HCSC, Elevance Compete for Cigna Medicare Advantage Unit

 

• Medicare Advantage unit forecast to lose money in 2023, 2024
• Cigna recently called off talks with Humana over megamerger

Health Care Service Corp. and Elevance Health Inc. are competing to acquire Cigna Group’s business providing medical coverage to people aged 65 and over, people with knowledge of the matter said.

Bloomfield, Connecticut-based Cigna expects final bids for its Medicare Advantage business to be submitted next week, according to the people. The asset may fetch more than $3 billion, they said.

https://www.bloomberg.com/news/articles/2023-12-15/hcsc-elevance-compete-for-cigna-medicare-advantage-unit

Zymeworks Added to Nasdaq Biotechnology Index

 Zymeworks Inc. (Nasdaq: ZYME), a clinical-stage biotechnology company developing novel, multifunctional biotherapeutics, today announced it is expected to be added to the Nasdaq Biotechnology Index (Nasdaq: NBI) (the “NBI”). Zymeworks’ addition to the NBI will become effective prior to the market open on Monday, December 18, 2023.

https://www.globenewswire.com/news-release/2023/12/15/2797043/0/en/Zymeworks-Added-to-Nasdaq-Biotechnology-Index.html

AC Immune Immunotherapy for Alzheimer’s Advances into Phase 2b

 

• Potentially registration-enabling Phase 2b study (ReTain) will evaluate the effect of ACI-35.030 on cognition and Tau pathology in approximately 500 participants with preclinical Alzheimer’s disease (AD)
• Anti-pTau active immunotherapy being designed to potentially prevent or reduce cognitive decline could address need of over 315 million people globally1 with preclinical AD
• AC Immune to receive approximately CHF 40 million in total milestone payments under terms of the licensing agreement, following trial initiation and enrollment milestone
  

https://www.globenewswire.com/news-release/2023/12/15/2796982/0/en/AC-Immune-s-Targeted-Anti-pTau-Active-Immunotherapy-for-Alzheimer-s-Disease-Advances-into-Phase-2b-Trial.html

The Three Myths Of The Biden Impeachment Defense

 by Jonathan Turley,

Below is my (slightly updated) column in the New York Post on three myths being widely repeated in the Biden impeachment inquiry. These false narratives have been eagerly repeated in the media despite lacking legal or factual support. In the interest of interjecting a modicum of reality into this debate, here is why these defenses are illusory.

With the formal approval of the impeachment inquiry into the conduct of President Joe Biden, the alarm and denial in Washington has reached an almost hysterical level.

Despite overwhelming evidence of a corrupt Biden family influence-peddling operation worth millions of dollars, not a single Democratic member voted for an inquiry into the allegations.

Nearly 70% of voters (and 40% of Democrats) believe Biden has acted unlawfully or unethically or both.

Yet every Democrat voted to stop any further inquiry.

Even in our blindly partisan times, that is no easy rationalization.

That’s why members are repeating three myths like a mantra on the Hill.

They’ll likely continue as the House moves to compel testimony of key parties.

When I testified at the first Biden impeachment inquiry hearing months ago, I said the threshold for an inquiry was obviously satisfied by the evidence of these massive payments and the contradictions of the president’s past claims.

Indeed, at least four articles of impeachment could be established if the House confirms critical facts.

That is the point of an inquiry: to compel not impeachment but answers. That’s why I encouraged the House to hold this formal vote.

Three myths, however, will have to be set aside.

Joe Biden did not benefit from the influence peddling

After years of suppressing this scandal, the media and even some Democrats now admit Hunter Biden and his uncles have long been involved in influence peddling.

The United States has led global efforts to criminalize and deter this common form of corruption for years.

Recent testimony from Biden associates confirmed they were selling “the Biden Brand” and Joe Biden regularly called into meetings and met with business associates.

The last line of defense has been to argue that while millions may have been sent to Biden family members in raw influence peddling, there is no evidence Joe actually benefited from the money as opposed to his children, brothers and grandchildren.

This false narrative is being repeated despite the fact courts have rejected this claim in actual criminal cases.

