA[Opinion]]></category> <category><![CDATA[ALPHV]]></category> <category><![CDATA[BlackCat]]></category> <category><![CDATA[Change Healthcare]]></category> <category><![CDATA[cyberattack]]></category> <category><![CDATA[Hinge Health]]></category> <category><![CDATA[Optum]]></category> <category><![CDATA[Steward Health Care]]></category> <category><![CDATA[Stewardship Health]]></category> <category><![CDATA[Two Chairs]]></category> <category><![CDATA[UnitedHealth Group]]></category> <guid isPermaLink="false">https://telecareaware.com/?p=37198</guid> <description><![CDATA[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 the Senate Finance Committee on 30 April, both Republicans and Democrats didn’t spare the criticism. Other issues, such as healthcare provider consolidation, cybersecurity coordination, and vertical integration through acquisitions as represented by UHG and Change, entered into the hearing. And it went pretty far. Rep. Buddy Carter (R-GA): “The FTC has failed the American people by allowing vertical integration to happen, and it needs to be busted up.” Rep. Anna Eshoo (D-CA): “The attack shows how UnitedHealth’s anti-competitive practices present a national security risk because its operations now extend through every point of our healthcare system,” and called it “outrageous”. The current administration’s proposed $800 million investment in hospital cybersecurity protections was typed as “woefully insufficient.” Returning to the main issues, Larry Bucshon, MD (R-IN) stated that both the government and private companies were slow in assisting providers. John Riggi, AHA’s national adviser for cybersecurity and risk testified that “The federal government did not step in for weeks. Needed flexibilities under Medicare were not immediately available. It took 18 days for CMS to begin allowing providers to apply for advancing accelerated payments.” On how it affected providers, 94% of respondents in an AHA provider survey felt a financial impact from the attack, over half reported a “significant or serious” impact, and 74% of hospitals reported a direct effect on patient care. Payers are resisting advanced payments. UHG was even accused of exploiting the cyberattack to purchase additional practices by Rep. John Joyce, MD (R-PA). Becker’s, Chief Healthcare Executive, STAT This Editor has previously noted that UHG is taking a $1.6 billion charge for the cyberattack and is separately facing a DOJ investigation on multiple antitrust issues between the payer group and Optum, including their Amedisys buy [TTA 6 Mar]. UHG is also facing multiple class-action lawsuits from practices currently and expected from patients affected by the theft of PHI and PII [TTA 28 Mar]. It’ll be a busy spring and summer for UHG’s legal department. Hinge Health cuts 10% of staff. Reasons given were the standard tropes of ‘long-term sustainable business’, ‘accelerate our path to profitability, speed up decision making, and better focus our investments’ plus ‘realign our organization’. Their employee group is estimated at 1,700 on LinkedIn, making this about 170 staff released in various functions including engineers. The company is preparing for an IPO, which may not be this year, since they claim to have $400 million in cash on the books. Hinge’s last raise was an October 2021 $400 million Series E led by Tiger Global and Coatue Management for a total funding of $826.1 million over 10 raises (Crunchbase). At that time, their valuation was a bubbly $6.2 billion. Their virtual musculoskeletal rehabilitative therapy for back and joint pain care has since then expanded to rehab for pelvic pain, bowel, and bladder control. TechCrunch As predicted in our Rock Health Q1 review, Hinge is a perfect example of companies “pursuing IPO and M&A exit pathways concurrently to keep options