Timely Health Plan News and Commentary
The business of health care moves through deals, earnings, funding rounds and leadership changes. This section of Health Plan News covers the corporate side of the industry across insurers, providers, pharmacy companies and health services vendors.
We report on mergers and acquisitions, divestitures, quarterly and annual financial results, bankruptcies and restructurings, venture capital and private equity investment in health care companies, initial public offerings (IPOs), strategic partnerships, major contract awards, and executive and board appointments. Where a transaction affects members or patients, such as a carrier selling a business line or a provider group joining a larger system, we explain what changes and what does not.
Consolidation shapes the market. When insurers acquire provider groups, when health systems merge, or when a pharmacy benefit manager is bought by a carrier, the result can change networks, pricing and access to care. Financial results also signal where carriers are expanding and where they are pulling back, which often foreshadows the plan changes announced during open enrollment.
Business news is linked closely with our other sections. Carrier earnings and strategy appear alongside Health Insurance Companies and Blue Cross Blue Shield coverage. Provider transactions connect to Hospitals and Health Systems. Funding for digital health and artificial intelligence (AI) startups connects to Health Technology and AI, and antitrust review of large deals appears in Healthcare Policy and Law.
The latest healthcare business news appears below, newest first.
Receiving a Torch Award from the Better Business Bureau is an honor to selected businesses. Recently, Combined Insurance, a leading provider of individual supplemental accident, disability, health and life insurance products, and a Chubb company, received a 2017 Honorable Mention Torch Award for Marketplace Ethics. [Read more…]
Johnson & Johnson (NYSE: JNJ) today announced sales of $18.8 billion for the second quarter of 2017, an increase of 1.9% as compared to the second quarter of 2016. Operational sales results increased 2.9% and the negative impact of currency was 1.0%. Domestic sales increased 1.6%. International sales increased 2.3%, reflecting operational growth of 4.4% and a negative currency impact of 2.1%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 0.5%, domestic sales decreased 1.0% and international sales increased 2.0%.* [Read more…]
Aflac will partner with Tough Mudder Inc., the leading active lifestyle brand and media company, as the “Official Supplemental Insurance Provider” for Tough Mudder’s 2017 events season. The partnership includes the introduction of the Aflac Small Business Challenge designed for teams participating in Tough Mudder events on behalf of small businesses. [Read more…]
xG Health Solutions, powered by Geisinger®, and Casenet, through a strategic alliance, will deliver evidence-based assessment and care plan content to the health plan market. Through this partnership, xG’s Intelligent Care Management™ evidence-based content will be available in Casenet’s TruCare GuidedCare product. The clinical content is based on nationally-recognized practice guidelines and standards of care, including assessments and care plans for 45 conditions that are most commonly addressed in care management programs. [Read more…]
DaVita Inc. (NYSE: DVA), a leading independent medical group and a leading global provider of kidney care services has been certified as a “Freedom-Centered Workplace” by WorldBlu. This is the tenth consecutive year the company has been recognized on the list, formerly known as “most democratic” workplaces.
Organizations become eligible for a spot on the WorldBlu List of Most Freedom-Centered Workplaces™ after teammates complete The WorldBlu Freedom at Work™ Assessment, a survey evaluating their practice of the WorldBlu 10 Principles of Organizational Democracy™. The assessment was developed based on a decade of research into what makes a successful freedom-centered company. Organizations from the for-profit and non-profit sectors that have been in operation for at least one full year and have five or more employees can apply for the certification.
For more reporting on this topic, see our Healthcare Business news hub.
