Anthem largely withdraws 2020 guidance due to COVID-19 uncertainty

Anthem | April 29, 2020

Anthem earned $1.5 billion in profit for the first quarter of 2019, missing Wall Street's expectations.
The insurer raked in $29.6 billion in revenue for the quarter, it said in its earnings release Wednesday. That was up about 20% from $24.7 billion in the first quarter of 2019.
In its earnings report (PDF), Anthem touted the steps it has taken to date to combat the COVID-19 pandemic, which include easing administrative burdens on providers, waiving cost-sharing for testing and treatment for the virus and offering millions in community aid through its foundation.
“Anthem recognizes the important role we play as part of the national response to the COVID-19 pandemic,” said CEO Gail Boudreaux in a statement. “Guided by our mission and values, Anthem is engaging across the country and in our local communities to support our members, customers and partners with relief and care during this challenging time."

Spotlight

Data silos preclude the delivery of personalized care and force patients, especially those suffering costly chronic conditions, into a suboptimal, passive state. Further, disengaged centralized data exacerbates misalignment between stakeholders throughout the entire healthcare ecosystem. Mint Health is a decentralized health platforms-a-service (PaaS) that aligns health plans, provider groups, and wellness brands around patient engagement, improved clinical outcomes, and lower healthcare costs.


Other News
HEALTH TECHNOLOGY

Paradigm Oral Health Announces Acquisition by BlackRock Long Term Private Capital

Paradigm Oral Health | September 23, 2022

Paradigm Oral Health a leading oral surgery and digital dentistry platform announced that BlackRock Long Term Private Capital has entered into a definitive agreement to acquire a majority interest in the company from shareholders including InTandem Capital Partners. LTPC will partner with Paradigm’s executive leadership team, led by founder and CEO Dr. David Rallis, to support the company’s continued expansion and strategic growth plans. Founded in 2018, Paradigm has developed an industry-leading model designed to attract and retain best-in-class surgeons focused on delivering the highest quality of oral health care and dental implant surgery while fostering a medically-driven, patient-friendly culture of excellence. The company partners with leading oral surgery groups in markets across the United States, allowing them to maintain their unique brand identity while operating on the same platform. Paradigm’s proprietary practice management technology, Paragon, utilizes cutting-edge technology and data analytics to provide and store proprietary information and intelligence generated by the business, leading to enhanced performance as well as increased patient and provider satisfaction. Today, Paradigm and its team of over 100 surgeon partners provide patient care in 75 state-of-the-art facilities throughout the United States. “We are pleased to invest in Paradigm, which has established itself as an industry defining platform for the development and delivery of next-generation oral health solutions. Through its focus on providing superior clinical care, advanced technology, and continued training and education to its surgeon partners, the company is well positioned for long-term growth. We look forward to partnering with Dr. David Rallis and the entire Paradigm team.” Colm Lanigan, Head of BlackRock LTPC, Americas David Rallis, DDS, MD, and CEO of Paradigm Oral Health, commented, “Paradigm is advancing oral surgical outcomes and patient experience through a culture that places the needs of the patient first. At Paradigm, we validate our clinical performance through a proprietary data ecosystem and use data to reinforce our culture of excellence and accountability. Through innovation, and the rapid adoption of technology, we continue to set the standard for dental implant surgery. Aligning our company with world-class partners, first InTandem Capital and now BlackRock LTPC, has allowed Paradigm to emerge as a leader. We are humbled by the opportunity to partner with BlackRock LTPC, and excited to work with Colm Lanigan and his team as we continue to advance Paradigm as the global leader in oral surgery.” Elliot Cooperstone, Managing Partner of InTandem Capital Partners, Paradigm’s financial sponsor since 2019, commented, “InTandem Capital invests in healthcare companies that are local leaders with the ambition and potential to become a national powerhouse. Dr. David Rallis and the leadership team at Paradigm embraced our playbook for accelerated growth with amazing skill and dedication. Our deep trust in each other has allowed our partnership to flourish. My colleagues and I wish David and the Paradigm team the very best as they build on their well-deserved position as the country’s leading oral health company.” Paradigm is BlackRock LTPC’s sixth investment to date and its fourth investment in North America. Houlihan Lokey acted as financial advisor and Goodwin Procter acted as legal advisor to Paradigm. Simpson Thacher acted as legal advisor to Blackrock LTPC. About Paradigm Oral Health Paradigm Oral Health is the preeminent provider of oral surgery. Paradigm’s uniqueness comes from their ability to hire the most elite oral surgeons in the country and train them on their proprietary platform of excellence. Paradigm Oral Health continues to revolutionize and reinvent implant surgery through their ongoing technology and digital work-flow advancements. With a passion for excellence, Paradigm embraces every opportunity to meet the needs of their patients and referring dentists. About BlackRock LTPC BlackRock LTPC is an innovative private equity strategy focused on investing in high-quality businesses and value creation through active collaboration with management teams. The strategy's flexible duration and prudent approach to leverage preserve optionality for growth and help enable compounded capital appreciation. LTPC's team of 23 professionals are based in New York and London and invest across North America and Western Europe. LTPC is backed by BlackRock, Inc., which manages $320 billion in alternative investments and commitments on behalf of clients worldwide as of June 30, 2022. About InTandem Capital Partners InTandem Capital Partners is a private equity firm that invests in and helps accelerate the growth of select healthcare services companies. Its goal is to build excellent businesses of significant value working collaboratively with its management team partners. InTandem is comprised of former business executives and experienced investors, and is uniquely qualified to provide strategic, acquisition and operating expertise to help companies significantly increase their value over time. InTandem provides active support to the management of its portfolio companies directly and leverages its network of industry executives to augment its capabilities.

