PointClickCare | October 11, 2022
PointClickCare Technologies, a leading healthcare technology platform enabling meaningful collaboration and access to real‐time insights announced the launch of its Virtual Health offering – an integrated telemedicine solution to the Skilled Nursing Facilities market. With the help of partner Sound Physicians, this technology is currently being implemented in more than half of the states across the U.S. Over the next two days at the AHCA/NCAL Convention and Expo, PointClickCare will be showcasing the innovative ways providers can better achieve quality care and reach the full potential of virtual health in the post‐acute setting.
According to the Forrester U.S. Tech Outlook, 2022 Report, investment in virtual health, remote monitoring, and hospital-at-home, are spending priorities in 2022. Forrester analysts have confirmed that these technologies have the power to reduce the cost of administrative complexity, which is currently $265 billion.
Recent data from the US Department of Health & Human Services explains that the share of Medicare visits conducted through telehealth rose to 52.7 million in 2020, from approximately 840,000 in 2019. Knowing that telehealth has become an increasingly important, yet sometimes complicated component of healthcare, PointClickCare has developed an alternative to traditional telehealth by applying technological improvements to offer an integrated solution.
“Telehealth is no longer a futuristic concept in long-term care, it’s table stakes. Our customers continue to navigate between care settings and our team has sought to innovate and push the envelope on providing virtual care. We’re proud to announce this technology that has been specifically designed to meet the mission‐critical needs of post‐acute providers to improve clinical care and reduce healthcare costs, consistently driving down hospital readmissions by 30%.”
Travis Palmquist, Senior Vice President and General Manager of Senior Care at PointClickCare
With PointClickCare’s Virtual Health offering, providers can now
Improve patient care & staff satisfaction: By streamlining operations through a sophisticated level of integration into existing workflows, care teams have access to shared patient records, and can cut down on administrative tasks and can focus on what matters most – patient care.
Reduce healthcare service costs: With the ability to “treat in place,” facilities experience stabilized occupancy rates and can reduce the need for after-hours readmissions or emergency room department transfers, ultimately lowering overall costs.
“The ongoing staffing crisis has created a new level of pressure for our staff. With PointClickCare’s Virtual Health solution, our care teams can access an on-shift physician with just one click, streamlining operations and cutting down on a lot of the administrative burdens we are faced with, all while ensuring our patients are getting the best quality of care, any time,” said Kevin Baxter, Vice President of Operations at Health Services Management.
PointClickCare is a leading healthcare technology platform enabling meaningful collaboration and access to real‐time insights at any stage of a patient’s healthcare journey. PointClickCare’s single platform spans the care continuum, fostering proactive, holistic decision‐making and improved outcomes for all. Over 27,000 long‐term post‐acute care providers, and 2,700 hospitals use PointClickCare today, enabling care collaboration and value‐based care delivery for millions of lives across North America.
Francisco Partners | October 04, 2022
Francisco Partners a leading global investment firm that specializes in partnering with technology businesses, announced it has signed a definitive agreement to acquire bswift, a leading provider of benefits technology and services, from CVS Health.
Founded in 1996, bswift is a provider of software and services that streamline benefits and human resources administration, offering a cloud-based technology platform with best-in-class service. The company combines its deep expertise and passion for technology innovation with strong customer service and a unique consumer-driven approach. bswift helps its partners and employers simplify administration, manage employee benefits, reduce administrative costs, and connect employees with resources needed to achieve their health ambitions. The company serves millions of employees with a single benefit destination across all life events from hire to retire.
bswift will continue to partner with CVS Health and Aetna, a CVS Health company, to provide benefits technology to its employees and client base.
“CVS Health and Aetna remain committed to bswift and to the clients, partners and members we support in benefits administration. FP’s deep expertise in technology and proven track record in nurturing and growing technology businesses will enable bswift’s loyal base of employees to continue delivering innovative solutions.”
Mark Santos, Vice President, Diversified Commercial Solutions at Aetna
Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies, making it one of the most active and long-standing investors in the technology industry. Francisco Partners has experience in the healthcare and human capital technology market and its investments have focused on companies that provide the best possible products and service for its customers and partners. Francisco Partners also has extensive experience partnering with corporations to execute divisional carve-outs with transactions such as IBM’s Watson Health business (now Merative) and Discovery Inc.’s Discovery Education business.
Justin Chen, Partner at Francisco Partners, said, “We are excited to partner with bswift and help the team continue to grow its robust technology and service offerings across benefits and healthcare. bswift is uniquely positioned as a market leader to help employers navigate the evolving industry trends and opportunities to holistically engage employees through health, wellness and financial benefits.”
“We appreciate CVS Health’s work in growing this business and are confident that our partnership will help bswift drive crucial focus in executing on organic and inorganic growth strategies,” said Anders Mikkelsen, Vice President at Francisco Partners. “We look forward to supporting the talented employees and management team.”
Financial terms of the transaction have not been disclosed. The acquisition is expected to close in the fourth quarter of 2022, subject to the satisfaction of customary closing conditions.
