Cognizant to pay $25M to settle civil case related to former executives' bribery scheme

Cognizant | February 19, 2019

Cognizant Technology Solutions Corporation will pay $25 million to settle federal civil charges related to improper payments to obtain permits and building licenses in India carried out by two former top executives five years ago. Those two former executives were indicted by a federal grand jury in Newark, New Jersey, on Friday for their role in the alleged bribery scheme, according to an announcement by the U.S. Department of Justice and the U.S. Attorney's Office for the District of New Jersey. Gordon Coburn, the former company president, and Steven Schwartz, the former chief legal officer, were indicted on criminal charges (PDF) of violating and conspiring to violate the Foreign Corrupt Practices Act’s (FCPA) anti-bribery and accounting provisions. The charges stem from an alleged scheme to bribe government officials in India to secure a construction permit necessary to complete the development of an office campus that would become one of Cognizant’s largest facilities in India, according to U.S. authorities.

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FUTURE OF HEALTHCARE

M1 MedTech Accelerator Program Opens Applications to Early-Stage Medical Device Companies

M1 MedTech | April 05, 2022

M1 MedTech, a medical technology accelerator sponsored by Proxima Clinical Research, a contract research organization based out of the Texas Medical Center, announcedit is accepting applications for its fall cohort. M1 MedTech is looking for five to seven of the most promising early-stage medical device companies to participate in its three-month program. The program has closed its first fund and will be selecting companies over the summer for investments up to $100,000 as a combination of both cash and in-kind services. “Our program is unique in that it combines acceleration capital, company building expertise, and the regulatory and clinical services of a top CRO,” says Larry Lawson, a venture partner and investor with M1. “Access to the M1 founders’ network, both within and outside of the Texas Medical Center, sets these companies up for success. There’s no better group to build a MedTech company with, period.” “Many MedTech companies are launched by innovative first-time founders with strong scientific and medical expertise, but who have never taken a regulated product to market or built a business. After working with so many companies at various stages of this journey to market, both with Proxima CRO and with accelerators from across the country, we realized there was a gap that needed to be filled for these rising founders. They not only need regulatory and clinical assistance from experts with hundreds of success stories in this field, we found they also need assistance with design, manufacturing, business, IP, and so much more,” says Isabella Schmitt, RAC, Director of Regulatory Affairs for Proxima CRO and Principle at M1. “These rising founders need to know what they don’t know; so, we put a lot of thought into what emerging companies and rising executives really need, and from that, we built the M1 curriculum.” M1 MedTech was created to support early-stage medical device companies, offering an immersive experience that provides tangible benefits to participating companies. The program will take on a limited number of enterprises in each cohort and offer a direct approach to helping founders advance their companies and technologies. The coaching process will include a curated educational program, interactive workshops where participants can continually build out specific company deliverables, and tailored one-on-one mentoring. “This is a very personalized program for early-stage companies focused on Class II and III medical devices,” said Sean Bittner, PhD, ACC, Director of Programs at M1 MedTech. “We’re excited to welcome our first cohort this August. The medical device companies that fit best with our program are in pre-seed or seed-stage, have completed a customer evaluation, know the issues they want to address, have not progressed far enough through the pipeline to have communicated with the FDA or completed preclinical or clinical testing,” says Bittner. “We would like the companies to have completed preliminary testing but have not gone too far into the product development phase.” “This is a fantastic opportunity for an early-stage company to receive mentoring and guidance from a group of established individuals in the life sciences industry. The hands-on 12-week workshop curriculum will cover a variety of topics including company formation and management, preclinical and clinical testing, regulatory approval, among other necessary guidance as their companies begin to mature. We are excited to aid the founders in rapidly advancing toward commercialization and prepare them for critical early investment stages.” Kevin Coker, CEO at Proxima CRO and Principal at M1 MedTech Experts from Greenlight Guru, Medrio, Galen Data, and Merge Medical Device Studio join Proxima CRO as sponsors of the program and will assist with content delivery and mentoring. Applications will remain open until May 31. About M1 MedTech M1 MedTech is an accelerator/incubator designed to build MedTech companies. The program offers capital, entrepreneurial expertise, and CRO services, as well as an immersive experience offering a hands-on approach to guide founders as they become MedTech executives and advance their companies and technologies. The coaching process includes a curated educational program with a focus on regulatory and quality dynamics, one-on-one mentoring, and interactive workshops where participants can continually build out specific company deliverables.