ProgenyHealth, the only national company focused exclusively on neonatal intensive care unit (NICU) case management, has entered into an agreement with Family Health Network to manage the unique healthcare needs of their premature and medically complex newborn population. ProgenyHealth will provide comprehensive NICU care management services to their Medicaid members for the first year of life. [Read more…]
Sirius International Insurance Group, Ltd. has acquired ArmadaCorp Capital, LLC., a market leading provider of supplemental healthcare insurance products and administration services in the United States. [Read more…]
Symbility Solutions Inc. (“Symbility”) (TSX.V: SY), a global software company focused on modernizing the insurance industry, confirmed that it will release its fourth quarter and full year 2016 financial results before market open Tuesday, April 11, 2017. The press release, with accompanying financial information, will be posted on the Symbility’s website at www.symbilitysolutions.com and on www.sedar.com [Read more…]
ASPiRA Labs, a Vermillion company (NASDAQ: VRML), today announced it has signed an in-network, contracted agreement with TriCare South for ASPiRA’s U.S. FDA cleared, Centers for Medicare and Medicaid Services (CMS) covered, American College of Obstetricians and Gynecologists (ACOG) Level B recommended ovarian cancer risk assessment test, OVA1® (Multivariate Index Assay or MIA). TriCare South serves about 2.5 million beneficiaries in the states of Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, Texas (excluding El Paso) and Fort Campbell, Kentucky. [Read more…]
Recondo Technology, the market leader in cloud-based single-platform revenue cycle management (RCM) solutions, has released a suite of application programming interfaces (APIs) to significantly streamline payment, improve patient satisfaction, and simplify technology innovation. [Read more…]
International Medical Group® (IMG®), a leader in global benefits and assistance services, has named Craig Peters as chief revenue officer (CRO). [Read more…]
ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk”), the leading global exoskeleton developer and manufacturer, announced today the donation of a ReWalk Personal 6.0 System to Daniel Timms, who sustained a spinal cord injury (SCI) in 2012 in a parachuting accident. Thanks to a number of generous donors, Walkabout Foundation, a London-based not-for-profit organization that donates wheelchairs to disadvantaged individuals worldwide and supports critical research in paralysis, was able to provide the device for Mr. Timms. [Read more…]
Apollo Medical Holdings, Inc. (“ApolloMed” or “the Company”) (OTC: AMEH), an integrated population health management company, and Network Medical Management, Inc. (“NMM”), one of the largest healthcare Management Services Organizations (MSOs) in the United States, have announced that they have signed a definitive merger agreement pursuant to which the companies will combine in a stock-for-stock merger transaction. [Read more…]
NextHealth Technologies Inc., a prescriptive analytics and consumer engagement platform that measurably reduces medical costs for health plans, announced that David H. Klein has joined its board. As a CEO with over 30 years of experience managing health plans and delivery systems, Mr. Klein brings extensive experience in strategy, operations and policy. [Read more…]
International Medical Group® (IMG®), a leader in global benefits and assistance services, recently announced the company’s new corporate branding and logo. [Read more…]
GeoBlue today announced the appointment of Guillaume Deybach as President and CEO for parent company Highway to Health, Inc (HTH). This concludes the global search conducted over a period of several months for an exceptional candidate able to effectively blend industry expertise with strategic vision. [Read more…]
Leading global startup accelerator Dreamit announced today that the Dreamit Health program developed in collaboration with Penn Medicine and Independence Blue Cross (Independence) has received a $325,000 grant from Blackstone Charitable Foundation to drive innovation in the health care sector. [Read more…]
ProAssurance Corporation (NYSE: PRA) announced that Chief Financial Officer Edward L. Rand, Jr. will assume additional duties as the President of Medmarc, the Company’s life science and legal professional liability insurance subsidiary. Additionally, ProAssurance announced the promotion of Karen M. Murphy, J.D., to Executive Vice-President of Medmarc and Head of Life Sciences for ProAssurance. The changes will be effective March 1, 2016, following the retirement of Medmarc’s long-time president, Mary Todd Peterson. [Read more…]
PROCEPT BioRobotics, a privately held medical device company based in Silicon Valley, announced today the closing of $42 million in a venture round of equity financing led by Novo A/S. New investor CPMG, Inc. and existing investors also participated in the round.
PROCEPT’s AquaBeam System combines image guidance and robotics to deliver Aquablation, a novel minimally invasive waterjet ablation therapy that enables targeted, controlled, and heat-free removal of tissue for the treatment of lower urinary tract symptoms.
PROCEPT will use the proceeds from the financing for a limited commercial launch of AquaBeam in targeted international markets and to conduct the WATER study (Waterjet Ablation Therapy for Endoscopic Resection of prostate tissue), a randomized blinded controlled clinical trial. PROCEPT has received conditional approval from the FDA for an investigational device exemption trial in the United States to evaluate the safety and effectiveness of Aquablation.
For more reporting on this topic, see our Healthcare Business news hub.
MTBC (NASDAQ: MTBC), a leading provider of fully-integrated, web-based healthcare IT and revenue cycle management solutions has commenced beta testing of MTBC SameDay Funding™ (MTBC SDF™), which will ensure that healthcare providers receive advanced insurance reimbursement as patient encounters are completed and claims submitted.