Not only have payments to children and other family members been viewed as benefits to a defendant, but the same is true in impeachments.

I served as lead counsel in the last judicial impeachment tried before the Senate.

My client, Judge G. Thomas Porteous, had been impeached by the House for, among other things, benefits received by his children, including gifts related to a wedding.

It’s about Hunter Biden’s addictions, not actions

Democrats are again insisting that a complex, multimillion-dollar influence-peddling operation was simply the product of Hunter being a blacked-out drug addict for years.

The argument obviously cuts both ways.

Even if Hunter was some addict thinking only about his next fix, it only highlights that these foreign figures were giving millions for access to his father, not the advice or expertise of his son.

But Hunter’s own counsel has undermined this claim by arguing in Hunter’s gun case that he had emerged from his addiction just in time to sign the allegedly false gun form.

Much of the misconduct occurred when Hunter was, by his own lawyers’ account, suddenly clear and responsible.

The evidence belies claims that Hunter was not responsible for these transactions or the underlying influence peddling.

It shows a knowing, organized effort with the involvement of his uncles and, in some cases, his father.

The effort to portray Hunter as some purse-snatching junkie does not fit the evidence as he flies around the world to meet with corrupt figures and secure millions.

It’s all about Hunter’s truck

The latest myth is particularly maddening.

The House Oversight Committee released new evidence showing payments to the president out of Hunter’s business accounts.

The committee used the payments to show these business accounts were being used for personal payments and there was an intermingling of funds.

Democrats and the media immediately latched onto payments where Hunter was allegedly paying back loans to help pay for his truck.

Members told the Ways and Means Committee this was merely “a father’s love” and not anything impeachable.

It’s a cynical effort to focus on a few thousand dollars while ignoring the millions the committees detailed in months of investigation.

Democratic members make it sound like the impeachment inquiry is based on a couple alleged truck payments. It is not.

The truck payments are a handful among dozens of transfers found from these accounts to Hunter or his family members.

The point is the proceeds of influence peddling may have been used to pay back the president, who was supporting his family members.

Dollars are fungible. The money in these accounts were intermingled with personal expenses, including payments to Hunter’s father.

Once again, President Biden would be viewed as benefiting from the millions of dollars going to his family even without direct payments.

The question is his knowledge and involvement — not those benefits.

That not a single Democrat is demanding answers about this corruption is disappointing but hardly surprising.

But Biden is now facing an impeachment inquiry that will finally demand answers, not myths, on the Biden family’s influence-peddling operation.

https://www.zerohedge.com/political/three-myths-biden-impeachment-defense

Biden Tells Federal Employees To Use EVs And Trains On Official Travel

 By Tsvetana Paraskova of OilPrice.com

The Biden Administration is directing Federal agencies to prioritize the use of sustainable transportation such as electric vehicles and trains for official travel, as part of efforts to build a clean transportation future, the White House said in new guidelines.  

As the Administration announced new public and private commitments to boost access to EVs, save taxpayer dollars, and tackle the climate crisis, it says it would lead by example with the release of new Federal employee travel guidelines.

“As the Nation’s largest employer and with an annual business travel purchasing power of $2.8 billion, the Federal Government is leading by example by shifting to cleaner transportation options, including American-made electric vehicles and charging infrastructure,” the White House said.

Last year, federal employees took more than 2.8 million flights, 2.3 million vehicle rentals, and 33,000 rail trips, the Administration added.

The prioritization of cleaner transportation includes guidelines that federal employees will rent an EV on official travel when the cost of the EV is less than or equal to the most affordable comparable vehicle available. Employees will also opt for cost-competitive EV options where available when using taxis and ride-share platforms.

In addition, federal agencies are directed to tell employees they will use rail for trips less than 250 miles when cost-effective and available, instead of taking an airplane or vehicle. Federal employees will also use more public transit when conducting local travel or upon arrival at the official travel location, the Biden Administration said.

As early as in 2021, President Joe Biden vowed to replace the almost 650,000-strong federal vehicle fleet with electric cars as part of his climate agenda.

The Administration aims for EVs to make up at least 50% of new car sales in the United States by 2030.

