HEALTH TECHNOLOGY

TELUS to Acquire LifeWorks Inc to Boost Its Employer-Focused Healthcare Offering

LifeWorks Inc. | June 20, 2022

TELUS to Acquire

The world’s leader in digital and in-person health and wellbeing provider, LifeWorks, announced that it has entered into a binding agreement with TELUS, a global leader in communications technology.

“We have, with the assistance of our financial and legal advisors, conducted a thorough evaluation of TELUS’ proposal along with a comprehensive process focused on maximizing value for LifeWorks’ shareholders, while taking into consideration the interest of all stakeholders. We are pleased to announce this Transaction, which is an excellent outcome for LifeWorks’ shareholders, and for our clients, partners, employees and other stakeholders.”

Robert Courteau, Chair of the Board

The Transaction represents an exciting new chapter for LifeWorks. The combination of TELUS Health and LifeWorks represents an unmatched opportunity to create a leader in employer-focused primary and preventative digital healthcare and wellness solutions on a global basis. Together, we will accelerate our shared vision of empowering individuals to live their healthiest lives by unifying the continuum of care through digital-first innovations, as well as our unmatched in-person care. Our two organizations also have shared values and are leading, purpose-driven organizations committed to improving the lives of people around the world. The fit for the LifeWorks team couldn’t be better.”

Stephen Liptrap, President and CEO, LifeWorks

LifeWorks shareholders will have the option to elect to receive

  • C$33.00 per LifeWorks share in cash (“Cash Consideration”); or
  • 1.0642 TELUS shares per LifeWorks share, representing share consideration of C$33.00 based on the 20-day volume weighted average price of TELUS shares on the Toronto Stock Exchange (“TSX”) ending on June 14, 2022 (“Share Consideration”); or
  • C$16.50 in cash plus 0.5321 TELUS shares per LifeWorks share, representing 50% Cash Consideration and 50% Share Consideration (“Combination Consideration”);
  • Elections to receive the Cash Consideration or the Share Consideration will be subject to proration to ensure aggregate Cash Consideration and Share Consideration each represent 50% of the total transaction consideration.

“We look forward to welcoming LifeWorks employees and customers into our TELUS Health family. Today’s announcement will enable us to combine the respective skills and capabilities of LifeWorks and TELUS Health, creating a globally leading, end-to-end, digital-first employee preventative and mental health and wellness platform covering more than 50 million lives. Customers will benefit from our team’s steadfast focus on providing exceptional customer experiences over our world-leading broadband networks, our consolidated engineering talent that will incorporate best-in-class data platform technologies to positively impact health outcomes for employees and their families, and our significantly expanded economies of scope and scale. This includes complementing LifeWorks’ international relationships with TELUS International’s proven expertise in digital transformation and client service excellence, as well as their expansive client base and delivery teams spanning 28 countries, to extend our offerings to customers well beyond Canada. Indeed, at TELUS Health, our mission is predicated on the belief that we can build a healthier future for people around the world by leveraging the power of technology, in combination with our caring culture, to promote collaboration and efficiency, and create better health experiences across the entire health ecosystem. This is particularly crucial in the post-pandemic era, where employers and their employees are struggling with mental health and well-being concerns. In this regard, our combined organizations, guided by a shared set of values, will provide employers with simple, convenient and effective, data-driven primary and preventive care solutions for employees and their families to proactively manage their health and wellness, including their mental health, so that they can lead their healthiest and most productive professional and personal lives.”

Darren Entwistle, President and CEO of TELUS
 

Spotlight

Experts predict consolidation within the healthcare provider industry will continue for several more years as organizations seek ways to expand their territories, maximize growth opportunities and diversify their payer mixes. In this whitepaper, you’ll learn:  The four components of the mobile maturity lifecycle, Why mobile apps are crucial to a successful mobile strategy, The role analytics plays in reaching mobile maturity.

Spotlight

Experts predict consolidation within the healthcare provider industry will continue for several more years as organizations seek ways to expand their territories, maximize growth opportunities and diversify their payer mixes. In this whitepaper, you’ll learn:  The four components of the mobile maturity lifecycle, Why mobile apps are crucial to a successful mobile strategy, The role analytics plays in reaching mobile maturity.