MTBC SDF, which is now in beta testing, leverages MTBC’s proprietary data sets and algorithms to estimate its participating clients’ claim level insurance reimbursements. Once these pre-adjudication estimations are made, MTBC will advance funds to its clients, in the amount of the anticipated reimbursement, and then recoup the advanced funds as the respective payer completes the adjudication and payment process.
For more reporting on this topic, see our Healthcare Business news hub.
Propeller Health has raised $14.5 million in Series B financing, led by Safeguard Scientifics (NYSE:SFE) with participation from Series A investor The Social+Capital Partnership. Propeller Health will use the funding to accelerate product development, strategic alliances, client services, sales and marketing.
Asthma and chronic obstructive pulmonary disease (COPD) currently cost payers and patients in the United States over $100 billion annually. By 2020, the Centers for Disease Controls and Prevention estimates that the cost of medical care for adults in the U.S. with COPD alone will increase 53 percent to more than $90 billion.
Propeller is a digital therapeutic designed to help patients and their physicians better understand and control COPD, asthma and other respiratory disease, reducing preventable emergency room visits, hospitalizations and unnecessary suffering. With a novel combination of sensors, mobile apps, analytics and personalized feedback, the system encourages adherence to maintenance therapy and remotely monitors use of rescue medications to predict exacerbations and facilitate early intervention by care teams.
In the last year, Propeller Health doubled its number of commercial programs and added its first contract with an accountable care organization. In addition, the company recently received FDA clearance for a new inhaler sensor and is concluding a 500-person randomized control trial at Dignity Health. Propeller Health also released a version of the app for people with COPD and major updates to its physician dashboards, adherence programs and predictive algorithms.
For more reporting on this topic, see our Healthcare Business news hub.
NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced a strategic partnership with Maxwell Health that combines Maxwell’s revolutionary cloud solution for employee healthcare and benefits administration with the NetSuite TribeHR human capital management (HCM) platform. Leveraging the combined strengths, the partnership transforms the way companies manage their human assets by ridding them of tedious, time-consuming and error-prone manual processes. With a modern HCM platform, small and medium-sized businesses (SMBs) can now run end-to-end HCM business processes from recruiting, managing and rewarding employees, to facilitating flexible, streamlined healthcare benefits enrollment, administering benefits and promoting workforce wellness – all in the cloud.
The integration of both NetSuite TribeHR and Maxwell Health details:
NetSuite TribeHR is an integrated cloud ERP and HCM software suite for small and mid-sized businesses. It gives SMBs a single cloud solution to run their core business operations as well as a rich, social HR software solution to manage employees. Maxwell Health’s solution simplifies the onboarding and benefits management process and dramatically improves productivity for both HR teams and an organization’s workforce at large. Through the integration, the Maxwell Health solution acts as a benefits enrollment system and serves as the system of record for benefits information and administration, while bi-directional data exchange between the systems ensures that HCM data in NetSuite TribeHR and benefits information in Maxwell Health are always in sync. With modern, attractive user interfaces, NetSuite TribeHR and Maxwell Health align with social and mobile dimensions that extend HCM and benefits administration to HR teams and personnel in an accessible and transparent way, encouraging greater engagement.
The Combined Solution Delivers Unprecedented Features and Benefits Including:
Core HRIS (Human Resource Information System) – Manage essential employee information individually and in aggregate, featuring employee administration, employee profile, employee history, compensation tracking, organizational charts, company directory, employee self-service, manager self-service, employee and recourse document storage, and employee time-off tracking.
Advanced Recruiting – Social applicant tracking system (ATS) with integrations to LinkedIn and Facebook.
Complete Talent Management Solution – 360-degree feedback tools, goal management, performance appraisals, skills tracking, and values and culture tracking.
Social HR for a Social Workforce – Commenting, collaboration, and peer and public recognition tools that span the entire company.
Streamlined Benefits Open Enrollment Process – Remove inefficient and error-prone paperwork typical in open enrollment while handling complex rate structures with best-in-class benefits administration.
Simplified Benefits Shopping – Ecommerce-like benefits shopping experience in an open marketplace of providers.
Mobile Platform for Anywhere, Anytime Access – Mobile platform enables employees to access and use company benefits programs, reach a health care concierge for benefits help, improve health with an in-app fitness tracker, and to collaborate and connect no matter where they are.
Programs and Solutions to Encourage Employees to Stay Healthy – Offering includes a time and money-saving personal health advocate who acts as a liaison within the health care system, and a turnkey wellness program that rewards employees for better health.
