How to make bundled payments work? Start by engaging patients

Healthcare Finance | January 10, 2019

Over the past two years of the mandatory comprehensive care for joint replacement payment model, Froedtert Health saved $1.5 million on the 615 patients who had the surgery, according to Mike Anderes, chief innovation and digital health officer for Froedtert and president of its affiliated Inception Health. Froedtert, which is associated with the Medical College of Wisconsin, was among the hospitals chosen by CMS to participate, and was ready when it was notified, even though the model asks providers to take on risk for a 90-day period, Anderes said. "We'd been working on reducing total cost and improving outcomes for years," he said. "We were excited to participate."

Spotlight

Investing in alternative real estate asset classes such as healthcare is a growing trend among global and local investors seeking diversification benefits as well as long term stability given the defensive nature of the underlying income stream. In Saudi Arabia, rising demand for healthcare and government initiatives favoring increased participation from the private sector look set to drive expansion in the sector and open new doors for investors.


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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.

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HEALTH TECHNOLOGY

Osmind launches integrated virtual visits, expanding care options for in-demand mental health clinicians

Osmind | September 16, 2022

Osmind, the public benefit corporation helping clinicians and researchers advance life-saving mental health treatment, announced the launch of integrated Zoom Virtual Visits within its technology platform for mental health clinicians. Now clinicians can access both asynchronous and synchronous digital communication tools, all within the Osmind patient app. Virtual visits extend Osmind’s already integrated experience—between clinicians and patients—and generalist and specialist mental health clinicians, making it easier and safer to meet high patient demand. ”The future of mental health care requires omnichannel care where telehealth plays a role in a larger continuum of treatments. As clinicians, we have a professional obligation to only use telehealth platforms that are HIPAA-compliant. Zoom offers a strong product with powerful user experience over alternatives. We are thrilled to partner to offer their industry-leading solution.” Carlene MacMillan, MD and Vice President of Clinical Innovation at Osmind Osmind’s platform today fosters a therapeutic alliance between researchers, psychiatrists, mental healthcare specialists, and the patients they serve. With this launch, Osmind is expanding treatment options for mental health clinicians treating those vulnerable: people with moderate-to-severe mental health conditions, including patients with treatment-resistant depression and anxiety who may not have the ability to leave their homes to commute, or are geographically restricted from in-person visits. Clinicians and patients stay empowered through progress monitoring and journaling tools. This alliance is strengthened with virtual visits, allowing clinicians to create a virtual visit appointment, share that link with the patient, and launch the virtual visit directly from the Osmind app. With Osmind now a part of Zoom’s ISV Partner Program, clinicians can take advantage of Zoom’s secure, HIPAA-compliant video technology without needing to manage additional vendor overhead or requiring patients to install new technology on their phones or computers. The demand for psychiatric care in the U.S. is only growing. In 2019, 47.7% of adults with a serious mental illness reported an unmet need for mental health services in the previous year, according to the U.S. Department for Health and Human Services. “With the integration of Zoom technology and the Osmind EHR, we are together addressing a significant need in healthcare: clinics can now treat the most at-risk patients securely from where they’re most comfortable with a click of a button, revolutionizing access to care,” said Matt Cipolla, ISV Partner Account Manager, Zoom Video Communications. "We are proud to welcome Osmind into our ISV Partner Program to help transform the mental health landscape.” Clinicians need flexibility in service delivery to meet demand and expand access. Patients save time and money from not needing to commute. Clinicians, patients, and caregivers are additionally frequently already familiar with Zoom, making it seamless for parties to log in to their session. About Osmind Osmind is a San Francisco–based public benefit corporation led by scientists, technologists, and psychiatrists to advance new evidence-generating medicine that helps people living with moderate to severe mental health conditions.

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FUTURE OF HEALTHCARE

Radius XR™ Named as the CES 2023 Innovation Award Honoree for Wearable Device That Combines Therapy and Diagnostic Capabilities

