Molina Healthcare saw a stunning turnaround last year. Can the growth continue?

FierceHealthcare | January 10, 2019

Has Molina Healthcare’s new leadership team been so successful in their company turnaround that they’ve run out of places to grow? Not even close, CEO Joseph Zubretsky said during a presentation at the J.P. Morgan Healthcare Conference this week. It has been the foremost question facing the company since staging a significant financial comeback over the last year by “harvesting” a number of savings and growth opportunities that took Molina from a net loss of $512 million at the end of 2017 to a net income of $197 million in its third quarter of 2018. “In our view, this has been a pretty successful start to a two- to three-year turnaround story,” Zubretsky said. “Yes, there is more.”

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The need to address barriers to effective supply chain management has become increasingly pressing for hospitals and health systems in recent years, as they face demands to contain costs while improving patient outcomes under the Affordable Care Act.


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HEALTH TECHNOLOGY

Valtruis Brings Advanced Healthcare Data Analytics Capabilities Into Its Portfolio With Ursa Health Partnership

Ursa Health and Valtruis | June 28, 2022

Valtruis, a WCAS company, has entered a strategic partnership with Ursa Health, a healthcare data analytics company that brings a paradigm-breaking approach to how healthcare organizations use their data to learn, make decisions, and innovate Valtruis portfolio companies Cricket Health and Wayspring are already experiencing quantifiable advances in their data analysis and management capabilities through both the Ursa Studio no-code analytics development platform and the unusually productive training, support, and consultative relationships they have formed with Ursa Health’s team of healthcare IT and data analytics experts. “Building on the investments made in our first year – with Cricket Health, Wayspring, U.S. Medical Management (USMM) and Oncology Care Partners – we are moving quickly and strategically to realize our foundational commitment,” said Valtruis Managing Director Karey Witty. “That commitment is to accelerate the adoption of value-based care through investments in and collaboration with companies and entrepreneurs that share the vision, talent, and innovative strategies to make value-based care a reality. Ursa Health is one of those companies.” “We bring scalable innovation to healthcare. Companies driving toward meaningful strategic innovation need their data to provide richer, more nuanced answers than healthcare as an industry has historically delivered – and they need these insights at the speed of business. Ursa Studio is a technology that unlocks a fresh approach to developing trusted information. On the technical level, the platform shifts IT team time from the labor of debugging code and managing data plumbing, opening up their capacity to answer additional business questions. On the human level, the platform enables rapid iteration and collaboration between the producers and consumers of analytics, bringing teams to a successful endpoint more quickly. As a result, organizations gain the self-service capacity to fill their information gaps and guide their innovations more efficiently and effectively.” Ursa Health CEO and Co-Founder Robin Clarke, MD Early-phase successes from Valtruis’ partner companies attest to the value, intelligence, and flexibility of the Ursa Health technology and analytics approach. Adam Dunning, Chief Information and Analytics Officer at Wayspring, stated: “We needed a solution to fast-track the development of our SUD Home offering. Working with Ursa Studio, allowed us to accelerate the building of foundational data analytics structures. Our clients and staff will see notable returns as we continue to master the technology offering developed by Ursa Health.” About Valtruis Valtruis, a WCAS company, provides a unique platform that invests in and partners with disruptive leaders whose mission is to align, and transform healthcare through what is truly value-based care. Founded on a commitment to accelerate meaningful change, Valtruis brings the functional expertise, access to capital, and an expansive network that advance our partners’ evolution from early-stage development to industry-leading enterprises. Together, Valtruis and its partner companies will break through the systemic barriers in the healthcare industry to reduce costs, expand access, increase quality, and radically improve the patient experience. About Ursa Health Ursa Health is transforming analytics so innovators can transform healthcare. Our analytics development platform, Ursa Studio, combines no-code technology with healthcare-specific content, enabling health plans, providers, digital health companies, and others to take a Buy Your Build™ approach to their analytics infrastructure. With the structured adaptability of Ursa Studio, organizations can make full use of their rich data resources to accelerate growth.

