Market Chatter

Monday Morning Update 6/25/18

Top News

The Tampa paper provides more details about CareSync’s abrupt closure last Thursday:

Founder and CEO Travis Bond had  left the company “unexpectedly” several weeks before.

The interim CEO assured employees last Monday that the company was “on incredibly good financial footing” because it was about to be acquired by Bill Smith, the founder of grocery delivery company Shipt.

Smith said at an all-hands employee meeting last Monday (photo above), “My family will own 100 percent of the company going forward. We’re making a very significant financial commitment to the company, and my perspective on this is that we’re going to build this company for the long-term. I didn’t come into this thing to flip this company in a couple years … I don’t want you to have to worry about where your next paycheck is coming from.”

The deal fell through Thursday as the company “ran out of time,” after which employees were told to vacate its two Florida locations immediately as the company would be shutting down at midnight. 

292 employees lost their jobs. They will not receive severance payments and their health insurance was immediately terminated. 

CareSync announced its closure on its website, but says its servers will remain operational so that customers can continue to access their medical information.

HIStalk Announcements and Requests

A slight “most” of poll respondents say their employer hasn’t laid people off in 2018. Layoffs are business as usual for many companies, it seems. Maybe that’s a more face-saving option for employees who would otherwise be fired – the health system layoffs I’ve had a hand in orchestrating were all designed to part ways with subpar performers without having to go through the internal and legal challenges of firing them.

New poll to your right or here : do you admire and respect the highest-ranking executive of your employer?

Webinars

None scheduled soon. Previous webinars are on our YouTube channel . Contact Lorre for information.

Acquisitions, Funding, Business, and Stock

Cost-cutting Qualcomm is seeking a buyer for a majority stake in its Qualcomm Life subsidiary, which includes the 2net remote patient monitoring system and Capsule medical device integration platform.

The New York Times covers Humana’s acquisition of two for-profit hospice companies that made it the country’s largest hospice care provider, noting that profit margins are high.

Politico reports that Allscripts is offering voluntary retirement to a large number of employees.

Sales

Memorial Healthcare (MI) chooses CloudWave to implement Meditech Expanse.

Decisions

Cozad Community Hospital (NE) went live with Evident supply chain management in May 2018.

Arkansas Children’s Hospital System (AR) will go live with Workday supply chain management software on July 1, 2018.

Holton Community Hospital (KS) switched from Medhost to Athenahealth on June 19, 2018.

These provider-reported updates are supplied by Definitive Healthcare , which offers a free trial of its powerful intelligence on hospitals, physicians, and healthcare providers.

Announcements and Implementations

A Reaction Data report looks at the updated impact of Optum’s acquisition of Advisory Board’s healthcare business last year, finding that negative opinion about payers acquiring vendors and the hesitation about sharing information with them has increased.  

Privacy and Security

A JAMA Network op-ed piece co-authored by former CMS administrator and IHI President Emeritus Don Berwick, MD, MPP says HIPAA causes “serious obstacles to patient care” as misinformed providers refuse to share information with each other and to provide information to family members. The authors note that any time a clinician or clerk says, “I wish I could tell you but HIPAA won’t let me,” they are likely untrained or working under misguided organizational policies. They recommend:

HHS should undertake a study of how often the HIPAA privacy rule is misinterpreted and the impact that has on patients

HHS OCR should publish model policies and procedures

HHS should create and enforce penalties for failing to release patient information to treating clinicians and create a ‘’wall of shame” to call out repeat offenders

Professional societies and patient advocacy groups should mount campaigns to clinicians and patients that call out common misinterpretations of HIPAA

Other

The Madison newspaper describes the VA’s early success in rolling out Epic’s scheduling system. Lead contractor Leidos says it can implement the entire VA system on the system in two years for $350 million versus its contract that calls for a five-year implementation at a cost of $624 million, although the VA hasn’t committed yet or announced its plans following its selection of Cerner. 

Former doctor Elisabeth Rosenthal’s New York Times opinion piece says that the White House’s detail-light hopes that encouraging free-market principles to bring drug prices down hasn’t worked historically, as drug companies keep raising prices as a group even as competing products are introduced. It notes that lifesaving leukemia drug Gleevec – invented by a researcher who didn’t seek a patent for it and never made a penny from it – cost $26,000 when it was first marketed in 2001 and has spawned several competing products since, but all of them now cost $150,000 per year.

I received several emails that provided details about the reorganization of Ascension Information Services in which somewhere between 200 to 1,000 employees were rumored to have been let go:

AIS was ordered by Ascension to reduce its FY2019 budget by $155 million

It will retire some legacy systems and reduce the use of contractors such as Cerner and Kaufman Hall

Some employees expressed anger that they weren’t told about the layoffs in advance, that management won’t confirm how many people were let go, and AIS’s lack of transparency about any changes that would affect its Cerner, Epic, and Meditech teams.

Employees were escorted out of the building and weren’t allowed to retrieve their personal items, which were boxed up and delivered to them

Sponsor Updates

Medicity and Philips Wellcentive will present at the Internet of Health event June 26-27 in Boston.

Bill Macaitas (Slack) joins Liaison Technologies in a brand advisory role.

Kyruus releases its ProviderMatch for Consumers solution in Spanish.

Vyne Medical publishes a new case study, “Standardizing Patient Estimating to Improve Upfront Collections.”

Meditech will host the 2018 6.1/Expanse Revenue Cycle Summit June 28-29 in Foxborough, MA.

Navicure/Waystar will exhibit at the AAHC Conference Expo June 27-28 in Scottsdale, AZ.

Netsmart will exhibit at Post-Acute 360 Strategy & Solutions Conference June 25-27 in National Harbor, MD.

Clinical Computer Systems, developer of the Obix Perinatal Data System, will exhibit at the Indiana Rural Health Association Conference June 26-27 in French Lick, IN.

OmniSys will exhibit at Cardinal Health RBC June 27-30 in San Diego.

Recondo Technology’s automated RCM suite achieves HFMA Peer Review Status for patient access and business office software.

Experian Health publishes a new white paper, “Driving customer engagement in the healthcare financial journey.”

WebPT will exhibit at the Next APTA Conference and Exposition June 27-30 in Orlando.

ZappRx will exhibit at the Pulmonary Hypertension Association’s annual meeting June 29-July 1 in Orlando.

Blog Posts

Unsurprisingly, physicians aren’t thrilled with their EHRs (Medicomp)

Gaining Patient Buy-In for Chronic Care Management (Lightbeam Health Solutions)

Customizing Patient-Centric Solutions for Better Care: Clinical Communication that Improves Resident Training (PMD)

Highlights from the 2018 APIC Conference (LogicStream Health)

From Program to Business Model: Using Population Health Management to Drive Value-Based Care (Medecision)

Top 5 Things Your Patients Want from the Patient Billing Process (Navicure/Waystar)

10 Tips for a Smooth EHR Implementation (Netsmart)

R-E-S-P-E-C-T (PatientKeeper)

How Providers Can Get the Most Out of Their Patient Portals (PokitDok)

Increase Hospital Collections with 3 RCM Tips (The SSI Group)

Will critical alerts finally replace pagers? (Voalte)

Live Well, Age Well – and Communicate Well – at Covia (Vocera)

The Tech Effect: 3 Ways Your PT Support Staff are Ruining the Patient Experience (WebPT)

Contacts

Mr. H , Lorre , Jenn , Dr. Jayne .

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