HEALTH & LIFE SCIENCES NEWS
HEALTH & LIFE SCIENCES NEWS
Exploring Critical Business and Legal Issues across the Healthcare and Life Sciences Industries
HEALTH & LIFE SCIENCES NEWS
Exploring Critical Business and Legal Issues across the Healthcare and Life Sciences Industries
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5 Questions with a Health Lawyer: Esther Chang Weese

Esther Chang Weese
Practice Focus Area: Health
Office: Los Angeles
Years at Firm: 18 years

What is your favorite part about practicing healthcare law at McDermott?
Hands down – the people. I started at McDermott as a summer associate in 2002, and I tell potential recruits all the time that there is no other big law firm that I would rather practice at because of the team we’ve built at McDermott – the quality and the character of the people here are bar none. I also enjoy that I am still learning and being challenged, because at McDermott, we are advising clients who are on the cutting edge of innovation and change in the healthcare industry.

What is the biggest opportunity and greatest challenge facing clients in your area of focus today?
Two thoughts on this: first, the pandemic accelerated the use of digital tools and we’re seeing some of our clients trying to figure out how to more effectively implement virtual care, get paid for it and grow their telehealth networks. Second, while we have seen continued physician group mergers and acquisitions, we are also seeing some pushback on these consolidation efforts by regulators. For example, here in California, Assembly Bill 1132 (initially introduced in February 2021) would have required California Attorney General review of certain healthcare provider transactions (including transactions involving medical groups) with a value of three [...]

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5 Questions with a Health Lawyer: Gregory E. Fosheim

Gregory Fosheim, JD, MPH
Practice Focus Area: Healthcare and Life Sciences
Office: Chicago, IL
Time at Firm: 2.5 years

What is your favorite part about practicing healthcare and/or life sciences law at McDermott?
There’s a reason why everyone answers this question with “the people.” The cadre of attorney and business professionals I have the privilege of working with every day is truly extraordinary, each of whom is exceedingly generous with their time and support, despite overwhelming workloads themselves. Everyone understands the healthcare and life sciences landscape and has an unapologetic passion toward doing impeccable work with the utmost professionalism and a healthy dose of humor and humility. It felt like I was given a parachute on my first day that allowed me to take leaps of faith to expand my practice into new areas of focus with the reassurance of a soft landing if I had any questions or challenges. Everyone is an integral member of the team and it shows.

What is the biggest opportunity and greatest challenge facing clients in your area of focus today?
We have an exhausted industry caring for an exhausted nation. The challenges today are the same challenges that the American healthcare system has had for decades: How to innovate? How to differentiate? How to collaborate? Now that we are more than a year into the global COVID-19 pandemic, [...]

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5 Questions with a Health Lawyer: Brian R. Stimson

Brian Stimson
Practice Focus Area: Enforcement and Litigation
Office: Washington, DC and Atlanta, GA
Time at Firm: 3 months

What is your favorite part about practicing healthcare law at McDermott?
I love the entrepreneurial culture of McDermott and the satisfaction that comes with finding creative ways to help clients solve problems. I also love the breadth and depth of the expertise and thought leadership at the Firm. I am continually amazed by the culture and capabilities at McDermott and I am excited to be a part of the team.

What is the biggest opportunity and greatest challenge facing clients in your area of focus today?
Uncertainty. The pandemic affected how health sector clients conduct business and has had wildly different financial consequences for the industries within the sector. It is unclear whether those economic changes will prove temporary or permanent. At the same time, there have been significant political changes at the federal level that will have policy, oversight, and enforcement consequences for the health sector. The clients who can successfully navigate this period of rapid political and economic change have an opportunity to accelerate out of the pandemic. We are uniquely equipped at McDermott to help clients capitalize on the uncertainty.

What kind of client work gets you most excited when it comes across your desk?
It is a tie between False Claims [...]

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5 Questions with a Health Lawyer: Andrea-Gale Okoro

Andrea-Gale Okoro
Practice Focus Area: Healthcare Transactions and Life Sciences
Office: Boston
Years at Firm: 3

What is your favorite part about practicing healthcare law at McDermott?
Prior to summering at McDermott, I interned at a firm client, who fondly recalled that McDermott gave prudent and practical advice. That has remained the case since I started working here and it’s one of my favorite aspects of McDermott. I really appreciate working with and being mentored by attorneys who are not only at the top of the market in terms of their healthcare legal expertise but, also provide clients with practical advice that doesn’t inappropriately push the envelope. McDermott healthcare attorneys do a remarkable job of being bold and creative, but not unnecessarily exposing our clients to risk.

