Today on Health in 2 Point 00, I’ve been banned from talking about the Suez Canal by Jess. On Episode 195, we cover Cityblock raising $192 million in a C extension, adding to their $160 million Series C in from December. Crossover Health raises $168 million in a proper D round, Redesign Health raises $100 million adding to their capital of $250 million for their digital health studio, and Vesta, formerly called Hometeam, raises $20 million which has flopped from working to get caregivers into the home to helping care agencies do telehealth at home. —Matthew Holt
This week (for one week only) #THCB Gang was on Friday. Matthew Holt (@boltyboy) was joined by regulars medical historian Mike Magee (@drmikemagee), Fard Johnmar (@fardj), from digital health consultancy Enspektos, THCB regular writer Kim Bellard (@kimbbellard), and employer health expert Jennifer Benz (@jenbenz). Sadly Casey Quinlan was ill and couldn’t join last minute.
It was an extraordinary week, especially in terms of digital health investment. We talked a bit about that and a lot more about high deductible health plans, whether the filibuster will be busted, and what that might mean for Medicare for all. A wide ranging and big picture conversation!
We’re swimming in a pool of money, health tech! Today on Health in 2 Point 00, we have over $1 billion and 3 acquisitions in this episode alone. First up is Ro, which just raised $500 million – they’re building quite the big healthcare company; their valuation is roughly double what Hims is trading and their revenue is a little bit more. Next, Appriss Health acquires PatientPing for $500 million and Everlywell acquires both PWNHealth and Home Access Health Corporation. Finally, our friends over at Ginger close another $100 million round. Be sure to tune into Jess’s interview with the CEO Russ Glass for the scoop. —Matthew Holt
On Episode 193 of Health in 2 Point 00, we have another huge day! We catch up on Amazon’s telehealth news before covering more massive deals. Evidation gets $153 million, bringing their total to a whopping $259 million and Komodo Health gets $220 million, bringing their total to $319 million. Bigfoot Biomedical raises $53 million for Type 1 diabetes care, and Glooko raises $30 million for their management system primarily working with diabetes clinics. —Matthew Holt
Today on Health in 2 Point 00, we’re back with more deals as promised for our post St-Patty’s episode. On Episode 192, Jess and I have lots to chat about because Glen Tullman is back—he becomes the CEO of Transcarent, a new company which is going direct to employers and doing navigation and telehealth and centers of excellence. Despite the crowded space (especially after this week’s Doctor on Demand and Grand Rounds merger), Glen says there is huge demand from employers. Catch our interview with him on WTF Health. Next, Happify Health gets $75 million, bringing their total up to $123 million. I had an interview with their President Ofer Leidner on THCB Spotlight yesterday, so tune in there to find out about this mental health company delivering automated, self-service care. Finally, two remote patient monitoring companies get funding – 100Plus gets $25 million in a Series A, and Health Recovery Solutions gets $70 million in a C. How are these different and why is there all this money in RPM now? —Matthew Holt
By JESSICA DaMASSA, WTF HEALTH
As if one consumer digital health company with an $18.5B exit wasn’t enough, Livongo founder Glen Tullman has decided to give the transformation of healthcare another go – this time as Executive Chairman & CEO of Transcarent. Matthew Holt and I sit down with Glen to hear about the “new kind of experience” that Transcarent is offering self-insured employers and their employees: one focused on providing unbiased information, guidance for accessing high-value healthcare, and an at-risk model that promises to share back the financial benefits associated with better healthcare decision-making.
Could you consider Transcarent an aggregator, a healthcare navigator-PLUS, or is it more like a next-gen health plan that does everything but process claims? Glen talks about how his team was “asked” to jump into providing a better experience for this kind of healthcare service, details what the company needs next, and explains the role of Bridge Health, which merged with Transcarent in October 2020 when the company closed its $44M Series A. Familiar investors, General Catalyst and Glen’s own 7Wire Ventures, have led the funding for Transcarent and we find out if there will be any additional support from the Health Assurance Acquisition Corporation (the SPAC that Glen launched in partnership with General Catalyst’s Hemant Taneja and others) that could potentially provide a vehicle for taking the business public. And, what about Teladoc Health? With a seat on TDOC’s Board, does Transcarent’s commitment to offering “unbiased” direction to the best possible healthcare put Glen into a conflict of interest? This is one catch-up chat you’re not going to want to miss!
Today on Health in 2 Point 00, it’s St. Patrick’s Day and to top off your green beer we’ve got plenty of green money. First up on Episode 191, the news we’ve been waiting for: Doctor on Demand and Grand Rounds merge. No SPAC here, but this is a real harbinger for the future. Strive Health raises $140 million – this is Google money, looking to reinvent chronic kidney disease care. Social determinants of health startup Unite Us raises $150 million, integrating social services into medical records to address the social determinants. Finally Clarify Health raises $115 million working with population health data for drug companies, hospitals, and health plans. —Matthew Holt
by MATTHEW HOLT
Happify Health is a online mental health company that is focused almost exclusively on scaling care by offering self-service tech solutions across the patient journey. After R&D starting in 2012, they’ve been scaling since 2017 and now are working with large employers and big health plans. What they don’t do is have their own therapists or psychiatrists. This is an interesting approach and probably much more scalable than many of their competitors. Today they raised $73m more to build out their solutions. I talked to Happify Health’s President, Ofer Leidner about how far they can go with automated self-service. He thinks it’s a long way.
Today on Health in 2 Point 00, primary care appears to have jumped the shark because there is a deal in this episode in which the investors on the round are probably Jess’s favorite group of investors ever. Forward Health raises $225 million in a Series D – there’s Softbank money in this round as well as The Weeknd – but why didn’t they just go public? Patient billing company Cedar raises $200 million, bringing their valuation up to $3.2 billion, although I’m not too impressed by the concept. Finally, Babylon is making inroads into the U.S. from the U.K., buying a California-based provider group. —Matthew Holt
THCB Gang featured lawyer & privacy expert Deven McGraw, (@Healthprivacy), Health IT girl and WTF Health Host Jessica DaMassa (@jessdamassa), and policy expert consultant/author Rosemarie Day @Rosemarie_Day1). We’ve had far too many Y chromosomes on lately but also joining Matthew Holt (@boltyboy) for this one will be futurist Ian Morrison (@seccurve) and Fard Johnmar (@fardj), from digital health consultancy Enspektos.
We dove into the health care implications of the new $1.9 trillion stimulus bill, and had a great chat about where health and digital health go next.