Today on Health in 2 Point 00, Jess asks me about Lyra Health raising $187 million — this is their third raise in less than a year — and gets my take on the SPAC rumor for 23andMe, which is valued at $2.5 billion and just raised $82.5 million in December, and the rumor about Ro following Hims & Hers in a SPAC. Sharecare IS planning on “SPAC-ing” and recently acquired Doc.ai, and DarioHealth acquires Upright Technologies for $31 million. —Matthew Holt
One-Price, 30-Day Warranty, Payment at Discharge: Carrum Health’s CEO on Changing How We Buy Surgery
By JESSICA DaMASSA, WTF HEALTH
No copays. No coinsurance. No surprise out-of-network anesthesiologist fees or pre-op imaging bills. Just one, single price (that you see in advance) tells you EXACTLY what you’ll be paying for your surgical care on Carrum Health. Backed by the recent close of a $40M Series A funding round, the health tech startup’s CEO Sach Jain talks through all the ways his company is looking to disrupt how we buy surgical care. Standardized bundle pricing is just the beginning. Carrum requires its Centers of Excellence (and each of their docs) to pass a proprietary 50-point inspection before they can join the platform, AND every surgery must be backed by a 30-day Warranty! How have they convinced providers to jump through these kinds of hoops? With a growing client-base of self-insured employers (Sach says they have several Fortune 100 and Fortune 500 clients) and payment-in-full made to providers upon discharge, the case for additional revenue and zero A/R days is pretty compelling to a health system. And what about the other side of the business model? Tune in to find out why Sach believes Carrum Health’s “marketplace” approach will appeal to the growing base of “activist” employers whose HR benefits administrators are becoming more and more adept at building-their-own healthcare networks.
THCB Gang was held live on Thurs Jan 28 1pm PT -4pm ET. The recording is below.
Joining me, Matthew Holt (@boltyboy) were fierce patient activist Casey Quinlan (@MightyCasey), consultant/author Rosemarie Day @Rosemarie_Day1), THCB regular health writer Kim Bellard (@kimbbellard); employer health expert Jennifer Benz (@jenbenz) & patient safety expert and all around wit Michael Millenson (@MLMillenson).
There was almost nothing to talk about. No inauguration, no riots, pandemic under control via vaccination….oh wait. Actually a lot to talk about with the vaccination rollout, the likelihood of health policy changing in the COVID relief bill, and how the wild world of Gamestop stock trading might impact Digital Health –well we didn’t talk about that but we did talk about employers and what they were going to do!
By JESSICA DaMASSA, WTF HEALTH
Covid 19 vaccine development may have mainstreamed questions about how to hasten drug development timelines, but Medable, a health tech startup that offers researchers a way to de-centralize clinical trials, has been working to solve this problem for five years. Freshly funded with a $91M Series C raise, co-founder and CEO Michelle Longmire talks through the benefits of “liberating” clinical trials from academic research centers and sending them onto devices into patient’s homes. Traditionally, drug development processes average more than 10 years, cost millions of dollars, and are limited in the diversity of patients they can recruit because of the heavy focus on the geographic location of the research team conducting the trial. Medable’s digital platform breaks these limitations, reducing drug development timelines and costs by making it easier for researchers to draw study participants from anywhere. More importantly, it makes the novel medicines being tested by the trial available to a bigger, more diverse array of patients. Despite the gains made in 2020 toward the de-centralized clinical trial model (Medable’s revenue shot up 500%), there’s concern that Big Pharma may return to the business processes of old once the pandemic is under control. Does Michelle think last year make enough of an impact to change their business model for good? Find out what’s ahead for the future of pharma.
On Health in 2 Point 00, this time we have Jess tell us about OneDrop, Bayer, and SCOR’s new partnership, creating a chronic condition-specific life insurance policy using OneDrop’s platform and SCOR’s risk predictive engine. On Episode 180, Jess asks me about Signify Health filing for IPO – a real IPO, not a SPAC one, Lumiata getting $14 million working on predictive analytics, and Neuroflow getting $20 miillion in a Series A led by Magellan. —Matthew Holt
By ELIZABETH BROWN
Attention digital health innovators! Do you have a health tech solution that can aid community-based care coordinators in COVID-19 vaccine screening and appointment scheduling for their underserved and vulnerable patients? Apply to the second Alliance for Better Health Rapid Response Open Call, hosted by Catalyst @ Health 2.0 & sponsored by the Robert Wood Johnson Foundation!
