The Why Behind So Many Healthcare Payment Buys

pymnts | June 24, 2019

Healthcare spending has grown from $75 billion in 1970, as measured by Kaiser Family Foundation analysis of National Health Expenditure Data, to as much as $3.5 trillion in 2018. Spending has been growing at double-digit percentages through the past few years, far outpacing economic growth.Just as technology and platforms have changed commerce, they are changing healthcare as well, refashioning the landscape and ways in which health data flows, how it is used and, at the other end of the spectrum, how we pay for care as it is delivered without breaking the bank.Pain points abound, of course, from making sense of paper statements that come in the mail and run dozens of pages to paying for visits, treatments and prescriptions as they are rendered, to providers chasing down payments long after they are due. It’s not going to get any easier, either, as healthcare spending may reach $6 trillion by 2027, as noted by the federal Centers for Medicare and Medicaid Services.

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Cardinal Health, Inc. is an American Fortune 500 health care services company based in Dublin, Ohio. The company specializes in distribution of pharmaceuticals and medical products, serving more than 100,000 locations.


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MEDICAL DEVICES

BD Acquires Scanwell Health, Inc. to Expand and Scale Digital At-Home Testing

BD | December 22, 2021

BD (Becton, Dickinson and Company), a leading global medical technology company, today announced it has completed the acquisition of privately held Scanwell Health Inc., a leader in smartphone-enabled at-home medical tests.BD collaborated with Scanwell to develop the app used with the recently launched BD Veritor™ At-Home COVID-19 Test, the first at-home COVID-19 test that uniquely uses a smartphone camera and app to capture and interpret results, eliminating the human subjectivity in other visually read at-home antigen tests. Scanwell will become the foundational digital platform upon which BD plans to develop at-home diagnostic tests for a range of infectious diseases including COVID-19/influenza A+B, group A strep and additional menu for detecting infections and managing chronic disease. "The COVID-19 pandemic has accelerated the shift to new care settings, and BD is ready to deliver a smart, connected at-home diagnostic ecosystem to support traditional and telehealth providers and consumers. This acquisition will enable us to expand and scale our digital capabilities in-house to speed time to market for transformative at-home solutions now and in the future." Dave Hickey, president of Life Sciences for BD The Scanwell app is a key differentiator in the market for at-home COVID-19 testing. To date, no other company uses the phone's camera to capture the image of the test that is then analyzed and interpreted by the app. Other COVID-19 home tests use smartphones as part of their process, but BD Veritor™ At-Home COVID-19 Test is the first and only test to use the smartphone as the analyzer to digitally interpret the test results and provide a definitive POSITIVE or NEGATIVE digital display of testing results. The app also has the capabilities to securely store and report test results to organizations, including businesses, public health authorities and schools. The results of tests are stored in the app and can be referenced and displayed at any time by simply logging into the app. Terms of the transaction were not disclosed. The transaction is expected to be immaterial to BD's fiscal 2022 financial results. Scanwell financial results will be reported under the Integrated Diagnostic Solutions business within the Life Sciences segment. About the BD Veritor™ At-Home COVID-19 Test The BD Veritor™ At-Home COVID-19 Test has not been FDA cleared or approved; but has been authorized by FDA under Emergency Use Authorization (EUA). This product has been authorized only for the detection of proteins from SARS-CoV-2, not for any other viruses or pathogens. The emergency use of this product is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of IVDs for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Federal Food, Drug and Cosmetic Act, 21 U.S.C. § 360bbb-3(b)(1), unless the declaration is terminated or authorization is revoked sooner. About BD BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 70,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care.

