Berkshire Hathaway Gobbles Up $1.6B In Shares Of UnitedHealth Group
The disclosure in a filing Thursday gave a much-needed boost to the beleaguered health insurance giant, which saw shares jump as much as 9.6% in post-market trading. In other news: Nike co-founder Phil Knight and his wife are giving $2 billion to Oregon Health & Science University’s Knight Cancer Institute — the largest known single gift to a U.S. university, The Wall Street Journal reported.
Bloomberg:
Buffett Buys $1.6 Billion Stake In UnitedHealth, Sells T-Mobile
Warren Buffett’s Berkshire Hathaway Inc. bought shares of UnitedHealth Group Inc. in the second quarter, sending the health insurer’s stock soaring in post-market trading. The chief executive officer of the Omaha, Nebraska-based conglomerate acquired 5 million shares in UnitedHealth, granting Berkshire a stake worth $1.6 billion, according to a filing Thursday. (Rajbhandari, 8/14)
Modern Healthcare:
UnitedHealth Group Buys Amedisys For $3.3B
UnitedHealth Group’s Optum closed its $3.3 billion acquisition of home health company Amedisys. Baton Rouge, Louisiana-based Amedisys disclosed the completion of the $3.3 billion deal Thursday in a filing with the Securities and Exchange Commission. A spokesperson for Optum said the company is pleased to finally finish the purchase, which was subject to months of antitrust scrutiny from the federal government. (O’Connell-Domenech, 8/14)
More health industry developments —
The Wall Street Journal:
Nike Co-Founder Phil Knight Gives $2 Billion To Oregon Cancer Center In Record Gift
Nike co-founder Phil Knight and his wife, Penny Knight, are donating $2 billion to Oregon Health & Science University’s Knight Cancer Institute—the largest known single gift to a U.S. university, coming at a time when colleges’ public funding is under siege. The gift will roughly double the size of the cancer center, expanding its capacity to treat patients and conduct research. (Bachman and Subbaraman, 8/14)
Modern Healthcare:
Penn Medicine, Saint Francis Health To Start Hospital-At-Home
Penn Medicine and Saint Francis Health System recently received federal go-ahead to launch hospital-at-home programs, despite the program’s uncertain future. The Centers for Medicare and Medicaid Services’ Acute Hospital Care at Home waiver is set expire at the end of next month. Congress still must decide if it will extend or end the program, which provides Medicare reimbursement at the same rate for in-home care as in-facility care. Still, CMS approved waivers about two weeks ago for Tulsa, Oklahoma-based Saint Francis Health System’s program at two facilities. (Eastabrook, 8/14)
Bloomberg:
FTC Probes Complaints About Hims & Hers’ Ads, Cancellation Practices
For more than a year, the Federal Trade Commission has been investigating Hims & Hers Health Inc.’s business practices, including whether it has made it too hard for customers to cancel subscriptions, according to people familiar with the probe. The company, which hasn’t been formally accused of wrongdoing, didn’t respond to a Bloomberg request for comment. Hims House, a Hims investor community, said in a post on X that it received an official statement from the company saying the inquiry was previously disclosed. (Muller and Nylen, 8/14)
The Baltimore Sun:
Baltimore County Woman Pleads Guilty To Impersonating Nurses
A Baltimore County woman pleaded guilty Thursday to federal identity theft charges for impersonating a nurse at 40 healthcare facilities across Maryland, according to the U.S. Attorney’s Office for the District of Maryland. (Schumer, 8/14)
In tech news —
Modern Healthcare:
Philips To Invest Over $150M In US Manufacturing, Research
Health technology company Philips announced plans Thursday to invest more than $150 million in U.S. manufacturing, research and development. Part of the plan involves expanding its Reedsville, Pa., manufacturing facility, which produces AI-enabled ultrasound systems for hospitals. The company is also expanding its image-guided therapy facility in Plymouth, Minn. More projects similar to these will be announced in the next several years, according to the company. (Dubinsky, 8/14)
Modern Healthcare:
AI Vendors Integrated With EMRs See More Success With Hospitals
Health systems say connectivity with their electronic medical record vendor determines which AI solutions they are choosing to adopt. That’s one of the findings suggested in a report published in July from industry group the Healthcare Financial Management Association and Eliciting Insights, a healthcare strategy and research firm. The report, “Health System Readiness for Artificial Intelligence,” surveyed 233 health systems on a wide range of topics, including how they’re selecting solutions from AI vendors. (Broderick, 8/14)
Bloomberg:
Whoop Refuses To Pull Blood Pressure Tool After FDA Warning
Whoop Inc., the maker of screen-less fitness bands, said it will not disable its blood-pressure tracking tool despite a request from the US Food and Drug Administration. The FDA last month sent a warning letter to Whoop stating that the company’s Blood Pressure Insights feature, or BPI, which both measures blood pressure and provides related feedback, means that the Whoop is operating as a medical device. (Kelly, 8/14)