Radius XR | November 17, 2022

Today at the CES Unveiled New York event, Radius XR™, a new fashion-forward wearable healthcare technology brand, was named a CES® 2023 Innovation Awards Honoree in both the Digital Health and Virtual & Augmented Reality categories. Radius was selected from among a record number of submissions to this year’s CES Innovation Awards program. The announcement was made ahead of CES 2023, the influential technology event, happening Jan. 5-8 in Las Vegas, NV. Radius XR builds on the therapeutic legacy of IrisVision, a leader in digital vision technologies and itself a 2019 CES Innovation Winner. The Radius proprietary XR assistive device brings together—for the first time—multimodal diagnostics, practice management, and patient engagement. “This is a tremendous honor for our new company. It follows on the success of our IrisVision visual assistive device, which has provided a life-changing solution for thousands of individuals living with legal blindness and low-vision conditions. Radius expands on our commitment to vision health by providing the eyecare industry with an easy-to-use wearable device capable of performing standard perimetry tests. Other exams include color vision, visual acuity, contrast sensitivity—a comprehensive suite of standard vision tests. Development of additional exams is ongoing.” Radius founder and CEO Ammad Khan Radius enables patients to quickly and easily conduct vision tests with minimal guidance or intervention by the staff. The device’s RadiusExam® software and proprietary algorithms provide diagnostic testing results equivalent to current exam gold standards. “By designing our own hardware and software, we’re able to overcome many of the challenges inherent in the off-the-shelf headsets already on the market. Matching visual field strategies, background luminance, stimulus size and dynamic range allows us to mirror the current standards, making it easy and intuitive for clinicians to transition to Radius,” said John Trefethen, Radius Chief Marketing Officer. In addition, the included Business Suite helps clinicians manage everyday aspects critical to their practice's ongoing success. Features like patient education, staff training and clinician onboarding are now possible inline with the Radius platform. Radius is the industry’s lightest wearable device and has the look and feel of a pair of stylish sunglasses. The compact, lightweight design overcomes the challenges of expensive and bulky legacy devices that force patients to sit in uncomfortable positions for testing. With Radius, exams can be conducted anywhere, even in the waiting room, eliminating the need to shuttle patients between machines, which can be challenging for individuals with mobility or vision issues. The CES Innovation Awards program, owned and produced by the Consumer Technology Association (CTA)®, is an annual competition honoring outstanding design and engineering in 27 consumer technology product categories. Those with the highest rating receive the “Best of Innovation” distinction. An elite panel of industry expert judges, including members of the media, designers, engineers and more, reviewed submissions based on innovation, engineering and functionality, aesthetics, and design. The CES 2023 Innovation Awards honorees, including product descriptions and photos, can be found at CES.tech/innovation. Radius will be on display at the Innovation Awards Showcase at CES 2023 in Las Vegas in January. About Radius XR The Radius XR platform is a portable vision diagnostic and patient engagement system that combines medical-grade diagnostics, business management, and patient education tools in a single wearable XR device. The RadiusExam® and proprietary algorithms provide diagnostic testing results equivalent to current exam gold standards, with the clinical science validated by Deming regression. As the algorithm presents stimuli to patients, it adapts to responses to maximize the algorithm's speed. The total hardware and software system helps medical professionals diagnose patients with accuracy, grow their eyecare practices, enhance patient engagement, and reduce staff workload by enabling patients to perform self-guided vision exams with minimal supervision.

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HEALTH TECHNOLOGY,MEDICAL DEVICES

Predictive Health Solutions Technology Shows Promise in Combating Patient Appointment No-Shows

Predictive Health Solutions | December 06, 2022

With the Predictive Health Solutions Patient No-Show Predictor, providers now have a new tool in combatting patient no-shows. By leveraging the power of predictive analytics, the PHS Patient No-Show Predictor can also help reduce patient backlogs and long waitlists, improve operational efficiencies, promote better patient health outcomes, increase potential revenues, enhance patient care, and minimize caregiver burnout. Powered by SAS analytics software and co-developed by Pinnacle Solutions, the solution seamlessly integrates cutting edge technology into pre-existing daily operations, making it easy for healthcare staff to use. The solution identifies high-risk patients as well as potential key risk factors impacting a patient's ability to attend their appointment, such as weather, social determinants of health, or many other factors. Using the information provided, staff can quickly make informed decisions regarding intervention strategies that directly impact the patient's likelihood of attending their appointment and receiving the care they need. For example, staff may choose to offer alternative options to those with unreliable transportation or suggest afternoon appointments for those whose morning commute would be impacted by traffic delays. Teams may also choose to use the intelligence gathered to customize individual reminder protocols to maximize the impact and value of those existing tools. Data gathered can also be leveraged for strategic overbooking, as opposed to, for example, blindly scheduling same-day appointments. Patient no-shows cost the US and Canadian healthcare systems more than $150 billion annually, and those numbers are likely higher as a result of the COVID-19 pandemic. The ensuing funding shortages not only impact the bottom line, but also directly affect healthcare systems' ability to provide the desired level of care, which in many cases creating even greater accessibility and availability issues. For instance, revenue lost as a result of no-shows could be used to fund additional medical staff or provide the latest medical technologies and therapy sessions for patients in need. Predictive Health Solutions is a joint venture with Pinnacle Solutions, Inc. and the Center For Discovery, Innovation and Development an affiliate member of RWJBarnabas Health and a member of Children's Miracle Network Hospitals. PHS was established to improve access to healthcare, improve diagnostic algorithms, and enhance patient outcomes. PHS uses patient data and external sources to develop solutions that address healthcare needs better. Using machine learning algorithms and artificial intelligence, PHS helps organizations create optimal health for their communities.

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Spotlight

Investing in alternative real estate asset classes such as healthcare is a growing trend among global and local investors seeking diversification benefits as well as long term stability given the defensive nature of the underlying income stream. In Saudi Arabia, rising demand for healthcare and government initiatives favoring increased participation from the private sector look set to drive expansion in the sector and open new doors for investors.

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