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2:11 - U.S. Economy Again Leads the World, IMF Says 4:36 - Simple Economic Explanations Keep Breaking Down. Here’s Why. 7:54 - A Small Bank’s Failure Leaves Big Depositors Feeling the Pain 11:13 - Home Sales on Track for Worst Year Since 1995 12:39 - Counsel Health secures $11M in seed funding led by a16z 13:25 - Dyania Health raises $10M for clinical trial recruitment LLM 16:24 - OneStep Secures $36M to Establish Gait Analysis as the Sixth Vital Sign HIT Consultant 17:04 - Tennr Raises $37M ...
2:11 - U.S. Economy Again Leads the World, IMF Says
4:36 - Simple Economic Explanations Keep Breaking Down. Here’s Why.
7:54 - A Small Bank’s Failure Leaves Big Depositors Feeling the Pain
11:13 - Home Sales on Track for Worst Year Since 1995
12:39 - Counsel Health secures $11M in seed funding led by a16z
13:25 - Dyania Health raises $10M for clinical trial recruitment LLM
16:24 - OneStep Secures $36M to Establish Gait Analysis as the Sixth Vital Sign HIT Consultant
17:04 - Tennr Raises $37M to Automate Healthcare Documentation, Streamline Patient Referrals HIT Consultant
18:24 - HealthEx raises $14M to safely move patient data
23:43 - Angel Investing Isn’t What It Used to Be
26:02 - Former Humana CEO Bruce Broussard joins Define Ventures
27:19 - Private Markets Are Reserved for the Rich. Should a Test Let You In?
29:01 - Jill Biden announces $110M ARPA-H funding award, prods industry to invest in women's health
30:05 - Transparency has led to uniformity in healthcare costs—but not necessarily lower prices: white pape
32:34 - Medicare Paid Insurers Billions for Questionable Home Diagnoses, Watchdog Finds
37:28 - Blue Cross plan accused of fraud in 'ghost network' class-action lawsuit
40:17 - Cigna Resumes Merger Discussions with Humana After Talks Ended Last Year
44:58 - Cancer Care Is Getting Personal. Local Doctors Can’t Keep Up.
48:30 - Walmart offers same-day prescription delivery with plans to reach 49 states
49:10 - Wegovy Maker Novo Nordisk Says New Pill Shows 14% Reduction in Heart Attacks, Strokes in Diabetic Patients
50:20 - Novo asks FDA to bar compounders from making Ozempic copies Stat
52:07 - J&J’s Ketamine-Derived Drug Is Taking Off
53:57 - England’s Drug-Cost Watchdog Rejects Eli Lilly’s Alzheimer’s Drug
56:03 - Apple’s AirPods Pro hearing health features are as good as they sound
57:46 - McDonald’s, Food Safety Officials Scrutinize Onions in E. Coli Outbreak
58:59 - Atropos Health unveils chat-based AI co-pilot for real-world evidence
1:00:10 - Suki balloons AI assistant footprint through a new strategic partnership with Zoom Healthcare
Every week, healthcare VCs and Jumpstart Health Investors co-founders Vic Gatto and Marcus Whitney review and unpack the happenings in US Healthcare, finance, technology and policy. With a firm belief that our healthcare system is doomed without entrepreneurship, they work through the mud to find the jewels, highlight headwinds and tailwinds, and bring on the smartest guests to fill in the gaps.
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Thank you.
Well, feeling the best I've felt all week.
I didn't need a McDonald's quarter pounder, but I did get food poisoning.
Oh, man,
that is rough.
Yeah, I've had that before.
It's not fun.
Yeah.
And I had it while I was traveling.
Yeah.
Let's go to Salt Lake City for the bank board meeting.
And, um, so you're two or three days post now.
Yeah.
Uh, I'm, this is like day one post, uh, like yesterday was fully on the mend kind of thing.
And this is like the first day without it.
And, uh, yeah, it feels a lot better.
