Medicare spending on healthcare for elderly dips, driven by better cardiovascular care

Healthcare Finance | February 05, 2019

Healthcare spending among the Medicare population age 65 and older has slowed dramatically since 2005, and as much as half of that reduction can be attributed to reduced spending on cardiovascular disease, a new Harvard study has found. Led by Otto Eckstein Professor of Applied Economics David Cutler, a team of researchers showed that by 2012, those reductions saved the average person nearly $3,000 a year. Across the entire elderly population, those savings add up to an impressive $120 billion, with about half of those savings coming from Medicare. The authors say the findings show that that widespread preventative care has the potential to save money.

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FUTURE OF HEALTHCARE, DIGITAL HEALTHCARE

MarketVector Indexes™ Licenses the MVIS® Global Bionic Healthcare ESG Index to VanEck Europe

MVIS® Global Bionic Healthcare ESG Index | December 08, 2022

MarketVector IndexesTM announced the licensing of the MVIS® Global Bionic Healthcare ESG Index to underlie the VanEck Bionic Engineering UCITS ETF. The MVIS® Global Bionic Healthcare ESG Index includes companies that generate at least 50% of their revenue from medical, dental, or vision-related implants, bioprinting, prosthesis, or preservation of organs and tissue. “We have observed sound growth in the global bionics market which includes a range of niche healthcare solutions from medical implants to prostheses and bioprinting. These innovations in medical technology open new horizons to meet the rising needs of an aging population, significantly improve the quality of life for people with disabilities, and pave the way for the discovery of potentially life-saving treatments. The MVIS® Global Bionic Healthcare ESG Index offers an investable benchmark to track the leading companies in this industry.” Mirela Stefanova, Manager of Equity Operations at MarketVector The MVIS® Global Bionic Healthcare ESG Index is weighted by free float market capitalization and reviewed on a quarterly basis. The index is calculated in USD as a price index and a total return net index. Capping factors are applied to avoid overweighting of single index components. “The proportion of the elderly population is rising and with it the demand for technical solutions such as hearing and visual aids, pacemakers, artificial joints and the like that improve the quality of life in the old age,” says Martijn Rozemuller, CEO at VanEck Europe. “At the same time, increasingly available bionic tools are helping people with chronic diseases such as diabetes or functional disorders.” About MarketVector Indexes MarketVector IndexesTM is a regulated Benchmark Administrator in Europe, incorporated in Germany and registered with the Federal Financial Supervisory Authority (BaFin). MarketVector maintains indexes under the MarketVectorTM, MVIS® and BlueStar® names. With a mission to accelerate index innovation globally, MarketVector is best known for its broad suite of Thematic indexes, a long-running expertise in Hard Asset-linked Equity indexes, and its pioneering Digital Asset index family. MarketVector is proud to be in partnership with more than 25 Exchange Traded Product issuers and index fund managers in markets throughout the world, with approximately USD 26.99 billion in assets under management.

