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Deconstructing the Telehealth Industry: Part Iii Enabling Clinicians to Do More Good for More People

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Deconstructing the Telehealth Industry: Part Iii Enabling Clinicians to Do More Good for More People DECONSTRUCTING THE TELEHEALTH INDUSTRY: PART III ENABLING CLINICIANS TO DO MORE GOOD FOR MORE PEOPLE WINTER 2020 • INDUSTRY WHITE PAPER ABOUT THE AUTHORS Grant Chamberlain joined Ziegler in 2015 as a managing director in the Corporate Finance Healthcare Practice. With over 20 years of investment banking experience, Grant has advised some of the leading healthcare systems, including Sharp Healthcare, Cedars-Sinai and Baylor Health, along with several of the most innovative virtual care companies, including AirStrip, MDLive, Voalte, IRIS, Forefront Telecare and Regroup. Prior to Ziegler, Grant led the mHealth sector coverage at Raymond James – which included telehealth, remote monitoring and wireless healthcare solutions – after spending 15 years advising HCIT and tech-enabled outsourced services companies on a broad variety of M&A, joint ventures/partnerships and private financings. Additionally, Grant has completed dozens of transactions in the physician practice management space with a specific concentration in GRANT CHAMBERLAIN oncology, having closed over 15 deals in that sector in his career. MANAGING DIRECTOR Prior to Raymond James, Grant was a principal at Shattuck Hammond Partners, which was 312 596 1550 acquired by Morgan Keegan. He was also a part of the corporate finance group of General Electric [email protected] Capital Corporation and the financial services division of GE Medical Systems. In addition, Grant is an elected Director of the American Telemedicine Association (ATA), the leading international advocate for the use of advanced remote medical technologies. He is also on the Board of Directors for the MAVEN Project, which uses virtual care and a network of volunteer physicians affiliated with the nation’s foremost medical school alumni associations to improve healthcare access for underserved populations. Grant earned a B.A. in finance and investment banking from the University of Wisconsin-Madison. Jenny Poth joined Ziegler Prior to joining Ziegler in 2018, in 2016. Under Ziegler Clayton was a vice president Proprietary Investments & in Raymond James’ healthcare Fund Management, Jenny investment banking group works with the firm’s portfolio where he advised healthcare companies and strategic services and technology clients partners to maximize value on a variety of transactions for all stakeholders. Jenny was including sell-side and buy-side previously part of the Corporate acquisitions, mergers, joint Finance Healthcare team, ventures, as well as public and advising healthcare services private financing transactions. JENNY POTH and healthcare information CLAYTON WILSON Earlier in his career, Clayton ASSOCIATE RESEARCH ASSISTANT technology companies on served as an investment banker 312 596 1529 312 596 1569 various strategic and financial at Shattuck Hammond Partners, [email protected] [email protected] alternatives. which was acquired by Morgan Jenny graduated magna cum Keegan. laude from the University of Clayton earned a B.A. in Notre Dame with a Bachelor economics and management of Business Administration in from Albion College. finance and theology. TABLE OF CONTENTS Introduction . p . 4 Driving Forces For Virtual Care . p . 10 Virtual Care Programs Gaining Traction Across A Broad Universe Of Stakeholders . p . 12 Virtual Care Ecosystem . p . 14 Behavioral Healthcare For The Digital Era . p . 16 Virtual Care Examples In The Behavioral Health Sector . p . 18 Virtual Care In The Smart Aging Continuum . p . 20 Expanding Medicaid Coverage Of Virtual Care: A Policy Imperative . p . 22 High Growth Segment: Tele-Oncology . p . 24 Notable Market Developments . p . 25 Ziegler’s Virtual Care Sector Map . p . 26 Key Virtual Care Participants: A Diverse Landscape . p . 28 Key Virtual Care Participants: Partners, Investors, Acquirers . p . 30 Conclusion . p . 31 ZIEGLER 3 INTRODUCTION possible with their licensure and makes it possible for more “Virtual care has a three-part mission: to deliver patients to receive the correct care . Strong data management and the production of actionable intelligence from big data care where and when people need it; to assure analytics engines will be key to virtual care’s long-term success, them that it is safe, effective and appropriate; especially when paired with the emerging potential of artificial and to enable clinicians to do more good for intelligence and machine learning . more people.” One aspect of healthcare that requires particular use of data is the integration of physical, behavioral and social healthcare — Ann Mond Johnson (CEO, The American Telemedicine Association) (“biopsychosocial health”) that we foreshadowed in