Cigna: Patients deferring care for acute needs like appendicitis, heart conditions

Cigna | April 27, 2020

While hospitals have put elective procedures on pause during the pandemic, patients seeking care for serious health needs have also decreased significantly, new data from Cigna show.
Researchers at the insurer studied care utilization among their commercial group and individual plan members between January and March across seven conditions and found decreases in hospitalizations across the board.
For example, the hospitalization rate related to atrial fibrillation decreased by 35% between February and March. 
Large numbers of patients pushing off care for acute needs could have major repercussions as the industry emerges from the pandemic, said Saif Rathore, M.D., head of data and analytic innovation at Cigna and one of the report’s authors.
“This is part of us trying to sound the alarm,” he told FierceHealthcare. “There will be consequences for this kind of care deferral.”

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The Total Joint Center at The Miriam Hospital, part of the Orthopedics Institute at Rhode Island and The Miriam hospitals, is a center of excellence dedicated to delivering state-of-the-art, total joint replacement for the hip, knee, and shoulder. For more information: http://www.orthopedicsri.org


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FUTURE OF HEALTHCARE

Peloton Announces Growth Recapitalization of Grenova

Peloton Equity | March 22, 2022

Peloton Equity, LLC a Connecticut-based private equity firm that seeks to invest growth capital in innovative healthcare companies, announced that it has closed a growth and recapitalization investment in Grenova, Inc. a fast-growing manufacturer of green technology for the life sciences industry. Peloton, along with Hamilton Lane Impact Fund II and Morgan Stanley AIP Private Markets, invested growth capital and partnered with management and other investors to acquire a majority stake in Richmond, Virginia-based Grenova. The transaction is anticipated to enable Grenova to accelerate its sales and marketing efforts, launch additional products, and build out its presence globally. Ali Safavi, founder, president and CEO of Grenova, along with other management and certain existing shareholders will retain a significant ownership stake in the Company. Financial terms of the transaction were not disclosed. Founded in 2014 by Ali Safavi, Grenova designs, manufactures, and distributes instruments and associated consumables to the lab industry. The Company’s technology enables its customers – clinical labs, pharmaceutical/biotech companies, research institutions, agricultural companies, and others – to wash, dry and re-use single-use plastics. Grenova’s products aim to advance healthcare toward a more sustainable future by lowering costs in the laboratory industry, reducing biohazard waste in the environment, and mitigating supply chain risk for plastic consumables. “I am thrilled to be partnering with Peloton to help Grenova capitalize on the massive and unmet need for sustainability solutions in laboratories around the world,” said CEO Ali Safavi. “Peloton’s expertise and network will bring additional resources and business development opportunities to Grenova, and this growth-oriented transaction will help us accelerate the industry’s adoption of our innovative products and technologies.” “Peloton seeks to partner with high-growth companies like Grenova that deliver tangible and enduring value to the healthcare industry. The utilization of disposable plastics in the lab setting is rapidly growing and we are excited to support Grenova’s mission to address this unsustainable trend.” Michael O’Rourke, partner at Peloton, added, “We believe Grenova’s combination of differentiated product technology, sustainability value proposition and high-quality customer service is unique in the massive and growing life sciences tools industry. We are very excited to work with Ali and his team in supporting Grenova’s next phase of growth.” Ted Lundberg, partner and co-founder of Peloton Equity Crosstree served as the exclusive financial advisor to Grenova with respect to this transaction. Goodwin Procter LLP acted as legal advisor to Peloton and Williams Mullen acted as legal advisor to the Company. About Grenova Founded in 2014, Grenova™ is an innovative company that is revolutionizing lab consumables through high-quality waste reduction solutions. Grenova’s mission is to lower costs in the laboratory industry and reduce biohazard waste in the environment by delivering groundbreaking approaches in dealing with plastic consumables. Grenova’s existing products include the TipNovusTM family of pipette tip-washing solutions for labs such as the Automated TipNovus (ATN) Package, a fully integrated tip-washing solution; the TipLumisTM family of HEPA-filtered, temperature-controlled, UV-sanitized tip storage solutions; GrenoClean, a proprietary and scientifically validated cleaning solution; and Purus by Grenova™, a novel microwell plate cleaner launching in 2022. For more information, visit Grenova. About Peloton Equity Peloton Equity, LLC is a private equity firm focused exclusively on growth capital investments in the healthcare industry. Peloton was formed in 2014 as the successor firm to Ferrer Freeman & Company and invests in companies with between $10 million and $200 million of revenue that have the management team, market opportunity and business model to grow revenues significantly over the life of its investment. Peloton seeks to be a significant investor in companies with high-growth potential, driven by a clear value proposition to the healthcare industry. Peloton’s investment team has invested in over 35 unique healthcare companies and has deployed over $800 million in capital. Recent investments include AeroSafe Global, ClearSky Health, Friday Health Plans, and Journey Health & Lifestyle. About Hamilton Lane Hamilton Lane is a leading private markets investment management firm providing innovative solutions to sophisticated investors around the world. Dedicated exclusively to private markets investing for 30 years, the firm currently employs more than 520 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $851 billion in assets under management and supervision, composed of over $98 billion in discretionary assets and nearly $753 billion in advisory assets, as of December 31, 2021. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. About Morgan Stanley AIP Private Markets AIP Private Markets, an investment team within Morgan Stanley Investment Management, seeks to deliver innovative private markets solutions to a global client base. It’s built-for-purpose team of ~60 dedicated professionals draws.

