The Top Trends in Home Health Care for 2019

Home Health Care News | January 13, 2019

2018 was a banner year for the Medicare-certified home health care industry. Big providers got even larger through creative mergers and acquisitions. Admissions and utilization numbers held strong. New telehealth opportunities started to emerge. And, in general, revenues remained high. The upcoming year brings much uncertainty, however, with the main culprit being the Patient-Driven Groupings Model (PDGM). PDGM is likely going to dominate the home health care conversation for much of 2019, but don’t look past these other important trends. Check out trends in the non-medical home care industry as well, which Home Health Care News covered in a previous story.

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FUTURE OF HEALTHCARE

Peloton Announces Growth Recapitalization of Grenova

Peloton Equity | March 22, 2022

Peloton Equity, LLC a Connecticut-based private equity firm that seeks to invest growth capital in innovative healthcare companies, announced that it has closed a growth and recapitalization investment in Grenova, Inc. a fast-growing manufacturer of green technology for the life sciences industry. Peloton, along with Hamilton Lane Impact Fund II and Morgan Stanley AIP Private Markets, invested growth capital and partnered with management and other investors to acquire a majority stake in Richmond, Virginia-based Grenova. The transaction is anticipated to enable Grenova to accelerate its sales and marketing efforts, launch additional products, and build out its presence globally. Ali Safavi, founder, president and CEO of Grenova, along with other management and certain existing shareholders will retain a significant ownership stake in the Company. Financial terms of the transaction were not disclosed. Founded in 2014 by Ali Safavi, Grenova designs, manufactures, and distributes instruments and associated consumables to the lab industry. The Company’s technology enables its customers – clinical labs, pharmaceutical/biotech companies, research institutions, agricultural companies, and others – to wash, dry and re-use single-use plastics. Grenova’s products aim to advance healthcare toward a more sustainable future by lowering costs in the laboratory industry, reducing biohazard waste in the environment, and mitigating supply chain risk for plastic consumables. “I am thrilled to be partnering with Peloton to help Grenova capitalize on the massive and unmet need for sustainability solutions in laboratories around the world,” said CEO Ali Safavi. “Peloton’s expertise and network will bring additional resources and business development opportunities to Grenova, and this growth-oriented transaction will help us accelerate the industry’s adoption of our innovative products and technologies.” “Peloton seeks to partner with high-growth companies like Grenova that deliver tangible and enduring value to the healthcare industry. The utilization of disposable plastics in the lab setting is rapidly growing and we are excited to support Grenova’s mission to address this unsustainable trend.” Michael O’Rourke, partner at Peloton, added, “We believe Grenova’s combination of differentiated product technology, sustainability value proposition and high-quality customer service is unique in the massive and growing life sciences tools industry. We are very excited to work with Ali and his team in supporting Grenova’s next phase of growth.” Ted Lundberg, partner and co-founder of Peloton Equity Crosstree served as the exclusive financial advisor to Grenova with respect to this transaction. Goodwin Procter LLP acted as legal advisor to Peloton and Williams Mullen acted as legal advisor to the Company. About Grenova Founded in 2014, Grenova™ is an innovative company that is revolutionizing lab consumables through high-quality waste reduction solutions. Grenova’s mission is to lower costs in the laboratory industry and reduce biohazard waste in the environment by delivering groundbreaking approaches in dealing with plastic consumables. Grenova’s existing products include the TipNovusTM family of pipette tip-washing solutions for labs such as the Automated TipNovus (ATN) Package, a fully integrated tip-washing solution; the TipLumisTM family of HEPA-filtered, temperature-controlled, UV-sanitized tip storage solutions; GrenoClean, a proprietary and scientifically validated cleaning solution; and Purus by Grenova™, a novel microwell plate cleaner launching in 2022. For more information, visit Grenova. About Peloton Equity Peloton Equity, LLC is a private equity firm focused exclusively on growth capital investments in the healthcare industry. Peloton was formed in 2014 as the successor firm to Ferrer Freeman & Company and invests in companies with between $10 million and $200 million of revenue that have the management team, market opportunity and business model to grow revenues significantly over the life of its investment. Peloton seeks to be a significant investor in companies with high-growth potential, driven by a clear value proposition to the healthcare industry. Peloton’s investment team has invested in over 35 unique healthcare companies and has deployed over $800 million in capital. Recent investments include AeroSafe Global, ClearSky Health, Friday Health Plans, and Journey Health & Lifestyle. About Hamilton Lane Hamilton Lane is a leading private markets investment management firm providing innovative solutions to sophisticated investors around the world. Dedicated exclusively to private markets investing for 30 years, the firm currently employs more than 520 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $851 billion in assets under management and supervision, composed of over $98 billion in discretionary assets and nearly $753 billion in advisory assets, as of December 31, 2021. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. About Morgan Stanley AIP Private Markets AIP Private Markets, an investment team within Morgan Stanley Investment Management, seeks to deliver innovative private markets solutions to a global client base. It’s built-for-purpose team of ~60 dedicated professionals draws.