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DIGITAL HEALTHCARE

Walmart and Health at Scale Launch Customized Provider Recommendations for Plan Participants

Health at Scale | February 01, 2022

Health at Scale today announced a collaboration with Walmart to provide personalized provider recommendations to Walmart associates and their families who work in locations where Health at Scale is offered and are enrolled in the company's health plan. This technology will be incorporated into Walmart's health plan administrator's search engine and virtual care referrals for associates in select geographies, making it easier for plan participants to find providers that match to their unique health needs and care history. Through this initiative, Walmart and Health at Scale will establish a more personalized healthcare experience that focuses on the needs of each individual in the moment and leverages industry-leading machine intelligence to identify providers who have successfully treated patients with similar characteristics and care needs. "Finding the right provider is one of the most important health decisions a patient makes. It is also one of the hardest. What we really need to optimize is the patient-provider match. We're delighted to work with Walmart as the leader in employer health and benefits innovation and provide Walmart associates and their families in certain locations with smart, hyper-personalized provider matches that reflect a deep understanding and respect for their individual health needs." Health at Scale CEOZeeshan Syed Health at Scale's Precision Navigation™goes beyond non-personalized process-based star ratings, reputation rankings, and volume-based metrics and instead uses industry-leading AI and machine learning to model variations in provider outcomes across thousands of health factors. The service covers 25 different specialties as well as 34 procedures and imaging. "Customizing services and treatments to individual needs is the next frontier in healthcare and is a major part of Walmart's commitmentto helping associates and their family members find great doctors who consistently deliver the best value and quality care in their community," saidLisa Woods, VP, Walmart US Benefits. "We are excited to launch this collaboration with Health at Scale and are eager to see the impact that another innovative benefit like this will have on associates' healthcare experience and outcomes." About Health at Scale Health at Scale is a healthcare machine intelligence company that uses proprietary advances in artificial intelligence and machine learning to match individuals managed by insurers, employers and providers to the next best action in real-time and when needed most: whether it's the ideal choice of treatment, an early intervention, or the right provider. Founded by machine learning and clinical faculty fromMIT,Harvard,Stanford, and theUniversity of Michigan, the company's mission is to bring precision delivery to healthcare, learning from thousands of health variables from over a hundred million lives to generate personalized and precise insights for individual patients. Health at Scale's machine intelligence is deployed at scale in real operational settings -- including with some of the largest healthcare organizations in the country, driving better health outcomes and affordability for its customers. The company's software solutions service a broad range of use cases: provider navigation and network design, early targeted prediction and prevention of adverse outcomes, optimized treatment planning; and fraud, waste, and abuse prevention.

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HEALTH TECHNOLOGY

Kareo and PatientPops Combined Platform Leveraged by the Perdido Bay Medical Group to Deliver Integrated Care and Grow Business

Kareo | April 04, 2022

Dr. Daniel Spriggs, a long-time Kareo user at his former practices, chose to continue using the integrated platform for his new practice the Perdido Bay Medical Group because of its functionality, familiarity, and ease of use. Dr. Spriggs was previously part of other medical groups, and so he needed to develop a new online identity when he opened his new practice. In the first 60 days following implementation, PatientPop’s solution improved the practice’s visibility online garnering over 1,500 new website visitors. Simultaneously, PatientPop helped solidify 70 new patient reviews with an average of 5 out of 5-star ratings. Improving the practice website’s SEO brought in over 500 organic website connections. “Kareo’s platform has allowed me to create workflows that mimic how I work, making it easier for me to deliver care to my patients. It was still the best choice when it came to a solution for my new practice. Even though I haven’t used PatientPop for very long, it has already improved my website performance greatly by making my brand presence more cohesive and is helping to bring in new patients. It's a tremendous benefit that Kareo and PatientPop have merged because I don’t have to rely on disparate systems which are often confusing, not as fiscal, and don’t deliver the best results.” Dr. Spriggs Kareo and PatientPop announced theymerged in 2021to form Tebra. The combined company’s mission is to equip independent practices with digital tools to deliver modernized care. The all-in-one solution can help providers support and attract new patients, get paid quickly, and operate more efficiently. “Tebra’s all-in-one platform is unlocking better healthcare for small practices to modernize care delivery and improve the patient experience,” Andrea Kowalski, Senior Vice-President of Product for Kareo, said. “Our partnership with the Perdido Bay Medical Group illustrates our ability to tailor solutions to what is most important to our client’s needs. We will continue to enhance and simplify our solutions to drive practice transformation.” About the Perdido Bay Medical Group The Perdido Bay Medical Group is a family medicine practice serving adults of all ages and children as young as four years old in Lillian, Alabama. Experienced family medicine physician Daniel Spriggs, MD, launched the practice in 2021 when he discovered that the Lillian community needed more than the ordinary family medicine practices. The Perdido Bay Medical Group offers chronic disease management, acute illness care, arthritis care, geriatrics, and specialized care for disability and special-needs patients. About PatientPop PatientPopis an industry leader in practice growth technology with a platform that helps thousands of providers promote their practice, attract and acquire patients, and retain them, for a thriving business. The integrated platform eases and enhances the patient journey from start to finish, with a streamlined digital workflow that significantly reduces work for providers and staff. PatientPop has been recognized with many industry awards and accolades, including the Inc. 500, Deloitte Fast 500, Entrepreneur 360, Consumer World Awards, Capterra Shortlist, G2 Leader, and Silicon Review 50 Fastest Growing Companies. PatientPop has headquarters in Santa Monica, California. About Kareo Kareois a cloud-based healthcare technology platform built to meet the unique needs of independent practices in dozens of specialties. Today, Kareo helps over 80,000 providers in 50 states deliver outstanding patient care and run more efficient and profitable practices. The Kareo technology platform helps providers find more patients, manage patient care with a fully certified and easy-to-use EHR, and get paid quickly within a unified, easy-to-use solution. Kareo has received extensive industry recognition, including the2021 Best in KLAS award for Small Practice Ambulatory EMR/PM Solutions, the Deloitte Technology Fast 500, Inc. 5000, and a ranking at the top of Gartner’s Leader Quadrant in the FrontRunners Software Analysis of EHR. Kareo’s headquarters are based in Irvine, California.

