News Briefs
FTC-Proposed Merger Guidelines Could Slow Healthcare Deals
Newly proposed merger guidelines from the Federal Trade Commission could chill dealmaking in the healthcare sector, as well as increase the costs and time it takes to get transactions to close, experts say. The FTC, this month, withdrew two antitrust policy statements and with the Department of Justice, issued updated guidance for merger reviews, committing to review deals and conduct on a case-by-case basis.
(Source: Axios, 2023-07-24)
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Drug Companies Battle Medicare Price Negotiations in Court
The pharmaceutical industry, which suffered a stinging defeat last year when President Biden signed a law authorizing Medicare to negotiate the price of some prescription medicines, is now waging a broad-based assault on the measure -- just as the negotiations are about to begin. Johnson & Johnson became the latest drugmaker to take the Biden administration to federal court in an attempt to put a halt to the drug pricing program.
(Source: The New York Times, 2023-07-23)
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Report Finds Average Healthcare Data Breach Cost Rose to $11M
The average cost of a healthcare data breach is $11 million in 2022, signifying a $1 million increase from last year, according to IBM Security's 2023 Cost of a Data Breach Report. Healthcare experienced the highest average cost of any industry for the 13th consecutive year.
(Source: HealthIT Security, 2023-07-24)
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Drugmaker's Delay of HIV Drug to Protect Monopoly Prompts Suits
In 2004, Gilead Sciences decided to stop pursuing a new HIV drug by appearing to embrace a well-worn industry tactic: gaming the U.S. patent system to protect lucrative monopolies on best-selling drugs. The delayed release of the new treatment is now the subject of state and federal lawsuits in which some 26,000 patients who took Gilead's older HIV drugs claim that the company unnecessarily exposed them to kidney and bone problems.
(Source: The New York Times, 2023-07-22)
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FTC Votes to Rescind Advocacy Statements Around PBMs
The Federal Trade Commission sent another shot across the bow of the pharmacy benefit managers, warning the companies against relying on "outdated" agency statements and studies that opposed more regulatory oversight and transparency of PBMs. The move signals the FTC's growing interest in challenging what commissioners characterized as "competitively troubling changes in the PBM market" and its efforts to remove hurdles to state efforts to address concerns with the drug chain middlemen.
(Source: Axios, 2023-07-21)
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Hospitals, Telehealth Companies Warned Tracking Tech May Be Risk
Federal regulators are warning hospital systems and telehealth providers about the data privacy risks of using third-party tracking technologies. These services, like Meta Pixel or Google Analytics, could violate the Health Insurance Portability and Accountability Act or Federal Trade Commission data security rules, officials said.
(Source: FierceHealthcare, 2023-07-24)
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Only 36 Percent of Hospitals Complying with Price Transparency
More than two years after federal hospital price transparency rules went into effect, only about a third of hospitals are currently in compliance, according to a report. The nonprofit Patient Rights Advocate released its fifth semi-annual report, which found that only 36 percent of 2,000 surveyed hospitals were in complete compliance with the rule.
(Source: The Hill, 2023-07-20)
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CMS Releases Changes to Hospital Price Transparency Regulations
CMS recently released the 2024 OPPS proposed rule, and among the yearly payment rate changes, CMS proposed changes to its price transparency regulations. In the proposed rule, CMS is requesting that hospitals be required to submit a certificate verifying the accuracy and completeness of data and acknowledge any warning notices it may receive.
(Source: HealthLeaders Media, 2023-07-19)
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Office of Pandemic Preparedness and Response Policy Created
The White House launched an office to prepare for and respond to potential pandemics, to be led by Paul Friedrichs, a military combat surgeon and retired Air Force major general who helped lead the Pentagon's COVID response. The new Office of Pandemic Preparedness and Response Policy will also take over the duties of President Joe Biden's current COVID-19 and mpox response teams, the White House said.
(Source: Reuters, 2023-07-21)
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Coalition Unveils Action Plan for Nursing Home Reform
Nursing homes have been under increased scrutiny in the aftermath of the pandemic, particularly regarding their conditions and the quality of care they provide. The Biden administration has made some efforts to address these issues, and most recently, the Moving Forward Nursing Home Quality Coalition has brought forward some suggestions.
(Source: HealthLeaders Media, 2023-07-21)
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Increased Oversight Could Cause Hospices to See More RAC Audits
As federal regulators intensify their focus on hospices, operators may begin seeing an influx of Recovery Audit Contractor (RAC) activity. The U.S. Centers for Medicare & Medicaid Services contracts with RACs to conduct post-payment reviews designed to recover any funds that may have been overspent.
(Source: Hospice News, 2023-07-21)
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