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FUTURE OF HEALTHCARE

Novant Health launches new business division to accelerate clinical operational and technological advances for the healthcare industry

Novant Health | March 29, 2022

Novant Health, one of the largest health care systems in the Southeast, today announced the launch of a new business division designed to innovate and support scalable solutions for some of the health care industry's biggest challenges. Operating as an independent business entity, Novant Health Enterprises will better enable partnerships with other health care organizations, create diversified growth and generate value for Novant Health's core business. Some of Novant Health's existing services will move over into this new division, and additional service offerings will be developed and acquired. NHE will accelerate the improvements Novant Health is making through its investments and partnerships focused on clinical, operational and technological advancements. Envisioned as an incubator to accelerate the development of solutions that promise to unlock clinical, financial and patient value at scale, the health system's new venture will bring to market innovative solutions that empower all patients to live healthier lives – while enabling physicians to focus on delivering the best possible care. Novant Health Enterprises will build on the health system's considerable scale and prominence as well as the strength of its strategic partnerships and will focus on three core areas over the next five years: developing transformational clinical capabilities, continued expansion into non-acute settings, and commercializing differentiating digital solutions. "Novant Health has long been at the forefront of innovation in health care, pioneering solutions internally and through unconventional partnerships to solve the industry's biggest challenges. This forward-thinking has enabled us to reimagine the patient experience, advance the quality and capability of care and be named the safest health care system in the region. I can't wait to see what a unique entity such as Novant Health Enterprises will incubate, innovate and accelerate as we leverage technological innovation to create better outcomes for our patients, providers and communities." Carl S. Armato, president and CEO, Novant Health Novant Health Enterprises will be led by Dean Swindle, who will serve as executive vice president of Novant Health and president of this new division. Swindle has over 30 years' experience as a financial and strategic executive in both national and regional health systems and has developed transformational growth activities and industry leading capabilities. Angela Yochem will serve as chief operating officer and general manager of Novant Health Enterprises in addition to her current role as Novant Health executive vice president and chief transformation and digital officer. Yochem has over 25 years' experience in new business creation and operation, delivery of world-class consumer experiences and differentiating technologies, and development of advanced solutions for the competitive advantage of global companies at scale. "Novant Health Enterprises convenes the industry's leading partnerships to deliver on our promise to make health care remarkable for all our patients, in every dimension, every time," said Swindle. "As most of us have witnessed in the health care industry, the events of the past two years have underscored the value that technology and transformational capabilities can bring to patient care. Novant Health Enterprises has never been more confident in the potential for technological innovation to alleviate the most pressing problems in health care and we are excited to get started." "The creation of Novant Health Enterprises will maximize the power of innovation and partnerships, allowing us to better pursue our mission of making our communities healthier, one person at a time," said Yochem. "We'll not only have our finger on the pulse of what is needed to improve care, but we'll have the ability to foster, create, test and apply those solutions at an unprecedented rate. I look forward to uncovering new opportunities as we focus Novant Health Enterprises' initial priority areas in the coming months." Novant Health Enterprises will continue to develop the operating framework and strategic plans over the course of the next year. About Novant Health Novant Health is an integrated network of physician clinics, outpatient facilities and hospitals that delivers a seamless and convenient healthcare experience to communities in North Carolina, South Carolina and Georgia. The Novant Health network consists of more than 1,800 physicians and over 35,000 employees who provide care at nearly 800 locations, including 15 hospitals and hundreds of outpatient facilities and physician clinics. In 2021, Novant Health was the highest-ranking healthcare system in North Carolina to be included on Forbes' Best Employers for Diversity list. Diversity MBA Magazine ranked Novant Health first in the nation on its 2021 list of "Best Places for Women & Diverse Managers to Work." In 2020, Novant Health provided more than $1.02 billion in community benefit, including financial assistance and services.

