EHR Certification Could Have Prevented Practice Fusion Scheme

EHRIntelligence | January 29, 2020

Adequate EHR certification could have prevented the recent Practice Fusion opioid prescribing kickback scheme, according to Jacob Reider, MD, former ONC official and CMIO at Allscripts.  Jacob Reider, MD, former ONC official and CMIO at Allscripts offered his thoughts on Practice Fusion’s kickback scheme which was aimed at increasing opioid prescriptions during the peak of the opioid crisis, resulting in a record-breaking $145 million fine. Reider believes proper EHR certification could have prevented this massive ordeal from the start. Practice Fusion, now a subsidiary of Allscripts, was originally funded by venture capital and advertising. Reider explained the company’s CEO, Ryan Howard, believed the EHR company could generate revenue through advertising.

Spotlight

The promise of healthcare technology is to prevent illness in high-risk patients. David Dirks of Castell Health and Arcadia’s Michael Meucci reflect.

Spotlight

The promise of healthcare technology is to prevent illness in high-risk patients. David Dirks of Castell Health and Arcadia’s Michael Meucci reflect.

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HEALTHTECH SECURITY, MEDICAL DEVICES

Nordic Announces Minority Investment in Fortified Health Security

Nordic Consulting | December 19, 2022

Nordic Consulting, a global health and technology consulting company announced it has closed a deal to become a minority investor in Fortified Health Security, a best-in-class managed security services provider to the healthcare industry. Nordic is joined by majority investors Silversmith Capital Partners and Health Velocity Capital. Nordic and Fortified entered into a strategic partnership last August, designed to bolster the cybersecurity support and services available to healthcare organizations. This deal will allow Fortified to accelerate its technology roadmap and support operational scale. "Cybersecurity is a critical issue in the healthcare industry, and we are grateful to have Fortified's award-winning services and support available to our clients. We have been very impressed with the work Fortified has done, especially since we announced our partnership last year, and we're looking forward to continuing this alliance into the new year. As the industry continues to embrace cutting-edge technology, cybersecurity continues to be top-of-mind for our organization. Our clients will benefit from Fortified's innovative, mission-driven approach to minimizing cybersecurity risk and protecting their businesses." Jim Costanzo, CEO of Nordic Both Nordic and Fortified were recognized with KLAS awards in 2022. Nordic was named Best in KLAS for Overall IT Services, as well as in the HIT Implementation Leadership (large), Revenue Cycle Optimization, and Technical Services (via S&P Consultants) categories. Fortified was awarded Best in KLAS for Security & Privacy Management Services. The combination of these industry-leading capabilities allows Nordic to offer clients security advisory services and managed cybersecurity programs uniquely focused on the healthcare industry. "Nordic and Fortified are organizations with innovative spirits and deep commitments to our clients' success. Our formal partnership over the past year has underscored just how complementary our offerings are and how much more our clients can benefit from our connected services," said Dan L. Dodson, CEO of Fortified. "This investment will directly support our business' growth plans, as well as how we deliver work to clients and solve their needs. We are excited to continue our partnership with Nordic in this deepened and meaningful way." About Nordic Consulting Nordic is an award-winning global health and technology consulting company that partners with health leaders around the world to create healthier systems, businesses, and people. Together, our global team of more than 2,100 professionals brings decades of experience across our key focus areas of strategic advisory, digital and cloud initiatives, implementation and support, and managed services. Nordic and its network of companies, including Bails, Healthtech, Hygeian Consulting, and S&P Consultants, support more than 700 clients in their efforts to harness the power of technology on a global scale. About Fortified Health Security Fortified is Healthcare's Cybersecurity Partner® – protecting patient data and reducing risk throughout the healthcare ecosystem. A managed security service provider that has been awarded many industry accolades, Fortified works alongside healthcare organizations to build customized programs designed to leverage their prior security investments and current processes while implementing new solutions that reduce risk and increase their security posture over time. Led by a team of industry-recognized cyber experts, Fortified's high-touch engagements and client-specific process maximize engagement value and deliver an actionable, scalable approach to help reduce the risk of cyber events. About Silversmith Capital Partners Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $3.3 billion of capital under management. Silversmith's mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, DistroKid, impact.com, Iodine Software, LifeStance Health, Market Access Technologies, MediQuant, Nordic Consulting, PDFTron, Upperline Health and Webflow. About Health Velocity Capital Health Velocity Capital invests exclusively in innovative healthcare software and services companies. The firm's partners have more than 90 collective years as investors, entrepreneurs, and executives helping to finance and build innovative companies that created important new healthcare markets and that became market leaders, including successful companies such as Teladoc, Livongo Health, Change Healthcare, MDLive, Contessa Health, Headspace Health, Aspire Health, Zipari, IVX Health, Artera Compassus, Aperio, The Advisory Board Company, Healthways US Renal Care, Spero Health, OnShift, and many others. The firm counts among its limited partners many of the largest and most influential healthcare organizations in the country and current and former senior healthcare executives who collectively represent organizations that insure more than 175 million Americans, operate more than 700 hospitals, provide pharmacy and PBM services to everyone in the United States, and sell software to every major US health system.

