Oak Street Health Hybrid Fund • Pritzker Raises Abortion Costs

Oak Street Sees Revenue Climbing, Even When It Loses: Chicago-based primary care provider Oak Street Health disclosed its second-quarter earnings on August 3, reporting that it saw revenue grow 48% to $523.7 million, up from $353.1 million during the same period last year.

However, Oak Street reported a net loss of $148.3 million, up from $100.3 million a year earlier.

SVB Securities analysts remain bullish on Oak Street shares, writing in a client note published on August 3 that the company’s stock “performed well” despite some losses.

“Second quarter results demonstrated ongoing themes of consistent execution, progress across caregiving initiatives, a resurgence of community outreach, and some complexity around prior period settlements and money burn,” they wrote.

– Kathryn Davis

ILLINOIS PROMOTE MEDICAID RATES FOR ABORTION SERVICES: Medicaid in Illinois will soon start paying more to cover the cost of abortion services as the state works to enhance access to reproductive health in a post-Roe v. Wade state.

Starting September 1, Medicaid in Illinois will increase reimbursement rates by 20% for abortion services, Governor J.B. Pritzker announced during a press conference Thursday at Chicago Family Health Center, which includes several South Side clinics.

The change aims to better support and fund the state’s abortion providers, many of whom have seen an influx of patients from nearby Midwest states since then. Rogue flipped in June. The governor’s office expects the repayment cost to be around $3 million annually. Read more.

Biden’s Abortion Signals Order: President Joe Biden signed a second executive order aimed at improving access to abortion services, a day after Kansas voters rejected an amendment to the state constitution that would have specified that women do not have the right to the procedure.

Biden — who signed the order Wednesday, more than five weeks after the US Supreme Court struck down the nationwide abortion right — hailed the Kansas measure’s defeat.

The order directs the Secretary of Health and Human Services to consider measures to help patients travel outside their states to have abortions using funds from Medicaid — a move governors are likely to challenge in the courts. Read more.

Arwady hopes the emergency outbreak will lead to more Monkey Box vaccine: US health officials have declared monkeypox a public health emergency, a move aimed at facilitating access to more funding to fight the virus.

The virus has spread to more than 26,000 people globally in just a few months, leading the World Health Organization to declare the outbreak of a Public Health Emergency of International Concern on July 23. The United States leads the world in known cases of monkeypox, according to the Centers for Disease Control and Prevention. The city of Chicago has reported 459 cumulative confirmed cases as of yesterday.

Dr. Alison Arwady, commissioner of the Chicago Department of Public Health, said Thursday she was pleased to see the federal government declare a monkeypox emergency because more vaccines are most needed. She said she hopes that efforts like the federal action on COVID vaccines will work with monkeypox. Read more.

The repercussions of Covid on Baxlovid do not worry Chicago doctors: Infectious disease experts in Chicago say the antiviral drug Paxlovid, which is given to some COVID-19 patients soon after they contract the virus, is doing what it’s designed to do and then others, despite reports of repeated tests or positive symptoms.

Some COVID patients, both those who have been prescribed Paxlovid and those not using antivirals, may see a reversal of their viral load, where they test negative and later test positive, and sometimes patients also see a return of symptoms, which is not uncommon in viral infections, he said. Dr.. Jonathan Martin, MD, an infectious disease physician at Cook County Health.

Martin said the risk of a rebound to Baxlovid is relatively low. A study funded by the National Institutes of Health from December 2021 to May 2022 of California patients treated with Baxilovid found that viral load rebounded in 3.5% of patients and symptom recovery was only 2.3%, he said.

Martin said that patients who do not take baxlovid may see more cases of rebound. In a preprint study, published Tuesday on the medrxiv.org Healthcare Study Server, researchers at several hospitals across the country found that COVID patients who didn’t take Paxlovid may have a higher risk of relapse than those treated with the drug. Read more.

Study finds black medical students more comfortable in HBCUs: A Northwestern University professor says that one study that found that black medical students who historically attended black medical schools reported a greater sense of belonging and confidence in their academic abilities may point to inclusion and diversity problems at predominantly white medical schools.

A survey was conducted three times during the second year of medical school study participants, comparing the experiences of students at historically black colleges and universities (HBCUs) with those attending predominantly white institutions (PWIs), according to a Northwestern statement.

In addition to creating a greater sense of belonging, the study found that HBCU students reported more confidence about being accepted into the top 10 accommodations and greater stability for an accommodation goal than those in PWIs, according to the statement.

“Our findings suggest that black medical students in PWI schools may experience greater daily discrimination compared to their HBCU peers, resulting in reduced perceptions of their ability to succeed in the Faculty of medicine”. Weinberg College of Arts and Sciences at Northwestern University.

Northwestern said in the statement that the study builds on Perry’s previous research using an assertiveness intervention to counteract the impact of racial stress experienced by black medical school students in PWIs. Berry is also the principal investigator in the Laboratory of Social Cognition and Intergroup Processes and a faculty fellow at the Northwestern Institute for Policy Research.

“We believe it is important for predominantly white institutions to signal a commitment and make efforts to increase diversity among trainees and faculty,” Berry said.

“Just increasing the number of students and faculty in color is not enough,” she added. These institutions should also focus on increasing underrepresented medical students’ sense of belonging by making the reduction of bias and discrimination a clear priority. Medical schools must create an environment in which all students can thrive and feel safe.”

HCSC’s MA expansion means competing with larger national carriers: Health Care Service Corp.’s plan to expand its Medicare Advantage business to 150 more counties next year may be an effort to combat shrinking market share in the field and better compete with national players like UnitedHealthcare, Centene and Aetna.

“There may be no more competitive space in all health insurance than Medicare Advantage,” said Nathan Linsley, the company’s vice president for government and individual markets. “We’re seeing a lot of competition from national carriers and we’ve also seen a lot of competition from new entrants.” Read more.

Opinion – Setting drug prices would be detrimental to innovation and growth: Legislation that would set prices in Medicare Part D is bad for anyone wanting to see Illinois, says John Conrad, president and CEO of iBIO, the Illinois Biotech Innovation Organization, and America continues to lead in the development of innovative treatments and treatments.

“In the name of lowering drug prices for patients, Congress is considering legislation that would set prices in Medicare Part D,” Konrad wrote. “While price cuts are needed in the pharmacy office, the proposed legislation will do little to lower prices for consumers. Instead, the bill would reduce access to current drugs and stimulate investment in future drugs.” Read more.

HORIZON sees lower profits as a result of OMICRON’s increase: Horizon Therapeutics, a Deerfield-based drugmaker, reported second-quarter earnings that missed Wall Street expectations and lowered its revenue estimates for the rest of the year.

Horizon saw second-quarter net sales grow 5% to $876.4 million, but analysts were expecting revenue of $936 million, Zacks Investment Research estimates. Net income fell 61% to $61 million, or about 26 cents a share, down from $158.1 million, or about 67 cents a share, a year ago.

Horizon CEO Tim Walpert blamed lower net income on slower-than-expected sales of Tepezza, the company’s thyroid eye disease drug. While sales didn’t meet expectations, they were still up about 6%, to $479 million in the second quarter. Walbert says Tepezza sales have been affected by the slow recovery from the COVID-19 omicron. Read more.

people on the way

Paolo Amoruso He was appointed chief legal officer and corporate secretary of Deerfield-based Surgline Medical Technology.

Amoroso previously served as interim general counsel for Surgalign, having joined the company in April 2022.

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