Read More

HEALTH TECHNOLOGY

Francisco Partners to Acquire bswift from CVS Health

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. About bswift 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.

Read More

HEALTH TECHNOLOGY

Johnson & Johnson Opens State-of-the-Art Science and Technology Campus in San Francisco Bay Area

Johnson & Johnson | September 21, 2022

Johnson & Johnson opened its San Francisco Bay Campus, a state-of-the-art Research & Development facility in the Bay Area, one of the world’s most established global hubs for innovation and entrepreneurship. The nearly 200,000 square-foot facility will house up to 400 employees, more than doubling the R&D presence of Johnson & Johnson in the Bay Area. The campus bridges key scientific and technological capabilities by co-locating Janssen R&D, Johnson & Johnson Innovation and Johnson & Johnson Technology. It will further integrate the Company into the Bay Area innovation ecosystem to strengthen and increase collaborations with innovators to accelerate growth. “Johnson & Johnson’s expanded presence in the Bay Area affirms our commitment to combining science and technology to deliver transformative healthcare solutions. On this campus, our talented teams will use their diverse experience and expertise to tackle society’s greatest health challenges to create a better future for patients.” Joaquin Duato, Chief Executive Officer, Johnson & Johnson The R&D focus at the new site spans Janssen’s therapeutic areas and key functions, including emerging science and technologies for gene and RNA therapies, novel treatments and approaches for retinal and infectious diseases, and advanced data science, including artificial intelligence and machine learning. Co-locating expertise at the site will enable the expansion of the Company’s world-class discovery engine and industry-leading pipeline. “Our new state-of-the-art science facility in the Bay Area will further strengthen our R&D capabilities and transform how we discover, develop and deliver innovative medicines faster and more efficiently. By integrating drug discovery, data science and digital health, we aim to accelerate the growth of our best-in-class portfolio and deliver better health outcomes for people worldwide,” said James Merson, Ph.D., Site Head, San Francisco Bay Campus and Global Therapeutic Area Head, Infectious Diseases, Janssen Research & Development, LLC. The Johnson & Johnson Innovation Center in California has facilitated investments and collaborations to accelerate early-stage healthcare innovation with academic and industry partners in the Bay Area and greater California ecosystem since 2014. The San Francisco Bay Campus, along with the Company’s JLABS @ South San Francisco, will continue to enable the Company to build strong relationships with entrepreneurs, scientists and investors to support and invest in highly differentiated innovations that extend and improve lives everywhere. Additionally, given the convergence of healthcare and technology in the region, the Company will increase its focus on the Johnson & Johnson Technology organization to enhance its ability to create innovative digital solutions to advance human health. Building on Johnson & Johnson’s long-standing commitment to use its expertise and resources to reduce the environmental footprint of its operations, the Bay Area hub is designed as a high-performance green campus, reinforcing the Company’s pledge to be responsible stewards in creating a healthy, more sustainable future. The aim is for the new site to receive Silver Leadership in Energy & Environmental Design (LEED) certification, the most widely used green building rating system in the world. About Johnson & Johnson At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest and most broadly-based healthcare company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity. About the Janssen Pharmaceutical Companies of Johnson & Johnson At Janssen, we're creating a future where disease is a thing of the past. We're the Pharmaceutical Companies of Johnson & Johnson, working tirelessly to make that future a reality for patients everywhere by fighting sickness with science, improving access with ingenuity, and healing hopelessness with heart. We focus on areas of medicine where we can make the biggest difference: Cardiovascular, Metabolism & Retina; Immunology; Infectious Diseases & Vaccines; Neuroscience; Oncology; and Pulmonary Hypertension. Learn more at www.janssen.com. Follow us at @JanssenGlobal. Janssen Research & Development, LLC is part of the Janssen Pharmaceutical Companies of Johnson & Johnson. About Johnson & Johnson Innovation Johnson & Johnson Innovation LLC works across the pharmaceutical, medical device and consumer health sectors to accelerate early-stage, transformational solutions by catalyzing the best ideas, wherever they are in the world. We do this by harnessing our deep scientific capabilities coupled with a wide range of tools, including customized deal structures, company creation, incubation and startup services, capital investments and other innovative business models that aim to meet the diverse needs of entrepreneurs, scientists, and emerging companies. Our goal is to help life science and health technology innovations thrive through collaboration and partnership with the global ecosystem, so that together we can change the trajectory of human health. About Johnson & Johnson Technology Johnson & Johnson Technology solves big problems in healthcare through technology and digital innovation. Just as doctors use scalpels, we use data science, algorithms, artificial intelligence, robotics, and other digital solutions to transform patients’ lives. From guiding patients through treatment to accelerating vaccine development to enabling employees to work seamlessly from any location, our digital tools infuse our products with novelty, dexterity, and ease.

