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Happy Tuesday, Hospitalogists! I hope your year is off to a great start. Since I've been focused on JPM breakdowns (that content will be uploaded on the Hospitalogy site by the end of the week) and I'm offsite in Austin this week, today is a, full disclosure because I always keep it real, mostly AI-generated version of Hospitalogy. Hopefully your firewalls don't hate me for sending...100+ links. I've taken the time to aggregate and summarize the top stories Hospitalogists should find interesting. If I missed something big, send it my way! PS. Here are upcoming events and webinars from me to keep on your radar: - Talking all things behavioral health with Intermountain, Devoted Health, and NeuroFlow! Register here.
- Come to my meetup at ViVE and chat about all things value-based care with Navina! Sign up here.
Thanks to my new Hospitalogy sponsor SmarterDx for sponsoring today's send! You're going to learn a lot more about them over the course of February. |
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SPONSORED BY SMARTERDX Healthcare's complexity has reached an inflection point. With 30,000 data points per patient chart and 75,000 ICD-10 and HCPCS codes, even the best and brightest CDI teams struggle to identify every missing or incorrect diagnosis.
That's where SmarterPrebill from SmarterDx can come in.
It can analyze 100% of patient charts to uncover missing diagnoses and hidden revenue and quality opportunities. In short, it empowers teams to focus on validating AI-driven clinical recommendations versus...drowning in data points.
The result? A 5:1 ROI and improved quality of care metrics.
SmarterPrebill clients average $2M in annualized net new revenue per every 10K patients discharged.
In a world of razor-thin margins, that's the kind of breakthrough health systems need. |
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Top Stories and Headlines |
Bain Capital proposes Surgery Partners buyout: Bain Capital offered to acquire the remaining ownership stake (already owning around 39%) of Surgery Partners, at a proposed price of $25.75 per share or a 21% premium to its share price today. Surgery Partners has been on the market for a while as both TPG and UnitedHealth were rumored to be interested in the company, but thinks there is more value to be unlocked by allowing itself for some breathing room to re-orient its physician hospital portfolio, rumored to be weighing down its performance. - Speaking of buyouts, Walgreens' take private seems to be dead, confirming banker skepticism around the ability for Sycamore Partners to take WBA private in the first place. Noted below, Walgreens is working toward offloading VillageMD.
Hospital M&A trends stabilize: Kaufman Hall's M&A review for hospitals shows a steady rebound in hospital and health system M&A, with 72 transactions in 2024. The deals reflect a focus on scale, financial resilience, and addressing operational challenges, as organizations stabilize from pandemic disruptions but contend with cost pressures and reimbursement complexities including a 'trifurcation' of health system outlook and performance (the characterization is getting out of hand). Transcarent to acquire Accolade: Transcarent announced plans to acquire Accolade, a health navigation and advocacy company, in a move to enhance its end-to-end capabilities, creating a more comprehensive platform solution for employers. Similarly to what Commure is building on the health system side (acquiring Athelas, Memora, and Augmedix in recent years), we're seeing some interesting roll-up plays enter the scene - a strategy developed around point solution fatigue. CVS's Aetna sues Radiology Partners: Aetna has sued Radiology Partners, alleging hundreds of millions in fraudulent claims through manipulated billing practices such as improper use of modifiers. Sanford Health and Marshfield Clinic merge: Sanford Health and Marshfield Clinic finalized their merger, creating a healthcare system with 58 hospitals and 3,500 employed providers across the Midwest. NeueHealth goes private: NeueHealth will be taken private by NEA and a consortium of investors, marking a strategic shift to accelerate its growth in value-based primary care. It's been a long and beleaguered journey for the once high flying Bright Health, which flew too close to the (venture capital backed inappropriate valuation) sun. RIP. |
Non-exhaustive list of fundraising announcements |
- Virtue VC announced the launch of its second fund. Huge congrats to Sean Doolan, Emre Karatas & team! "In V2 we intend to continue partnering with exceptional pre-seed and seed healthcare founders as an additive lead or co-lead partner. Our check sizes will range from $1 million to 2 million across 25 companies over the next three years."
- Innovaccer secures $275M in Series F (Series F!!) to scale its analytics and healthcare intelligence cloud, making acquisitions along the way.
- Neko Health raises $260M in Series B to continue scaling its full-body scans for consumers.
- Hippocratic AI banks $141M Series B at a $1.6B+ valuation, hitting unicorn status with a rumored ARR in the single digits of millions.
- Qventus announces a substantial $105M Series D investment during JPM.
- Eleos Health completes its $60M Series C to advance its AI behavioral health model.
- Capstan Medical garners $110M for robotic-enabled heart valve repair technology.
- Deciphex secures $32.3M Series C to address the global pathology shortage.
- Cala Health raises $50M to expand wearable tremor therapy.
- SpinSci secures $53M for AI-enhanced patient engagement.
- Sage secures $35 million in Series B funding to transform senior living operations.
- Lindus Health raises $55M in Series B funding to transform the clinical trial landscape.
- One Bio secures $27 million in Series A funding to revolutionize nutrition with its breakthrough technology.
- Allara lands $26M to expand women's hormone telehealth.
- WaveGate receives $26M for neuromodulation technology for chronic pain.
- Nema Health raises $14.5 million Series A to expand virtual PTSD treatment model.
- Qualified Health launches with $30M seed funding to develop the infrastructure for generative AI in healthcare.
- Frontier Direct Care closes its $20M Series B financing to scale its all-in-one platform for employers.
- Sollis Health completes $33 million Series B funding round led by Foresite Capital.
- Ro Health receives strategic growth investment from LightBay Capital (specific amount not disclosed).
- Red Rover Health raises $4 million in funding to grow its healthcare app store platform.
- Confido Health secures $3M to put AI-powered digital workers on healthcare's front lines.
- Cedars-Sinai invests $6M in Amae Health startup, solidifying a center of excellence for severe mental health.
- BizCare Benefits launches to revolutionize how businesses offer personalized health benefits.
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SPONSORED BY SMARTERDX Healthcare in America is a paradox: cutting-edge treatments coexist with a fragmented system that burdens patients and providers alike. Denied claims are a prime example—15% of claims are denied upfront, costing hospitals $20B annually to fight. SmarterDenials from SmarterDx flips the script.
Its AI scans denied claims and entire patient records to produce evidence-backed appeal letters in minutes, helping hospitals recover lost revenue while saving hours and staying in control. The result? Faster, higher-quality appeals (even on complex clinical denials), more recovered funds, and more time for staff to focus on patients; not paperwork. Fixing healthcare starts with smarter decisions—like checking out SmarterDx.
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Random personal anecdotes and musings from me |
If you got this far in the newsletter you deserve to be rewarded. So although there's nothing major to report from me this week (other than having withdrawals from golf due to the cold weather), please enjoy this picture of my son feeding me a sweet potato waffle fry: |
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Thanks for the read! Let me know what you thought by replying back to this email. — Blake |
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