open” by presenting their financials as if they were already public companies. Steward Health Care nears bankruptcy court. And the Optum buy of Stewardship Health practices won’t save it in time. Steward’s lenders are giving the health network until the end of April–two weeks away–to prove it can repay its considerable debts. Its recovery plan which included the Stewardship sale has been criticized as unworkable given the volume of debt and the regulatory implications of selling their hospital assets. The Optum acquisition is required to undergo a 30-day review by Massachusetts’ Health Policy Commission (HPC)–and while it was announced at the end of March, it had not started by mid-April. Given UHG’s other problems and scrutiny of practice purchases by the DOJ and FTC, Optum may walk away or wait. No purchase price had been announced but it would be a drop in a bottomless well anyway. The mounting problems of Steward Health Care are detailed in Healthcare Dive’s analysis. And to end on a more optimistic note, Two Chairs, a telemental health provider out of San Francisco, scored a $72 million Series C. Lead investors are Amplo and Fifth Down Capital with debt financing from Bridge Bank. The new raise, majority equity, brings Two Chairs’ total funding to $103 million. Their hybrid virtual and in-person therapy model is available at present in California, Florida, and Washington and markets to consumers, payers (Aetna nationally, Kaiser Permanente in Washington and Northern California), providers, and employers. The company states it will use the fresh funding to expand its markets and improve its technology platform. Currently, they have more than 500 clinicians on staff, most of whom are full-time. Their differentiator in the crowded telemental health category is their emphasis on measurement-based care, aided by a “matching consult,” facilitated by a proprietary 300-variable algorithm that creates the right therapist-client match (the ‘two chairs’ of the company’s name), which studies indicate is the most important factor in determining a good outcome. Release, FierceHealthcare, MedCityNews]]></description> <content:encoded><![CDATA[<p><strong><a href="https://telecareaware.com/news-roundup-neuropaces-brain-study-welbeings-liverpool-win-vas-apple-talks-medtronics-diabetes-move/lasso/" rel="attachment wp-att-30302"><img loading="lazy" decoding="async" class="alignleft wp-image-30302" src="https://telecareaware.com/wp-content/uploads/2017/12/Lasso.jpg" alt="" width="110" height="151" /></a>UnitedHealth Group facing direct Congressional criticism–and didn’t show up to answer it.</strong> 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, <a href="https://telecareaware.com/week-2-change-healthcares-blackcat-hack-may-last-for-the-next-couple-of-weeks-uhg-provides-temp-funding-to-providers-aha-slams-it-as-a-band-aid-but-did-optum-already-pay-blackcat-a-22m/" target="_blank" rel="noopener"><strong>help health systems</strong></a>, and then lobby <strong><a href="https://telecareaware.com/is-blackcat-alphv-faking-its-own-death-hhs-and-cms-come-to-providers-assistance-with-flexibilities/" target="_blank" rel="noopener">Health and Human Services to assist providers</a>, </strong>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 the Senate Finance Committee on 30 April, both Republicans and Democrats didn’t spare the criticism. Other issues, such as healthcare provider consolidation, cybersecurity coordination, and vertical integration through acquisitions as represented by UHG and Change, entered into the hearing. And it went pretty far. Rep. Buddy Carter (R-GA): “The FTC has failed the American people by allowing vertical integration to happen, and it needs to be busted up.” Rep. Anna Eshoo (D-CA): “The attack shows how UnitedHealth’s anti-competitive practices present