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Core Insights - Humana and Providence have initiated a collaboration focused on innovative data exchange to enhance value-based care [1] Company Overview - Humana is a leading health insurance company that aims to improve healthcare outcomes through value-based care models [1] - Providence is a comprehensive health system that seeks to leverage data to optimize patient care and operational efficiency [1] Industry Implications - The collaboration signifies a growing trend in the healthcare industry towards data-driven approaches to improve patient care and reduce costs [1] - Value-based care is becoming increasingly important as healthcare providers and insurers look to align incentives and improve overall health outcomes [1]

Core Insights - Sunnybrook Health Sciences Centre has selected Oracle Health to implement a new AI-powered electronic health record (EHR) system aimed at enhancing patient care and operational efficiency [1][2][3] Group 1: Implementation and Objectives - The new EHR system will replace multiple existing information systems, facilitating better coordination among care teams across the hospital [1][2] - The integration of Oracle Health's AI technologies will provide clinicians with comprehensive insights into patient health, improving decision-making processes [2][3] Group 2: Institutional Background - Sunnybrook is a leading academic health sciences center in Canada, known for its trauma and burn centers, as well as its veterans' care facilities [2][4] - The institution aims to synchronize operations across its campuses to enhance collaboration among clinicians, staff, and trainees [2][3] Group 3: Expected Benefits - The unified, AI-powered platform will reduce manual documentation and improve communication among healthcare providers, leading to more efficient patient care [3][4] - The availability of integrated data will strengthen Sunnybrook's research infrastructure and clinical trial capabilities [3]

16 October 2025 U.S. Healthcare Services U.S. Healthcare Services: How AI will change the healthcare landscape, a summary of our recent teach-in Lance Wilkes +1 917 344 8501 lance.wilkes@bernsteinsg.com William Robbins +1 917 344 8536 william.robbins@bernsteinsg.com We recently hosted a teach-in on disruptions in healthcare, underlining the key disruptive themes moving forward. In this note, we recap the session and provide our views on where to expect disruption in US healthcare services (see REPLAY, SLIDE ...

Group 1: Microsoft and Tech Industry - Microsoft plans to move the majority of its new product manufacturing out of China by 2026, following a trend among U.S. tech giants to diversify production [2] - The company aims to relocate production of Surface laptops and data center servers, including key components and assembly, starting next year [3] - Microsoft has set a goal to source at least 80% of the servers' bill of materials (BOM) from outside China [3] Group 2: U.S. Beef Prices and Trump Administration - President Trump has promised to address soaring beef prices in the U.S., which have reached record highs, stating that his administration is actively working to combat inflation [4] - Trump indicated that a deal regarding beef prices is in progress, acknowledging that current prices are "higher than we want it" [4] Group 3: Rare Earths and Strategic Investments - The Trump administration is expected to acquire stakes in additional companies due to China's recent rare earth export restrictions, as suggested by Treasury Secretary Scott Bessent [5] - Bessent emphasized the importance of self-sufficiency or sufficiency with allies in light of China's actions [6] Group 4: Fertility Drug Costs - EMD Serono will reduce the price of Gonal-f, a widely used fertility medication, as part of a broader initiative announced by President Trump [8] - The initiative includes new federal guidance allowing employers to offer fertility benefits separately from standard health insurance plans [8] - Gonal-f is used in in vitro fertilization (IVF) treatments, which can be costly for patients [9]

Company Overview - UnitedHealth Group is one of the largest healthcare companies in the US, serving approximately 148 million people across different business segments [1] - The company holds an estimated 15% market share in the U.S. healthcare sector [1]

Core Insights - HealthEquity, Inc. (HQY) is experiencing growth driven by its business model and strategy, particularly in Health Savings Accounts (HSAs), following a strong second-quarter fiscal 2026 performance [1][7] - The company's shares have increased by 9.5% over the past six months, outperforming the industry growth of 3.8% and the S&P 500's increase of 28.3% [1] Company Performance - HealthEquity has a market capitalization of $8.1 billion and projects a 21.7% growth over the next five years [2] - The company has surpassed earnings estimates in three of the last four quarters, with an average surprise of 11.1% [2] - In Q2 fiscal 2026, HealthEquity reported solid top-line and bottom-line growth, with total HSA assets rising 12% year over year to $33.1 billion [7][9] Health Savings Accounts (HSAs) Growth - As of July 31, 2025, HealthEquity managed 10 million HSAs, a 6% increase year over year, with 782,000 HSAs having investments, up 10% year over year [4] - Total HSA assets reached $33.1 billion, including $17 billion in cash and $16.1 billion in investments [5] Technological Advancements - The company is advancing in AI and mobile-first transformation, enhancing efficiency and customer satisfaction through AI-powered claims adjudication and cloud migration [6][8] - HealthEquity's secure mobile app features multifactor authentication and digital wallet integration, which are expected to deepen member engagement and increase transaction volumes [8] Financial Estimates - The Zacks Consensus Estimate for fiscal 2026 earnings per share (EPS) has increased by 13 cents to $3.86, with Q3 fiscal 2026 revenue estimates at $319.9 million, reflecting a 6.5% year-over-year rise [12]