What is the biggest opportunity and greatest challenge facing clients in your area of focus today?
It’s well-known that healthcare services in this county are becoming unsustainably costly for consumers and providers alike. This is due, in part, because of the squeeze on supply and rampant inefficiencies. Because of this, stakeholders across the healthcare space – and even outside of the healthcare space – are constantly seeking ways to provide efficient, high-quality care. I see clients feel the pressure to collaborate with and/or acquire providers in order to reduce overhead costs, secure better reimbursement rates, and stay competitive. These factors have driven rapid consolidation in the [...]

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5 Questions with a Health Lawyer: Christopher M. Olson

Christopher M. Olson
Practice Focus Area: Health – Transactions
Office: Los Angeles
Years at Firm: 7

What is your favorite part about practicing healthcare law at McDermott?
My favorite part about practicing healthcare law at McDermott is meeting and working with the top individuals in the healthcare industry. Both the clients and the McDermott attorneys are at the forefront of the healthcare industry. The projects that come across my desk are complex and often address the most pressing issues for clients. Working with top attorneys to devise innovative solutions to these challenges is my favorite part about practicing healthcare law at McDermott.

What is the biggest opportunity and greatest challenge facing clients in your area of focus today?
One of the greatest challenges facing hospitals and health systems in California is determining if a sale or joint venture is in their best interests. The California Attorney General has recently taken a more proactive approach when reviewing non-profit hospital transactions in California, making it more difficult to ascertain the effects of a transaction. In addition to imposing generally expected conditions such as requiring certain annual levels of charity care or that hospital service lines remain open for 10 years post-closing, the California Attorney General recently imposed a number of competitive impact conditions that limit how the target hospital can integrate with the acquiring hospital post-closing. These competitive impact conditions include requiring [...]

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McDermott Will & Emery and EY during the 2021 J.P. Morgan Healthcare Conference: Election and Policy Implications: Healthcare Regulatory and Policy Outlook with the New Administration

The 2020 election gave Democrats the White House and control of both houses of Congress-an eleven seat majority in the House and Representatives, and a 50/50 split in the Senate with Vice President-elect Kamala Harris available to break ties. This change in the political landscape will lead to shifts in the health policy and regulatory agenda.

The panel, featuring Eric Zimmerman, McDermott Global Health Practice Lead; Brian Fortune, Senior Managing Director, Farragut Square Group; Mara McDermott, Vice President, McDermott+Consulting; Heather Meade, Principal, Health Care Policy, Washington Council Ernst & Young; and Thomas Scully, General Partner, Welsh, Carson, Anderson, and Stowe, discussed advice for investors as change comes to Washington.

Below are the top takeaways for McDermott Will & Emery and EY during the 2021 J.P. Morgan Healthcare Conference: Election and Policy Implications: Healthcare Regulatory and Policy Outlook with the New Administration, click here to access the full webinar.

Access the PDF here.

THE TRANSITION
President Biden was sworn in on January 20, 2021, and one of his first orders of business has been confirming new cabinet officials. Some key officials, such as Treasury Secretary Janet Yellen and Department of Defense Secretary Lloyd Austin, were easily confirmed in a bipartisan vote. However, others- like the nominee for Secretary of the Department [...]

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Five Questions with a Health Lawyer: Justin P. Aiello

Justin P. Aiello
Practice Focus Area: Healthcare M&A
Office: Miami
Years at Firm: 7

What is your favorite part about practicing healthcare law at McDermott?
The wealth of knowledge maintained by our more than 120 attorneys who are dedicated to practicing healthcare law. Healthcare law comprises dozens of subspecialties and most of our client matters require a broad understanding of multiple subspecialties to provide exceptional advice. No single person can be knowledgeable in every subspecialty. It is our group’s collective practice, in nearly every healthcare subspecialty, that enables our attorneys to provide comprehensive, seamless advice regarding our clients’ healthcare investments.

What is the biggest opportunity and greatest challenge facing clients in your area of focus today?
The biggest opportunity still seems to be consolidation—perhaps the simplest and most reliable investment thesis. Despite all of the consolidation in the healthcare industry over the last couple of decades, the physician practice space remains highly fragmented with ample opportunity for gaining competitive advantages and cost savings through scale while still delivering excellent patient care. The biggest challenge (and perhaps also an opportunity) may come with the shift from fee-for-service to value-based reimbursement and its potential impact on the financial modeling on which many investment decisions have been based.