Related News

HEALTH TECHNOLOGY

LHC Group to acquire home health provider in Georgia

LHC Group, Inc. | August 17, 2022

LHC Group announced an agreement to purchase Three Rivers Home Health, a provider headquartered in Eastman, Ga. The acquisition includes nine total locations – expanding LHC Group's service footprint in 36 counties in the Certificate of Need state of Georgia. The acquisition is expected to close in the fourth quarter of 2022, subject to customary closing conditions. LHC Group expects annualized revenue from this purchase of approximately $12 million and that it will not materially affect its 2022 diluted earnings per share. Three Rivers Home Health will continue operating under its current name and from its present locations. There will be no interruption in the care provided to patients. Three Rivers Founder and President for the last 43 years, Kaye B. Smith, RN, said: "It is time for us to step aside and allow Three Rivers to become part of a larger organization. This transaction will make it possible for our employees to have greater opportunities and to continue providing the high-quality care they do every day." LHC Group is a leading national provider of in-home healthcare services. In addition to expanding LHC Group's service area, this acquisition aligns with the company's co-location strategy to provide multiple in-home healthcare services in certain markets, as well as its strategy of retaining and operating under a family of well-known local brands. "This is a great opportunity to serve more patients and families in Georgia with the quality in-home healthcare they want and deserve. Our new team members at Three Rivers have earned an outstanding reputation for the service they provide. Together, we will help ensure greater access to care in the patient's preferred setting – their home." Keith G. Myers, LHC Group's chairman and CEO About LHC Group, Inc. LHC Group, Inc. is a national provider of in-home healthcare services and innovations for communities around the nation, offering quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. The company's 29,000 employees deliver home health, hospice, home- and community-based services, and facility-based care in 37 states and the District of Columbia – reaching 68 percent of the U.S. population aged 65 and older. Through Imperium Health, the company's ACO management and enablement company, LHC Group helps partners improve both savings and patient outcomes with a value-based approach. As the preferred joint venture partner for more than 400 leading U.S. hospitals and health systems, LHC Group works in cooperation with providers to customize each partnership and reach more patients and families with an effective and efficient model of care.

Read More

HEALTH TECHNOLOGY

TribeHealth Selects Engooden Health to Transform Care Delivery Through Chronic Disease Management

Engooden | August 26, 2022

Engooden Health, a company redefining chronic disease management announced a partnership with TribeHealth, a strategic care management organization. The collaboration enables TribeHealth to offer its partners and their patients chronic disease management services through Engooden’s scalable, technology-enhanced solution. TribeHealth partners with health systems to serve as both a trusted advisor and tactical partner to help increase revenue, improve quality of care, and enhance the patient experience. A leader in working to achieve health equity and improve access to care, TribeHealth offers insights into patient populations and specific programs that best support those populations. “At TribeHealth, we are committed to transforming care delivery for the betterment of our healthcare system and all patients, and Engooden is equally committed to this cause,” said Lyndsey Lord, Co-founder and COO of TribeHealth. “Engooden has a proven and effective, trust-based model for helping patients manage their chronic conditions with the expertise of their care navigators. We want to help connect as many people as possible to these resources at the appropriate time.” Engooden’s chronic disease management platform is a proven, scalable solution for providers, health systems, and payers. Their proprietary technology automatically surfaces actionable insights to its care navigators, allowing them to intervene with the right patients at the right time. Care navigators help bridge care gaps for tens of thousands of patients through consistent, trust-based engagement. The personalized service is popular with patients, with an 88% annual program retention rate. Engooden Health partners with healthcare organizations of all types and sizes, bringing critical chronic disease management services to everyone from traditional fee-for-service physicians to accountable care organizations federally qualified health centers (FQHC), rural health clinics and other value-based care organizations. “Engooden’s tech-enhanced chronic disease management services allow us to build trust with patients at scale, driving clinical and financial outcomes that can help organizations better perform in value-based care. This partnership combines our shared commitment to health equity and desire to transform healthcare delivery. Together, we can help organizations to provide more comprehensive, high-quality care.” Ryan Atwood, VP of Payer Relations and Regulatory Compliance at Engooden Health More than 133 million Americans are currently managing chronic diseases, many of whom would benefit greatly from this historically underutilized service. In an effort to increase utilization, Centers for Medicare & Medicaid Services recently increased reimbursement for chronic care management services, further validating the role CCM plays in improving patient health and quality of life while driving down costs across the healthcare spectrum from fee-for-service to risk-based programs. Chronic disease management services include education, coaching, and advocacy. Common patient success stories include results such as reduced HbA1c, weight loss, decreased blood pressure, mitigating symptoms of depression, and much more. TribeHealth and Engooden are partnering to immediately make this service more readily available to all patients who need it. About TribeHealth TribeHealth designs networks of people and technology to assist patients, providers, and payers achieve optimal health & cost outcomes. TribeHealth partners with leading healthcare organizations to support new and existing care delivery models while assisting with preventive engagement strategies aimed at successful population care. TribeHealth was formed in 2020 by a team of clinicians and health scientists to bring responsive care resources to as many people as possible. About Engooden Health Engooden Health is the only company to offer scalable chronic care management (CCM) services and technology for physicians, health systems, and payers to identify rising-risk and chronically ill patients and positively impact their health trajectories. Through technology-driven, personalized intervention by experienced and empathetic care navigators, Engooden connects with thousands of patients each month, addressing their barriers to care while helping its customers effectively manage population health and value-based care programs. Founded in 2016, Engooden Health is headquartered in Boston.