Core Insights - The trend of consumption upgrading is shifting towards the life and health sector, moving from spontaneous travel to a focus on healing and wellness [1] Group 1: Industry Trends - The CCTV-2 program "Consumer Advocacy" highlighted the emerging trend of integrating healthcare with vacation experiences, particularly through the Boao Yiling Life Care Center in Hainan [3] - The innovative model of "medical + vacation" is reshaping high-end health and wellness experiences, catering to the growing demand for quality health living [3] Group 2: Company Highlights - Boao Yiling Life Care Center has successfully attracted users who have chosen to undergo therapy there 25 times, indicating strong customer loyalty and satisfaction [3] - The center's unique life care philosophy is positioned to meet the aspirations of individuals seeking high-quality health lifestyles, thus leading the new trend in health and wellness tourism [3]

Core Insights - UnitedHealth Group's stock has declined 29.4% year-to-date, impacted by earnings guidance cuts, a Department of Justice investigation, and CEO resignation, but has rebounded since August due to Berkshire Hathaway's investment and strong Star Ratings for 2026 [1] Company Overview - UnitedHealth Group, founded in 1974, operates in health insurance and healthcare services through two main divisions: UnitedHealthcare and Optum, with a market cap of $326 billion [2] Optum's Role - Optum has evolved into a crucial growth engine for UnitedHealth, integrating data analytics, pharmacy benefit management, and care delivery to enhance patient outcomes and reduce costs [4][6] - The division's revenue rose 7% year-over-year to $67.2 billion in Q2, driven by Optum Rx, despite a 21% drop in earnings from operations due to challenges in Optum Health [8] Recent Developments - UnitedHealth is acquiring a Massachusetts-based medical practice, Acton Medical Associates, to expand Optum's network and strengthen its integrated healthcare model [12][13] - Management remains focused on improving Optum Health's performance, projecting a revenue range of $266 billion to $267.5 billion for the full year, despite anticipated challenges [10] Analyst Sentiment - Analysts are optimistic about UnitedHealth's Q3 results, with expectations of a 60.04% year-over-year drop in EPS but a 12.21% revenue growth to $113.13 billion [15] - Price targets for UNH stock have been raised by several analysts, reflecting a recovery in investor sentiment and confidence in the company's execution over the next 12-18 months [16][17] Future Outlook - The acquisition of the medical group is viewed positively, indicating management's commitment to expanding UnitedHealth's integrated model, with expectations for a return to earnings growth next year [19]

Core Insights - The PIPE model appears to be failing for bitcoin treasury companies, as evidenced by the significant decline in share prices of KindlyMD (NAKA) and Strive (ASST) following their PIPE transactions [1][3]. PIPE Financing Overview - A PIPE (Private Investment in Public Equity) is a financing mechanism allowing institutional investors to purchase shares directly from a publicly traded company at a predetermined price, typically below market value, facilitating quicker capital raising compared to traditional public offerings [2]. - PIPE transactions are commonly utilized by companies undergoing reverse mergers or SPACs and have gained popularity among bitcoin treasury companies aiming to expand their bitcoin holdings rapidly [3]. Case Study: KindlyMD (NAKA) - KindlyMD (NAKA) completed a reverse merger in May 2025, with Nakomoto becoming a wholly owned subsidiary and David Bailey as CEO, raising $563 million through a PIPE financing deal primarily for bitcoin purchases [5]. - The total financing for NAKA reached $763 million, including a $200 million senior secured convertible note [6]. - NAKA acquired 21 BTC for $2.3 million in July and 5,743 BTC for $679 million in August, but its stock price plummeted over 95% from $30 to $0.80 since the reverse merger, with its market net asset value (mNAV) falling below 1 [7][8]. Case Study: Strive (ASST) - Strive (ASST), founded by Vivek Ramaswamy, adopted a PIPE strategy through a SPAC merger with Asset Entities, announced in May and completed in September [8].