But last month, a group of U.S. car deals known as EV Voice of the Customer warned the Biden Administration that most U.S. car buyers aren’t interested in purchasing electric vehicles, incentives or not.   

https://www.zerohedge.com/markets/biden-tells-federal-employees-use-evs-and-trains-official-travel

Medical debt collection agency Commonwealth Financial Systems shut down by federal regulators

 The Consumer Financial Protection Bureau said Friday it has ordered medical debt collector Commonwealth Financial Systems of Dickson City, Pa., to cease operations and pay a $95,000 penalty for "illegally trying to collect unverified medical debts." Commonwealth is banned from participating in or assisting others in any debt collection activities, debt buying, debt selling, and consumer reporting activities, the CFPB said. The move came after consumers disputed the validity of the debts, the CFPB said. Commonwealth Financial Systems violated the Fair Credit Reporting Act by failing to conduct "reasonable" investigations of debts that had been disputed. The company also attempted to collect disputed debts without substantiating documentation, according to the CFPB. Tens of millions of Americans are targeted by collection agencies for medical bills while "reporting of medical bills is plagued by inaccuracies," the CFPB said. The agency is in the midst of a rule-making effort to remove medical debt from credit reports.

https://www.morningstar.com/news/marketwatch/20231215419/medical-debt-collection-agency-commonwealth-financial-systems-shut-down-by-federal-regulators

Talkspace inks $26M contract with NYC to provide free mental health services to teens

 Online therapy company Talkspace will provide free virtual mental health services to more than 400,000 adolescents and teens in New York City.

The NYC-based digital mental health company inked a partnership with the NYC Department of Health and Mental Hygiene (DOHMH) to operate a new program, called TeenSpace, to offer tele-mental health services to teenagers between the ages of 13 and 17 years old at no cost.

Launching this month, the service enables NYC teenagers to connect with a licensed therapist through phone, video and text.

Talkspace and NYC inked a $26 million three-year contract for the program, according to the company.

The new free program comes as alarming rates of anxiety and depression (PDF) are affecting children and teens across the U.S. According to 2021 data from the Centers for Disease Control and Prevention, 42% of U.S. teens have reported persistent feelings of sadness and hopelessness, and 22% have seriously considered attempting suicide.

Talkspace CEO Jon Cohen, M.D., believes the company has a "moral imperative" to help address teen mental health.

"We believe it's the largest teen mental health initiative, certainly city-based, in the country," Cohen said. "It includes all schools, public, private and charter schools." Talkspace estimates the service will give approximately 400,000 to 500,000 teens immediate access to evidenced-based mental health services.

The service builds on NYC Mayor Eric Adams' mental health agenda for NYC released in March.

"Our young people shouldn't ever feel alone. We're here for them, and together I know we'll build a healthier, stronger city together," Adams said during a press event on Nov. 15.

NYC DOHMH data revealed that, between 2011 and 2021, there was an increase in the percentage of city students who reported feeling sad and hopeless (PDF), non-suicidal self-injury and suicidal ideation. 

"Across New York City in recent years, approximately 40% of Latino and Black young people and 30% of white young people reported experiencing anxiety, depression, or an associated condition. Nationally, we have witnessed these numbers climb even higher," said Deputy Mayor for Health and Human Services Anne Williams-Isom.

The new program "puts access to mental health support right in the hands" of young people, Williams-Isom said. "They can use their smartphone or other devices to connect with a practitioner in a time and space that works for them," she said.

Talkspace connects people via an app with therapists who provide counseling remotely, either over the phone, by video chat or by text. The company covers approximately 113 million lives as of Sept. 30 through its partnerships with employers, health plans and paid benefits programs.

Through NYC Teenspace, eligible teens will be self-guided through an introduction to therapy and given mental health assessment tools and, when they are ready, encouraged to match with a dedicated, licensed therapist through Talkspace’s secure, private platform where they can send their therapists an unlimited number of private messages and have access to live, real-time virtual sessions—all from their smartphones, tablets or computers at no cost.

