Health Technology, Digital Healthcare
Montage Health | September 22, 2023
Montage Health Connected Care has launched an advanced service to enhance the quality and accessibility of healthcare for patients. This home-based patient monitoring service, supported by Cadence, is designed to offer proactive healthcare to individuals managing chronic medical conditions.
Dr. Mark Carvalho, Chief Executive Officer of Montage Medical Group, explained that the program lessens the need for emergency department visits by extending care directly to patients' homes. He emphasized that this approach offers mutual advantages for patients and healthcare providers.
Patients can gain access to an expanded care team from the comfort of their homes. At the same time, he added that clinicians will benefit from improved insights into disease progression and receive support from a nurse-practitioner-led care team, ultimately enhancing patient safety.
Montage Health's advanced remote care initiative represents a significant progression in its dedication to providing exceptional, personalized, value-based healthcare tailored to individual needs and objectives.
This program combines cutting-edge remote monitoring technology with a clinical care team under the direction of nurse practitioners to enable real-time collection, analysis, and response to patients' vital signs. It will support patients with medication management, laboratory assessments, and coaching to ensure outstanding healthcare and promote optimal well-being.
The process involves the daily use of smart devices for remote vital sign monitoring and remote care telephone consultations involving a diverse healthcare team.
Chris Altchek, CEO and Founder of Cadence said,
Montage Health exemplifies best-in-class preventative, restorative, and coordinated care with their strong track record of innovative programs and collaborative partnerships.
[Source – Business Wire]
Medicare beneficiaries will gain access to this offering at Montage Medical Group locations, resulting in reduced healthcare costs. This will also empower healthcare professionals to provide patients with better, more effective care.
About Montage Health
Montage Health is a local non-profit organization that delivers exceptional healthcare and promotes optimal health. The company strives to provide coordinated care that meets individual needs through its subsidiaries and partnerships with healthcare providers and community organizations. Its entities include Community Hospital of the Monterey Peninsula, Montage Medical Group, Montage Health Foundation, Montage Wellness Center, Aspire Health, and MoGo Urgent Care.
Cadence is a healthcare technology firm that assists the most patient-focused healthcare systems in consistently delivering proactive healthcare. The company's remote patient intervention solution blends technology and clinical expertise to deliver a tailored and precise standard of care that extends beyond the hospital's physical boundaries.
Xenex | September 11, 2023
United States Food and Drug Administration (USFDA) has issued a De Novo authorization to Xenex Disinfection Services, Inc. (Xenex) for its LightStrikeTM+ device, an advanced high-intensity, broad-spectrum ultraviolet (UV) light robot.
The LightStrike+ devices are designed for microbial reduction on non-critical medical device surfaces in healthcare environments, following manual cleaning and disinfection practices. They are authorized for use in various healthcare settings, including unoccupied operating rooms and hospital rooms. These devices have an impressive track record, with over 1,200 healthcare facilities worldwide employing LightStrike robots for over 37 million cycles.
The new LightStrike+ device, capable of microbial reduction in as little as 2 minutes, represents the culmination of over a decade of knowledge accumulation from healthcare facilities' best practices, supported by 45 peer-reviewed studies demonstrating its safety and effectiveness, a portfolio of 193 patents, and unparalleled technical and epidemiological expertise.
Dr. Mark 'Tuck' Stibich, Xenex's Founder and Chief Scientific Officer, emphasized the long-standing collaboration with healthcare partners spanning more than a decade to enhance patient safety and public health.
As an infectious diseases epidemiologist, Dr. Stibich expressed concern about antibiotic resistance within hospital environments and the potential for FDA authorization to facilitate the broader adoption of the LightStrike+ tool in combating pathogens.
Perilous pathogens persist on surfaces within healthcare facilities, notwithstanding diligent manual cleaning endeavors. The LightStrike+ robot employs a xenon lamp to generate high-intensity pulsed UV light, which effectively diminishes the presence of these pathogens on surfaces and plays a pivotal role in interrupting the transmission chain from one patient or healthcare worker to another. Xenex's FDA authorization is substantiated by comprehensive testing conducted on more than 10,000 samples of vegetative bacteria and Clostridiodes difficile (C. diff) spores.
This authorization establishes a novel medical device product classification, with the LightStrike+ robot being its inaugural and sole product. It is a landmark in the FDA's regulatory framework for UV robots designed to diminish pathogens on non-porous, frequently touched surfaces within healthcare settings.
