We bring you this week’s healthcare and medtech trends, in Boston and beyond:
1. CVS Launches a Boston Innovation Lab
Your friendly neighborhood CVS may be on it’s way to disrupting healthcare, according to an announcement from the pharmacy this week. The CVS Health Digital Innovation Lab will open in Boston this winter, focusing on bringing “customer-centric experiences to healthcare.” CVS’s Minute Clinics are already a high point in disruptive healthcare conversations, and the company hopes to build on that momentum.
Much of this digital innovation talk comes from Brian Tilzer, Chief Digital Officer. Since he arrived at the company last year, Tilzer has created apps, tested video conferencing with Minute Clinic doctors and founded a program for sending prescription notifications over text message. His new innovation center will be 15,000 square feet of real estate on Huntington Avenue, right between Longwood and Cambridge.
2. Foundation Medicine Goes Public
Foundation Medicine, a cambridge-based cancer diagnostics startup, filed a registration statement this week announcing that they will go public. The IPO is set to raise $86.6 million, according to the Boston Business Journal. When it comes to cancer diagnostics, Foundation Medicine hopes to provide an innovative offering called Foundation One. The program will use genomic information to match patients with targeted cancer treatments. The company’s technology is backed by Bill Gates and Russian billionaire Yuri Milner.
3. Deloitte Breaks Our Healthcare-Heavy Hearts
Deloitte published an infographic this week that told us something we already knew but didn’t want to hear: total health care spending is far greater than the officially reported numbers. This is because of hidden costs – spending that occurs outside of National Health Expenditure Accounts. The big numbers: The US spends more than $3,466 billion on healthcare annually. Hidden costs make up 19% of that number and most of those dollars go toward professional services (physician and clinician services) and hospital care. It looks like we have miles to go before we sleep – and before payment reform changes our daily health care experience.
Jenni Whalen is the Executive Assistant of Editorial at Upworthy. She was previously MedTech Boston's Managing Editor and has an MS in Journalism from Boston University, as well as a BA in Psychology from Bucknell University. Whalen has written for Greatist, Boston magazine, AZ Central Healthy Living and the New England Journal of Medicine, among other places. She has also worked as a conference planner, ghost writer, researcher and content developer.
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