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FUTURE OF HEALTHCARE

Trinity Health to Acquire CommonSpirit Health's Share of MercyOne Health System Become Sole Parent

Trinity Health | April 20, 2022

Trinity Health and CommonSpirit Health announced they have signed an agreement for Trinity Health to acquire all facilities and assets of MercyOne, a regional health system based in Iowa. Since 1998, MercyOne has operated under a joint operating agreement between not-for-profit Catholic health care organizations Trinity Health and Catholic Health Initiatives, which is now CommonSpirit. MercyOne is a leading health system in Iowa and serves more than 3.3 million patients each year. The system includes 16 medical centers, 27 affiliate organizations and more than 420 care sites offering a range of health and wellness services, including provider services and urgent care, and more than 20,000 colleagues including 2,000 of the state's most talented doctors and providers. "True to our shared Catholic mission, our goal is to provide high-quality, compassionate care with the best patient/member experience possible. We will accomplish that goal through a holistic approach, with a range of health services and technologies that are fully connected and coordinated. This agreement creates a fully integrated MercyOne to care for more people in a unified way." Mike Slubowski, president and chief executive officer at Trinity Health After months of analysis and due diligence, Trinity Health and CommonSpirit determined a sole parent is the best path forward for MercyOne and for the communities it serves. Trinity Health, a national health system spanning 25 states, will bring unified strategies and operations to MercyOne's care sites, including one set of system services. As an example, MercyOne will transition to Trinity Health's common platforms, including a single electronic health record (EHR), ultimately allowing patients to easily manage their care across all MercyOne services and facilities. The result is a more convenient and consistent care experience for MercyOne's communities. "After two decades of successful collaboration, we are immensely proud of our partnership with Trinity Health and our efforts to advance health care statewide," said Marvin O'Quinn, president and chief operating officer at CommonSpirit Health. "While the current structure has been instrumental in growing our health care services in Iowa, we believe this decision is ultimately what is best for our patients, colleagues, and our communities." "We strongly believe this transition to become a full member of the Trinity Health family will result in a stronger, more cohesive health system better able to offer a convenient and personalized circle of care for all we serve," said Bob Ritz, president and chief executive officer at MercyOne. "We are delighted to have the agreement in place as we plan for the future of our mission. We are grateful to CommonSpirit for more than 20 years of partnership." Trinity Health and CommonSpirit will now plan for integration, complete regulatory filings, and take other steps necessary to finalize the transaction, which is expected to be completed summer 2022. This process will be seamless for the communities MercyOne serves, and patients can continue to expect the same compassionate care they have always received. About Trinity Health Trinity Health is one of the largest not-for-profit, Catholic health care systems in the nation. It is a family of 115,000 colleagues and nearly 26,000 physicians and clinicians caring for diverse communities across 25 states. Nationally recognized for care and experience, Trinity Health's network of care includes 88 hospitals, 131 continuing care locations, the second largest PACE program in the country, 125 urgent care locations, and many other health and well-being services. Based in Livonia, Michigan, its annual operating revenue is $20.2 billion with $1.2 billion returned to its communities in the form of charity care and other community benefit programs. For more information, visit www.trinity-health.org or follow us on LinkedIn, Facebook or Twitter. About CommonSpirit Health CommonSpirit Health is a nonprofit, Catholic health system dedicated to advancing health for all people. It was created in February 2019 by Catholic Health Initiatives and Dignity Health. With its national office in Chicago and a team of over 150,000 employees and 25,000 physicians and advanced practice clinicians, CommonSpirit operates 140 hospitals and more than 1,500 care sites across 21 states. In FY 2021, CommonSpirit had revenues of $33.3 billion and provided $5.1 billion in charity care, community benefit, and unreimbursed government programs. Learn more at www.commonspirit.org. About MercyOne MercyOne is a connected system of health care facilities and services dedicated to helping people and communities live their best life. MercyOne's care providers and staff make health the highest priority. The system's clinics, medical centers, hospitals and affiliates are located throughout the state of Iowa and beyond. Headquartered in central Iowa, MercyOne was founded in 1998 through a collaboration between Catholic Health Initiatives, now CommonSpirit Health, and Trinity Health - two of the country's foremost, not-for-profit Catholic health organizations.