There's also a compelling business case for building out its virtual mental health offerings for adolescents and teens. It's part of Talkspace's strategy to grow its payer and enterprise businesses.

The company is keenly focused on building its direct-to-enterprise business, which was up 10% year over year to $8 million in revenue in the third quarter of 2023, according to Talkspace's third-quarter financial results announced earlier this month.

"The team continues its work to build out a strong pipeline of new clients in existing and new verticals," Cohen told investors during Talkspace's third-quarter earnings call. "We believe that a vitally important segment of society suffering from mental health issues are adolescents."

"Our investment in this area is now bearing fruit, and although I cannot yet provide specifics, we plan to make several announcements in the next few weeks around delivering the Talkspace solution to adolescents for more than one large jurisdiction," Cohen told investors Nov. 2 before the NYC partnership was announced.

"This places us in a unique position to capture more of the total addressable market, which we estimate to be over $500 million," he said.

In an interview, Cohen added that the demand for mental health services represents a "massive market."

"We're not here to steal market share. We're actually here to grow the market that's out there. So given the size and scope of the market, given the huge appetite right now for additional mental health services, given the focus of the country—almost every day you hear about the need for more mental health services—given the funding that actually is available through a bunch of different areas, the stars are certainly aligned that we would be in an excellent position to be able to provide services to as many of those patients and entities that need the service. I think that we continue to be very bullish on the market because of what the need is," he said.

The Talkspace platform is amenable to students because of the texting and messaging platform that the company developed, Cohen told investors during the Q&A portion of the earnings call.

"That's a great way to actually be in contact with students. It is available essentially 24/7. The ability to text and message pretty much anytime makes it a really, really viable solution for students. Given what’s going on in the schools and/or that population, we know that it is a very, very large opportunity. There’s roughly 25 million high school students in the country, so you could do the math about what that represents on a per student per month fee," he said.

Talkspace also developed a unique AI algorithm over the last three years that can identify individuals at risk of self-harm or suicide. Using machine learning capabilities, the Talkspace platform can detect language patterns consistent with high-risk behaviors that place individuals at risk for self-harm. An analysis found that the model is 83% accurate, according to the company.

Talkspace revenue increased 32% year over year to $38.6 million in the third quarter, driven by a 79% year-over-year increase in the B2B revenue categories. Third-quarter payer revenue was $22.1 million, up 132% year over year.

The company is now on track to achieve profitability by the end of the first quarter of 2024 and expects to have $120 million of cash on its balance sheet, executives said during the third-quarter earnings call. 

The online mental health provider's revenue growth and narrowing losses in 2023 mark a significant turnaround for the company. Talkspace went public in 2021 via a special purpose acquisition company deal but has struggled with losses. 

The company had a rocky 2021 after losing its two founders and pushing out its chief operating officer. The online therapy app also was hit with a securities fraud lawsuit alleging that it misled investors before it went public by misrepresenting its financials and growth.

There were media reports in November 2022 that telehealth company Amwell was exploring a buyout. 

Talkspace tapped Cohen as CEO back in November 2022, capping off a year’s worth of leadership shake-ups. He is a surgeon and a veteran healthcare executive who had served on the company’s board. The company started with a consumer focus but signaled last year that it was shifting to a B2B model as part of a larger turnaround effort.

That strategy shift appears to be paying off as the virtual mental health company says it is accelerating its path toward profitability.

"We remain the largest in-network provider of telehealth mental health services in the country, and we continue to strengthen our position as we anticipate the launch of more than 15 million additional behavioral health, commercial covered lives in the next few weeks," Cohen told investors during the third-quarter earnings call. "We expect the activation to gradually ramp over the next few months and to contribute meaningfully to our 2024 results."

He added, "We anticipate a significant increase in covered lives in 2024, providing even greater access to a significant portion of the entire U.S. population. Our meaningful growth prospects in our DTE (direct-to-enterprise) business, most notably in adolescents, are adding exciting opportunities that will drive revenue growth momentum and profitability in 2024."

https://www.fiercehealthcare.com/digital-health/talkspace-inks-26m-contract-nyc-provide-free-mental-health-services-teens