So, I mean, but I was scared because like, I'm having these symptoms and then I hear about the E.
coli thing and I'm like, Oh,
and when it first came out, there's not that much clarity on what restaurants are where who's
involved.
Yeah.
And I saw like this list of all these different stores where they're like, all of these stores had recalls and I'm like, Oh, I know that was, that was it.
But no, it was just, Yeah, run of the mill food poisoning.
So, um, yeah, but, but you know, just, just a reminder.
It's, it's, uh, you can do everything you can try to do everything right.
And still life is going to happen.
Yeah.
I mean, I think you're, you're resilient enough that you can fight, fight through that.
It's not fun when you're in it, but that's where all the, the exercise and, and.
Healthy living then pays off and
getting good sleep and things of that nature.
So anyway,
how's your week?
It was good Um, I did not go to HLTH, which I was happy about.
I skipped it So I've heard from lots of people out there.
We got a bunch of stories from it Yeah, it was nice to be able to try to get some work done And I have a lot of companies.
I'm looking at can only do three more in the fund And gosh, there's a lot of pretty interesting companies now, so
yeah, there's a lot of stuff out there.
Catherine represented, uh, jumpstart.
Yeah.
Out there.
Okay, good.
She was running around taking pictures.
Yeah.
Having fun.
So we'll have to get the download from her Yeah.
Tomorrow.
Um, but uh, you've lined up another great show.
Yeah.
And so a lot of news.
Let's dig in.
Alright.
Starting with the economy, the US economy again leads the world.
The IMF says.
Yeah.
So the IMF does this, um, kind of roll up of the entire global.
Economy, I don't know how much Uh, credence I give it, but, but the U.
S.
is projected as, as growing next year.
And, you know, really the productivity is what got my attention because productivity is the main way to increase standard of living and increase the economy without pouring a bunch more natural resources and things into it.
So our, um, I think the technology.
AI and other technology tools have sort of boosted productivity in the U.
S.
more than other countries.
I
mean, look, there's certainly some metrics, especially when we look year over year, that are kind of tough.
But, planes are full, streets are full, stores are full, concerts are full.
Um, Nashville streets are full.
Nashville is booming.
Nashville is booming.
Uh, cranes are out.
You know, uh, Checks are being written, you know, we're going to talk about that in a little bit, I do think, and of course, we've got this technology revolution that's happening and all the, you know, not all, but a lot of the big companies are based here.
Yeah, right.
I mean, it's us in China.
It's kind of nobody else in the race, really.
And the only reason China is a serious competitor is they can take massive government investment.
And yeah, yeah, right.
Yeah.
Yeah.
But I, I will bet on the U.
S.
as far as innovation and growth and inventing new ways to use these productivity tools.
Yeah.
It's, you know, as, as distressed as we feel in terms of being, you know, a quote unquote divided nation, we got this election, everyone's sort of worried.
Somehow we are still keeping pace as the world's best economy.
So that's
good.
Yeah.
Our system is terrible, but it's the best system out of any
other country out there.
Certainly seems like it.
Uh, okay.
So, and.
In line with that, we talk about it quite often.
You, you often reference the K shape economy, right?
Right.
And how it's hard to look at something like the IMF saying we have the best economy in the world.
And then at the same time, it doesn't feel that way to people.
Right.
Um, the vibe check is the, as the millennials say, um, seems to be off when it comes to us having the best economy in the world.
And so this wall street journal article.
The headline is simple economic explanations.
Keep breaking down.
Here's why it's just saying that there's incongruence between the stock market and GDP growth and how we stack up from an economy perspective and how things feel.
Yeah.
I mean the, the simple.
Like, economics 101, macroeconomics 101, where, okay, you raise rates, and that creates friction and slows down the economy, and then if you reduce rates, it has the opposite effect, that is too simplistic, and the Wall Street Journal is sort of pointing out how many of those narratives have not held up when you actually look at the past data, and they had four or five different Um, sources.