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HEALTHTECH SECURITY

Forescout Acquires CyberMDX to Expand Healthcare Cybersecurity Focus

Forescout Technologies | February 02, 2022

Forescout Technologies, the leader in Active Defense for the Enterprise of Things, today announced its acquisition of CyberMDX, a leading healthcare cybersecurity provider delivering visibility and threat prevention for medical devices and clinical networks. The acquisition further strengthens Forescout’s position as the industry leader in out-of-the-box support for the broadest set of connected device types across IT, IoT, OT and IoMT devices. “Forescout is seeing rapid growth in healthcare, a market the company has always focused attention on from a technology and sales perspective. Cybersecurity for IoMT, much like cybersecurity for OT devices, requires specific expertise and technologies. We are pleased to have the CyberMDX team join Forescout as we continue delivering new capabilities on our market-leading platform and grow our R&D center.” Wael Mohamed, Chief Executive Officer of Forescout Forescout is recognized by many of the world’s largest organizations as the leader in device visibility and control, ensuring customers can see all the devices connected to their networks, continuously and in real-time, and then take automated action to mitigate risks. CyberMDX offers a leading solution for visibility and risk management of IoMT devices. Together, Forescout and CyberMDX have a powerful platform that delivers an easy-to-use, scalable and agentless approach to device visibility, classification, threat detection and incident response focused on IoMT devices to better serve healthcare organizations. “CyberMDX enables hospitals to provide quality care by securing and protecting the systems and devices they rely on every day to treat patients and save lives,” said Amir Magner, President and Co-Founder of CyberMDX. “We are thrilled to join the Forescout team where our innovation can continue to make a profound difference to healthcare organizations around the world.” Broad coverage across all device types is essential as larger organizations, such as healthcare, almost always have a wide variety of device types, including IT and a rapidly expanding number of IoT devices, in addition to IoMT and OT devices. In 2018, Forescout acquired Security Matters, a leading providing of solutions for visibility and risk management for OT systems, which are also known as industrial control systems (ICS). Forescout has the largest number of deployments of OT infrastructure protection solutions globally, with major deployments in critical infrastructure sectors such as energy and utilities. Forrester recently recognized Forescout in its inaugural Industrial Control Systems (ICS) Security Solutions Wave, 2021 as the top vendor for market presence for product revenue, total number of customers and deal size. CyberMDX, which was recognized as a Medical Device Security Solution Leader in The Forrester New Wave™: Connected Medical Device Security, Q2 2020, further demonstrates Forescout’s commitment to providing organizations with the most comprehensive solution across all device types. Recently, Forescout announced that its platform discovered 66% more devices than originally expected at the University Health Network (UHN), a group of four hospitals in Toronto, Canada that includes The Toronto General Hospital, which Newsweek ranked in 2021 as the 4thbest hospital in the world. Among many benefits, UHN is leveraging the Forescout platform to “deal with the exponential increase in the number of IoT devices and ever-increasing volume of sophisticated threats, including ransomware,” according to Kashif Parvaiz, Chief Information Security Officer, at UHN. With the addition of CyberMDX’s solution, Forescout customers will be able to gain deeper visibility and risk management of their IoMT and medical devices. Over the past 20 years, Forescout has built unique strength in device intelligence and network fabric technology for device discovery and classification. The company’s Device Cloud database contains over 15 million device fingerprints and ensures Forescout's customers automatically receive highly specific, out-of-the-box device classification capabilities from the Forescout platform for millions of different types of devices. About Forescout Forescout Technologies, Inc. actively defends the Enterprise of Things by identifying, segmenting and enforcing compliance of every connected thing. Fortune 1000 companies trust Forescout as it provides one of the most widely deployed, enterprise-class platforms at scale across IT, IoT, OT and IoMT managed and unmanaged devices. Forescout arms customers with extensive device intelligence, data and policies to allow organizations across every industry to accurately classify risk, detect anomalies and quickly remediate cyberthreats without disruption of critical business assets. Don’t just see it. Secure it.