a national security risk because its operations now extend through every point of our healthcare system,” and called it “outrageous”. </p><p>The current administration’s proposed $800 million investment in hospital cybersecurity protections was typed as “woefully insufficient.” </p><p>Returning to the main issues, Larry Bucshon, MD (R-IN) stated that both the government and private companies were slow in assisting providers. John Riggi, AHA’s national adviser for cybersecurity and risk testified that “The federal government did not step in for weeks. Needed flexibilities under Medicare were not immediately available. It took 18 days for CMS to begin allowing providers to apply for advancing accelerated payments.” On how it affected providers, 94% of respondents in an AHA provider survey felt a financial impact from the attack, over half reported a “significant or serious” impact, and 74% of hospitals reported a direct effect on patient care. Payers are resisting advanced payments. UHG was even accused of exploiting the cyberattack to purchase additional practices by Rep. John Joyce, MD (R-PA). <a href="https://www.beckershospitalreview.com/cybersecurity/lawmakers-express-fury-toward-unitedhealth-in-first-change-attack-hearing.html" target="_blank" rel="noopener"><strong>Becker’s</strong></a>, <a href="https://www.chiefhealthcareexecutive.com/view/lawmakers-express-frustrations-over-change-healthcare-cyberattack" target="_blank" rel="noopener"><strong>Chief Healthcare Executive</strong></a><strong>, <a href="https://www.statnews.com/2024/04/16/unitedhealth-skips-hearing-in-the-wake-of-change-cyberattack-triggering-call-for-subpoena/" target="_blank" rel="noopener">STAT</a></strong></p><p>This Editor has previously noted that UHG is taking a <strong><a href="https://telecareaware.com/mid-week-short-takes-unitedhealths-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/" target="_blank" rel="noopener">$1.6 billion charge</a></strong> for the cyberattack and is separately facing a DOJ investigation on multiple antitrust issues between the payer group and Optum, including their Amedisys buy [<a href="https://telecareaware.com/reality-bites-again-uhg-being-probed-by-doj-on-antitrust-onemedical-layoffs-not-related-to-amazon/" target="_blank" rel="noopener"><strong>TTA 6 Mar</strong></a>]. UHG is also facing multiple class-action lawsuits from practices currently and expected from patients affected by the theft of PHI and PII [<a href="https://telecareaware.com/short-takes-pockethealth-brightside-fundings-va-oig-reports-hit-oracle-cerner-change-cyberattack-legal-updates-uhg-amedisys-reviewed-in-oregon-optum-to-buy-steward-health-practices/" target="_blank" rel="noopener"><strong>TTA 28 Mar</strong></a>]. It’ll be a busy spring and summer for UHG’s legal department.</p><p><strong><a href="https://www.hingehealth.com/" target="_blank" rel="noopener">Hinge Health</a> cuts 10% of staff.</strong> Reasons given were the standard tropes of ‘long-term sustainable business’, ‘accelerate our path to profitability, speed up decision making, and better focus our investments’ plus ‘realign our organization’. Their employee group is estimated at 1,700 on LinkedIn, making this about 170 staff released in various functions including engineers. The company is preparing for an IPO, which may not be this year, since they claim to have $400 million in cash on the books. <strong><a href="https://telecareaware.com/short-takes-papa-healths-150m-series-d-hinge-healths-600m-series-e-teladocs-revenue-up-81-but-continues-in-the-red/" target="_blank" rel="noopener">Hinge’s last raise was an October 2021 $400 million Series E</a></strong> led by Tiger Global and Coatue Management for a total funding of $826.1 million over 10 raises (<a