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It takes a pandemic: Mental Health parity may finally have its day!

By EMILY EVANS

Emily Evans is the health policy guru at equity research company HedgeEye. She sends out these reports in emails to her clients regularly but (since I asked nicely) she allowed me to publish this one from late last week on THCB. You can catch Emily in person on the “How Much Are These Companies Really Worth? The IPO & SPAC Panel” at Policies|Techies|VCs–What’s Next for Health Care, the conference Jess Damassa & I are chairing on September 7-8-9-10 — Matthew Holt

Politics. President Biden is going to have more important things to do this week than worry about the mask/vaccine wars. At some point though, probably soon, Biden will need a scapegoat at the CDC. Several reversals on guidance around masks for the vaccinated and the unvaccinated have left local governments confused and people, most notably, parents of school age children, angry. The spread of the Delta variant isn’t helping matters.

While there may be political motivations for some of CDC Director, Dr. Rochelle Walensky’s guidance. A better approach, this last week anyway, would be never assign to cunning that which can be explained by incompetence.

Bringing a large, sprawling bureaucracy into line after a decade or more of being considered irrelevant is not a simple matter. It is made particularly difficult by the agency’s remote location in Atlanta to which Dr. Walensky commutes. 

For the time being eclipsed by a messy exit in Afghanistan, the CDC’s failures are still being noted by longstanding supporters of the agency like former Food and Drug Commissioner, Scott Gottlieb. As the Delta variant follows the same summer path as Alpha from south to north and break-through infections become identified as more common than previously thought (though mild for the vaccinated), the pressure to get the CDC reorganized will grow.

The good news, notwithstanding the vitriol over mask wearing and vaccine mandates, is the assumption underlying the CDC’s guidance on masks/vaccines is that children will be going to school and college students to class. It is, we can all hope, the first step in recognizing that there is no Zero-COVID; no magic bullet; just adaptation and adjustment, something at which humans excel.

Policy. Last week, the Department of Labor simultaneously filed and settled a lawsuit against UNH for violations under the Mental Health Parity and Addiction Equity Act of 2008. The dollar value of the settlement was immaterial but United HealthGroup (UNH) agreed to take corrective action which will be substantive.

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THCB Gang Episode 57 – Thurs June 10

Episode 57 of “The THCB Gang” will be live on Thursday, June 10, 1pm PT 4pm ET. Matthew Holt (@boltyboy) will joined by regulars: medical historian Mike Magee (@drmikemagee), THCB regular writer Kim Bellard (@kimbbellard) and futurist Ian Morrison (@seccurve). And we have a special guest, health care equity analyst at Hedgeye, Emily Evans (@HedgeyeEEvans)

You might guess that the latest meme stock Clover Health (CLOV) might make an appearance! But that won’t be all!

The video is below. If you’d rather listen, the audio is preserved as a weekly podcast available on Fridays on our iTunes  & Spotify channels

Saints, Sinners, & the Spirituality of the SPAC Church | Politics, Policy, Power

By EMILY EVANS

Takeaway: Policy changes have overtaken many health care SPACs but that won’t stop a lot of telegenic advocates; something is sure to go wrong.

Politics. Something is sure to go wrong.

Over 400 SPACs have formed and about 100 business combinations announced. At least as far as health care goes, excluding biotech and pharma, the quality of the business combinations has thus far been uninspiring.

Deerfield’s CareMax/IMC Medical, Jaws’ Cano Health are focused on the very crowded Medicare Advantage market just as demographic realities require attention to shift toward younger people. Falcon’s ShareCare, GigCapital2’s Uphealth/Cloudbreak, Hudson’s Talkspace are yet more digital platforms to manage care. VG’s 23andMe wants to monetize all the genetic data it has collected through drug development.

Absent durable business models that address the core challenges of health care such as price, efficiency and quality, SPACs seem to be relying on charismatic personalities to win over investors, great and small, regardless of their experience or credibility. So much so, Twitter entreaties from Chamath Palihapitiya’s fan-base have taken on the tone of religious followers. “@chamath give @Clover_Health some love on Valentine’s Day what’s your position are you optimistic, excited, hopeful of its future? We would love to hear from you…”

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