HEALTHTECH SECURITY
PRnewsiwire | June 05, 2023
Carrum Health today announced an oversubscribed $45 million Series B financing led by OMERS Growth Equity. Revelation Partners joined the round along with return investors Tiger Global, Wildcat Venture Partners, Cross Creek and SpringRock Ventures. Carrum Health will use the funding to expand its growing oncology benefit offerings and scale its surgical care service lines to give employees access to the top 10% of doctors and providers across the country while helping employers control healthcare spending.
Teresa Lee, managing director of OMERS Growth Equity, will join Carrum Health's board of directors.
"We are very excited to partner with Carrum Health, a pioneering and differentiated player in the healthcare space, that offers an innovative, scalable approach in the shift to value-based care. With its Centers of Excellence (COE) network, digital platform and data-driven surgical episode bundling capabilities, Carrum Health has created a solution that allows for real-time and measurable value to employers, as well as a superior patient and clinician experience," said Lee. "The company is well-positioned to transform how healthcare is delivered and paid for, and we look forward to supporting the management team in realizing that vision."
Carrum Health's unique value-based program addresses acute care scenarios, such as orthopedic surgery and cancer treatment, which accounts for nearly half of total employer spend. Carrum Health's COE solution not only reduces unnecessary procedures by as much as 30%, leading to better patient outcomes, it can result in savings of up to 45% per care episode, according to a published study by the RAND Corporation.
"Every business in America is looking to manage costs, but they can't afford to sacrifice the benefits they offer employees. Carrum Health firmly believes that the path to reducing healthcare costs starts with delivering higher quality care," said Carrum Health CEO Sach Jain. "Our COE solution is proven to deliver significant savings on healthcare spend and generate measurable cost savings within the first year of deployment. In a time when employers are looking to consolidate benefits, we've seen 100% year-over-year growth in new customers and zero churn of existing customers."
Carrum Health has seen formidable momentum with its pioneering oncology COE offering and currently partners with top cancer care providers across the country, including AccessHope LLC, City of Hope, GRAIL LLC, Memorial Sloan Kettering Cancer Center and University of Chicago Medicine. In 2022 alone, the company added six new partners, including CVS, Included Health, Accolade, Rightway, SWORD Health and Virgin Pulse.
About Carrum Health
Carrum Health is a value-based healthcare platform delivering higher quality care while helping self-funded employers immediately reduce their spend for the most prevalent and costly conditions including cancer, musculoskeletal, cardiovascular, and bariatric. Utilizing a Centers of Excellence (COE) network, with an all-inclusive pricing model and 30-day warranty on care, Carrum members receive surgical and cancer treatment guidance and coordination through the entire care journey with upfront pricing, ensuring the highest quality, most appropriate care. Carrum reduces unnecessary procedures by as much as 30% and aligns cost and care incentives to save employers up to 45% per episode of care, all validated by peer-reviewed publications. Carrum's award-winning technology gives members access to a mobile app and Care Specialist that guides them through the surgery process, and a seamless platform integration to make COE adoption plug-and-play for employers. Backed by OMERS Growth Equity and Tiger Global, Carrum was named to the 2021 CB Insights Digital Health 150 and named one of the best places to work in 2022 by Built In. The company, founded in 2014, is headquartered in Silicon Valley.
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HEALTH TECHNOLOGY
Businesswire | June 01, 2023
Apollo Intelligence (Apollo), a leading provider of real-time global data and insights to the healthcare and life science industries, announces the launch of its next-generation market insights technology platform to support rapid insights and data collection in the healthcare and life science industries. The advanced platform is fueled by the company’s ongoing investments in its core technologies, propelled by machine learning (ML) and artificial intelligence (AI).
With a modern enterprise data architecture, built from best-in-class technologies, Apollo’s next-generation platform provides customers with advanced capabilities to support their progressive insight and data needs. The platform uses ML sampling intelligence to reach global healthcare professional (HCP) panelists with higher efficiency, offering the right research opportunities to the right HCP stakeholders, at the right place and time. This new, advanced capability fosters a seamless cycle of targeted interaction and ongoing engagement that enables greater speed-to-insight and higher quality data. For HCPs, Apollo’s enhanced routing capabilities mean they receive more relevant and matched opportunities to share their expertise and amplify their voice.
Capabilities currently rolling out in beta include
natural language processing (NLP) advancements in open text analysis for tagging, coding, ML-enhanced adverse event (AE) detection, and reporting.
ML-based honoraria optimization for panel engagement.
dynamic profiling and validation.
In the second half of 2023, these foundational capabilities will support further ML and AI advancements focused on sentiment analysis for free text, survey automation, and expanded global capabilities.
“Apollo has been on a multi-year, multimillion-dollar journey building towards this moment when our investments in data and technology would allow us to take advantage of advances in machine learning and data science applications to provide our clients with an unmatched service experience,” said Daniel S. Fitzgerald, president and CEO of Apollo Intelligence. “Life science companies will be able to see the immediate impact in speed and data quality as we leverage machine learning to intelligently sample our HCP communities for data collection. These advances are just the beginning for Apollo as we continue our innovative journey and extend our robust roadmap to deliver higher quality data, speed-to-insight, and advanced analytics and data visualization for our clients.”
