EHR Certification Could Have Prevented Practice Fusion Scheme

EHRIntelligence | January 29, 2020

Adequate EHR certification could have prevented the recent Practice Fusion opioid prescribing kickback scheme, according to Jacob Reider, MD, former ONC official and CMIO at Allscripts.  Jacob Reider, MD, former ONC official and CMIO at Allscripts offered his thoughts on Practice Fusion’s kickback scheme which was aimed at increasing opioid prescriptions during the peak of the opioid crisis, resulting in a record-breaking $145 million fine. Reider believes proper EHR certification could have prevented this massive ordeal from the start. Practice Fusion, now a subsidiary of Allscripts, was originally funded by venture capital and advertising. Reider explained the company’s CEO, Ryan Howard, believed the EHR company could generate revenue through advertising.

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This informative case study details how a regional hospital used customizable, evidence-based plans of care to consistently eliminate blood stream infections, which could otherwise result in prolonged hospitals stays, increased costs and even death.


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FUTURE OF HEALTHCARE

PRIA Healthcare Announces Investment from Aldrich Capital Partners

PRIA Healthcare Management | January 27, 2022

PRIA Healthcare Management (PRIA), a leader in technology-enabled Market Access services that accelerate the adoption and rapid commercialization of innovative devices and procedures, today announced a significant investment fromVirginiabased growth equity firm, Aldrich Capital Partners. With the support of growth capital, PRIA Healthcare will quickly expand its Market Access solutions to innovative Medtech companies facing clinical trials and early reimbursement challenges of novel and life changing therapies. "After bootstrapping PRIA since our founding in 2012, we could see it was time for us to take the next step as the business grew and the needs in the market continued to expand. After meeting with many potential partners, we chose to work with the team at Aldrich Capital Partners because of their deep experience within our space and enormous set of resources they will bring to the table, outside of just capital." Mike Simon, Founder and CEO of PRIA Healthcare PRIA looks to further advance its mission to provide patients and providers across dozens of specialties access to innovative medical devices. PRIA's deep expertise in early reimbursement strategy, clinical trial reimbursement programs, and market-leading patient access programs ultimately enhance the market success of ground-breaking medical device procedures. The investment will be used to develop new products and services, as well as expand its reach to additional medical device manufacturers accelerating PRIA's already impressive growth rate. PRIA and Aldrich Capital Partners share a common vision around the importance of patient-centric services within the life sciences ecosystem. "Over the last several years, we have set out to invest in an innovative patient services business serving the life sciences segment and after meeting the PRIA team, we were immediately impressed", saysRaz Zia, General Partner of Aldrich Capital. "The sector-specific expertise, use of technology and vision set PRIA apart from other vendors in the space and we are excited to leverage our resources, relationships and decades of experience in scaling businesses to help the PRIA team realize their full potential." Informed by clinical data, PRIA partners with leading medical device manufactures and emerging medical device start-ups across the country and uses centralized, data-driven process workflows to deliver coordinated patient access programs that navigate the complexity of coding, coverage and payment for novel procedures. PRIA brings together patients, providers, medical device manufacturers and health insurers to ensure patients receive the best possible care for their situation. About PRIA Healthcare PRIA Healthcare Management is a patient access and reimbursement solutions company specializing in patient-based appeals of denied care. PRIA partners with medical device companies, healthcare providers, and healthcare organizations to ensure that patients are afforded appropriate coverage for the care that they are prescribed. Guided by the PRIA Patient Access Process our team of Patient Access Specialists have the experience and expertise to ensure that patient's rights to prescribed care will always be exercised to the fullest extent. About Aldrich Capital Partners Aldrich Capital Partners supports disruptive innovation in healthcare IT, fintech, and application software by investing equity capital in privately held growing companies. Founded by experienced investors and operators, who were also successful entrepreneurs, the founders of Aldrich Capital have been responsible for over$1 billionin technology investments since 1999. Both an operations partner and board-level advisor, ACP brings its portfolio companies strategic insight and access to a broad network of relationships built over 50 combined years of entrepreneurship and investing. Aldrich Capital Partners was founded in 2014 and has offices in Silicon Valley and theWashington, DCmetro area.