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INSURANCE

Exela Expands PCH Global Solution with Leading Healthcare Insurer

Exela Technologies | January 12, 2022

Exela Technologies, Inc. (“Exela”)today announced that it continues to expand its relationship with a leading health insurance organization that spans almost two decades. This customer continues to accelerate deployment of Exela’s PCH Global platform to speed up their digital transformation and improve both the member and provider experience. The latest expansion is valued at $6.2 million of additional contract value revenue. Exela continues to invest in expanding PCH Global’s capabilities to provide a cloud hosted solution with one of the best edit resolutions for healthcare claims. This extension of deployment marks another milestone in the value proposition of the PCH Global platform to digitally connect members, providers and insurance companies to enable clean claims, payment transparency and digital appeals. PCH Global’s cloud network also offers increased scalability, the highest uptime and best business continuity protections. PCH Global has robust data analytics which are continually improving as Exela processes more and more data. Additionally, PCH Global’s improved data analytics can be accessed via a self-service model. “We are proud of our long standing partnership and privileged to be part of customer’s digital transformation journey. Adoption of our PCH Global platform continues to address healthcare industry’s goal to deliver most efficient, cost effective and best healthcare to the members.” Suresh Yannamani, President of Exela About Exela Technologies Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune® 100. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry, departmental solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 17,500 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

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FUTURE OF HEALTHCARE

OmniLife Partners With Redox to Add Patient Referral Management Tool to Its End-to-End Communication Platform for Transplant Hospitals.

OmniLife | March 25, 2022

OmniLife, a health technology communication and collaboration platform, has partnered with Redox, the industry-leading electronic health record integration and healthcare interoperability platform, to create a new integrated patient management tool as part of its overarching platform that provides end-to-end communication solutions for transplant hospitals. The new patient modules, OmniReferral and PatientStatus, will allow transplant centers to easily review new referrals and share updates on patient status to providers and allows transplant centers to customize their own digital forms to make it easier for providers to refer and then monitor the activity and status of transplant patients. The tool also integrates into the EHR patient checklists and allows centers using EHRs to easily share patient status updates with referring providers. OmniReferral and PatientStatus is built to be organ agnostic, allowing centers to use the tool across all organ departments and with any referring provider. OmniLife has been leading efforts to improve communication, decision making, and secure information exchange between all stakeholders in the greater allotransplant ecosystem. Additionally, OmniLife is currently participating in a clinical trial funded by the National Institutes of Health (NIH) for a Small Business Innovation Research (SBIR) which includes notable centers such as UPMC Children’s Hospital of Pittsburgh, Loma Linda University Transplant Institute, and Stanford Health Care Transplant Program. About OmniLife OmniLife is a certified Benefit Corporation focused on maximizing the gift of life for purposes of transplantation and research. OmniLife is the only end-to-end communication and clinical workflow software platform that is built specifically to create a more connected and collaborative allotransplant ecosystem.