What kind of client work gets you most excited when it comes across your desk?
I enjoy representing our private equity clients in their initial platform investments in physician practice [...]

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Hospital and Health System Innovation Summit: Pandemic to Partnership: The Impact of Covid-19 on Innovation

In this interactive discussion, health system innovation leaders addressed the impact of COVID-19 on health systems’ plans to pursue innovation efforts; the lasting implications of the pandemic; and the prioritization of innovation efforts and investments post-COVID-19. McDermott Will and Emery’s Partner Kerrin B. Slattery moderated this discussion featuring insights from Lisa Prasad, Vice President and Chief Innovation Officer at Henry Ford Health System; Damon Broyles, Vice President of Clinical Innovation at Mercy Technology Services; Anders Brown, Sr. Vice President and Managing Director at Tegria (founded by Providence); and Chris Coburn, Chief Innovation Officer at Mass General Brigham and President of Partners HealthCare International.

Below are the top takeaways for Hospital and Health System Innovation Summit: Pandemic to Partnership: The Impact of Covid-19 on Innovation, click here to access the full webinar.

Access the PDF here.

Innovation Efforts have Accelerated
In the face of the pandemic’s vast and varied challenges, health systems have prioritized their efforts to adapt and innovate strategically. COVID-19 has accelerated innovation efforts and should be extracted to other areas moving forward. “An enormous part of innovation is recognizing the unmet need,” Mr. Coburn said. “In a sense, seven billion people now recognize at least one unmet need. For our providers and the folks supporting them, the issue became [...]

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HPE New York 2020: The Impact of COVID-19: What’s Hot, What’s Not

In the wake of COVID-19 some health sectors have emerged as hot while others are troubled. Our panel of active investors discussed where the dollars are going and offered insights on why in relation to the events of 2020. McDermott partner Jerry Sokol moderated this dynamic panel featuring Paige Daly, partner at Harvest Partners; Chris Gordon, global head of healthcare and co-head of North America private equity at Bain Capital; Geoff Lieberthal, partner at Two Sigma Impact; and Rob Wolfson, executive managing director and head of H.I.G. Advantage Fund and U.S. Healthcare.

Below are the top takeaways for HPE New York 2020 half day session: The Impact of COVID-19: What’s Hot, What’s Not, click here to access the full webinar.

Access the PDF here.

COVID-19 has revealed weaknesses in the healthcare system and in healthcare delivery in particular. “One of the most fundamental things that we as healthcare investors all should be thinking about is investing in businesses that are making things better for the entire system—for patients, for providers and for payors,” Ms. Daly said. “That means we should be both raising quality and lowering costs.” These principles are driving some of the most exciting innovation today, particularly in payor services, physician practice management (PPM) and healthcare IT.

Healthcare IT generally and telemedicine specifically are areas of major investment. Dramatically accelerated patient and payor adoption of telehealth has created growth [...]

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HPE New York 2020: Healthcare Private Equity Pioneers

An illustrious group of healthcare private equity pioneers discussed how healthcare investing has evolved from inception to current state and what the future holds. Moderated by Michael Lewis, author of The Big Short, Moneyball, The Blind Side and Liar’s Poker, it featured insights from Senator Bill Frist, MD, founder of Frist Cressey Ventures; Annie Lamont, co-founder and Managing Partner of Oak HC/FT; Curtis Lane, founding partner of WindRose Health Investors; and Ira Coleman, Chairman of McDermott Will & Emery.

Below are the top takeaways for HPE New York 2020 half day session: Healthcare Private Equity Pioneers, click here to access the full webinar.

Access the PDF here.

Investment in healthcare private equity continues to accelerate, even amid disruption. In the past, healthcare made up only a small portion of private equity funds, but pioneers helped make it mainstream. “The amount of infrastructure, commitment and capability focused exclusively on healthcare is becoming commensurate with the size of healthcare relative to the economy,” Mr. Lane said. “I think that’s changed pretty significantly and is continuing to change very quickly.”

One of the most dramatic changes in the field of healthcare private equity since its inception is the ongoing transformation of the healthcare system and the opportunities that transformation has created for entrepreneurs outside of traditional healthcare roles. As virtual health companies and other digital-focused endeavors [...]

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