href="https://www.crunchbase.com/organization/hinge-health/company_financials" target="_blank" rel="noopener"><strong>Crunchbase</strong></a>). At that time, their valuation was a bubbly $6.2 billion. Their virtual musculoskeletal rehabilitative therapy for back and joint pain care has since then expanded to rehab for pelvic pain, bowel, and bladder control. <a href="https://techcrunch.com/2024/04/11/virtual-physical-therapist-hinge-health-lays-off-10-of-its-workforce/" target="_blank" rel="noopener"><strong>TechCrunch</strong></a><strong> As predicted in our <a href="https://telecareaware.com/digital-healths-q1-according-to-rock-health-the-new-reality-is-a-flat-spin-back-to-2019/" target="_blank" rel="noopener">Rock Health Q1 review</a>, </strong>Hinge is a perfect example of companies “pursuing IPO and M&A exit pathways concurrently to keep options open” by presenting their financials as if they were already public companies. </p><p><strong>Steward Health Care nears bankruptcy court. And the Optum buy of Stewardship Health practices won’t save it in time. </strong>Steward’s lenders are giving the health network until the end of April–two weeks away–to prove it can repay its considerable debts. Its recovery plan which included the Stewardship sale has been criticized as unworkable given the volume of debt and the regulatory implications of selling their hospital assets. The Optum acquisition is required to undergo a 30-day review by Massachusetts’ Health Policy Commission (HPC)–and while it was announced at the <strong><a href="https://telecareaware.com/short-takes-pockethealth-brightside-fundings-va-oig-reports-hit-oracle-cerner-change-cyberattack-legal-updates-uhg-amedisys-reviewed-in-oregon-optum-to-buy-steward-health-practices/" target="_blank" rel="noopener">end of March</a></strong>, it had not started by mid-April. Given UHG’s other problems and scrutiny of practice purchases by the DOJ and FTC, Optum may walk away or wait. No purchase price had been announced but it would be a drop in a bottomless well anyway. The mounting problems of Steward Health Care are detailed in <a href="https://www.healthcaredive.com/news/steward-health-care-bankruptcy-risk/712899/" target="_blank" rel="noopener"><strong>Healthcare Dive’</strong></a>s analysis.</p><p><strong>And to end on a more optimistic note, <a href="https://www.twochairs.com/" target="_blank" rel="noopener">Two Chairs</a>, a telemental health provider out of San Francisco, scored a $72 million Series C.</strong> Lead investors are Amplo and Fifth Down Capital with debt financing from Bridge Bank. The new raise, majority equity, brings Two Chairs’ total funding to $103 million. Their hybrid virtual and in-person therapy model is available at present in California, Florida, and Washington and markets to consumers, payers (Aetna nationally, Kaiser Permanente in Washington and Northern California), providers, and employers. The company states it will use the fresh funding to expand its markets and improve its technology platform. Currently, they have more than 500 clinicians on staff, most of whom are full-time. Their differentiator in the crowded telemental health category is their emphasis on measurement-based care, aided by a “matching consult,” facilitated by a proprietary 300-variable algorithm that creates the right therapist-client match (the ‘two chairs’ of the company’s name), which studies indicate is the most important factor in determining a good outcome. <a href="https://www.prweb.com/releases/two-chairs-secures-72m-in-equity-and-debt-to-expand-its-unique-matching-measurement-based-care-302117772.html" target="_blank" rel="noopener"><strong>Release</strong></a>, <a href="https://www.fiercehealthcare.com/finance/behavioral-health-provider-two-chairs-clinches-72m-expand-hybrid-model" target="_blank" rel="noopener"><strong>FierceHealthcare</strong></a>, <strong><a href="https://medcitynews.com/2024/04/healthcare-therapy-telehealth/" target="_blank" rel="noopener">MedCityNews</a></strong></p>]]></content:encoded> <wfw:commentRss>https://telecareaware.com/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/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>ISfTeH student contest and award 2024–deadline 26 April!