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HEALTH TECHNOLOGY

Francisco Partners to Acquire bswift from CVS Health

Francisco Partners | October 04, 2022

Francisco Partners a leading global investment firm that specializes in partnering with technology businesses, announced it has signed a definitive agreement to acquire bswift, a leading provider of benefits technology and services, from CVS Health. Founded in 1996, bswift is a provider of software and services that streamline benefits and human resources administration, offering a cloud-based technology platform with best-in-class service. The company combines its deep expertise and passion for technology innovation with strong customer service and a unique consumer-driven approach. bswift helps its partners and employers simplify administration, manage employee benefits, reduce administrative costs, and connect employees with resources needed to achieve their health ambitions. The company serves millions of employees with a single benefit destination across all life events from hire to retire. bswift will continue to partner with CVS Health and Aetna, a CVS Health company, to provide benefits technology to its employees and client base. “CVS Health and Aetna remain committed to bswift and to the clients, partners and members we support in benefits administration. FP’s deep expertise in technology and proven track record in nurturing and growing technology businesses will enable bswift’s loyal base of employees to continue delivering innovative solutions.” Mark Santos, Vice President, Diversified Commercial Solutions at Aetna Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies, making it one of the most active and long-standing investors in the technology industry. Francisco Partners has experience in the healthcare and human capital technology market and its investments have focused on companies that provide the best possible products and service for its customers and partners. Francisco Partners also has extensive experience partnering with corporations to execute divisional carve-outs with transactions such as IBM’s Watson Health business (now Merative) and Discovery Inc.’s Discovery Education business. Justin Chen, Partner at Francisco Partners, said, “We are excited to partner with bswift and help the team continue to grow its robust technology and service offerings across benefits and healthcare. bswift is uniquely positioned as a market leader to help employers navigate the evolving industry trends and opportunities to holistically engage employees through health, wellness and financial benefits.” “We appreciate CVS Health’s work in growing this business and are confident that our partnership will help bswift drive crucial focus in executing on organic and inorganic growth strategies,” said Anders Mikkelsen, Vice President at Francisco Partners. “We look forward to supporting the talented employees and management team.” Financial terms of the transaction have not been disclosed. The acquisition is expected to close in the fourth quarter of 2022, subject to the satisfaction of customary closing conditions. Kirkland & Ellis LLP served as legal advisor and Wells Fargo Securities, LLC served as financial advisor to Francisco Partners. CVS Health engaged Fried, Frank, Harris, Shriver & Jacobson LLP and Dechert LLP as legal counsel and Goldman Sachs as exclusive financial advisor. About Francisco Partners Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. About bswift bswift helps customers change the way their employees perceive and engage with their benefits through a proven blend of adaptive technology, service excellence, and compassionate service. Their intuitive, personalized enrollment experience inspires confidence and connects employees to the resources they need to achieve their personal ambitions. Partnering with enterprises nationwide and serving millions of employees, bswift offers cloud-based technology and services for online enrollment, interactive decision support, ACA compliance reporting and employee engagement.

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HEALTH TECHNOLOGY

Stellar Health Announces Expansion of Value-Based Care Initiative for Highmark, Inc.

Stellar Health | October 19, 2022

Stellar Health a healthcare technology company changing the way health insurers and providers activate value-based care arrangements, announced the expansion of their value-based care initiative with Highmark Inc. upon results of its initial program that improved quality and chronic condition management across Highmark's Medicare Advantage and Commercial lines of business. Stellar announced the collaboration in 2021 to help Highmark accelerate new payment models and value-based care for independent practices in Pennsylvania. This initiative, called True Performance Lite, was an extension of Highmark's existing True Performance PCP Suite Program aimed at serving larger providers. The True Performance Lite program used Stellar's unique incentive design that rewards providers and staff for completing granular VBC actions focused on quality improvement, management of chronic conditions, reduced ED and inpatient utilization, and affordability of care for Highmark members. The program saw strong results across VBC metrics compared to 2020: The program also saw high engagement and satisfaction across providers involved in the True Performance Lite program. "I wish all health plans had program, it's the easiest of all platforms by far," said Renee Guistwite, Office Manager from Guistwite Family Practice. Cathy, an Office Manager from Dr. Dana E Bragg MD's office says "This app is really easy. Every part is user-friendly and it doesn't take much time now that we have a workflow going. We are really excited about Stellar!" Stellar's web-based, cloud-native, point-of-care application leverages historical patient information to prompt primary care providers and their care teams of gaps and opportunities relating to patients' healthcare regimens for Highmark members. Stellar Health partners with health insurers to enable providers and their staff to engage in these value-based opportunities through the application with granular action recommendations, ensure success in closing gaps, and pairs each action with a financial incentive for the time it takes to complete it. In 2022, Stellar and Highmark expanded the True Performance Lite program into Pennsylvania, West Virginia, and Delaware supporting over 60+ provider groups across multiple lines of business and are continuing to build on the overall momentum and results in 2023. The companies are continuing to innovate on new ways to engage the Highmark network and drive outsized results through several cost and utilization initiatives as they bring the model to new provider profiles. "Our provider-centric model lends itself to the success we have seen with Highmark over the last year as they lead value-based care delivery in the Mid-Atlantic region. We look forward to expanding with multiple lines of business to allow providers who handle all types of coverage to meaningfully participate in VBC and help deliver better primary care for all patients." Michael Meng, CEO of Stellar Health About Stellar Health Stellar Health is a healthcare technology company focused on enabling success across the value-based care continuum by bridging the incentive gap between providers and payors. The Stellar solution is the first point-of-care, cloud-based platform that helps primary care providers continually engage with their patients by providing them real-time information and tangible action-based incentives for improving quality of care. With Stellar, providers can achieve a range of VBC goals, like improving quality scores and optimizing the patient care journey through transitions of care and high-value referrals, all with the objective of improving patient health.

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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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