our last white paper . In this 2020 edition of “Deconstructing the In 2018, we published “Deconstructing the Telehealth Industry: Telehealth Industry: Enabling Clinicians to do More Good for Improving the Access Points of Healthcare Delivery” which More People,” you will see a redoubled emphasis on: emphasized that virtual care “is just healthcare…it is not a • Proliferation of Tele-Behavioral Offerings: Perhaps sidecar to the delivery of care, but a naturally integrated tool more than in any other specialty, virtual care workflows used to streamline the complex healthcare ecosystem .” Over built into behavioral health solutions can drive timely, the past two years, this principle theme has been confirmed, evidence-based, analytically-driven engagement with the as numerous parties throughout the healthcare ecosystem appropriate providers, thereby maximizing the likelihood have implemented and used virtual care to deliver safe, that all providers work to the full extent of their training effective treatment across diverse use cases . The proliferation and licensure and all patients receive the appropriate care . of virtual care has been driven, in part, by continual advances Identifying patients in need at scale, triaging them to the in technology that allow for unprecedented “one-to-many” right providers and engaging them in both their behavioral opportunities which effectively scale the scarce clinical resources and physical care plans all require proper use of data . of physicians, nurses, pharmacists and other clinical and non- clinical professionals to address more patients’ needs . This • Analytically-Driven Social Determinant Toolkits: No virtual dynamic has enabled many patients to access care wherever and care program will succeed without being relevant in the whenever they need it, with a high degree of confidence in the social context where it is being deployed . Being conscious of quality of their treatment . consumers’ access to transportation, food, community-based resources, housing, financial assistance and other services, and One of the most notable developments we have seen in this removing barriers to these resources are two key components sector over the last several months is the increasing ability of engaging people in their care, ensuring positive outcomes of virtual solutions to effectively use data to improve care . and controlling costs . When used properly, data analysis Strong data management can enhance engagement, drive can drive efficient identification of social risk factors and proactive care, make administrative tasks (billing, scheduling, navigation to appropriate resources . documentation) much easier and dramatically improve patient navigation and resource utilization . The “winners” in virtual In this paper we explore these themes in two new full-page care are those whose solutions effectively manage and filter diagrams titled, “Behavioral Healthcare For The Digital Era” data, improve client workflows and provide analytically-driven and “Expanding Medicaid Coverage Of Virtual Care: A Policy engagement tools that eliminate friction . These solutions must Imperative .” We have also included a new page highlighting a be easy to implement and use and must work seamlessly with “High Growth Segment: Tele-Oncology” and an update on the disparate sources of relevant data . Additionally, it will be critical momentum of “Virtual Care In The Smart Aging Continuum .” for virtual care solutions to embed within existing provider It is becoming clear that integrated healthcare delivery systems workflows, as any virtual care solution that creates additional across the country will be one of the biggest winners in administrative “steps” or burden from current practices will the virtual care revolution, as virtual care solutions become quickly lose traction . standards of care and a growing awareness builds that there is The most important emerging capability of data in virtual care no single right way to deliver healthcare . Provider shortages, is the effective triage of patients to the right level of care and increasing consumerism, ubiquitous technology, growing the correct provider . Intelligently triaging patient populations reimbursement pressure and the transition to value-based enables providers to continuously work at the highest levels payments (among other factors) have created a landscape in 4 ZIEGLER which it is more attractive for providers to deliver care virtually Health and others have documented cost savings driven by in many instances, rather than in a traditional face-to-face virtual care . In particular, Avera Health has noted significant setting . Health systems and other provider organizations are findings across multiple areas of care, as described on its actively exploring how virtual care and related technologies website www .averaecare .org/ecare/why-avera-ecare/by- can help expand their
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