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HEALTH TECHNOLOGY

Ivenix to be Acquired by Fresenius Kabi

Ivenix | April 01, 2022

Ivenix, Inc. announced that it has entered into a definitive agreement to be acquired by Fresenius Kabi, a global health care leader specializing in lifesaving medicines and technologies for infusion, transfusion and clinical nutrition. Ivenix’s advanced infusion system combined with Fresenius Kabi’s intravenous fluids and infusion therapy offerings will bring a comprehensive portfolio of infusion products to U.S. hospitals. The purchase price will be a combination of US$240 million upfront payment and milestone payments linked to achievements of commercial and operating targets. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by mid-2022. The transaction is designed to Create a comprehensive portfolio that joins the industry’s most advanced infusion pump technology with the newest source of intravenous fluids, infusion supplies and accessories. Accelerate operational and commercial growth and scale providing a platform for rapid expansion. Build on a shared culture of exceptional customer service. Establish Fresenius Kabi as a leader in the approximately $5 billion infusion segment. This pivotal transaction will accelerate innovation, expand our combined infusion therapy portfolio and enhance our infusion capabilities, resulting in improved medication safety and operational efficiency. “We’re very pleased to partner with Fresenius Kabi, a leading global health care company. Together, we intend to transform the standard of care for North American health care providers and patients by providing the highest level of safe and effective integrated infusion care,” Jorgen B. Hansen, Ivenix’s Chief Executive Officer The Ivenix Infusion System includes a large-volume infusion pump with administration sets, infusion management tools, and analytics to inform care and advance efficiency. Ivenix centered the system around the patient and clinician and designed it to reduce infusion-related errors and drive down the total cost of ownership. After receiving U.S. Food and Drug Administration (FDA) clearance, Ivenix successfully launched the infusion system in 2021. “Combining Ivenix’s expertise in pump technology and software with our infrastructure, portfolio, and presence in hospital settings represents an ideal opportunity. We intend to scale the launch of Ivenix’s next-generation infusion system while driving growth opportunities in the United States. With today’s announcement, Fresenius Kabi expects to create a leading, comprehensive infusion therapy offering,” said Michael Sen, President and CEO, Fresenius Kabi. About Ivenix Ivenix, Inc. is a medical technology company with a vision to eliminate infusion-related patient harm. The company was founded to develop innovative solutions that transform infusion delivery. Ivenix designed an infusion system from the ground up to streamline medication delivery and bring infusion technology into the digital age. The Ivenix Infusion System includes a large-volume infusion pump supported by a robust infusion management system designed to set new standards in simplicity, intelligence, and reliability. For more information, visit ivenix.com. The Ivenix Infusion System is cleared by the FDA.

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FUTURE OF HEALTHCARE

Aatru Medical, LLC Completes Acquisition of Key Supplier Exothermix

Aatru Medical | April 28, 2022

Aatru Medical is pleased to announce the acquisition of Exothermix, the inventor and supplier of the unique mode-of-action component in the NPSIMSTM incisional management negative pressure system. Exothermix is an innovation company with patented technology and manufacturing of simple, fast, and safe oxygen scavengers with various uses including on-demand self-heating solutions that serve the medical, military, beauty, and personal care markets with these customized products. “We are very pleased to join the Aatru family. The resulting synergies allow us to not only continue to be a key component supplier to Aatru Medical, but this also allows us to continue to develop and to manufacturer industry-changing products for our existing and future customers.” Daniel Hancock, who will remain as President of Exothermix The full Exothermix management and staff will remain in place in the College Station, TX facility and continue to service existing customers. Aatru Medical President Edward Armstrong noted, “The acquisition brings together two innovative technologies and business cultures, which provides a stronger platform for future growth, through accelerated product development and the seamless integration of our supply chain.” Aatru Medical, LLC is a privately-owned medical device company located in Cleveland, OH. The company’s recently FDA-cleared NPSIMSTM is a pre-assembled, single use solid-state negative pressure system for surgical incision management.

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Spotlight

The Total Joint Center at The Miriam Hospital, part of the Orthopedics Institute at Rhode Island and The Miriam hospitals, is a center of excellence dedicated to delivering state-of-the-art, total joint replacement for the hip, knee, and shoulder. For more information: http://www.orthopedicsri.org

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