For more reporting on this topic, see our Health Technology and AI news hub.
Low T Center has acquired two new locations in Little Rock and Conway from APEX Men’s Health. Low T Center will bring their unique business model to the region, offering convenient, personalized and monitored testosterone treatment.
Low T Center Little Rock is located at 10700 N Rodney Parham, Suite C11, Little Rock, AR 72212. Little Rock location will be opening today; while the Conway location will open at a later date. Low T Center Conway is located at 2215 E Oak Street, Suite 4, Conway, AR 72032. Dr. Jeremy Warford, M.D. is the Medical Director of both Centers. Hours of operation are Monday through Friday 8:30am to 5:30pm.
Studies indicate testosterone deficiency has been linked to diabetes, metabolic syndrome, obesity, and high blood pressure. Low T Center was designed so men can walk in, take a simple blood test, and know within 45 minutes if they are a candidate for Testosterone Replacement Therapy. Experience shows testosterone injections may lead to improved energy, strength, and libido, as well as decreases in body fat, irritability, and depression.
For more reporting on this topic, see our Healthcare Business news hub.
For the seventh consecutive year, Rising Medical Solutions (Rising) has earned a spot on Inc. magazine’s Inc. 500|5000 list, an exclusive ranking of the nation’s fastest-growing private companies. The honor roll represents the most comprehensive look at a vital component of the economy—America’s independent businesses. Companies such as Microsoft, Zappos, Pandora, Patagonia, Jamba Juice, Under Armour, Oracle, and other notable alumni have been members of the Inc. 500|5000.
The 2014 Inc. 500|5000 is ranked according to percentage of revenue growth when comparing 2010 to 2013. To qualify, companies must have been founded and generating revenue by March 31, 2010. They have to be US-based, privately held, for profit, and independent — not subsidiaries or divisions of other companies — as of December 31, 2013. The minimum revenue required for 2010 is $100,000; the minimum for 2013 is $2 million. Complete results of the Inc. 500|5000 can be found at inc.com.
Inc. 500|5000 companies demonstrate impressive results. Over the last three years, their average growth rate was 516 percent with collective revenue of $211 billion, and 505,000 new jobs generated.
Beyond Rising’s own direct job creation, the company’s financial impact on America’s healthcare system is roughly equivalent to 150,877 years of employment added back to the economy. Considering the country’s healthcare challenges, Rising’s ability to improve patient outcomes, increase efficiencies, and reduce billing waste provides tangible advancements to a system in need.
For more reporting on this topic, see our Healthcare Business news hub.
The Connecticut Technology Council (CTC) and Marcum LLP announced HealthPlanOne has been named to the Marcum Tech Top 40 (TT40) list of fastest growing technology companies in Connecticut for the fifth consecutive year. The recognition is based both on total revenue and revenue growth over the past four years. HealthPlanOne will be honored alongside 39 other companies at an awards ceremony October 2 at the Oakdale Theatre in Wallingford.
For more reporting on this topic, see our Healthcare Business news hub.
There are several companies who will have their representatives present at the 32nd annual J.P. Morgan Healthcare Conference. J.P. Morgan’s 32nd Annual Healthcare Conference will be held January 13-16, 2014 in San Francisco, California.
Endo Health Solutions (Nasdaq: ENDP) announced that Rajiv De Silva, President and Chief Executive Officer, will present a corporate overview at the 32nd Annual J.P. Morgan Healthcare Conference on Monday, January 13, 2014 at 2:00 p.m. Pacific Time.
Express Scripts Holding Company (Nasdaq: ESRX) announced that it will present at the J.P. Morgan Healthcare Conference on January 15, 2014 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) at the Westin St. Francis in San Francisco, CA.
Concord Medical Services Holdings Limited (“Concord Medical” or the “Company”) (NYSE: CCM), a leading specialty hospital management solution provider and operator of the largest network of radiotherapy and diagnostic imaging centers in China and the parent of Chang’an Hospital, announced that the Company will present at the 32nd Annual J.P. Morgan Healthcare Conference, to be held January 13-16, 2014 at the Westin St. Francis Hotel in San Francisco. Management is scheduled to present at 11:30 a.m. local time on Wednesday, January 15, 2014, and is available to meet with institutional investors at the conference.
Haemonetics Corporation (NYSE: HAE) announced that Brian Concannon, President & CEO, will present at the 32nd Annual J.P. Morgan Health Care Conference in San Francisco on Wednesday, January 15, 2014 at 10:00 am Pacific time / 1:00 pm Eastern time.