Read More

HEALTH TECHNOLOGY

Medtronic announces partnership with BioIntelliSense for exclusive U.S. distribution of multi-parameter wearable

Medtronic plc | September 01, 2022

Medtronic plc a global leader in healthcare technology, announced it has entered into a strategic partnership with BioIntelliSense, a continuous health monitoring and clinical intelligence company, for the exclusive U.S. hospital and 30-day post-acute hospital to home distribution rights of the BioButton® multi-parameter wearable for continuous, connected monitoring. The partnership enables the Medtronic Patient Monitoring business to offer access to a medical grade device that provides continuous vital sign measurements of general care patients in-hospital as well as post-discharge. This supports the simplification of care delivery through workflow automation, enabling proactive clinical intervention, and helping to address the implications of staffing shortages. Terms of the deal were not disclosed. The BioButton medical grade device, measuring up to 1,440 vital sign measurements per day, including skin temperature, respiratory rate at rest, and heart rate at rest, is the exclusive multi-parameter wearable for the Patient Monitoring business. This device, combined with advanced analytics, has the potential to help enable clinicians to better detect early signs of patient deterioration or, conversely, identify stable patients who may be candidates for earlier hospital discharge. The rechargeable BioButton device also has configurable acute and post-acute modes to continuously monitor patients as they transition from higher to lower acuity settings. "Our vision is to empower clinicians and patients with actionable insights to personalize care — anytime, anywhere," said Frank Chan, Ph.D., president of the Patient Monitoring business, which is part of the Medical Surgical Portfolio at Medtronic. "Today, our solutions touch more than 100 million patients annually in hospitals. Through our collaboration with BioIntelliSense, we will support continuous, connected care from in-hospital to home and expand our reach to help more patients in more places than ever before." With staffing shortages projected to reach 3.2 million healthcare workers by 20261, the Patient Monitoring business intends to continue to expand its HealthCast™ portfolio to improve workflow automation so clinicians can focus on what matters most — their patients. The HealthCast™ connectivity gateway helps increase workflow efficiency by connecting unconnected devices to the electronic medical records (EMR) and saves valuable staff time by reducing the burden of manual charting. The HealthCast™ VitalSync™ remote patient monitoring system enables clinicians to receive near real-time trend and alert data on web-enabled devices so they can act on patient deterioration earlier. With the addition of the BioButton multi-parameter wearable to the HealthCast portfolio, Medtronic can help even more general care patients inside and outside of the hospital, furthering our commitment to patient safety. "In partnership with Medtronic, we are poised to accelerate continuous connected care models that offer a new level of clinical surveillance and workflow efficiencies for hospitals that are challenged in today's environment of growing workforce shortages and cost of care management. This advanced remote physiologic monitoring simplifies care delivery to facilitate personalized patient care, clinical workflow automation and proactive clinical interventions." James Mault, M.D., founder and CEO of BioIntelliSense About BioIntelliSense BioIntelliSense is ushering in a new era of continuous health monitoring and clinical intelligence for Remote Patient Monitoring. Its medical-grade Data-as-a-Service (DaaS) platform seamlessly captures multi-parameter vital signs and physiological biometrics through an effortless patient experience. The medical grade BioButton® devices make remote monitoring and early detection simple. Through the platform's advanced analytics, clinicians have access to high-resolution patient trending and alerting to enable medical grade remote care from in-hospital to home. About the Patient Monitoring business at Medtronic The Patient Monitoring business is committed to transforming the future of health monitoring. Our vision is to empower clinicians and patients with actionable insights to personalize care. Our technologies, including HealthCast™ intelligent patient manager, VitalSync™ remote patient monitoring, Nellcor™ pulse oximetry, Microstream™ capnography, BIS™ brain monitoring, and INVOS™ regional oximetry are always on watch, helping clinicians keep patients safe. About Medtronic Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary.

Read More