How to gauge the value of precision medicine programs

Healthcare IT News | February 12, 2019

Every health system understands the potential of precision medicine, but not all of them are quite ready to take the plunge into the complex and expensive project of actually starting a precision medicine initiative. At HIMSS19 on Monday, Dr. James Weese, vice president of Aurora Cancer Care at Milwaukee-based Advocate Aurora Health, offered some up-close perspective on how to assess the success of a precision medicine program and molecular tumor board. Aurora Cancer Care, which treats some 8,000 new cancer patients each year, launched its own precision medicine initiative two years ago, after extensive planning, preparation and goals assessment. What was immediately apparent, Weese said, is that its impact on the bottom line is not the only metric by which a program's worth should be judged. It's key to demonstrate value, he said, and that shows itself in three interlinked but distinct groups. "Value depends on different perspectives," Weese said. "The perspective of the institution, the perspective of the patient and the perspective of the provider."

Spotlight

Discover what options you should consider for improving the cost and performance of common remote patient monitoring devices. It covers wireless connectivity options, and how they can improve margins, patient engagement and revenue.


Other News
HEALTHTECH SECURITY

Komodo Health Appoints Lauren Stahl as Head of Sales

Komodo Health | September 29, 2022

Healthcare technology company Komodo Health announced that Lauren Stahl has been appointed as the company’s Vice President and Head of Sales, effective immediately. In this capacity, Stahl’s responsibilities include sales team leadership across Komodo’s entire portfolio of customers, overseeing operational strategy to drive business efficiencies amid year-over-year growth and market expansion. As Komodo’s new Head of Sales, Stahl will oversee the company’s entire sales organization, with responsibilities for driving business and revenue growth as Komodo scales its offerings and footprint across more than a dozen market segments. Today’s appointment is the latest example of strategic business enhancements being made to power the next phase of innovation, growth, and productivity for the company. The new sales structure will further optimize business development and customer collaboration opportunities as the company introduces new capabilities across its technology platform and software applications. “Lauren has demonstrated an exceptional track record of deepening customer relationships and unlocking new market and customer sales channels. As Komodo continues to invest in its end-to-end technology platform, having Lauren at the helm of our sales teams will only further accelerate our efforts to put Komodo’s best-in-class technology platform and patient-centric insights in the hands of organizations across Life Sciences, payers, government entities, and more.” Aswin Chandrakantan, MD, Chief Operating Officer at Komodo Health Stahl has been driving value for Komodo and its customers for more than three years, quickly rising through the ranks as an individual sales executive to their most recent position as Komodo’s Vice President of Healthcare Sales, where Lauren and their team focused on strategic partnerships with a variety of healthcare innovators to deliver data-driven impact for health plans, digital marketers, consultancies, and more. In this new role overseeing Komodo’s entire sales organization, Stahl will serve as a key sales leader to deliver impact in new market segments and continue to drive hypergrowth revenue for the company. “I’m humbled and inspired to expand my leadership responsibilities and am eager to continue building on the company’s success and impact in the market,” said Stahl. “Representing Komodo means being a champion for how we are redefining the way healthcare and Life Sciences companies drive innovation into the market. Our technology platform and solutions empower our customers to transform extraordinary amounts of data into rich and meaningful insights that can improve health outcomes.” Stahl brings nearly 15 years of deep healthcare expertise to this new role, along with extensive financial and sales knowledge drawn from their career on Wall Street and leadership at several digital health companies. Before joining Komodo, Stahl was Head of Customer Success at Datavant, and was previously the CEO and founder of Sparkite, a company focused on addiction and substance abuse aftercare treatment. About Komodo Health Komodo Health is a technology platform company creating the new standard for real-world data and analytics by pairing the industry’s most complete view of patient encounters with enterprise software and machine learning that connects the dots between individual patient journeys and large-scale health outcomes. Across Life Sciences, payer, provider, and developers, we help our customers unearth patient-centric insights at scale — marrying clinical data with advanced algorithms and AI-powered software solutions to inform decision making, close gaps in care, address disease burden, and help the enterprise create a more cost-effective, value-driven healthcare system.

