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WTF Health: Transcarent, Walmart & The “Re-making” of Healthcare Payers: Glen Tullman on the Power of Big Retail

By JESSICA DaMASSA, WTF HEALTH

Days after announcing their deal with Walmart, Transcarent’s Executive Chairman & CEO Glen Tullman and meet again (in-person!) to pick up our conversation right where it left off. For the details about the deal, see our last interview; for what the deal signifies for the disruption of the healthcare payer and the ultimate rise of the healthcare consumer, tune in now and take note.

The plot of Transcarent’s story is starting to take shape. Their conflict is with the “big middle” of healthcare where drugs are marked up, care needs pre-authorizations, and docs labeled “this is NOT a bill” are ridiculous artifacts of a payer-first healthcare experience.

“The system behind our healthcare today is working exactly as its designed: for payers. We want to re-design that,” says Glen. “It’s not, ‘how do we get through that better?’ That would be navigating. It’s ‘how do we go completely around that and re-design the experience?’”

Glen talks us through the leverage retailers like Walmart and Amazon really have to help take on non-innovative payers what role Transcarent is playing in all of this, and how startups like GoodRx, Ro, and Capsule who are successfully challenging PBMs are demonstrating that payment model innovation is possible.

And, while we wait for the next big deal to come from ‘healthcare’s best dealmaker, we’ve got some foreshadowing: a quick mention of Oscar Health that registered on my radar as interesting, along with some very specific details about how Transcarent will expand its offering next, looking at MSK, cancer care, behavioral health (particularly for teens), and bringing in more “human voices” for their members to turn to for advice.

#Healthin2Point00, Episode 202 | Virta, Seqster, Kaia, Capsule & Accolade acquires PlushCare

On Health in 2 Point 00, Jess and I talk about TDOC earnings before getting into today’s deals. First, Virta Health scores $133 million in a round led by Tiger Global for its keto diabetes reversal program. Seqster raises $12 million in its Series A, and there are some interesting investors in this one. MSK startup Kaia Health raises $75 million, bringing its total to $123 million. Online pharmacy Capsule raises $300 million, bringing its total to $570 million. Finally Accolade acquires virtual primary care platform PlushCare in a $450 million deal. —Matthew Holt

Qualcomm Life adds inpatient strategy with Capsule purchase

Qualcomm Life has built a big ecosystem of device partners on its 2net platform, focusing mostly on moving data from devices used by patients in their home. Today they sped up that development by buying Capsule which has a strong business on integrating data between different devices in the hospital.

I had a quick interview with Rick Valencia, GM of Qualcomm Life about their business. Two quick things to note. 1) I’m on the Qualcomm Life Advisory Board (although I knew nothing about this acquisition beforehand) and 2) I caught Rick at the end of a long day and tried to get him to talk about some recent customer data but neither of us could remember the reference. I was hoping he’d tell me more about this successful roll out of the 2net ecosystem in Northern Arizona, which is well worth a read. Meanwhile for more on Qualcomm & Capsule, watch the interview.