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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

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McKesson plans to grow its oncology platform by investing nearly $2.5 billion for a 70% stake in Community Oncology Revitalization Enterprise Ventures (Core Ventures), which was launched earlier this year by Florida Cancer Specialists & Research Institute (FCS). The institute is a group practice of more than 250 physicians, 280 advanced practice providers and almost 100 Florida locations that will remain independent following the deal’s close. The deal will bring advanced treatments and improved care to patients while reducing the overall cost of care, McKesson’s chief executive said.

The Centers for Medicare & Medicaid Services (CMS) issued a new report detailing total complaints related to the No Surprises Act and Affordable Care Act compliance. Providers and consumers earned $4.18 million in relief. More than 12,000 complaints were tied to the No Surprises Act compliance, 10,300 of which were against providers, facilities and air ambulance services. Most of such complaints were about surprise billing for non-emergency services at an in-network facility, followed by surprise billing for emergency services and good faith estimates.

And…Electronic health records giant Epic recently announced plans to transition its customers to TEFCA, the Trusted Exchange Framework and Common Agreement, a nationwide network to exchange patient data that was mandated by the 21st Century Cures Act back in 2016. On the same day, Carequality, an interoperability network that Epic belongs to, also announced that it plans to align with TEFCA. As one of the largest health IT vendors in the industry, Epic’s commitment to moving customers over to TECFA is noteworthy and will likely help to drive adoption, health IT experts say.  

CITE: https://www.r2library.com/Resource

What’s up

• Chewy gained 11.06% today as profits at the online pet supplies retailer surged last quarter, easily beating projections.
• Ambarella, a semiconductor company, jumped 10.63% after topping Q2 revenue estimates.
• Box rose 10.83% with the cloud company upping its sales outlook for the year.
• AeroVironment was up 9.06% after the defense firm secured a $990 million five-year contract with the US Army.

What’s down

• Super Micro Computer plunged 19.02% after announcing it would delay filing its annual financial disclosures with the SEC. Yesterday, short-seller Hindenburg Research accused the high-flying server maker of “glaring accounting red flags” and other sketchy business practices.
• Abercrombie & Fitch’s 21% revenue growth last quarter wasn’t enough to impress investors, who sent the retailer’s stock down 16.99%. They got spooked when CFO Fran Horowitz mentioned the “increasingly uncertain environment” in the second half of the year.
• Trump Media stock dipped below $20/share for the first time since the Truth Social owner went public in March. It’s down more than 75% from its intraday peak set that month.
• Foot Locker beat top and bottom line estimates for the second quarter. But its stock dropped 10.24% when it kept its full-year outlook steady and announced store closures in Asia and Europe.

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Here’s where the major benchmarks ended:

• The S&P 500^® index (SPX) fell 33.62 points (–0.60%) to 5,592.18; the Dow Jones Industrial Average^® ($DJI) declined 159.08 (–0.39%) to 41,091.42; the NASDAQ Composite^®($COMP) dropped 198.79 points (–1.12%) to 17,556.03.
• The 10-year Treasury note yield (TNX) rose about one basis point to 3.84%.
• The CBOE Volatility Index^® (VIX) climbed to 16.95, back toward levels seen nearly a week ago.

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Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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