Happy Thursday, Hospitalogists. I'm excited to introduce to you the first official Hospitalogy virtual event for 2025. It's with NeuroFlow and Intermountain, and we'll be talking about redefining whole-person health measures along with scaling behavioral health programs. Register here! |
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JPM Healthcare Conference Part 2 |
The below are what I consider to be the most relevant slides and information from each JPM presentation, to give you guys a general sense of where these companies are at entering the year! I hope you are enjoying this format - JPM comes with a wealth of information, and I'm just trying to keep up. Let's dive in starting with Intermountain, the Utah-based health system darling. After a strong 2024 with improved margins and balance sheet positions, Intermountain is focused on operating improvement (implementing DAX this year), continued Epic implementation (and man are those pricey), new constructions like the Nevada Children's Hospital, expanding its risk-based book of business alongside the acute care mother ship, and continued pilots under its top performing Intermountain Ventures portfolio. |
Astrana Health is coming off a pivotal, acquisitive year as it restructured its business segments and looking ahead in 2025, continues to focus on building complementary density in existing markets while expanding into new ones. (Side note - despite Astrana's perceived complexity I actually think they try to do a really good job of presenting their business transparently). |
With strong Stars positioning and a differentiated approach to MA (e.g., with a care management focus), Alignment Healthcare grew to 210,000 members in 2025 and $40M in adjusted EBITDA. |
After a steep (and I mean STEEP) reset, Clover Health is quietly mounting a comeback, focused on growth in 2025 with an emphasis on Counterpart Health, the continued penetration of Medicare Advantage, and New Jersey expansion plans. |
Ardent Health joined this year's conference with a slick presentation deck. The health system targeting mid-sized markets is focused on building out its ambulatory footprint within those markets across ASCs, urgent care centers, micro hospitals, and more. To that end Ardent acquired 18 urgent cares from NextCare across New Mexico and Oklahoma, a complementary asset to its existing hospital footprint. Ardent also wants to engage in opportunistic M&A on the hospital side, targeting acquisitions with $500M to $1B in patient revenue. Ardent's deck was a good one to review if you are trying to understand evolving hospital growth strategy in 2025 particularly with its focus on joint ventures. |
Talkspace continues its pivot into payor coverage as it peeks into profitability |
Privia had a great year in MSSP and also talked a bit about its commercial risk book of business. 35% of Privia's ~800,000 commercial value-based lives sit in downside risk arrangements - not significant downside risk, but some level of it. Look for Privia to continue to steadily compound its growth with a solid financial profile to boot as it provides value to physicians at all points of the risk spectrum. |
That's it for this one! What's your top healthcare pick for 2025 on the public markets? |
The latest from inside my community of healthcare thinkers |
For health system corporate development and strategy folks - I think you will get a lot of value out of the Hospitalogy network. I'm dropping JP Morgan presentations into the content library and we have some great events coming up. |
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Who ya got in the Natty? I have Ohio State by 10+. I think Notre Dame is outmatched across the board, but hoping for a good game and the Fighting Irish spirit to give the Buckeyes a run for their money. |
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