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Faisal Belhoul joins forces with iGan Partners to launch US$250 million iGan Arabia fund to drive MedTech innovation in MENA

iGan Partners | February 08, 2022

iGan Partners,Canada'sleading healthcare technology investors, has joined forces with Faisal Belhoul, aDubai-based investments professional and entrepreneur, to launch aUS$250MiGan Arabia regional fundto drive MedTech innovation across theMiddle EastandNorth Africaregion. iGan Arabia will focus on investing in AI/Cloud-enhanced medical devices and digital health technologies that improve patient outcomes and reduce healthcare cost. The fund targetsUS$250Mthrough limited partnerships with an additionalUS$250Min co-investments. The first four investments have been identified to drive breakthrough MedTech in the region. These areExact Imaging, the world's first micro-ultrasound for unmatched resolution of prostate cancer;Okadoc, the region's most advanced digital patient management solution;eSight Corporation, wearable electronic vision devices for legally blind people challenged by eye diseases; andMolecuLight, the world's first handheld imaging device enabling clinicians to visualize bacteria in real-time for advanced wound care. All these already have regulatory approval and are scaling world-wide. H.E.Jean-Philippe Linteau, Consul General ofCanadainDubaiand the Northern Emirates, commented: "I am pleased to see Canadian and UAE health innovation leaders partner together to create iGan Arabia. The UAE has proven to be an early adopter of innovation. This new partnership will help our healthcare technology companies grow and succeed globally." "We see the GCC as a transformative healthcare region. We have identified and uncovered several innovative opportunities across Digital Health, Connected Medical Devices, Healthcare IT and Artificial Intelligence. These are sectors that iGan brings a lot of expertise and we understand what it takes for companies to scale and succeed. Through this first of its kind Fund, we will invest locally and will showcase the GCC's healthcare innovations to the world." Sam Ifergan, Founder & CEO, iGan Partners Faisal Belhoul, Co-Chairman, iGan Arabia,added: "Through iGan Arabia we aim to invest in start-ups and other healthcare companies, especially in the GCC, and help them evolve as the best-in-class. We will support not only their operations in the region but also help scale up their operations to key markets inNorth America,Europe, and LATAM. iGan Arabia will help establish GCC as a world-class MedTech hub that will create thousands of new jobs and add value to the economy."

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FUTURE OF HEALTHCARE

Ascensus Closes Newport Merger Agreement

Ascensus | April 11, 2022

Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—and Newport, the Walnut Creek, California-based retirement services provider—announced today that the two companies have closed their previously announced merger, the first step in their journey together as a combined organization. The union combines the capabilities and talents of two market leaders in tax-advantaged savings and related services, serving more than 15 million savers and overseeing more than $745 billion in assets under administration as of December 31, 2021. Together, the unified company employs more than 5,400 employees across the U.S. David Musto, president and chief executive officer of Ascensus, will serve as CEO of the combined company. Laura Ramanis, who has served as interim CEO of Newport since the announcement of the transaction last fall, and Kurt Laning, executive vice president of Newport Non-Qualified and Insurance Solutions, will join the Ascensus executive leadership team, reporting to Musto. "With today's announcement, Ascensus and Newport have taken an important step in our journey towards a stronger, unified company. Clients across our lines of business will benefit from our expanded capabilities—accelerated investments in technology, data analytics, and user experiences—and broadened expertise. And both Ascensus and Newport associates can look forward to new opportunities for personal growth and enhanced career development." Musto "Ascensus and Newport share a passion for helping people save for their futures and supporting the growth and success of our partners," said Ramanis. "We look forward to continuing that mission as a combined company." With industry-leading qualified and non-qualified retirement plan services, corporate and bank-owned life insurance (COLI and BOLI) practices, fiduciary and trust solutions, and other total rewards capabilities, Newport expands the services and expertise Ascensus provides to its clients and advisor partners. Newport's clients will benefit from greater access to unique tax-advantaged savings solutions across retirement, education, and health provided by Ascensus. The combined company's investments in technology, digital capabilities, and analytics will deliver enhanced value to clients, expand client relationships, and create even better outcomes for savers. Both the Ascensus and Newport brands remain in use at closing, with the Ascensus brand representing the unified company. "Our goal over the next several months is the successful unification of our company—built on the principle of 'best of the best' and our shared cultural attributes, and executed with the interests, quality, and stability of our client relationships foremost in mind," added Musto. "As a unified organization, Ascensus and Newport share a strong commitment to serving our clients and offering more—across the tax-advantaged retirement, education, and health savings expertise for which Ascensus is known, and capitalizing on Newport's well-established qualified and non-qualified retirement services, and fiduciary and COLI/BOLI capabilities as well." Evercore acted as exclusive financial advisor to Newport in connection with the transaction. Goldman Sachs Bank USA, SPC Financing Company LLC, and KKR Capital Markets LLC led the financing consortium. Simpson Thacher & Bartlett LLP acted as transactional counsel to Ascensus and Kirkland & Ellis LLP acted as financing counsel to Ascensus. Morgan Lewis & Bockius LLP acted as legal counsel to Newport. About Ascensus Ascensus helps millions of people save for what matters—retirement, education, and healthcare. Through co-branded, private-labeled, and other governmental partnerships, our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is a leading recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. About Newport Headquartered in Walnut Creek, California, Newport is a leading retirement services provider that helps employers—and the advisors who serve them—prepare employees for a more financially secure retirement. The company has more than $150 billion in retirement assets under administration and more than $300 billion in corporate retirement and insurance assets. Newport maintains investment objectivity, fee transparency and a commitment to flexible, responsive service. Staffed by an exceptional team of nearly 1,500 retirement, insurance, and consulting professionals, the company provides retirement solutions tailored to the needs of employers of every size, from small businesses to the Fortune 1000.