Mylan Inc. (Nasdaq: MYL), one of the world’s leading generic and specialty pharmaceutical companies, announced that the Company will present at the J.P. Morgan 32nd Annual Healthcare Conference on Tuesday Jan. 14, 2014, in San Francisco.
Boston Scientific Corporation (NYSE: BSX) is scheduled to participate in the 32nd Annual J.P. Morgan Healthcare Conference on Tuesday, January 14, 2014 in San Francisco. Mike Mahoney, president and chief executive officer, will make a presentation about the company beginning at approximately 9:00 a.m. PT. Following the presentation, Dan Brennan, executive vice president and chief financial officer, and Keith Dawkins, M.D., executive vice president and global chief medical officer, will join Mr. Mahoney in a question and answer session.
For more reporting on this topic, see our Healthcare Business news hub.
WebMD Health Corp. (NASDAQ: WBMD), the leading source of health information, has acquired Avado, Inc., a developer of cloud-based patient relationship management (PRM) tools and technologies that enable better communication between consumers and health care professionals.
WebMD’s connectivity platform is enabling physicians that use its Medscape mobile app to securely send health education and instructions on thousands of conditions, procedures and drugs to their patients who use WebMD’s mobile app.
“Avado’s innovative technology and tools will complement, and further accelerate WebMD’s efforts to connect patients with their healthcare providers, which is an important first step toward making connected care a reality,” said Bill Pence, WebMD’s Chief Operating Officer and Chief Technology Officer.
Avado is a StartUp Health Company founded in 2010 by serial entrepreneurs Dave Chase, Bassam Saliba and John Yii. Avado’s investors include The Partnership Fund for New York City and several health tech entrepreneurs and investors. The Avado technology has been tested in physician offices and medical centers and this technology will become an important building block of WebMD’s patient-provider connectivity offering.
Avado’s founders Dave Chase and Bassam Saliba will continue with the company and report to Pence. Chase, Saliba and Avado’s engineering talent will remain based in Seattle, WA, and work closely with WebMD’s New York-based connectivity product team.
For more reporting on this topic, see our Healthcare Business news hub.
Anthera Pharmaceuticals, Inc. (Nasdaq: ANTH) today announced that it intends to offer and sell shares of its common stock in an underwritten public offering. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. The Company intends to use the net proceeds from the offering for general corporate purposes. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Jefferies & Company, Inc. is acting as sole book-running manager in the offering and Leerink Swann LLC is acting as co-manager.
For more reporting on this topic, see our Prescription Drugs and Pharmacy news hub.
Uroplasty, Inc. (NASDAQ: UPI), a medical device company that develops, manufactures and markets innovative proprietary products to treat voiding dysfunctions, today reported financial results for the third quarter of fiscal 2013 ended December 31, 2012. The Company also announced the completion of a purchase agreement for both Urgent PC and Macroplastique with KP Select, Inc., which provides contract management services for all Kaiser Permanente and affiliated health care facilities.
Fiscal Nine Months 2013 Financial Results
For the nine-month period ended December 31, 2012, sales grew 13% to $16.9 million, reflecting a 25% increase in U.S. sales and an 11% decrease in sales outside the U.S. In the U.S., sales of Urgent PC increased 45% to $8.0 million and Macroplastique sales increased 1% to $4.3 million. At December 31, 2012, cash, cash equivalents and cash investments totaled $15.6 million
KP Select Purchase Agreement and Additional Expanded Coverage
The recently-completed purchase agreement with KP Select, Inc. for sales of Urgent PC and Macroplastique to Kaiser Permanente is a three-year contract and begins on March 1, 2013. Kaiser Permanente provides services to more than nine million members in 10 states through 37 hospitals and 611 medical offices and clinics, though not all locations treat urinary incontinence.
For more reporting on this topic, see our Healthcare Business news hub.
Unisys Corporation (NYSE: UIS) today announced that it has received a contract to provide IT managed services to a new client, the American Red Cross, a leading provider of humanitarian services.
The contract has a potential value of approximately $80 million over its initial five-year term. It also has two one-year renewal options.
Under the terms of the contract, Unisys will provide a full range of customer support and data center managed services to support approximately 20,000 Red Cross workers throughout the U.S. and Puerto Rico. The workers are engaged in disaster relief, blood-supply management and other activities critical to the organization’s humanitarian mission. [Read more…]