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HEALTHTECH SECURITY, INSURANCE

CrowdHealth Secures $6M Series A for Community-Powered Alternative to Health Insurance

CrowdHealth | December 12, 2022

CrowdHealth recently secured $6 million in Series A funding from Next Coast Ventures and Activate Venture Partners. CrowdHealth plans to reinvest that funding back into the company—growing the CrowdHealth community and providing more tools for members that want to take charge of their healthcare and affordably break free from health insurance. Operating under a monthly membership model, CrowdHealth is a health care technology company that offers a new way to use and pay for health care services outside of health insurance. CrowdHealth harnesses the power of crowdfunding to help their members fund medical bills, keeping them out of medical debt without being exploited by health insurance companies. Instead of paying a high premium for insurance companies to decide what is or isn't covered, CrowdHealth members make a monthly membership payment and others in the Crowd help fund medical bills from their own accounts. In addition to the low monthly membership and the increased autonomy of crowdfunding, CrowdHealth also makes Care Advocates available to members. Care Advocates can coordinate with doctors and hospitals to negotiate lower costs for medical bills on behalf of members which is a far departure from the health insurance model that has existed for decades. "Our health insurance system is broken. Health insurance is cold, oftentimes unreliable, and perversely incentivized. We're changing the game at CrowdHealth. Treating people like real people, like extensions to our family, supporting them in their health journey, and helping get their bills paid at a low cost." Andy Schoonover, CEO of CrowdHealth CrowdHealth also offers a Bitcoin investment option for members who are interested in harnessing the power of Bitcoin. This new innovation, launched in October 2022 in partnership with Swan Bitcoin, will allow members to redirect a portion of their monthly subscription payment to a Swan account. About CrowdHealth CrowdHealth provides people with an opportunity to take control of their healthcare choices. Members are able to combat and overcome the challenges of traditional healthcare models effectively without the need for insurance.

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HEALTH TECHNOLOGY, DIGITAL HEALTHCARE

Masimo and Philips Introduce Masimo W1 Watch As Part of a Global Partnership

Masimo | January 19, 2023

On January 18, 2023, Masimo and Royal Philips announced an extension of their partnership to expand the capabilities for patient monitoring in home telehealth applications. Masimo W1™ advanced health tracking watch will unite with Philips' enterprise patient monitoring ecosystem, advancing telemonitoring and telehealth. Masimo W1 is the first wristwatch to provide continuous, precise pulse oximetry measures and other health-related information. Masimo's secure health data cloud will transmit patient information to Philips' patient monitoring environment thereby, facilitating remote clinician monitoring. Hospital experts will remotely monitor patients' vital signs while they go about their regular lives. Physicians can confidently discharge patients, knowing that Masimo W1 will monitor their vital signs while Philips dashboards will scrutinize their physiological status. It will enable physicians and nurses to detect a patient's deterioration earlier and provide better care. This innovative combination of monitoring and networking technology will offer numerous opportunities, including early discharge initiatives, hospital-at-home programs, and the management of chronic illness. Bilal Muhsin, Chief Operating Officer of Masimo Healthcare, expressed, "Expanding our partnership with Philips in this way is a win-win for patients and clinicians everywhere, and is an important part of our multi-year plan to bring the best of hospital monitoring to the home while continuing to improve access to quality hospital care." (Source – Business Wire) About Masimo Masimo develops and manufactures innovative, non-invasive patient monitoring technologies, including medical devices and sensors. The company is making a measurable difference in the world by saving, extending, and improving the lives of people of all ages. For over 30 years, its innovative medical technologies and non-invasive patient monitoring solutions have solved 'unsolvable' problems. The result is a portfolio of clinically-proven products that lead the way in innovation, performance, and patient safety by giving healthcare providers the information they need to optimize clinical decision-making. Through the Masimo Hospital AutomationTM platform, Masimo connectivity, automation, and telehealth and telemonitoring solutions are improving and automating care delivery both in and out of the hospital.

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