Read More

HEALTH TECHNOLOGY

NextGen Healthcare Announces New Foster Care Functionality in Behavioral Health Suite

NextGen Healthcare, Inc. | September 15, 2022

NextGen Healthcare, Inc. a leading provider of innovative, cloud-based healthcare technology solutions, announced the newest release of its NextGen® Behavioral Health Suite. Built upon the company’s award-winning NextGen® Enterprise electronic health record and practice management system, the suite is the industry’s first platform to integrate comprehensive physical, dental, behavioral health and human services. The latest release offers tools that support the delivery of foster care services. These services benefit over 672,000 youth – most with complex health concerns – who are part of the U.S. foster care system, according to federal statistics. Additionally, NextGen Behavioral Health Suite now offers state-specific reporting, allowing behavioral health providers in states such as New York and Indiana to meet complex regulatory requirements. The release comes on the heels of recent upgrades that simplify caring for people with Intellectual & Developmental Disorders and includes residential content features. “The enhancements to our behavioral health suite were developed with our clients and the communities they serve in mind. The addition of foster care capabilities enables providers to expand care to some of the most vulnerable and precious members of our society – our children. And our new automated state-reporting capabilities enable providers to spend more time delivering care and less time on regulatory compliance.” Srinivas (Sri) Velamoor, chief growth & strategy officer for NextGen Healthcare New features in the latest release will aid providers as they work to build healthier communities Demographic Details of Foster Parents and Children – Enables foster care or adoption agencies to collect the demographic details of foster and adoptive families and children. Initial Screening of Foster or Adoptive Parents – Clinicians can document the initial screening of prospective foster or adoptive parents. Home Interview of Foster or Adoptive Parents – Users can collect in-depth interview details of prospective foster parents and determine the foster placement preferences of foster parents. Placement Dashboard of Foster Children – Providers can view availability of foster families to assign children to, and track/manage the location of each foster child within the foster care and adoption services programs. In addition to the human services enhancements, NextGen Healthcare works in unison with its client partners to create solutions tailored to their unique needs, including regulatory reporting requirements. “Through due diligence and thoughtful conversation, NextGen Healthcare weaved through the complexities of New York State legislation to create a tool that meets every requirement needed for documentation, regulatory and reporting. This is vital to the livelihood of our practices,” said Carl Coyle, chief executive officer of Liberty Resources, a NextGen Healthcare client based in Syracuse, NY. About NextGen Healthcare, Inc. NextGen Healthcare, Inc. is a leading provider of innovative healthcare technology solutions. We are reimagining ambulatory healthcare with award-winning solutions that enable high-performing practices to create healthier communities. We partner with medical, behavioral and dental providers in their journey toward whole person health and value-based care. Our highly integrated, intelligent and interoperable solutions go beyond EHR and Practice Management to increase clinical quality and productivity, enrich the patient experience and drive superior financial performance. We are on a quest to achieve better healthcare outcomes for all.

Read More

Spotlight

Data silos preclude the delivery of personalized care and force patients, especially those suffering costly chronic conditions, into a suboptimal, passive state. Further, disengaged centralized data exacerbates misalignment between stakeholders throughout the entire healthcare ecosystem. Mint Health is a decentralized health platforms-a-service (PaaS) that aligns health plans, provider groups, and wellness brands around patient engagement, improved clinical outcomes, and lower healthcare costs.

Resources