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HEALTH TECHNOLOGY

Brainlab Announces the Majority Acquisition of medPhoton

Brainlab | May 13, 2022

Brainlab, a digital medical technology company, announced today the majority acquisition of medPhoton GmbH, a Salzburg, Austria-based company, that develops and manufactures robotic imaging solutions for image guided radiation therapy and surgery. Over the last years, medPhoton has maintained a close partnership with Brainlab in the field of intraoperative imaging. This collaboration resulted in the market launch of the mobile imaging robot, Loop-X®, in 2020. Brainlab strategically invested in medPhoton, co-funded the development of Loop-X and became the exclusive distributor of the mobile imaging robot in the field of surgery. "Through the completion of this majority acquisition, we want to build on the previous success of Loop-X and decisively shape the future of intraoperative imaging. In this way, we can combine and align the entrepreneurial pursuits and innovative potential of both companies. Our united goal is to expand the market position of Loop-X as a 3D imaging device for surgery so that doctors can gain access to cutting edge equipment for patient treatment." Stefan Vilsmeier, President and CEO of Brainlab Loop-X mobile imaging robot is central to the Brainlab robotics portfolio and already part of everyday clinical practice in numerous hospitals worldwide. Loop-X sets new standards in surgery with automated imaging steps and robotic assistance. With the support of Loop-X, surgeons and staff gain flexibility and freedom of movement during surgery through access to high resolution 2D and 3D imaging. The independent movement of the imaging components and collimation capabilities allow non-isocentric imaging. Structures can be covered that are much larger—for example, the pelvis—but, patient tailored imaging now also covers much smaller areas—reducing the radiation volume to where it is needed. Beyond diagnostic imaging, this intelligent robot can capture partial information, “digitizing” anatomical intraoperative changes in order to update a “digital model” of the patient previously generated by aggregating pre-operative images. Heinz Deutschmann, CEO of medPhoton, looks forward to the expansion of the strategic partnership: "From the very beginning, Brainlab believed in the strength of our innovation, creativity and drive in the field of radiotherapy. Through our partnership, Brainlab provided us with significant support as we established our presence in the surgical device market and developed our production capabilities. Moving forward, we will continue to advance the production of Loop-X as well as coordinate research and development efforts to build next-generation systems with the objective of exploring new medical applications to improve surgical procedures and therapies. The majority acquisition by Brainlab is therefore the next logical step for us to achieve our most important goal: to advance research and development work at the highest level and expand the production of best-in-class medical technology to provide efficient therapies with optimal safety for patients." medPhoton will continue to operate as an independent research and development company within the Brainlab Group. Together, Brainlab and medPhoton will explore additional areas of application for the technology including radiotherapy, such as brachytherapy, particle therapy and intraoperative radiation therapy. Both companies will also further expand the capabilities at the medPhoton site in Salzburg, Austria. About Brainlab Brainlab is a digital medical technology pioneer founded in 1989 and headquartered in Munich. The company employs more than 2000 people in 25 locations around the globe. Brainlab serves physicians, medical professionals and their patients in over 6000 hospitals in 121 countries. Brainlab creates software-driven medical solutions that digitize, automate and optimize clinical workflows for neurosurgery, spine, trauma, craniomaxillofacial (CMF), general and vascular surgery as well as radiotherapy and radiosurgery. Core products center around surgical navigation, radiotherapy, digital operating room integration, and information and knowledge exchange. The Brainlab open framework operating system will allow third parties to develop medical applications to further advance the field of spatial computing and mixed reality. Brainlab is dedicated to creating an impact in healthcare. The company connects opportunities from emerging digital technologies to transform healthcare at scale and help improve the lives of patients worldwide. About medPhoton medPhoton develops and manufactures CE marked and FDA cleared medical devices for image guided procedures in surgery and radiation therapy, with a strong focus on particle therapy. Advanced product development centers on innovative, universal solutions for robotic, navigated applications in surgery, interventional radiology, brachytherapy and intraoperative radiation therapy (IORT). The company’s core competencies and patented solutions with X-ray-based imaging chains and algorithms are being customized for system integrators in B2B partnerships worldwide.

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Spotlight

From changing reimbursement models to an increasingly empowered patient base, the pressure is on hospitals to make better use of their data. But how to turn ever-expanding volumes of data into actionable insight? This report helps hospitals understand how they can use their data to gain the kind of insight that can.

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