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DIGITAL HEALTHCARE

Purpose Investments Announces Launch of Purpose Healthcare Innovation Yield ETF, Canada’s First Fund to Focus on Innovation in Biotech and Healthcare

Purpose Investments | January 19, 2022

Purpose Investments Inc. (“Purpose Investments” or “Purpose”) is pleased to announce the launch of Purpose Healthcare Innovation Yield ETF (the “Fund”). The Fund has closed the offering of its initial units, and units of the Fund will begin trading today on the Toronto Stock Exchange under the ticker, HEAL. The Fund is the first of its kind in Canada to provide actively managed exposure to innovation leaders in biotech and healthcare. The recent advances in healthcare are only the beginning of what Purpose believes to be a new multi-year cycle in biotech and healthcare breakthroughs that will provide investors with opportunity for attractive long-term returns. The Fund will invest in an all-cap portfolio in the high-growth areas of gene-editing, digital healthcare, medical testing, dental, health maintenance, hospitals, pharmacies, and animal health. The portfolio holdings are primed for long-term growth and armed with commercialization opportunities and a strong pipeline of products under development. The Fund will also employ a covered call options strategy to generate additional yield and will have a more attractive income profile than the broad healthcare index. “The past two years have shown just how important it is to have innovative companies develop vaccines and push forward medical advancements. Between the pandemic and our aging population, the spotlight is on the industry to really grow and innovate. We launched this Fund to give Canadians an opportunity to get actively managed exposure to the healthcare companies that are changing the world with cutting-edge medical and technological advancements.” Som Seif, founder and CEO of Purpose Investments Purpose is the manager of the Fund and Next Edge Capital Corp. (“Next Edge Capital”) will act as the Fund’s sub-advisor. The Fund will be actively managed by Eden Rahimof Next Edge Capital, one of the world’s leading experts in healthcare investing. Mr. Rahim has an academic background in molecular genetics and extensive experience managing life-science and biotech portfolios. His active management, informed by his science background and industry experience, will position the Fund to capitalize on high-growth opportunities in the biotech and healthcare sectors. “With this Fund, we will work to strategically identify key healthcare companies developing innovations that will profoundly improve people’s lives,” says Rahim. “Purpose Healthcare Innovation Yield ETF aims to provide investors with exposure to unique opportunities that may not be on their radar, so they can reap the full rewards of the high-growth areas in healthcare and science.” “Eden is one of the leading global experts in healthcare investing, and someone who understands the math as well as the science backing the portfolio. We are excited to have such a seasoned portfolio manager help us maximize the growth opportunities in the space and provide investors with a strategy to generate attractive yield,” Seif concluded. About Purpose Investments Purpose Investments Inc. is an asset management company with approximately $14 billion in assets under management. Purpose has an unrelenting focus on client-centric innovation, and offers a range of outcome-focused products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.

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HEALTH TECHNOLOGY

Northwell Health and Aegis Ventures Launch Ascertain – Healthcare AI Company Creation Platform to Improve Quality and Access to Care