</title> <link>https://telecareaware.com/isfteh-student-contest-and-award-2024-deadline-26-april/</link> <comments>https://telecareaware.com/isfteh-student-contest-and-award-2024-deadline-26-april/#respond</comments> <dc:creator><![CDATA[Donna Cusano]]></dc:creator> <pubDate>Wed, 17 Apr 2024 14:11:02 +0000</pubDate> <category><![CDATA[Events]]></category> <category><![CDATA[Latest News]]></category> <category><![CDATA[ISfTeH]]></category> <guid isPermaLink="false">https://telecareaware.com/?p=37189</guid> <description><![CDATA[From Frederic Lievens of the International Society for Telehealth and e-Health: For this year’s ISfTeH Student Contest and Award, we are inviting ISfTeH student members to submit an abstract about their work, research, project or experience in the field of telemedicine and digital health. Deadline for submission is April 26th. For information on how to submit your abstract, contact our ISfTeH Student Membership coordinator, Dr. Simone Farah. The selected abstracts will be presented ‘live’ by the students during two online sessions on May 17th and June 14th. Later this 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.]]></description> <content:encoded><![CDATA[<p><strong><a href="https://telecareaware.com/isfteh-student-contest-and-award-2024-deadline-26-april/isfteh-2/" rel="attachment wp-att-37191"><img loading="lazy" decoding="async" class="alignleft wp-image-37191" src="https://telecareaware.com/wp-content/uploads/2024/04/ISfTeH.png" alt="" width="301" height="67" srcset="https://telecareaware.com/wp-content/uploads/2024/04/ISfTeH.png 1200w, https://telecareaware.com/wp-content/uploads/2024/04/ISfTeH-300x67.png 300w, https://telecareaware.com/wp-content/uploads/2024/04/ISfTeH-1024x229.png 1024w, https://telecareaware.com/wp-content/uploads/2024/04/ISfTeH-768x172.png 768w" sizes="(max-width: 301px) 100vw, 301px" /></a>From Frederic Lievens of the <a href="https://www.isfteh.org/" target="_blank" rel="noopener">International Society for Telehealth and e-Health</a>:</strong></p><p><strong>For this year’s ISfTeH Student Contest and Award</strong>, we are inviting ISfTeH student members to submit an abstract about their work, research, project or experience in the field of telemedicine and digital health.</p><p>Deadline for submission is April 26th.</p><p>For information on how to submit your abstract, contact our ISfTeH Student Membership coordinator, <a href="mailto:studentmembershipcategory@gmail.com" target="_blank" rel="noopener">Dr. Simone Farah</a>.</p><p>The selected abstracts will be presented ‘live’ by the students during two online sessions on May 17th and June 14th. Later this 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, <a href="https://r20.rs6.net/tn.jsp?f=001PFzvIKkRZYgmSMOVVqCmQ_woW2oyQ4ka13pzDntDVJLp2Phwn4dsFYI3kpIvpXVO6T8zzWjRAjZ5oKK9kxcYDhh3gnkebg5QHHuSqWVGC0xKAD2K7yS3hmp8C42BfQWTijqd3VS7Q2Zv5vQiKnKfUA==&c=6z6PJnDjMz53h3L5FoAjaOefoLVumVgPsnVxKOWfFA4m2IAbKVVzhw==&ch=DO0s3m1W7RpaNCEZsFWQQ4bsbIhWAtk7j4lPu6v6WmvHOfYHdAlSYA==" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://r20.rs6.net/tn.jsp?f%3D001PFzvIKkRZYgmSMOVVqCmQ_woW2oyQ4ka13pzDntDVJLp2Phwn4dsFYI3kpIvpXVO6T8zzWjRAjZ5oKK9kxcYDhh3gnkebg5QHHuSqWVGC0xKAD2K7yS3hmp8C42BfQWTijqd3VS7Q2Zv5vQiKnKfUA%3D%3D%26c%3D6z6PJnDjMz53h3L5FoAjaOefoLVumVgPsnVxKOWfFA4m2IAbKVVzhw%3D%3D%26ch%3DDO0s3m1W7RpaNCEZsFWQQ4bsbIhWAtk7j4lPu6v6WmvHOfYHdAlSYA%3D%3D&source=gmail&ust=1713448730616000&usg=AOvVaw3VAKAHBdN6AGNoA3klaGgv">Medgate</a>.