Read More

MEDICAL DEVICES

NextGen Healthcare Announces Agreement to Acquire TSI Healthcare

NextGen Healthcare, Inc. | December 01, 2022

NextGen Healthcare, Inc. a leading provider of innovative cloud-based healthcare technology solutions, today announced it has signed a definitive agreement to acquire TSI Healthcare, a privately held value-added reseller located in Chapel Hill, NC. The acquisition shall be deemed effective 11:59 p.m. on November 30, 2022. The consideration is comprised of an upfront amount of $68 million, which will be paid in cash with contingent consideration of up to $22 million in cash in the form of an earnout, subject to achieving certain financial targets through March 31, 2025. The acquisition is expected to contribute approximately $10 to 12 million of revenue in the remaining four months of fiscal 2023 and will be accretive to adjusted EBITDA and cash flow within a year. The company plans to update guidance when it reports its fiscal 2023 third quarter results. “TSI was one of our premier clinical content and technical services partners specializing in comprehensive solutions for specialty physician practices. This acquisition enables NextGen Healthcare to expand its presence in key specialties including rheumatology, pulmonology and cardiology.” David Sides, president and chief executive officer of NextGen Healthcare “TSI Healthcare has been part of the NextGen Healthcare family over 16 years, developing specialty specific solutions exclusively on NextGen Healthcare’s platform,” said David Dickson, Jr., president and chief executive officer of TSI Healthcare. “We’re excited to extend our services expertise with NextGen Healthcare’s product and services leadership to further solidify NextGen Healthcare as among the most trusted names in ambulatory healthcare.” 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. About TSI Healthcare TSI Healthcare® is a national leader in the sales and support of customized NextGen® Practice Management and Electronic Health Record software. TSI Healthcare continues to deliver innovative, specialty-specific solutions to maximize revenue, reduce costs, and advance patient care through unmatched customer service that focuses on the human element. TSI's support teams include NextGen Certified Professionals, clinicians, and former practice administrators, based in the U.S. In addition to core products, TSI Healthcare also offers Revenue Cycle Management, Patient Portal, Population Health Management, Cloud Hosting and more.

Read More

HEALTH TECHNOLOGY

Cardinal Health Announces Governance Enhancements and Shareholder Value Creation Initiatives

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.

Read More

FUTURE OF HEALTHCARE,MEDICAL DEVICES

Healthcare Under Cyberattack: Unprotected Medical IoT Devices Threaten Patient Care

Capterra | November 30, 2022

The rising adoption of connected medical devices is accelerating cyberattacks, according to Capterra’s new Medical IoT Survey of healthcare IT professionals. The survey also reveals that 67% of healthcare cyberattacks impact patient data and nearly half impact patient care, an indication that rising security risks in the industry are leading to severe consequences in patient outcomes and privacy. The medical internet of things is helping to make healthcare more convenient, efficient, and patient-centric. However, connected devices with IoT sensors often have unprotected security vulnerabilities that endanger healthcare facilities, and even patients. In fact, medical practices with more than 70% of their devices connected are 24% more likely to experience a cyberattack than practices with 50% or fewer connected devices. “As a healthcare organization connects more medical devices to its network, its attack surface expands. Connected medical devices often go unmonitored for security vulnerabilities, and because they run on a wide array of software and hardware platforms, it’s difficult to monitor with a single tool. This means that many connected medical devices are left wide open to cyberattacks.” Zach Capers, senior security analyst at Capterra More than half of healthcare IT staff rate the cybersecurity threat level in the industry as high or extreme, yet many healthcare organizations are not taking the necessary steps to protect medical IoT devices. Alarmingly, 57% do not always change the default username and password for each new connected medical device that is put into use. Additionally, 82% run connected medical devices on old Windows systems. If a security vulnerability is discovered, organizations should patch the device or update its firmware as soon as possible. Unfortunately, 68% of healthcare organizations don’t always update connected devices when a patch is available. However, vulnerabilities and associated patches aren’t always well publicized, which means healthcare IT staff must stay up-to-date on emerging threats to medical IoT devices. Medical IoT security requires proactive and ongoing vigilance. Healthcare practices should conduct routine vulnerability assessments before connecting medical devices to their IT network. They should also keep an up-to-date and accurate inventory of all connected devices plus associated software and firmware, and use software to monitor these devices. Read the full report on Capterra.com to learn more about best practices for healthcare organizations to strengthen security for their medical IoT devices. About Capterra Capterra is the leading software reviews and selection platform that connects businesses to the right technology. Compare software, read and leave reviews, and access objective insights that empower business growth.

Read More

Spotlight

Discover what options you should consider for improving the cost and performance of common remote patient monitoring devices. It covers wireless connectivity options, and how they can improve margins, patient engagement and revenue.

Resources