Small Change For PT, OT Practitioners May Have Big Effect On Health Systems
As Modern Healthcare reports, CMS has relaxed supervision requirements for physical and occupational therapist assistants from “direct” to “general.” The change could help health systems manage patient volume and reduce Medicare spending.
Modern Healthcare:
New Physical, Occupational Therapy Rule May Ease Hospital Burden
A policy change enabling physical and occupational therapy practitioners to treat Medicare beneficiaries with less oversight could benefit health systems and other providers. Tucked inside the Physician Fee Schedule final rule for 2025, the Centers for Medicare and Medicaid Services relaxed supervision requirements for physical and occupational therapist assistants from “direct” to “general.” (Early, 11/12)
In other health industry developments —
Modern Healthcare:
Cardinal Health To Acquire Two More Specialty Companies
Cardinal Health has entered definitive agreements to acquire a majority stake in GI Alliance, a gastroenterology management services organization, and the entirety of Advanced Diabetes Supply Group, a diabetes medical equipment supplier. Cardinal expects to acquire Advanced Diabetes Supply for an estimated $1.1 billion and 71% ownership of GI Alliance for an estimated $2.8 billion. Both deals are expected to close by early 2025, pending regulatory approvals. (DeSilva, 11/12)
Modern Healthcare:
SSM Health, Inbound Health Expand Partnership To Hospital-At-Home
SSM Health and healthcare technology company Inbound Health expanded an at-home healthcare partnership at St. Mary’s Hospital in Madison, Wisconsin to include hospital-level care at home. St. Louis, Missouri-based SSM Health and Inbound Health launched a hospital-at-home program last week for certain patients to receive acute-level care where they live. The new program can treat up to five patients at a time with illnesses such as cellulitis or certain respiratory, circulatory or heart conditions, an SSM Health spokesperson said. (Eastabrook, 11/12)
The Colorado Sun:
UCHealth Agrees To $23 Million Settlement Over False Billing Claims
UCHealth, the state’s largest medical provider, has reached a $23 million settlement with federal authorities over allegations that it overbilled for emergency care at its hospitals, the Colorado U.S. Attorney’s Office announced Tuesday. (Ingold, 11/13)
Modern Healthcare:
Centene President Ken Fasola To Exit Company In 2025
Centene President Ken Fasola will exit the company next summer. Fasola will hand off his duties before the end of the year and retire from Centene on July 1, the health insurance company announced in a Tuesday Securities and Exchange Commission filing. He will remain as a strategic advisor to CEO Sarah London until his departure, the SEC filing said. (Tepper, 11/12)
In pharmaceutical and technology news —
Stat:
A Scrap Of Data On Amgen's Obesity Drug MariTide Wipes Out $12B In Market Value
On Tuesday, a tiny shred of data on Amgen’s lead obesity candidate — not yet verified — erased $12 billion in market value. The data, spotted by an analyst at Cantor Fitzgerald, focused on concerns about potential side effects with the drug, called MariTide. Once they were shared widely in an investor note, the company’s shares fell 7%, a reminder that its stock is in a highly precarious position ahead of a critical readout of the therapy. (Chen, 11/12)
Stat:
RNA Startup Orna Therapeutics Cuts More Jobs
Biotech startup Orna Therapeutics has cut more jobs in its second round of layoffs in the last year, STAT has learned. Orna was part of a buzzy cohort of companies established in the wake of the Covid pandemic, planning to create new, more durable types of RNA-based medicines. It launched in 2021 and quickly garnered attention from Gilead subsidiary Kite Pharma, Bristol Myers Squibb, Novartis, and Merck. (DeAngelis, 11/12)
FiercePharma:
FDA Shoots Down Intercept's Bid For Full Approval Of Ocaliva
In the wake of an unfavorable advisory committee meeting in September, Intercept Pharmaceuticals’ bid to win full approval for its liver disease drug Ocaliva has come up short. Intercept on Tuesday revealed that it received a complete response letter from the FDA, dashing the company’s hopes of turning Ocaliva’s accelerated green light into a traditional approval for the rare autoimmune disease primary biliary cholangitis (PBC). (Kansteiner, 11/12)
Stat:
Schizophrenia Drug AbbVie Picked Up In $9 Billion Acquisition Fails In Key Trials
AbbVie said Monday that its experimental treatment for schizophrenia failed to significantly help patients in two trials, a blow to the company, which got the drug through its recent $9 billion acquisition of Cerevel Therapeutics. (Chen, 11/11)