Furthermore, Xenex's Chief Executive Officer, Morris Miller, acknowledged the challenges hospitals face when evaluating UV technologies, citing the prevalence of unverified and exaggerated claims by some manufacturers. He underscored the significance of FDA authorization in instilling confidence among hospital decision-makers, assuring them of the accuracy and validation of Xenex's claims regarding the LightStrike+ device.
Numerous world-renowned hospitals, such as HonorHealth, Mayo Clinic, MD Anderson Cancer Center, Ochsner Health System, Stanford Health Care, and Texas Health Resources, have integrated LightStrike robots into their comprehensive disinfection strategies.
Xenex is a global leader in pioneering strategies and solutions grounded in UV technology. Its fundamental mission revolves around enabling its partners to safeguard lives and reduce human suffering by eliminating the dangerous microorganisms that cause infections. The company benefits from substantial support from renowned investors, including EW Healthcare Partners, Piper Sandler, Malin Corporation, Battery Ventures, Targeted Technology Fund II, Tectonic Ventures, and RK Ventures.
Business Wire | October 04, 2023
AirLife, a leading North American manufacturer and distributor of consumable medical devices for anesthesia and respiratory care formerly known as SunMed, today announced the completion of its acquisition of Avanos Medical, Inc.’s (NYSE: AVNS) (“Avanos”) respiratory health business, including the BALLARD*, MICROCUFF* and endOclear® product lines.
The acquisition adds three complementary brands, the R&D expertise behind them and two manufacturing facilities into AirLife’s growing platform. The transaction advances AirLife’s strategy to enhance its leading portfolio of the most trusted products in anesthesia and respiratory care and serve even more customers as a one-stop source for the highest-quality consumable breathing solutions that support the best patient outcomes.
“We’re thrilled to complete this exciting milestone in AirLife’s evolution as we strengthen our leadership as a premier, completely dedicated consumable breathing products company,”
said Hank Struik, AirLife CEO.
We are especially pleased to welcome the exceptional team that has driven the success of these market leading brands to our company. As some of the most trusted closed suction and endotracheal consumables used to treat patients in critical care, this addition to AirLife unlocks new opportunities to accelerate our growth, serve more healthcare practitioners and drive innovation across our comprehensive portfolio of leading brands.
[Source – Business Wire]
Goodwin Procter LLP is acting as legal counsel to AirLife.
AirLife, formerly known as SunMed and headquartered in Grand Rapids, Michigan with manufacturing and distribution sites in the United States, Mexico, China and Europe, is a leading medical device manufacturer, offering one of the most comprehensive portfolios of consumable anesthesia and respiratory care products. AirLife’s product portfolio spans the continuum of care from first responders to hospitals and home care, with safety, patient comfort and clinical performance in mind. AirLife’s comprehensive portfolio of trusted anesthesia products and respiratory care include premier brands such as Salter Labs®, Ethox Medical™, Ventlab™, Westmed™, AirLife™ and Vital Signs™. Currently, AirLife has over 1 million square feet of manufacturing space, providing comprehensive expertise in all plastics materials and conversion—supported by a world-class Quality Management System. Frazier Healthcare Partners, a leading healthcare investment firm, acquired a majority ownership stake in AirLife in 2021.
Health Technology, Digital Healthcare
PR Newswire | September 29, 2023
Virgin Pulse, a leading global digital-first health, wellbeing, and navigation company, today announced its intent to merge with HealthComp, a next-generation benefits and analytics platform. The merger will create a technology and data powered health platform-as-a-service organization poised to tackle some of the industry's biggest challenges. The combined entity will aim to improve health outcomes and lower costs for members and employers by empowering better information and decision making. By using an advanced technology and data platform that leverages AI, the combined organization will deploy innovative and flexible health plan designs that drive improved member health outcomes, engagement, and awareness across the most important aspects of a person's healthcare journey.
As the healthcare industry evolves, the desire for an integrated experience in the employer-sponsored benefits ecosystem has grown exponentially. This combination will create a set of assets that will integrate plan design, plan management, payment integrity, health navigation, preventative care, and digital therapeutics through the Homebase for Health® user-centric platform. Together, the combined entity expects these assets will create a better experience and lower costs for members and employers, while providing expanded opportunities for insurers and brokers to continue to partner with the combined entity.