Apollo has made sizable investments in its platform since 2019 in anticipation of this launch. Its relationship with Frazier Healthcare Partners, in June 2022, has accelerated investment in these areas, with Frazier and Apollo sharing a vision for technological innovation within the healthcare data and insights market. The Frazier Data and AI Center of Excellence has been an instrumental partner in rapidly advancing these modern elements and realizing Apollo’s technology vision.
Apollo Intelligence
Apollo’s mission is to accelerate health innovation to improve life. In 2019, Apollo launched with the acquisition of InCrowd, a pioneer of real-time, automated insights for the life science industry. In 2020, Apollo strengthened its global reach by acquiring Survey Healthcare Global, a global market leader of first-party healthcare data collection and custom survey solutions. Apollo provides access to 2 million healthcare stakeholders worldwide—including physicians, patients, caregivers, and allied healthcare professionals. Apollo’s 250+ employees support top global pharmaceutical brands, market research agencies, and consultancies across 13 different countries in the Americas, Europe, and Asia. Apollo is a portfolio company of Frazier Healthcare Partners.
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DIGITAL HEALTHCARE
PRNewswire | June 02, 2023
CarepathRx Health System Solutions, a CarepathRx company and portfolio company of Nautic Partners (Nautic), and Evernorth Health Services, a subsidiary of The Cigna Group announced a new strategic partnership and investment by Evernorth in CHSS. The strategic partnership brings together Evernorth's diverse specialty and care expertise with CHSS' robust pharmacy and infusion management capabilities, technology solutions, and health system relationships to improve, expand, and accelerate pharmacy care delivery for the growing number of patients with chronic and complex care needs.
The CHSS and Evernorth partnership will deliver integrated specialty pharmacy care to CHSS' growing base of 600-plus hospitals, health systems, and physicians – helping diversify the services they offer to best support patients. This includes enhanced coordinated infusion services, virtual care capabilities, value-based care arrangements, and site of care flexibility. Evernorth's expansive suite of services, including Accredo's specialty care and pharmacy expertise and CuraScript SD's specialty medication distribution across 12,000 physicians, is highly complementary to CHSS' capabilities that help health systems expand in-house specialty pharmacies, infusion and polypharmacy services.
"Forging deeper relationships with physicians and other specialty and infusion pharmacies – a critical point of care for people with chronic and complex needs – is a key priority as we work to increase access to care and improve affordability," said Eric Palmer, President and CEO, Evernorth. "Specialty care continues to be a focal point for hospital, health system, and physician partners, and our collaboration with CHSS is an important step in delivering on our commitment to bring them even more patient care services to improve overall outcomes."
Together, over time, CHSS' and Evernorth's expertise will help enable simpler, faster connections to care for patients managing chronic and complex specialty conditions. As many of these patients need specialty or acute drug therapies, the partnership will focus on continuity of care for specialty drugs, management of infusion services across sites of care – from ambulatory to physician office to home settings – and value-based site-of-care strategies. The intent is to drive optimal patient treatment plans and deepen physician engagement, resulting in better patient experiences, more care extensions, and greater affordability.
"At CarepathRx, we believe health systems, hospitals, and physicians play the most important roles in providing the best care to patients with chronic and complex diseases," said John Figueroa, Chairman and CEO, CarepathRx. "Through specialty and infusion pharmacy partnerships, CHSS has created a model for health systems to extend their reach to alternate sites of care and into the home. This partnership with Evernorth is truly unique and will accelerate CHSS' mission by creating payer-physician connections and leveraging Evernorth's specialty and care services."
Centerview Partners acted as lead financial advisor and Cantor Fitzgerald is also acting as financial advisor to CarepathRx and Nautic. Kirkland & Ellis LLP acted as legal advisor to CarepathRx and Nautic.
Greenhill & Co. acted as financial advisor to Evernorth. Wachtell, Lipton, Rosen & Katz and Quarles & Brady LLP acted as legal advisors to Evernorth.
About CarepathRx
CarepathRx is transforming pharmacy care delivery for health systems and hospitals, delivering improved patient outcomes that drive clinical, quality, and financial results. Through the industry's most comprehensive, end-to-end hospital pharmacy care delivery model, CarepathRx is turning hospital pharmacy into an active care management strategy and revenue generator while providing support across the patient's complete healthcare journey. The company takes an enterprise approach, providing a powerful combination of technology, market-leading clinical pharmacy services, and wrap-around services that optimize pharmacy performance across the enterprise for fully integrated pharmacy operations, expanded healthcare services, improved ambulatory access, minimized clinical variation, and new health system revenue streams. Today, CarepathRx serves more than 25 health systems and 600 hospitals, with more than 1,500 employees nationwide.
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