It's not that clean cut.
And I think the K shaped economy is the easiest way to see, if you try to aggregate everything together.
Yeah, I don't know.
I mean, it's not that clear.
And so that's why we have started sort of separating, well, if you have more than half your net worth.
In financial assets, you're in a different position than if you really primarily are getting your income as your, as your way to live.
Right.
Um, and so I think, but there is no, there's no like, okay, well then use this narrative.
Right.
It just is, these are, these are, It's more complicated than the simple narrative.
And I think also technology and specifically mobile technology is putting so many things at our fingertips.
Like our ability to do things has never been greater, whether it's, you know, an entire world of content or getting the entire world delivered to you.
You know, there's all these amazing things that you think about what you would have had to do to get any of those things done even 10 years ago.
And it's like, it's crazy.
Um, And at the same time, inflation is real.
And it, you know, it does feel like trying to live the same quality of life level that you did 10 years ago is harder, right?
So that's, that's kind of a weird juxtaposition of having this technological ability of the world at your fingertips, but yet accessing it, feeling harder than it did.
Yeah, I mean, it used to be, and this isn't all that long ago, you'd have to go rent a movie and bring it home and put it in, you know, VCR or different player.
And now you can do that on your phone or your, or your laptop.
And it just sort of bundled in.
You get all this extra benefit with just one device.
Um, but things that are not digital.
are increasing healthcare and real estate and other things that are in the food in the physical world don't have that dynamic.
So you, so you have a, it's just a separation between the two.
All right.
So we have not talked about banks outside of corporate real estate and things like that in a while.
Um, but It's important to sort of flag this because this is relevant to our, our business.
So, Oklahoma's first National Bank of Lindsay, that's a, I mean, that's a mouthful.
And so, you can kind of tell that that's a pretty small bank.
They had a failure.
This is a bank that had a failure.
Recently,
like in the last
two weeks or a month.
Yeah, so small, nobody heard of it.
But the Wall Street Journal is covering it.
Why?
Because the FDIC actually stuck to their limit of 250 K of insurance per person.
So per account, per account.
So if you, if you had, uh, more than that in a single account there, uh, You're out of luck.
They did not ensure above the 250 K mark.
And the reason why that is so important is because, you know, it was just 2.
5 years ago.
We had the meltdown with SVB, right?
And in that meltdown, we were all worried for 48 hours.
about whether or not millions of dollars per venture fund was about to be lost because it was, you know, recently funded into companies that had their
5 million raise.
And so they have right.
Um, and everyone was freaking out because it would have, it would have cratered a significant percentage of the venture industry, right?
In one bank, too much concentration there.
And the FDIC and Janet Yellen decided to bail everybody out and they covered it 100%, right?
And by the middle of that week, everyone was whole.
Which I think was the right
Decision, right?
Because it would have been a systemic collapse with significant implications that, you know, the workout of that would have been really bad.
So they made a decision to throw the 250 K limit out the window and make everybody whole, right?
But in this case, they did not do that.
And, uh, I think your reason for flagging it is this is kind of what you need to say, Hey, if you're a fiduciary and you are controlling that amount of money or more, You need to be investigating a sweep solution, a sweep account solution.
Yeah, that's right.
I think this is setting a precedent that the FDIC is not insuring deposits over 250, 000.
And then in addition, there have been many solutions to sweep excess over 250 into multiple accounts for the explicit purpose of getting every account under.
250.
It is a little bit of a hassle, but it's honestly not that hard.
Yep.
And yeah, I wanted to flag it because I think our, our audience should get set up in those accounts.
And it's like any, um, you know, safety, uh, reserve thing.
It's probably likely that your bank won't fail, but, but when it fails, it fails quickly.
Silicon Valley Bank went under in two days.
Yeah.
And you're not going to be fast enough.
And you're not going to get your money out.
You're not
going to get your money out.
No.