"This combination with HealthComp creates a new category in the health space that will change the way employers address the two-fold challenge of reducing costs and improving member outcomes. Our two companies have a shared mission to improve individual outcomes by engaging users early and often, and making health and wellbeing more accessible, affordable, and personal for all," said Chris Michalak, Virgin Pulse CEO. "Together, we are addressing a problem that has plagued the industry for years – a misaligned, complex benefit structure that results in unmet needs and escalating costs. We are eliminating waste, friction, and preventable risks by putting members and their needs at the center of the ecosystem."
"Self-insured employers pay for almost half of the nation's healthcare expenditures and now require more innovative and affordable solutions,"
said Chad Harris, HealthComp CEO.
"With concierge-level service, rich analytics, and expert medical cost management, HealthComp ensures that employers can make informed benefits decisions that align with the needs of their employees and businesses. Powered by Virgin Pulse's daily wellbeing engagement and data-driven personalization, this transaction creates an end-to-end platform that will radically lower costs and improve member outcomes."
[Source – PRNews Wire]
"The combination of Virgin Pulse and HealthComp creates the first national value-based care platform company focused on employee health and outcomes. We are excited to work with Morgan Health, Blackstone, and Marlin to bring innovation at scale to this market," said Matt Holt, President, Private Equity and Managing Director at New Mountain Capital.
"We have been working to build an innovation platform company in the employer space for more than five years. This transaction represents a significant milestone by forming a leading platform-as-a-service company focused on delivering better outcomes and greater affordability," added Kyle Peterson, Managing Director at New Mountain Capital.
"The employer-employee health landscape is ripe for change and the mission of the combined HealthComp and Virgin Pulse is aligned with Morgan Health's mission to improve the quality, equity, and affordability of employer-sponsored health care," said Dan Mendelson, CEO of Morgan Health.
Upon closing of the transaction, Chris Michalak will serve as CEO of the combined entity, where he will continue building upon the Homebase for Health vision and expanding the value proposition for clients and the market at large. The combined entity will serve more than 20 million members and address costs for more than 1,000 self-insured employers. HealthComp's powerful analytics will also benefit Virgin Pulse's health plan and health system clients by providing closed-loop data on health outcomes and the true ROI of investing in member experience and wellbeing programs.
The merger is expected to close in Q4 2023, subject to regulatory approvals and satisfaction of all closing conditions under the definitive agreement. Financial details of the transaction have not been disclosed. HealthComp is backed by New Mountain Capital and Virgin Pulse is backed by Marlin Equity Partners. New Mountain Capital will be the majority owner of the combined entity. Blackstone Credit has committed to support the deal with strategic financing.
J.P. Morgan Securities LLC acted as financial advisor to HealthComp. HealthComp's legal counsel was Ropes & Gray LLP. Evercore acted as financial advisor to Virgin Pulse, with Kirkland & Ellis LLP and McDermott Will & Emery LLP serving as legal advisors.
About Virgin Pulse
Virgin Pulse is a leading digital-first health, wellbeing, and navigation company that empowers organizations across the globe to activate populations, improve health outcomes, and reduce spend in an era of accelerating cost and complexity. Virgin Pulse's Homebase for Health® connects data, people, and technology to deliver high tech, human touch experiences that engage and reward individual journeys. Virgin Pulse impacts over 100 million people across 190 countries by helping Fortune 500, national health plans, and many other organizations change lives – and businesses – for good.
HealthComp, a New Mountain Capital company, has a customized and responsive approach to health benefits administration. We advocate for our members to get the best possible care suited for their unique needs. Our next generation benefits and analytics platform brings together concierge-level service, best-in-class operations, powerful analytics, and expert medical cost management. HealthComp integrates seamlessly with any benefits ecosystem to drive a personalized experience that delivers higher clinical outcomes at lower costs. HealthComp has offices in California, Illinois, Kentucky, West Virginia, Louisiana, and Pennsylvania.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with over $45 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies.
About Marlin Equity Partners
Marlin Equity Partners is a global investment firm with approximately $9 billion of capital commitments. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company's outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 200 acquisitions.
About Morgan Health
Morgan Health is a JPMorgan Chase business unit focused on improving employer-sponsored health care. Through its investments and the advancement of accountable care, Morgan Health is working to improve the quality, equity and affordability of employer-sponsored health care for JPMorgan Chase employees, their families and the U.S. health system. The business is led by Dan Mendelson, CEO of Morgan Health, reporting to Peter Scher, Vice Chairman of JPMorgan Chase & Co. and a member of the firm's Operating Committee. Morgan Health is headquartered in Washington, D.C.
Blackstone is the world's largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.