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Oshi Series C | DiMe Seal Debut
October 21, 2024
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Together with
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“The past few years have been one of the first times that your customers come to you with the solution and not the problem. They know they need to be using GenAI, but they don’t always know why.”
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IQVIA Director of Healthcare Strategy Calum Yacoubian, MD
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In today’s special edition of the Digital Health Wire Show, we met with Solera Health Chief Strategy Officer Ed Liebowitz live from HLTH 2024 in Las Vegas. We unpack care delivery’s ongoing shift from in-person to virtual settings, Solera’s upcoming report on how this shift is cutting down on the total cost of care, and the biggest trends from the show floor. Check out the full interview here.
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Oshi Health just found 60 million reasons why becoming the first virtual gastrointestinal center of excellence in the U.S. was a great decision.
Since launching in 2020, Oshi has raised nearly $120M (half from its just-closed $60M Series C) to help the ~70M Americans suffering from GI conditions control their symptoms while decreasing their total cost of care.
- It accomplishes this by supporting patients with a gastroenterologist-led care team of advanced practice providers, dietitians, behavioral health specialists, and care coordinators.
- These multidisciplinary teams collaborate with local PCPs and GI clinics to treat conditions ranging from acid reflux to Crohn’s Disease, enabling a high-touch point approach that would be difficult to achieve without the extra bandwidth.
The fact that Oshi is already available in all 50 states and to 40M+ people as an in-network benefit is a testament to both the size of the market as well as its model, which differentiates itself with its deep behavioral health integration.
- Many symptoms can be caused by the connection between the patient’s gut and brain, with trauma often marking the onset of new GI issues, and can be corrected through CBT or gut-directed hypnotherapy. Oshi has the research to back that up.
A study done in conjunction with a large national health plan found that Oshi generated $10,292 per patient in avoidable testing, procedures, and ED visits, with 92% of patients reporting symptom improvement within six months.
- Publishing this data was instrumental to Oshi securing health plan coverage, which made it easier for the employers they work with to integrate that care into their benefits offerings, and in turn helped drive awareness among employees with access to the service.
Although payors and employers continue to shift away from specialty point solutions toward broader digital health platforms, the GI market is large enough to justify standalone companies like we see in cardiology or MSK.
The Takeaway
Oshi has quickly emerged as a leader in the virtual GI space, and it’s now armed with $60M to push its lead even further by expanding its payor coverage, provider group partnerships, and employer programs – not to mention a push into Medicare slated for 2025.
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RPM Made Easy with a User-Friendly Platform
Seamlessly integrate Withings RPM with your existing EHR system and empower your care team to focus on what matters most – patient care.
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Navigate the Future of Healthcare AI at Elevate
Join Medallion at Elevate on October 30th and experience the top minds in healthcare coming together to share bold ideas and connect in an informal, down-to-business setting. This was hands-down the best virtual conference we attended last year, and the lineup for 2024 is packed with execs from orgs like from VillageMD, Multiplan, and Community Health Systems. Take advantage of Elevate by registering here.
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7 Strategies for Effective Ambient AI Pilots
Implementing new technologies is like navigating a ship through uncharted waters – it requires a steady hand and a good map. Over the past 18 months, Nabla has been piloted in over 80 organizations and compiled a list of strategies to help you chart a path to a successful ambient AI deployment. Explore Nabla’s 7 strategies for effective ambient AI pilots.
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- DiMe Seal Debut: DiMe officially debuted its long-awaited DiMe Seal, a mark of quality and trust granted to digital health software that passes a comprehensive evaluation of “privacy and security, usability, and evidence with equity woven throughout.” For patients, health systems, and payors, the DiMe Seal provides a fast and reliable way to identify digital health solutions they can trust. For developers that pass the application process, it offers the ability to differentiate their products from a sea of competition.
- Long-term Care M&A Boom: Levin Associates counted a record breaking 175 long-term care mergers and acquisitions for Q3 2024, the majority of which were skilled nursing (37%) and assisted living (45%) facilities. We’re now on pace to see 700 of these M&A moves through the end of the year, which would surpass the previous high set in 2022 by 25%.