So yeah, this is just a good heads up for everybody out there who was freaked out during the SBB failure.
You're not freaked out today.
This is a perfect time to take action, right?
While you're not in a crisis, be aware of the FDIC has set a precedent that they will not always ensure beyond the 250 K limit.
All right.
This was a crazy headline home sales on track for the worst year since 1995.
I mean, we're talking 30 years.
Yeah, this is really scary.
It's.
It's been really slow sales, home sales this year.
Um, rates are coming down, but they're still pretty high.
Um, but then as you dig into a little bit more, there's pretty big difference between, uh, different regions of the country.
So there are certain areas like Florida where.
They've had weather issues, and it's difficult to get insurance, and so it's not smooth in every state or even every region around the country.
But still, in the aggregate, the lowest sales since 1995 is pretty shocking.
Yeah.
So I don't know, just for me, the lowest in 30 years is just a note worth making.
Right.
I mean, that's something that touches everybody.
We're all sort of in the business of living somewhere.
Many of the population is much bigger now.
There's more homes in the country.
Yeah.
And so to go way back to 95, it's a long time ago.
I would have thought it would have been, you know, maybe the worst year of the 2020s.
Yeah, that that would have made sense, right?
Yeah, but the idea that's the worst year worse than 30 years That was that was a big one So, all right moving on to the VC world council health secures 11 million in seed funding led by a 16 Z This will not be the only a 16 Z funding talk about today But this is kind of a virtual health care practice basic telemedicine Anything here of note for
you?
Yeah, that's right.
I mean, I think, um, no, I mean, I think that the, um, the volume of.
Telehealth, AI, and, uh, you know, sort of involved in the clinic, I think, I mean, it's, it's telehealth, but they also are using AI behind the scenes, and it just seems like, uh, every week there's more and more of these, these stories.
Yeah.
So, I mean, it's a check, it's A16Z, but.
Yeah, I think the business is not that, uh, dynamic.
Dynia, uh, Health raises 10 million for clinical trial recruitment, a large language model, LLM.
Clinical trial recruitment, a space that we hear about a lot, um, putting an LLM in front of it, that's not that typical, uh, You know, we talked about it before the show, clinical trial recruitment, kind of less exciting because of what's happening in the pharma space overall.
Yeah.
I
mean, clinical trials are going to be down.
Collapsing, they're collapsing,
right?
Um, but, but, I would say it is interesting to think about applying AI in this space.
And if you can collapse the cost to meet the collapsing space, um, and you have something that is, you know, It has far greater margins and far greater efficacy, uh, than the existing technology solutions out there that could be a sort of a winner takes most or winner takes all type of angle to it.
So applying AI to all sorts of places where there's inefficiencies is smart and makes sense.
I don't understand that much about what, uh, Dynia does, but.
Yeah, I
don't know the company.
I didn't look at it.
Uh, but, but I have looked at 30 or 40 similar, I mean, basically take the electronic medical record and they're using a large language model, which is the, the trendy buzzword.
But before that there was analytics and data warehouses, lots of ways to cut through that and find a patient that would qualify for a clinical trial and then try, you try to reach out to them and enroll them.
I've seen a lot of those.
And the problem is not in identifying the patient.
I'm sure they will do that.
The technology I looked at did that.
The problem is reaching out to them and getting them to actually enroll has been traditionally very difficult.
Yeah.
And so we talked about this, right?
You know, you can, um, you can cut.
The value prop in two, right?
One is the lead.
The other is actually getting them through the door.
And so if this is kind of like the equivalent of a lead gen platform, like Apollo is on the data side, like, Hey, we're just going to, you know, far more efficient way, help you find the right people.
And we kind of end there and you pay us a fee for that, then that can, that can work as long as that's a valuable.
You know,
solution.
Yeah.
I mean it goes to pricing.
Like how much would you pay for that?
That's right.
I mean,
maybe a little That's right.
It, it goes to pricing.