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.
CareView Communications | September 13, 2023
CareView Communications, Inc., a prominent provider of integrated virtual care solutions for the healthcare sector, has announced the introduction of its most recent milestone in patient care technology through the unveiling of Software Version 5.10. This release incorporates many cutting-edge features and improvements meticulously crafted to empower healthcare professionals and enhance patient results.
Software Release 5.10 introduces a range of significant enhancements, beginning with the seamless integration of CareView with Get Well, a leading patient engagement platform. This integration facilitates bidirectional video communication, ultimately elevating patient engagement, education, and overall satisfaction.
Additionally, a new Universal Dashboard has been introduced. This internal tool plays a crucial role in optimizing solutions. It leverages hospital utilization data along with machine learning algorithms to provide predictive analytics and enables in-depth analyses, significantly enhancing the overall offerings.
Derek del Carpio, CareView's VP of Product Development, stated,
At CareView, we continuously strive to provide innovative solutions that redefine patient care. Software Release 5.10 is a testament to our commitment to advancing virtual care technology and enhancing the well-being of patients.
[Source: Business Wire]
Further, substantial improvements have been applied to the Virtual Sitting feature, empowering CareView Controllers to manipulate associated views through EquipmentView and introducing Night Mode in SitterView to reduce eye strain, thus enhancing both patient monitoring flexibility and safety. Virtual Nursing has also undergone notable refinements, enabling the virtual Registered Nurse to mute participants during TeleCareView encounters, facilitating participants' easy transition between viewing fellow participants and shared screens, and granting healthcare providers the capability to blur backgrounds in TeleCareView, thereby fostering a more professional and focused virtual interaction environment.
CareView maintains a steadfast commitment to fostering collaboration with healthcare providers to elevate patient safety, optimize clinical processes, and enhance overall patient care quality. Introducing this latest software release further underscores CareView's unwavering dedication to providing hospital teams with innovative virtual care solutions to meet their evolving needs.
About CareView Communications
CareView, leveraging predictive technology and purpose-built hardware, has forged partnerships with more than 200 hospitals to tackle pressing staffing issues and elevate patient safety through its platform. The company collaborates closely with its hospital partners to deliver tailored virtual care strategies that improve patient outcomes and foster a sustainable healthcare ecosystem.
Health Technology, Digital Healthcare
Aspect Imaging | September 25, 2023
Aspect Imaging, a global leader in MRI systems for neonatal patients, has been awarded an Innovative Technology contract by Vizient, the nation's largest provider -driven healthcare performance improvement company. This contract recognizes the unique qualities of Aspect Imaging's Embrace Point of Care Neonatal MRI System and its potential to bring improvements to the healthcare industry. The Embrace Point of Care Neonatal MRI System is designed specifically for the imaging needs of prematureand newborn infants, making it a critical tool in neonatal intensive care units (NICUs).
The Embrace is the world's first FDA-cleared and CE-approved MRI system for neonatal patients. It is designed to be placed directly within NICUs, overcoming the size and risk limitations associated with adult MRI scanners. The system includes features such as a temperature-controlled patient bed and a Whisper Quiet sound profile to meet the specific care needs of neonatal patients. This technology enables safer and more accessible MRI imaging for fragile neonatal patients and provides critical information to the clinical care team.
Chief Commercial Officer at Aspect Imaging, Wendy Slatery, stated,
It is an honor to have the Embrace recognized by the clinical experts at Vizient, as an Innovative Technology, and an exciting opportunity to bring valuable solutions to Vizient customers. We are looking forward to working with Vizient members seeking to expand and elevate neurocritical care of the smallest patients while reducing patient risks and staff time associated with transporting newborns to a traditional MRI. The Embrace MRI gives the neonatal medical team access to information from the life’s first hours and throughout the patient’s time in the NICU, on which critical care decisions will be based.
[Source: Business Wire]
Vizient's provider customer-led councils recommended the Embrace system for an Innovative Technology contract after evaluating its potential to enhance clinical care, patient safety, and healthcare worker safety, or improve business operations in healthcare organizations. The recognition and award of this contract highlight the potential of the Embrace Point of Care Neonatal MRI System to improve neurocritical care for the smallest patients while reducing risks associated with transporting newborns to traditional MRI facilities.
About Aspect Imaging
Aspect Imaging, a pioneering force in the field, stands as the global frontrunner in crafting and advancing compact MR imaging systems tailored for both research and clinical use. Their groundbreaking technology centers on compact, high-performance permanent magnets, introducing transformative MRI solutions to tackle unmet requirements in research and medical contexts. These innovations ensure the delivery of the finest quality images, whether at the benchtop or in point-of-care scenarios.
Health Technology, AI
Aidoc | October 12, 2023
Aidoc, a pioneer in clinical AI technology, has entered into a collaborative partnership with Mayo Clinic Platform to enhance healthcare by facilitating access to Aidoc's AI technology and platform.
Aidoc uses AI to help medical teams in charge of diagnosing, caring for, and treating patients stay in touch with each other. This ensures that essential data is always available to make smart decisions about healthcare interventions and what to do next.
Ed Simcox, Vice President of Solutions at Mayo Clinic Platform, confirmed that Aidoc is well-positioned to deal with several common issues with AI-based healthcare solutions, such as the costs of implementing them only once. By eliminating these barriers, healthcare providers of varying scales can readily implement AI, promoting improved patient outcomes and enhancing the overall care experience.
Elad Walach, Aidoc's CEO, said,
We're excited about Mayo Clinic Platform's vision to transform care at scale. Together we are improving clinical workflows, enhancing patient outcomes and driving the evolution of healthcare through the power of AI.
[Source – Cision PR Newswire]
Mayo Clinic has integrated Aidoc's innovative AI solutions for clinical decision support since 2020. Its collaboration with Mayo Clinic Platform is expanding access to these advanced tools for a broader range of healthcare providers and patients. Aidoc's offerings encompass 13 FDA-cleared image and partner algorithms, facilitating the prioritization of clinical findings. It also has a built-in risk stratification system, a mobile app for real-time notifications in time-sensitive cases, and seamless integration of EHR data, which makes it easier for people from different departments to talk to each other and coordinate care.
Aidoc's aiOS system confronts prevalent issues integrating artificial intelligence within practical healthcare environments. These challenges encompass the management of unstructured data, the efficient utilization of staff resources, the quantification of return on investment, and the resolution of fragmented organizational structures.
Aidoc is a pioneering force in clinical AI, focusing on aiding and empowering healthcare teams to optimize patient treatment, resulting in improved economic value and clinical outcomes. Aidoc's proprietary aiOS builds the foundation for analyzing and aggregating medical data, enabling care teams to operationalize the unexpected and work seamlessly with a continued focus on the patient. Used in more than 1,000 medical centers worldwide, Aidoc has the most FDA clearances (13) in clinical AI, and its AI-based solutions cover 75% of patient populations, enabling physicians to make informed decisions based on real-time data.