</p><ul><li>If you are a student, but not yet a student member in the ISfTeH, submit your membership application at <a href="https://r20.rs6.net/tn.jsp?f=001PFzvIKkRZYgmSMOVVqCmQ_woW2oyQ4ka13pzDntDVJLp2Phwn4dsFYBM-Hovbz8hDQX0eVU80Two0072NKuqTihacyah28GwLc0ky3_DC5D8etjNxJcvMsov7FysYgJMgiPWg5MUNE_i_QdN9t9mH7Y9kkYc1N0ji_WbTyrkB1U=&c=6z6PJnDjMz53h3L5FoAjaOefoLVumVgPsnVxKOWfFA4m2IAbKVVzhw==&ch=DO0s3m1W7RpaNCEZsFWQQ4bsbIhWAtk7j4lPu6v6WmvHOfYHdAlSYA==" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://r20.rs6.net/tn.jsp?f%3D001PFzvIKkRZYgmSMOVVqCmQ_woW2oyQ4ka13pzDntDVJLp2Phwn4dsFYBM-Hovbz8hDQX0eVU80Two0072NKuqTihacyah28GwLc0ky3_DC5D8etjNxJcvMsov7FysYgJMgiPWg5MUNE_i_QdN9t9mH7Y9kkYc1N0ji_WbTyrkB1U%3D%26c%3D6z6PJnDjMz53h3L5FoAjaOefoLVumVgPsnVxKOWfFA4m2IAbKVVzhw%3D%3D%26ch%3DDO0s3m1W7RpaNCEZsFWQQ4bsbIhWAtk7j4lPu6v6WmvHOfYHdAlSYA%3D%3D&source=gmail&ust=1713448730616000&usg=AOvVaw2Y9TEmKzK8Dv7n9AinYIcS">www.isfteh.org/members/how_to_<wbr />join</a>.</li><li>If you are working at a school or university and would like your students to be involved in the contest, also contact <a href="mailto:studentmembershipcategory@gmail.com" target="_blank" rel="noopener">Dr. Simone Farah</a>.</li></ul><p>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.</p>]]></content:encoded> <wfw:commentRss>https://telecareaware.com/isfteh-student-contest-and-award-2024-deadline-26-april/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>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</title> <link>https://telecareaware.com/mid-week-short-takes-unitedhealths-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/</link> <comments>https://telecareaware.com/mid-week-short-takes-unitedhealths-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/#respond</comments> <dc:creator><![CDATA[Donna Cusano]]></dc:creator> <pubDate>Wed, 17 Apr 2024 00:20:50 +0000</pubDate> <category><![CDATA[Latest News]]></category> <category><![CDATA[Opinion]]></category> <category><![CDATA[Change Healthcare]]></category> <category><![CDATA[ChrysCapital]]></category> <category><![CDATA[Dexcom]]></category> <category><![CDATA[GeBBS Healthcare]]></category> <category><![CDATA[MD Revolution]]></category> <category><![CDATA[Optum]]></category> <category><![CDATA[UnitedHealth Group]]></category> <category><![CDATA[VillageMD]]></category> <category><![CDATA[Walgreens]]></category> <guid isPermaLink="false">https://telecareaware.com/?p=37185</guid> <description><![CDATA[UnitedHealth Group rang up Q1 revenue of $99.8 billion, with adjusted earnings from operations $8.5 billion, but had a net loss of $1.22 billion (WSJ). (Ed. note–Becker’s has $1.4 million) The loss was created not only from the cyberattack on Change Healthcare’s systems ($0.74/share) but also a $7 billion charge due to the sale of UHG’s Brazil operations. Q1 revenue was up $7.9 billion versus same quarter 2023. Their year 2024 forecast of the damage done by the ALPHV cyberattack on Change is $1.6 billion ($1.15 to $1.35 per share). Optum’s Q1 revenues of $61 billion grew by $7 billion over prior year, led by Optum Health and Optum Rx due to continued strong expansion in the number of people served Someone at HIStalk did some counting and noted that the Optum Solution Status dashboard for Change Healthcare shows 109 of 137 applications remain down, not much different than when we eyeballed it on 3 April. CNBC, UHG release, HIStalk, Becker’s, MSN/WSJ Walgreens continues to cut staff–this go-around, it’s corporate support center employees both in Chicago and working remotely. No total was provided by the Walgreens spokesperson contacted by Crain’s Chicago Business. This adds to 900 corporate staff laid off 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 C investment of $47.5 million, led by Growth Equity at Goldman Sachs Asset Management (Goldman Sachs). This adds to a modest $21.5 million from various investors from 2013 to 2022 (Crunchbase). Kontakt provides patient flow analytics to health systems to optimize patient, staff, and resource flows, improving safety, coordination, and service delivery. It uses a combination of RTLS property tracking, cloud, and AI to provide real-time location data and orchestrate staff, equipment, and clinical spaces around a patient’s care journey. The additional funds will be used for sales expansion and AI development. HIStalk, Release GeBBS Healthcare Solutions on the block, may fetch $1 billion. The LA-based business process outsourcing (BPO)/revenue cycle management (RCM) company, currently owned by ChrysCapital of New Delhi, is on the market for a reported $800 million to $1 billion. This would be a tidy payday for ChrysCapital which back in 2018 acquired an 80% stake in GeBBS for $140 million with a valuation then of $175 million. ChrysCapital is India’s largest home-grown PE investor. Economic Times-India Times, HIStalk]]></description> <content:encoded><![CDATA[<p><strong><a href="https://telecareaware.com/rock-health-q3-funding-roundup-shrinking-to-fit-the-new-normal-the-doldrums/stick_figure_push_down_arrow_400_clr-272x300/" rel="attachment wp-att-36416"><img loading="lazy" decoding="async" class="wp-image-36416 alignright" src="https://telecareaware.com/wp-content/uploads/2023/10/stick_figure_push_down_arrow_400_clr-272x300-1-e1708564921249.png" alt="" width="120" height="132" /></a>UnitedHealth Group rang up Q1 revenue of $99.8 billion, </strong><strong>with adjusted earnings from operations $8.5 billion, but had </strong><strong>a net loss of $1.22 billion (WSJ). </strong>(Ed. note–Becker’s has $1.4 million) The loss was created not only from the cyberattack on Change Healthcare’s systems ($0.74/share) but also a $7 billion charge due to the sale of UHG’s Brazil operations.</p><ul><li>Q1 revenue was up $7.9 billion versus same quarter 2023.</li><li>Their year 2024 forecast of the damage done by the ALPHV cyberattack on Change is $1.6 billion ($1.15 to $1.35 per share).</li><li>Optum’s Q1 revenues of $61 billion grew by $7 billion over prior year, led by Optum Health and Optum Rx due to continued strong expansion in the number of people served</li></ul><p>Someone at HIStalk did some counting and noted that the <a href="https://solution-status.optum.com/" target="_blank" rel="noopener"><strong>Optum Solution Status dashboard</strong></a> for <strong>Change Healthcare</strong> shows 109 of 137 applications remain down, not much different than when we eyeballed it on <a href="https://telecareaware.com/mid-week-news-roundup-us-offers-10m-for-blackcat-alphv-info-most-change-systems-still-down-risant-closes-geisinger-buy-surescripts-exploring-sale-dariohealth-2023-revenue-23-amazon-pharmacy-sa/" target="_blank" rel="noopener"><strong>3 April</strong></a>. <a href="https://www.cnbc.com/2024/04/16/unitedhealth-group-unh-q1-2024-earnings.html" target="_blank" rel="noopener"><strong>CNBC,</strong></a> <a href="https://www.businesswire.com/news/home/20240416450656/en/UnitedHealth-Group-Reports-First-Quarter-2024-Results" target="_blank" rel="noopener"><strong>UHG release</strong></a>, <a href="https://histalk2.com/2024/04/16/news-4-17-24/" target="_blank" rel="noopener"><strong>HIStalk</strong></a>, <a href="https://www.beckerspayer.com/payer/unitedhealth-posts-1-4b-loss-in-q1-following-change-cyberattack.html" target="_blank" rel="noopener"><strong>Becker’s</strong>,</a> <strong><a href="https://www.msn.com/en-us/money/markets/unitedhealth-stock-soars-after-earnings-beat-expectations-despite-cyberattack/ar-BB1lHVBS" target="_blank" rel="noopener">MSN/WSJ</a></strong></p><p><strong>Walgreens continues to cut staff–this go-around, it’s corporate support center