Latest / Becker’s Healthcare Digital Health + Health IT / Mayo Clinic inks 'multimillion-dollar' deal with AI startup, CVS CEO Karen Lynch: Primary care is the 'quaterback' of healthcare + more

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Mayo Clinic inks 'multimillion-dollar' deal with AI startup, CVS CEO Karen Lynch: Primary care is the 'quaterback' of healthcare + more · Becker’s Healthcare Digital Health + Health IT

• 0:00
  - Welcome to the Becker's Healthcare Podcast.
• 0:02
  We at Becker's are excited
• 0:04
  to welcome more than 2,500 healthcare executives
• 0:07
  to Chicago next April for our annual meeting.
• 0:11
  Over the four day event,
• 0:12
  you'll hear more than 450 elite hospital
• 0:15
  and health system executives share the big ideas
• 0:17
  and best strategies driving healthcare forward.
• 0:20
  Visit conferences dot becker's hospital review.com
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  to register or email agenda team at becker's healthcare.com.
• 0:27
  This event is closed to non-providers.
• 0:29
  Unless coming through a sponsorship
• 0:31
  or exhibit, reach out soon to sponsor the event.
• 0:33
  We'll be sold out by the end of the year.
• 0:36
  Without further ado, here is your daily news briefing
• 0:39
  for today, January 10th.
• 0:41
  First, C-V-S-C-E-O.
• 0:43
  Karen Lynch told CNBC
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  that primary care is a fundamental aspect
• 0:47
  of the company's offerings.
• 0:49
  She said, quote, think about primary care
• 0:52
  as a quarterback to your healthcare.
• 0:54
  Adding that at-Home Care can be especially helpful
• 0:57
  for parent patients stating, when we're in the home, we get
• 1:00
  to open up the refrigerator and see if you're eating well.
• 1:03
  We get to look and see if there's
• 1:04
  rugs that you might trip on.
• 1:07
  This comes as CVS has been working to expand into a broader
• 1:10
  and more diverse healthcare company.
• 1:12
  In March, the company completed its $8 billion acquisition
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  of Signify Health, adding more than 10,000
• 1:19
  clinicians to its network.
• 1:21
  In May, CVS acquired primary care company Oak Street Health
• 1:24
  for 10.6 billion.
• 1:26
  The push for primary care comes as CVS looks to close 900
• 1:30
  of its stores and removes self-checkout from
• 1:32
  several locations.
• 1:34
  Ms. Lynch said quote, we really looked at density
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  and we said sometimes there was a store on one corner
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  and a store on another corner.
• 1:41
  We continue to evaluate our store closures,
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  but we still have total access to care.
• 1:46
  85% of Americans are within a 10 mile radius
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  of a CVS end quote.
• 1:53
  Second Fitch ratings upheld the long-term issuer default
• 1:57
  rating and unsecured debt of Oracle at BBB.
• 2:01
  According to Fitch,
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  after acquiring EHR vendors Cerner in June,
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  Oracle has constrained additional debt in Shsu
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  and share buybacks
• 2:10
  and is focusing instead on repaying maturities
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  through physical 2024
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  with a projected E-B-I-T-D-A leverage staying
• 2:18
  below 3.5 times.
• 2:20
  Fitch said it anticipates that physical 2025,
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  the company will resume activities such as debt refinancing
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  and share buybacks, all while ensuring
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  that E-B-I-T-D-A leverage remains below 3.5 times
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  following a temporary dip in E-B-I-T-D-A margins.
• 2:37
  Following the acquisition of Cerner,
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  Orkel has seen a rebound in profitability the past few
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  quarters nearing level seen before the acquisition.
• 2:44
  According to Fitch,
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  Fitch anticipates H trajectory towards 50% E-B-I-T-D-A
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  margins in the intermediate term.
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  As Cerner becomes fully integrated
• 2:55
  and Oracle sustained growth in cloud products is expected to
• 2:58
  - Mitigate a decline on in on-premise products.
• 3:02
  Third, Mayo Clinic unveiled partnerships
• 3:05
  with two AI driven companies January 8th, with plans
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  to accelerate personalized medicine
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  capabilities and offerings.
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  The health system sign an agreement with C oss, a team
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  of AI experts, and expanded its relationship
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  with Tech Psych, an AI based digital pathology company.
• 3:22
  Mayo Clinic selected Sea Brass
• 3:24
  as its first gen AI collaborator
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  for large scale domain specific AI capabilities
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  for more personalized diagnosis and treatment plans.
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  The Silicon Valley startup is working with Mayo
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  to develop models that we'll be able
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  to summarize medical recordings,
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  identify patterns in medical images,
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  and analyze genome dam data.
• 3:42
  According to Reuters, Andrew Feldman, CEO,
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  and co-founder of the company, said it's an honor
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  to collaborate with Mayo Clinic,
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  a top ranked hospital in the nation.
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  With his recognized leadership in delivering medical
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  outcomes, we are uniquely positioned
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  to combine AI in medicine.
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  Mr. Feldman told Reuters his company signed a multimillion
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  dollar agreement with Mayo for a partnership
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  that will last several years,
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  and CBRA will provide the health system with hardware
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  and software development services.
• 4:11
  Mayo Clinic platform,
• 4:13
  the health systems innovation ecosystem
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  also announced a new partnership with Tech Psych.
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  The partners aim to create a digital pathology platform
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  with open end-to-end AI driven solutions.
• 4:23
  For more accurate treatment,
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  healthcare organizations will be able
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  to use the AI workflow solutions developed
• 4:28
  through the collaboration
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  to digitize their pathology practices.
• 4:34
  Are you interested in engaging in dynamic conversations
• 4:36
  with hundreds of top health system executives
• 4:39
  and gaining valuable insight for your business?
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  Join the 300 plus sponsors
• 4:43
  and exhibitors at the Becker's 14th annual meeting April 8th
• 4:46
  through the 11th in Chicago.
• 4:48
  Email Jessica Cole at jCole@beckershealthcare.com
• 4:51
  to reserve your spot today.