Welcome to Day 2 of the annual J. P. Morgan Healthcare Conference. Here’s your need to know, as primary care enablement company Aledade announces its first tuck-in acquisition. We’re expecting news from CVS Health, Cigna, Walgreens, One Medical and many other companies today.
And check out tomorrow’s Day 3 roundup covering the latest news and developments on the ground from Wednesday’s action.
UPDATED: Tuesday, Jan. 11 at 5:35 p.m.
Much of the success of One Medical’s membership model lies in the long-term relationships providers form with their patients, CEO Amir Rubin said.
“Whether it’s in the commercial side or the senior side, the fact that we have this longitudinal relationship with members is very different,” he said.
Members engaged an average 19 times digitally and in-person with One Medical providers last year. Those relationships can be supported by the primary care network’s virtual or in-office team, all connected by a single platform.
The company’s concierge model now supports all ages, too. In September, One Medical closed its acquisition of Medicare-focused Iora Health, opening the San Francisco-based provider to reach 40% of Americans.
Existing One Medical providers are now taking on risk to serve senior patients, backed by the Iora integration, which gives the company “a really unique opportunity to age people in,” Rubin said.
The company previously projected full-year 2021 revenue at $606 million to $615 million and membership between 728,000 and 736,000 members, but did not offer updated numbers on Tuesday. Shares of One Medical declined nearly 59% last year. — Rebecca Torrence
UPDATED: Tuesday, Jan. 11 at 4:35 p.m.
Tenet Healthcare CEO Saum Sutaria, M.D., used today’s virtual conference as a direct line to investors looking for a progress report on the chain’s ongoing restructure.
The executive said the company has divested from five hospital markets since 2017 for roughly $1.75 billion of proceeds (annual revenues of about $2.5 billion) and increased its investments in high acuity services.
Still, the company is on track to increase its adjusted net revenue for 2021 by 3% compared to 2017 and has increased same-hospital adjusted EBITDA more than 25% as of the third fiscal quarter of 2021.
Meanwhile USPI—Tenet’s “gem for the future”—hit 438 centers by the end of 2021 and is now well ahead of competitors Amsurg and Surgical Care Affiliates (SCA) in terms