Northwell Health | April 13, 2022

Northwell Health, New York’s largest healthcare provider, and Aegis Ventures, a New York-based startup studio announced at their inaugural Healthcare AI Innovation Summit the finalization of definitive agreements to launch Ascertain, a joint company creation platform. Ascertain is a first-of-its-kind partnership that pairs a dynamic venture studio with one of the nation’s largest and most impactful health systems to develop and commercialize breakthrough healthcare AI companies that improve quality and access to care and close health equity gaps. Ascertain represents a novel, more targeted approach to the way entrepreneurs and healthcare systems collaborate to solve major healthcare challenges. The platform combines clinical and business leadership, expert technical and product teams, access to Northwell’s leading, diverse datasets, and capital resources within a single ecosystem – with a sole focus on building and validating effective solutions that can be rapidly brought to market. “Ascertain brings a unique structure, an innovative approach, and a compelling vision to create breakthrough healthcare AI companies that are set up for success. We are all driven by the idea that everyone deserves access to high-quality, affordable healthcare. Our aim is clear: to find new, cost-efficient ways to create and accelerate companies that deliver real, equitable solutions.” Michael Dowling, President and CEO of Northwell Health Ascertain has commenced the creation of its first portfolio companies in partnership with Northwell’s clinicians and administrators. One such collaboration is focused on bringing substantive improvements in maternal health, working hand-in-hand with Northwell’s recently launched Center for Maternal Health to develop new approaches to detecting and managing serious complications for expectant mothers and babies. Ascertain’s data science team has been working hand-in-hand with Northwell’s Maternal and Fetal Medicine team to examine tens of thousands of cases of preeclampsia, a hypertensive pregnancy complication that disproportionately affects Black mothers in the United States. Using cutting-edge data science techniques, the Ascertain team aims to deliver an AI solution that helps clinicians predict the risk of developing preeclampsia, enabling them to intervene earlier than previously possible. “Existing approaches to the detection of preeclampsia often occur too late in pregnancy, once the condition has begun to manifest. An important enabler for a solution to this challenge is predictive analytics, applying available knowledge of a patient's history to enable action far earlier with simple, yet life-saving, clinical interventions. We believe the AI solution Ascertain is currently developing will enable this,” shared Burt Rochelson, MD, Chief of Maternal Medicine at Northwell Health. “Aegis and Northwell’s multidisciplinary teams are pursuing innovation through a systematic approach that will bring validated solutions to patients more quickly and at a lower cost,” said Bill Schoenfeld, Aegis Ventures Chairman. “Our skillsets are extraordinarily complementary and enable us to address healthcare’s most entrenched quality, equity, and cost problems far more powerfully than either organization could alone.” Ascertain is preparing to launch multiple companies in 2022 that focus on maternal health, chronic disease detection and management, and next-generation AI tools. Ascertain’s Chairman Tom Manning shared, “Together, we’re paving a new way forward, a monumental step toward real, proven AI solutions that can bring impact to the world. It is a bold collaboration to drive AI-backed companies that save lives and resolve long-standing health inequities – and realize results that deliver something greater in healthcare.” Ascertain is committed to building exceptional teams that will embrace this unique opportunity to create unparalleled impact. To learn more about Ascertain or register your interest, please visit https://ascertain.com/. About Ascertain Ascertain is a revolutionary new partnership between Northwell Health, New York’s largest healthcare provider, and Aegis Ventures, a dynamic startup studio. This unique partnership assembles leading medical, technology, and business resources to create a first-of-its-kind company creation platform for healthcare innovation to address healthcare’s most challenging quality, equity, and cost problems. Ascertain brings $100M in seed-stage capital to bear in pursuit of a three-pronged approach to company creation: internal ideation, commercialization of scientific breakthroughs, and US market entry partnerships for global ventures. Ascertain creates companies that improve quality of care, patient experience, and long-standing health, placing patient needs at the center of every business model, technology solution, and product. About Northwell Health Northwell Health is New York State’s largest healthcare provider and private employer, with 23 hospitals, 830 outpatient facilities and more than 16,600 affiliated physicians. We care for over two million people annually in the New York metro area and beyond, thanks to philanthropic support from our communities. Our 77,000 employees – 18,900 nurses and 4,800 employed doctors, including members of Northwell Health Physician Partners – are working to change healthcare for the better. We’re making breakthroughs in medicine at the Feinstein Institutes for Medical Research. We're training the next generation of medical professionals at the visionary Donald and Barbara Zucker School of Medicine at Hofstra/Northwell and the Hofstra Northwell School of Nursing and Physician Assistant Studies. About Aegis Ventures Aegis Ventures is a next-generation startup studio that partners with entrepreneurs and industry leaders to originate, launch, and scale transformative companies. Our platform brings together market-shaping ideas, permanent growth capital, and ambitious individuals driven to solve major societal problems. We aim to build companies with the capacity for vast impact, with an initial focus on artificial intelligence and digital health. Within these verticals, Aegis seeks to create companies that leverage technology to better optimize tradeoffs between quality, access, and cost, focusing on innovations that promote seamless continuity of care, patient empowerment, and better-informed clinical decision-making.

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HEALTH TECHNOLOGY

H2O.ai Showcases Healthcare and Life Sciences Leadership with Customer Successes, Breadth of AI Apps at HIMSS 2022