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FUTURE OF HEALTHCARE

BD Forms Sustainable Medical Technology Institute to Reduce the Environmental Impact of its Product Portfolio

BD (Becton, Dickinson and Company) | April 23, 2022

BD a leading global medical technology company, announced the formation of the Sustainable Medical Technology Institute, a model of practice within the organization that will bring together BD researchers and engineers, as well as quality, regulatory, policy and operational expertise, to focus on reducing the environmental impact of the company's product portfolio in three areas, including adopting sustainable product design strategies, developing and deploying sustainable sterilization technologies, and addressing materials of concern. The Institute will serve as an example of how the company continues to advance the world of health by prioritizing high-quality, safe products for patients, while furthering its environmental, social and governance strategy. "As part of our ESG strategy, we made commitments in specific areas where we see the most opportunity for BD to create meaningful, measurable change over the next decade. In order to achieve these commitments, we established a set of goals to track and measure our success, and this includes how to reduce the environmental impact of our product portfolio and address our customers' sustainability needs. These priorities led us to form the Sustainable Medical Technology Institute." Maureen Mazurek, vice president, sustainability and environmental health and safety at BD Dr. Amit Limaye, director of the Sustainable Medical Technology Institute and director of sustainability research and development at BD, added, "By empowering our teams to tap into deep expertise in areas like engineering and materials science, coupled with access to breakthrough research, technologies, and government and academic partnerships, we are well-positioned to be the best environmental stewards of our portfolio. It is our vision to create a strategic roadmap that will be integral across the organization, demonstrating how an ethical and sustainable company can drive growth, while meeting patient and customer needs in the most environmentally sustainable way possible." The Institute will operate in North America, Europe and Asia, and will collaborate with cross-functional teams within the company's business units, inclusive of research and development, regulatory, quality, policy and operations roles, with the goal of ensuring accountability and a streamlined approach to sustainability efforts, as well as further address sustainability needs within the industry and global regulatory bodies. Key initial efforts include reestablishing a set of minimum environmental and human health criteria for new products and product changes aligned with the company's 2030+ ESG commitments and goals, and identifying new ways to reduce, reuse, recycle or replace materials. These efforts will inform the company's product life cycle roadmap and enable adoption of a sustainable-by-design product development process. About BDBD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 75,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care.

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This informative case study details how a regional hospital used customizable, evidence-based plans of care to consistently eliminate blood stream infections, which could otherwise result in prolonged hospitals stays, increased costs and even death.

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