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HEALTH TECHNOLOGY

Walmart To Acquire AR Optical Tech Company Memomi

Walmart and Memomi | June 30, 2022

Walmart and Memomi, an augmented reality optical tech companyannounced they have entered into an agreement for Walmart to acquire Memomi. This reinforces Walmart’s commitment to frictionless and omnichannel optical care. Since 2019, Memomi has enabled digital measurements for all Walmart and Sam’s Optical customers, across more than 2,800 Walmart Vision Centers and 550 Sam’s Clubs, and also powers the Optical eCommerce experience on SamsClub.com. Acquiring Memomi, an AR company, is the next step in Walmart’s journey of offering personalized, affordable access to optical care. This acquisition furthers Walmart Health & Wellness’ strategy to deliver integrated, omnichannel healthcare, leveraging data and technology to improve engagement, health equity and outcomes. “Customers are looking for access to care digitally, in their homes, and purchasing eyeglasses is no different. This acquisition supports our Health & Wellness mission to provide accessible care to the communities we serve.” David Reitnauer, Vice President, Specialty Services, Walmart Health & Wellness Memomi is a leading provider of technology to enhance virtual optical try-on experiences, helping customers virtually “try on” eyewear in real-time for a seamless, easy and fun omnichannel experience. “Walmart’s ability to roll out our virtual try-on and contact-free digital measurements service in a short period of time shows how committed Walmart is to its customers’ need for digital care in-stores and at home,” said Ofer Saban, Chief Technology Officer, Memomi. The acquisition is expected to close in the coming weeks, and Memomi employees will join the Walmart Global Tech organization. “We’re excited to welcome the Memomi team to Walmart and add their capabilities to our leading virtual reality technology that is transforming the retail experience for our customers and members,” said Cheryl Ainoa, Senior Vice President, New Businesses & Emerging Tech, Walmart Global Tech. “We are looking forward to joining Walmart and offering our innovations and user experiences to such a large scale both in-store and online,” said Salvador Nissi Vilcovsky, CEO, Memomi. About Walmart Walmart Inc. helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. About Memomi Memomi Labs Inc is a leading provider of cutting-edge technology to enhance virtual try-on user experiences through artificial intelligence, deep learning and augmented reality. Memomi helps customers virtually “try on” eyewear in real-time for a seamless, easy and fun omnichannel experience. In addition to the try-on experience, Memomi technology has created an accurate, easy measurement experience in-store once glasses are selected, leading to time savings for the customer and cost savings for the store. Memomi was founded in 2014 by Salvador Nissi Vilcovsky and Ofer Saban, experts in conceptualized solutions and interactive design.

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