As the COVID-19 pandemic continues, the importance of ensuring health equity and access is vital. This RROC is looking for solutions to help community care coordinators and providers schedule appointments for COVID-19 vaccines for vulnerable and underserved patients who may be facing barriers to self-scheduling those vaccine appointments. The intended care providers are those working with patients who may lack resources, health literacy, or face other barriers to self-scheduling appointments. A select group of semi-finalists will have the opportunity to demo their technology. A grand prize winner will receive $15k and the opportunity to collaborate with Alliance for Better Health!
Do you have a solution that can fit this need? Apply HERE today! Applications close 2/2.
(This is the second of 2 COVID-19 RROC challenges from Alliance for Better Health. The first was for vaccine administration tracking announced on Tuesday 19th. Both are mentioned in the video from Jacob Reider, Alliance for Better Health’s CEO, which you can see below)
About Alliance For Better Health: Alliance For Better Health engages medical and social service providers in developing innovative solutions to promote people’s health, with a goal of transforming the care delivery system into one that incentivizes health and prevention. Established in 2015 as a Performing Provider System in the New York State Delivery System Reform Incentive Payment program (DSRIP), Alliance partners with more than 2,000 providers and organizations across a six-county area in New York’s Tech Valley and Capital Region.
Elizabeth Brown is a Program Manager at Catalyst @ Health 2.0
By KIM BELLARD
Last week I wrote about, well, how awful social media has become, so this week it’s nice to write about pretty much the opposite: Wikipedia turned twenty last Friday (January 15).
In person years that’s not even old enough to buy alcohol, but in Internet years that makes it one of the grand old masters, like Google or Amazon. Wikipedia is one of the most visited Internet destinations, with its 55+ million articles, in 300+ languages, getting some 10b+ views per month.
It is something that, by all rights, shouldn’t exist, much less be successful. A non-profit, volunteer written/edited, online encyclopedia? An online resource widely trusted for its objective, generally accurate articles in a world of fake news? As the joke goes, it’s good that it works in practice because it does not work in theory.
That’s sort of the opposite of our healthcare system: it’s good that it works in theory, because it sure doesn’t work in practice.
Wikipedia works due to its army of editors (“Wikipedians”); some 127,000 have edited the English edition alone within the past 30 days. They work in virtual real time; when someone wins an Oscar the update happens almost immediately. When the U.S. Capitol was stormed two weeks ago, Wikipedia had a page up before the protesters were gone.Continue reading…
By JESSICA DaMASSA, WTF HEALTH
On the eve of the finalization of their SPAC IPO and New York Stock Exchange debut as $HIMS, Hims & Hers CEO, Andrew Dudum, sat down with Jess DaMassa to talk about his wellness company’s transition into full-on healthcare provider. With new primary care, mental health care, and covid19 testing services launched as a result of the pandemic, Hims & Hers has expanded beyond their initial dermatology and sexual health core to provide telehealth-plus-pharmacy services for a growing range of chronic conditions, mental health issues, and everyday health concerns commonly tackled by PCPs. How far into healthcare delivery will Hims & Hers go? What types of acquisitions or innovations will be necessary to compete with the likes of Teladoc/Livongo, Optum, or the slew of virtual-first primary care clinics currently vying to be healthcare’s “digital front door”? And, what are we to make of that fact that Hims & Hers has gone retail: appearing on the shelves of every Target store in the US? Healthcare’s changing, and we get a fired-up Andrew to wax philosophical on why companies like his — that are consumer-focused, disrupting the healthcare “experience,” AND slowly eroding the healthcare payment model with a customer base willing to pay out-of-pocket — will be leading the way to a next-generation healthcare model.
Episode 39 of “The THCB Gang” will live-streamed on Thursday, Jan 21. You can see it below!
Matthew Holt (@boltyboy) was joined by regulars: futurists Ian Morrison (@seccurve) & Jeff Goldsmith, surgeon and now digital health entrepreneur Raj Aggarwal (@docaggarwal), radiologist Saurabh Jha (@roguerad), and patient advocate Robin Farmanfarmaian (@Robinff3).
Like the nation we took a big collective sigh of relief. We then talked a lot about COVID vaccinations, what the newly (sort of) Dem-led Senate is going to do on stimulus and health care , and we fnished on all that money pouring into digital health, while the stock market goes crazy. It was all good grist for the #THCBGang’s mill.
Today on Health in 2 Point 00, we’ve made it to Inauguration Day! On Episode 179, we have over $300 million in deals and a SPAC IPO. Jess asks for my take on Hims & Hers going public, primary care chatbot company K Health raising $132 million, digital pathology company Paige raising $100 million, and ACO management company Aledade getting another $100 million. —Matthew Holt