Kirkland & Ellis LLP served as legal advisor and Wells Fargo Securities, LLC served as financial advisor to Francisco Partners. CVS Health engaged Fried, Frank, Harris, Shriver & Jacobson LLP and Dechert LLP as legal counsel and Goldman Sachs as exclusive financial advisor.
About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential.
bswift helps customers change the way their employees perceive and engage with their benefits through a proven blend of adaptive technology, service excellence, and compassionate service. Their intuitive, personalized enrollment experience inspires confidence and connects employees to the resources they need to achieve their personal ambitions. Partnering with enterprises nationwide and serving millions of employees, bswift offers cloud-based technology and services for online enrollment, interactive decision support, ACA compliance reporting and employee engagement.
Healthcare Bluebook and VBA | September 09, 2022
VBA, a leading-edge healthcare technology company, has teamed up with Healthcare Bluebook to incorporate Quantros quality scores for over half a million physicians and hospitals into its VBAnalytics reporting solution.
This move is just one of many exciting enhancements around quality-based care reporting planned in 2022 to make VBAnalytics the premier population health and business insight solution for healthcare payers. VBAnalytics already provides robust analysis and reporting of healthcare utilization and costs and offers insight to help payers make the necessary changes to ensure their health plans are performing effectively.
“As the healthcare industry continues to strive for transparency in both cost and quality, the Quantros quality data is essential for our clients to remain competitive. Being able to benchmark their results against millions of healthcare claims from all regions of the country provides invaluable insight to manage their plan performance.”
Michael Clayton, President and CEO of VBA
With VBAnalytics Value-Based Care Reporting, powered by Quantros, health plans can easily combine cost and quality data to determine which providers are performing the best under their value-based care arrangements. Equipped with this information, payers can make adjustments to their provider networks to ensure that patients have access to the best providers.
The Quantros quality scores include important measures of physician and hospital performance including patient safety, complications from a procedure or hospitalization, mortality, and hospital readmissions. Data is combined among multiple providers to create an episode of care, which allows for a more comprehensive view of the patient’s experience.
VBA has also integrated Healthcare Bluebook’s online shopping tool within its VBAGateway member portal to make it simple for members to access cost and quality information they need with just a few clicks.
“When consumers are equipped with accurate information on cost and quality, everybody wins,” said Clayton. “As consumers become more educated about their healthcare decisions, it will lead to more thoughtful choices that can have a positive ripple effect throughout the healthcare system.”
Providing consumers with better information also helps to reduce the overall cost of healthcare for employers, who cover a significant portion of the healthcare costs for their employees.
VBA is a leading-edge healthcare technology company providing comprehensive solutions to the insurance industry. Uniquely delivered on a secure, cloud-based platform, VBA provides a suite of technology solutions for benefits administration, user experience, customer support, business insight and more.
About Healthcare Bluebook
Healthcare Bluebook's purpose is to protect consumers and companies nationwide from overpriced, low-quality healthcare. Since 2007, Healthcare Bluebook has helped millions of people by making it easy for them to find high-quality care at a Fair Price™.
Cardinal Health | September 07, 2022
Cardinal Health announced initiatives aimed at positioning the Company for long-term success, building on Cardinal Health's previously announced growth plans. These initiatives have benefited from input received from Elliott Investment Management L.P. In connection with these initiatives, Elliott has also entered into a cooperation agreement with Cardinal Health, and Elliott's Steven Barg will join the Company's Board of Directors.
As part of Cardinal Health's ongoing commitment to Board refreshment and the initiatives announced today, the Governance and Sustainability Committee of the Board has recommended and the Board has approved the appointment of four new independent directors: Steven Barg, Michelle Brennan, Sujatha Chandrasekaran and Christine Mundkur. With these immediate appointments, Cardinal Health's Board will be made up of 15 Directors, 14 of whom are independent under the Company's director independence standards. Two existing Directors – Dean Scarborough and John Weiland – have announced their intentions to conclude their Board service at the end of their previously elected terms this fall and will not stand for re-election at Cardinal Health's 2022 Annual Meeting, resulting in a 13-member Board. Following the Annual Meeting, Cardinal Health's Board will consist of 54% women and 23% racially or ethnically diverse individuals.
Cardinal Health's Board has also formed a new Board committee, the Business Review Committee, to support a comprehensive review of the Company's strategy, portfolio, capital-allocation framework, and operations with the goal of maximizing Cardinal Health's potential for the benefit of all stakeholders. The Business Review Committee will be chaired by Chief Executive Officer Jason Hollar; Mr. Barg and Akhil Johri will also serve on the Committee. The Committee, with the assistance of the Company's legal and financial advisors, will make recommendations to the full Board. The Company expects to conduct an investor day in the first half of calendar 2023 to share the Board's conclusions and to provide additional guidance.