employees both in Chicago and working remotely. </strong>No total was provided by the Walgreens spokesperson contacted by <a href="https://archive.ph/TwmNX#selection-2547.108-2547.132" target="_blank" rel="noopener"><strong>Crain’s Chicago Business</strong></a>. This adds to 900 corporate staff laid off in several waves earlier this year and last fall, VillageMD staff due to 140 closures, and 646 distribution center <a href="https://telecareaware.com/walgreens-latest-cuts-affect-646-at-florida-connecticut-distribution-centers/" target="_blank" rel="noopener"><strong>staff laid off last month</strong></a>. Walgreens stock is down 33% this year. </p><p><strong>In cheerier news, Dexcom is partnering with remote patient monitoring (RPM) provider <a href="https://mdrevolution.com/" target="_blank" rel="noopener">MD Revolution</a></strong> 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 (<a href="https://www.crunchbase.com/organization/md-revolution/company_financials" target="_blank" rel="noopener"><strong>Crunchbase</strong></a>). <a href="https://www.businesswire.com/news/home/20240410995525/en/MD-Revolution-Partners-with-Dexcom-to-Integrate-Continuous-Glucose-Monitoring-Systems-With-its-Remote-Care-Management-Platform" target="_blank" rel="noopener"><strong>Release</strong></a></p><p><strong>Inpatient data analytics company <a href="https://kontakt.io/" target="_blank" rel="noopener">Kontakt.io</a> raised a Series C investment of $47.5 million,</strong> led by Growth Equity at Goldman Sachs Asset Management (Goldman Sachs). This adds to a modest $21.5 million from various investors from 2013 to 2022 (<a href="https://www.crunchbase.com/organization/kontakt/company_financials" target="_blank" rel="noopener"><strong>Crunchbase</strong></a>). Kontakt provides patient flow analytics to health systems to optimize patient, staff, and resource flows, improving safety, coordination, and service delivery. It uses a combination of RTLS property tracking, cloud, and AI to provide real-time location data and orchestrate staff, equipment, and clinical spaces around a patient’s care journey. The additional funds will be used for sales expansion and AI development. <a href="https://histalk2.com/2024/04/16/news-4-17-24/" target="_blank" rel="noopener"><strong>HIStalk</strong></a>, <a href="https://kontakt.io/press-releases/kontakt-io-raises-47-5-million-series-c-funding-from-goldman-sachs-to-fuel-ai-development-and-expansion-into-us-hospitals/" target="_blank" rel="noopener"><strong>Release </strong></a></p><p><strong><a href="https://gebbs.com/" target="_blank" rel="noopener">GeBBS Healthcare Solutions</a> on the block, may fetch $1 billion.</strong> The LA-based business process outsourcing (BPO)/revenue cycle management (RCM) company, currently owned by ChrysCapital of New Delhi, is on the market for a reported $800 million to $1 billion. This would be a tidy payday for ChrysCapital which back in 2018 acquired an 80% stake in GeBBS for $140 million with a valuation then of $175 million. ChrysCapital is India’s largest home-grown PE investor. <a href="https://economictimes.indiatimes.com/industry/banking/finance/chrys-capital-looks-to-sell-gebbs-at-1b-valuation/articleshow/109294273.cms?from=mdr" target="_blank" rel="noopener"><strong>Economic Times-India Times</strong></a>, <a href="https://histalk2.com/2024/04/16/news-4-17-24/" target="_blank" rel="noopener"><strong>HIStalk</strong></a></p>]]></content:encoded> <wfw:commentRss>https://telecareaware.com/mid-week-short-takes-unitedhealths-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/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> </channel></rss> If you would like to create a banner that links to this page (i.e. this validation result), do the following:
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