This newsletter is sponsored by Poppins Health
Poppins Health is the new brand name of health insurance startup UnifiHealth. Poppins is building a modern health plan for small businesses centered around advanced primary care + transparent pricing. As one member recently put it, they are "refreshing as hell", a phrase I don't often associate with insurance plans. If you're a small employer looking for a new option, or a broker looking for partners, check them out here.
News:
Oscar hosted its investor day on Friday, and it was pretty underwhelming, to put it charitably. We did a deep dive on the Oscar analyst day, and in short, we’ve shifted from an ‘optimistic bull’ at the time of the S-1 to a ‘skeptical bear’ given the investor day presentation. Oscar is really struggling to demonstrate its member experience + tech platform have a material impact on what needs to be a better managed insurance business. Between that and a +Oscar platform that has sputtered out of the gate, 2023 looks like a make-or-break year for Oscar. Check out more on why here. Link (HTN Paywall) / Link (Slides) / Slack
Fresenius, InterWell, and Cricket announced a merger, combining the entities in a value-based play looking to manage total cost of care for kidney care patients. Check out the HTN site for more on what seems like a win-win-win for all parties - Fresenius builds its VBC presence, InterWell's providers get the upside of global cap, and Cricket gets a presumably solid exit for its VCs and the ability to scale the impact of its tech platform. Link (HTN Paywall) / Link (News) / Slack (h/t Ali Khan)
Optum acquired Refresh Mental Health, which operates 300 outpatient substance abuse and eating disorder clinics across 37 states. Refresh was previously owned by a private equity firm that purchased it in 2020 at a $700 million valuation, and it was rumored to be generating $40 million of EBITDA at the time of the sale. Friendly reminder for all the virtual care delivery models that cash flow positive under-the-radar clinics aren't a terrible business to be in. Link / Slack (h/t Justin Venneri)
Google is starting to add appointment scheduling into Google Search, rolling out first with MinuteClinic. They also announced other initiatives including highlighting credible medical Youtube videos in some international markets, and a new study showing a Fitbit algorithm can identify undiagnosed AFib 98% of the time. Link / Slack (h/t Brendan Keeler)
Funding:
OssoVR raised $66 million for a virtual reality surgical training platform. Link
Podimetrics raised $45 million to help prevent amputations related to diabetic foot ulcers. Link
Recora raised $20 million for virtual cardiac rehab. Recora is currently working with Geisinger but is launching a solution for health systems. This is a space that's been around for a while now, so it'll be interesting to watch how quickly they can get health systems to adopt this. Cardiac rehab historically hasn't been a priority area for many health systems, despite the obvious opportunity for a virtual program. Link / Slack
Radish Health, a new primary care model for employers, raised $4 million. Radish is focused on supporting municipal governments via a virtual offering as well as work place clinics that offer primary care, mental health, and care navigation services. Link
Opinions:
This is an excellent piece on the state of Medicare Advantage in Health Affairs, looking at the success of the program to date, the current trajectory, and potential course corrections. It brings up some really interesting, and nuanced discussion of the benefits, and challenges, presented by Medicare Advantage. Among other things it highlights nicely the challenge of Medicare Advantage relying on traditional Medicare for setting its rates in markets where most people are on Medicare Advantage. It's a must read for anyone thinking about what the future might hold for Medicare Advantage.Link
Data:
A study suggests rural hospital closures effect not only medical outcomes but the entire local economy around the hospital. Link.