"We'd like to thank Dean and John for their service to the Board. We're grateful for their leadership and contributions and wish them both the very best. We're pleased to welcome Steven, Michelle, Sujatha and Christine to the Board and believe the Company and our many stakeholders will benefit from their mix of experience, skills and leadership. We are also pleased with Elliott's confidence in, and commitment to, the go-forward long-term potential of Cardinal Health. Our Board looks forward to receiving the recommendations of the Business Review Committee and updating the market in due course, as Jason and his leadership team chart a path to deliver upon our mission for our customers and employees and drive value creation for our shareholders."
Gregory Kenny, Independent Chairman of the Board of Cardinal Health
"Cardinal Health's leadership team is focused on creating value for all our stakeholders, and the newly initiated Business Review Committee, as well as the new expertise and experience being added to our Board, are critical steps in this process," said Mr. Hollar, Cardinal Health's Chief Executive Officer. "I look forward to working with the Board, including our four new directors, to optimize our strategy, structure, and operations as we position Cardinal Health for long-term success."
Elliott Senior Portfolio Manager Marc Steinberg said, "Our discussions with Jason and the Board have been positive and productive, and we are pleased to have worked collaboratively to reach this agreement. Cardinal Health plays a mission-critical, market-leading role in the global healthcare system, and we have been encouraged by the Company's openness to taking actions necessary to ensuring that Cardinal Health realizes its full potential. We are confident that the initiatives announced today will drive meaningful shareholder value creation, and we look forward to continuing our collaboration with the Company."
Michelle Brennan is Chair of Connect Healthcare Council for Pioneering Collective and serves on the Board of Coupa Software. Ms. Brennan spent more than 30 years at Johnson & Johnson, a leader in the field of medical devices, pharmaceutical, and consumer packaged goods, where she focused on driving growth, optimization and business transformation across diverse businesses and geographies. Most recently, Ms. Brennan served as the Global Value Creation Leader for Johnson & Johnson and as a member of the company's Medical Device Executive Leadership Team responsible for the division's value creation through cost management initiatives. Prior to that, Ms. Brennan held a number of positions at Johnson & Johnson, including Company Group Chair, Medical Devices (EMEA); President, Enterprise Standards & Productivity; Worldwide President, Ethicon Energy; as well as a variety of sales and marketing positions for other Johnson & Johnson divisions. Throughout her time at Johnson & Johnson, Ms. Brennan held significant board roles for the company, including Chairman of the Board for Medtech Europe Trading Association. She was previously a member of the UK's Office of Life Sciences Council and Chairman of the Council's Health Technology Partnership Committee.
Ms. Brennan holds a B.S. from the University of Kansas.
Sujatha Chandrasekaran, also known as Suja, is an advisor and independent consultant in the research and technology sectors. She currently serves on the Board of American Eagle Outfitters as well as private companies including Agendia, a molecular diagnostics company, and Blume Global, a digital supply chain platform company. Ms. Chandrasekaran has more than 25 years of experience in technology and leadership roles across the healthcare, consumer packaged goods and retail industries. Most recently, Ms. Chandrasekaran was Senior EVP & Chief Digital and Information Officer at CommonSpirit Health, one of the largest non-profit health systems in the US. Prior to that, she held a number of senior executive roles at several Fortune 500 multinational companies, including Global Chief Information Officer for Kimberly-Clark; SVP, Global Chief Technology and Data Officer for Walmart; as well as a number of C-level roles at The Timberland Company, PepsiCo and Nestlé SA. Ms. Chandrasekaran has a strong track record of delivering significant value to customers and organizations by leading global technology, supply chain and digital transformation initiatives. In 2022, Ms. Chandrasekaran was recognized by Modern Healthcare as one of the Top 25 Women Leaders in Healthcare. She was previously a Director of Symphony Technology Group and a Director of Barry Callebaut AG as well as a Member of Advisory Board at Atmio Inc.
Ms. Chandrasekaran holds an Executive Development Education Certificate from London Business School; a Master of Business Systems/M.B.A. from Monash University in Melbourne, Australia; and a B.Eng. from the University of Madras, India.
Christine Mundkur most recently served as Chief Executive Officer and Non-Voting Chairman of the Board of Directors for Impopharma Inc, a developer of complex formulations focused on inhalation pharmaceutical products. Ms. Mundkur currently serves on the Boards of Lupin Limited and MannKind Corporation. While at Impopharma, she led the transition of the company from a successful clinical research organization into a generic pharmaceutical inhalation development company. She also held leadership positions as President and Chief Executive Officer for North America for Sandoz, Inc. Earlier, she served as Chief Executive Officer of Barr Laboratories, Inc. Ms. Mundkur started her career at Barr as quality and regulatory counsel. In addition, she served as a strategic advisor to clients on generics, 505(b)2, biosimilars and NDA business strategies.
Ms. Mundkur holds a J.D. from the St. Louis University School of Law and a B.S. from St. Louis University.
About Cardinal Health
Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for health care facilities. With 50 years in business, operations in more than 30 countries and approximately 44,000 employees globally, Cardinal Health is essential to care.