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THCB Reader -- Oct 17, 2021


THCB Reader

October 17 · Issue #132 · View online

Everything you always wanted to know about the health care system. But were afraid to ask.

This week on THCB Reader we are doubling up on the last 2 weeks, Hans Duvefelt calls medicine a “moving missile” aiming for an elusive target AND points out the ways in which American primary care is a waste of time, Kim Bellard explores how deepfakes could impact health care & how we shouldn’t waste a (design) crisis, and Mike Magee discusses the legal battle around vaccine mandates.
Now for some interviews, we have three episodes of #Healthin2Point00 for you where Jess and I talk about some massive deals. On WTF Health, Jess has got the inside scoop from Glen Tullman, CEO of Transcarent, on their big partnership with Walmart and what the implications are for the industry. Finally, on THCB Spotlight, I chat with Dan Goldsmith and Jennifer Goldsmith, the CEO and President(s) of Tendo, and ask them all about their platform approach to patient engagement.
#THCBGang this week featured THCB regular writer Kim Bellard (@kimbbellard); patient safety expert and all around wit Michael Millenson (@MLMillenson); and privacy expert and entrepreneur Deven McGraw (@HealthPrivacy). Don’t forget to listen any time—you can subscribe to #THCBGang and #Healthin2Point00 podcasts with an easy click on Apple or Spotify.

For my health care tidbits this week, it’s time to talk about overpaid facility managers–or at least that’s what Ian Morrison used to call hospital execs. Take this clown Clint Matthews for example. You’ve never heard of Reading, PA based hospital system Tower Health. It’s one of multiple small hospital chains across the US. Matthews was the CEO and basically ran it into the ground. Spending a ton of money on M&A trying to build it into a rival to Philly-based systems like Jefferson & Penn. The system lost nearly half a billion dollars. Did this cause Matthews much pain? Not exactly. He paid himself $1.5m after bullying the board into giving him a raise.
And of course he’s not alone. Across the country there are thousands and thousands of hospital executives with huge salaries doing similar things – although most manage to make a profit. As the local school district pointed out about Tower Health, those hospitals don’t pay any local taxes. What was not pointed out in the Inquirer article was who pays their wages. Well it’s a mix of local employers and the taxpayer (via Medicare & Medicaid). Essentially these people are government employees. The only other government employees who get paid that much are big time football coaches at state universities!
It really is time that there was a systematic review of how we organize & fund health care. Starting with the $250bn+ that is in the hedge funds of the hospital sector, and reviewing carefully how the executives get paid.
Follow me on Twitter @boltyboy and THCB at @thcbstaff for more similar insights/nonsense (and even the occasional sensible idea)! Enjoy! – Matthew Holt
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Walmart Picks Transcarent: Tullman on First 'Everyday Low Prices' Offer for Self-Insured Employers
#Healthin2Point00, Episode 233 | Another $2B in deals, including Devoted's whopping valuation
#Healthin2Point00, Episode 234 | An M&A and shedloads more money!
#Healthin2Point00, Episode 235 | Walgreens Health + VillageMD & CareCentrix, plus more deals
THCB Spotlights: Dan Goldsmith and Jennifer Goldsmith, Tendo
Hope you enjoyed the newsletter. As ever let me know if you have any comments or want to sponsor/advertise–this newsletter doesn’t write itself but about 17,000 people get it and 80-100K visit the blog every month!
Matthew Holt
Matthew Holt
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