- Parakeet Gets a Seed: Parakeet Health picked up $3M in seed funding to build out its AI voice agent that automates contact center tasks and other repetitive administrative duties. The agent can handle patient calls, texts, scheduling, referrals, and assist with billing. Parakeet has already helped customers like virtual primary care provider Galileo and genetic counseling startup Genome Medical halve their patient acquisition costs in under six months.
- Fullscript Acquires Rupa Health: Fullscript is bolstering its whole person care platform with the acquisition of Rupa Health and its lab test management system. Rupa’s test ordering, results management, and patient communication capabilities move Fullscript one step closer to its goal of becoming “the most comprehensive clinical platform where all practitioners … have the infrastructure, information and decision-support tools needed to practice whole person medicine.”
- GLP-1s Reduce Suicidal Ideation: It looks like suicide prevention might be the latest addition to the quickly growing list of GLP-1 benefits. A JAMA study of 6,900 adolescents with obesity found that those who were treated with GLP-1s had a 33% lower risk of suicidal ideation or attempts over 3 years than the behavioral intervention control group, although more research is needed to determine the mechanism of action.
- Duke’s GE Systems: Duke University Health System will be the first provider org to deploy GE HealthCare’s Hospital Pulse Tile that equips operations leaders with a customizable AI-powered dashboard for operational “pulse checks.” The application integrates with GE’s Command Center software to help manage patient flow, compare ED admissions to historical averages, and display recent maximum post-anesthesia boarding times.
- Burdensome Healthcare Costs: A PwC survey found that 65% of U.S. consumers don’t seek healthcare until it’s urgent, with 28% delaying necessary care due to cost. An even greater percentage of Gen Z (39%) and Millennials (33%) push off treatment, which is at least part of the reason why 80% of them are willing to use GenAI for healthcare support. Beyond those differences, half of consumers aged 55-64 prefer traditional doctor visits, while only 34% of those aged 25-34 share this preference.
- Health Systems Lag in NPS: Bain uncovered “a widening chasm in the healthcare workforce” after comparing physician Net Promoter Scores – willingness to recommend their workplace – across 130 physician-led and 183 health system-led practices. The NPS at health system-led practices has consistently underperformed physician-led practices by 25-40 points since 2017. Nearly a quarter of physicians working under a health system are now contemplating a change in employers, compared to just 14% in physician-led practices.
- Arbital + Quartet: Quartet Health expanded its virtual behavioral health platform by partnering with Arbital Health, a tech startup focused on outcomes-based contracting. The collaboration aims to lower the total cost of care for Quartet’s patients through new contracting structures, following a few months after a separate partnership with Clover Health to bring VBC to Clover Home Care members with severe mental illness.
- Heart Disease Linked to Dementia: A landmark AHA statement warned that heart failure, AFib, and CAD are inextricably linked to dementia, giving physicians one more reason to promote earlier attention to heart health. The paper specifically called out the 27% – 50% greater risks of cognitive impairment in patients with these cardiovascular conditions, noting the association between cerebral blood flow and brain health.
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A First Principles Approach to Responsible AI
Playback Health has over 15 years of experience breaking down complicated technology problems into basic elements then reassembling new solutions from the ground up, and just published a short-and-sweet guide to help others take a “first principles approach” to responsible AI.
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High-Quality Care at Patient Fingertips
K Health is making high-quality medical care a reality for patients everywhere by turning their smartphones into the first stop along their care journey. Discover how K Health’s clinical-grade AI is reducing time-to-treatment and improving the patient experience while allowing more providers to practice at the top of their license.
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Bridging Care Gaps for Underserved Populations
Is your health system, rural health clinic, or federally qualified health center struggling to reach patients with obstacles to receiving in-person care? This Clear Arch Health whitepaper explores how combining RPM with VBC can help facilitate proactive interventions, address social determinants of health, and get the most out of new CMS reimbursement pathways.
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