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FUTURE OF HEALTHCARE

Ascensus Closes Newport Merger Agreement

Ascensus | April 11, 2022

Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—and Newport, the Walnut Creek, California-based retirement services provider—announced today that the two companies have closed their previously announced merger, the first step in their journey together as a combined organization. The union combines the capabilities and talents of two market leaders in tax-advantaged savings and related services, serving more than 15 million savers and overseeing more than $745 billion in assets under administration as of December 31, 2021. Together, the unified company employs more than 5,400 employees across the U.S. David Musto, president and chief executive officer of Ascensus, will serve as CEO of the combined company. Laura Ramanis, who has served as interim CEO of Newport since the announcement of the transaction last fall, and Kurt Laning, executive vice president of Newport Non-Qualified and Insurance Solutions, will join the Ascensus executive leadership team, reporting to Musto. "With today's announcement, Ascensus and Newport have taken an important step in our journey towards a stronger, unified company. Clients across our lines of business will benefit from our expanded capabilities—accelerated investments in technology, data analytics, and user experiences—and broadened expertise. And both Ascensus and Newport associates can look forward to new opportunities for personal growth and enhanced career development." Musto "Ascensus and Newport share a passion for helping people save for their futures and supporting the growth and success of our partners," said Ramanis. "We look forward to continuing that mission as a combined company." With industry-leading qualified and non-qualified retirement plan services, corporate and bank-owned life insurance (COLI and BOLI) practices, fiduciary and trust solutions, and other total rewards capabilities, Newport expands the services and expertise Ascensus provides to its clients and advisor partners. Newport's clients will benefit from greater access to unique tax-advantaged savings solutions across retirement, education, and health provided by Ascensus. The combined company's investments in technology, digital capabilities, and analytics will deliver enhanced value to clients, expand client relationships, and create even better outcomes for savers. Both the Ascensus and Newport brands remain in use at closing, with the Ascensus brand representing the unified company. "Our goal over the next several months is the successful unification of our company—built on the principle of 'best of the best' and our shared cultural attributes, and executed with the interests, quality, and stability of our client relationships foremost in mind," added Musto. "As a unified organization, Ascensus and Newport share a strong commitment to serving our clients and offering more—across the tax-advantaged retirement, education, and health savings expertise for which Ascensus is known, and capitalizing on Newport's well-established qualified and non-qualified retirement services, and fiduciary and COLI/BOLI capabilities as well." Evercore acted as exclusive financial advisor to Newport in connection with the transaction. Goldman Sachs Bank USA, SPC Financing Company LLC, and KKR Capital Markets LLC led the financing consortium. Simpson Thacher & Bartlett LLP acted as transactional counsel to Ascensus and Kirkland & Ellis LLP acted as financing counsel to Ascensus. Morgan Lewis & Bockius LLP acted as legal counsel to Newport. About Ascensus Ascensus helps millions of people save for what matters—retirement, education, and healthcare. Through co-branded, private-labeled, and other governmental partnerships, our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is a leading recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. About Newport Headquartered in Walnut Creek, California, Newport is a leading retirement services provider that helps employers—and the advisors who serve them—prepare employees for a more financially secure retirement. The company has more than $150 billion in retirement assets under administration and more than $300 billion in corporate retirement and insurance assets. Newport maintains investment objectivity, fee transparency and a commitment to flexible, responsive service. Staffed by an exceptional team of nearly 1,500 retirement, insurance, and consulting professionals, the company provides retirement solutions tailored to the needs of employers of every size, from small businesses to the Fortune 1000.

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