H2O.ai | March 14, 2022

H2O.ai, the AI Cloud leader, announced it has expanded its healthcare capabilities, now offering 40 AI applications across population health, precision medicine, public health and intelligent supply chain, supporting customers throughout the healthcare ecosystem including Bon Secours Mercy Health and Kaiser Permanente. The company will demonstrate its technologies at the healthcare industry’s flagship technology conference, HIMSS, in Booth No. 8141, March 15-17 at the Orange County Convention Center in Orlando. Healthcare and life sciences organizations have been stretched thin over the past few years and are actively looking for new technologies to streamline operations and improve patient outcomes across the private and public sectors. AI will empower physicians, hospital administrators, researchers and pharmaceutical companies with models and applications that produce more affordable, more accessible and more efficient healthcare. H2O.ai is at the forefront of this effort, helping organizations rapidly transform to improve health equity, access and care. For example, the Center for Digital Health Innovation (CDHI) at the University of California, San Francisco (UCSF) is collaborating with H2O.ai on the development and training of AI algorithms that automate the processing of the 1.4 million faxed patient referrals and other documents that UCSF’s health system receives annually. The algorithms identify, classify and prioritize document types. For referrals, the AI extracts key patient data, history and relevant health information that will assist staff and eliminate manual data entry and validation tasks. “AI in healthcare has the potential to dramatically improve the operational processes that can prevent patients from getting care quickly, at the right place, and from the right provider. Our work with H2O.ai for health document handling is just one aspect of the transformation in the ways patients access and receive care.” Alon Konchitsky, associate director for data science and machine learning at CDHI H2O.ai has developed 40 AI apps supporting various components of the healthcare ecosystem, including Population Health H2O.ai’s Covid-19 hospital occupancy simulator allows hospital administrators to track, predict and manage Covid-19-related hospital admissions by U.S. county. The company also has a pop-up predictor that allows for the quick identification of specific addresses in the U.S. that would be most suitable for temporary vaccination clinics, mobile testing centers, public education stands and more. H2O.ai’s customers - leading providers, payers and accountable care organizations (ACOs) - are developing and deploying AI models and apps around patient no shows, 30-day readmission predictors, risk stratification and omni-channel patient engagement NLP. Precision Medicine H2O.ai has developed a gene mutation app, a machine learning-powered patient risk assessment application that uses the Snowflake Data Cloud and the H2O AI Cloud to bring intelligent clinical decision support directly to clinicians. In another use case, H2O.ai’s gene expression tumor classification app uses gene expression information from patient biopsies to evaluate the risk of malignancy and understand how common the risk has been among past patients. “H2O AI Cloud, integrated with the Snowflake Data Cloud, is making it easier for health organizations to rapidly develop precision medicine solutions,” said Todd Crosslin, Global Head of Healthcare and Life Sciences at Snowflake. “The Gene mutation app is just the beginning of our health partnership and our ability to deliver improved care and patient outcomes.” Public Health The company’s Covid-19 forecasting application enables hospital staff, policymakers and others to predict the next wave of infection as well as potential case and death rates. H2O.ai also provides a vaccine sentiment tool that leverages natural language processing (NLP) to understand the sentiment around Covid-19 vaccines, and the company is currently working with leaders to address the risks and care associated with PASC (AKA Long COVID). Intelligent Supply Chain To provide intelligent supply chain support, H2O.ai’s route optimizer application helps health manufacturers best optimize transportation routes to ensure products arrive on time and to standard. H2O.ai also has developed an order and inventory management app to aid health manufacturers’ inefficient warehouse and inventory management decisions. Avoiding AI “Pilot-itis” Many health and life sciences organizations are struggling to implement AI projects that improve patient outcomes, reduce costs and more. Through its expertise and the H2O AI Cloud platform, H2O.ai is able to break companies out of the pilot cycle and successfully take them to AI maturity to deliver impactful results. In fact, H2O.ai has experienced an increase in healthcare customers moving from the pilot phase to full-blown production AI programs. “Artificial Intelligence and deep learning are not only driving the latest innovations in medicine but also are enabling healthcare organizations to connect fragmented data into a format that can be used to improve operational efficiency and provide more user-centric patient experiences,” said Sri Ambati, CEO and co-founder of H2O.ai. “From its use in drug discovery and forecasting the next COVID-19 variant to streamlining supply chain operations and reducing healthcare worker churn, AI will have a significant impact on democratizing health and improving patient outcomes.” About H2O.ai H2O.ai is the leading AI cloud company, on a mission to democratize AI for everyone. Customers use the H2O AI Cloud platform to rapidly solve complex business problems and accelerate the discovery of new ideas. H2O.ai is the trusted AI provider to more than 20,000 global organizations, including AT&T, Bon Secours Mercy Health, Capital One, Commonwealth Bank of Australia, GlaxoSmithKline, Hitachi, Kaiser Permanente, Procter & Gamble, PayPal, PwC, Reckitt, Unilever and Walgreens, over half of the Fortune 500 and one million data scientists. Goldman Sachs, NVIDIA and Wells Fargo are not only customers and partners, but strategic investors in the company. H2O.ai’s customers have honored the company with a Net Promoter Score (NPS) of 78— the highest in the industry based on breadth of technology and deep employee expertise. The world’s top 20 Kaggle Grandmasters (the community of best-in-the-world machine learning practitioners and data scientists) are employees of H2O.ai. A strong AI for Good ethos to make the world a better place and Responsible AI drive the company’s purpose. Please join our movement at H2O.ai.

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The need to address barriers to effective supply chain management has become increasingly pressing for hospitals and health systems in recent years, as they face demands to contain costs while improving patient outcomes under the Affordable Care Act.

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