Cara Natterson, MD

“So... Apple is entering the hearing space!” For the past two weeks, I've been flooded with messages asking how Apple's latest announcement will impact Concha Labs. Another consumer tech giant is stepping into the hearing space, but what does this really mean? With over 1.5 billion people affected by hearing loss globally, this is a massive market. Yet, like mental health, hearing loss is something people don’t talk about much. If you ask anyone who’s tried hearing aids, you’ll likely hear stories of frustration—they’re often disliked because of impersonal sound quality. For me, they were always too loud or too quiet, and I could never find the “right” fit. This isn’t new. Apple, like Bose before them, will likely face similar challenges in replicating the status quo. Despite their audio expertise, Bose entered the hearing aid space but exited due to the same hurdles. Bluetooth earpieces, with their short battery life and social awkwardness, also highlight how hard it is to create a practical, long-term solution. But here’s the good news: more attention on hearing health, thanks to Apple’s announcement and the OTC Hearing Aid Act, is a win for everyone. It’s sparking conversations about hearing loss—something I kept hidden for decades. Concha Labs' hearing aids are nearly invisible, like contact lenses. When I tell people I’m wearing our product, they’re always shocked because they don’t notice them, even with my hair up! (And this goes for the guys who wear them, too!) What’s clear to me is that while awareness is growing, real innovation comes from solving actual user pain points. That’s where Concha Labs comes in: we offer a fully personalized hearing experience, much like how Spotify revolutionized music personalization beyond iTunes. Our solution is designed for real-world usability—comfortable, discreet, personalized, and customizable in multiple sizes and colors. Created by people who were tired of the status quo (like me!), our Concha Sol hearing aids are made for those who want something better. So, if you’re tired of the same old hearing aids, let Concha Labs empower you to hear clearly. We promise, you’ll notice the difference. 😉 Amy www.conchalabs.com #hearing #hearingaids #apple #conchalabs #invisible #otchearingaids #startup

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_What makes a good investment in healthcare? _ When is a good time to start thinking about the path to exit? _Where do we see the next #unicorn in #systemichealth? Experienced healthcare investor Dai Feng from CareCapital Group joins me and Jonathan Levine for our very first *video* episode of the #ThinkOralHealth #podcast. Take a listen.

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Some VC investors believe that brick and mortar - referring to a physical presence of some kind - should be avoided at all costs. Yet, the track record of clinic and hybrid care businesses in health care indicates otherwise. ==> One Medical (sold for $3.9 billion to Amazon), Oak Street (bought by CVS for $10.6 billion), Lifestance (IPO at $7.5 billion market cap), and PE-backed Premise Health (acquired by OMERS Private Equity for $1.1 billion) If a clinic is indicated as the optimal way to deliver care for that patient population, there are creative ways to build and operate them. Full article below with advice and strategies on how to build and operate hybrid clinics from my teammate Anarghya Vardhana from Maveron, Amir Dan Rubin from OneMedical Group, Steven Eidelman from Modern Animal and more!

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Should you sell your practice to a VC-Backed MSO Startup? tldr: - new VC-backed startups are forming MSOs to roll up independent practices - The pitch is physicians receive early liquidity from the roll up and are granted ESOP shares that can be used for retirement - Problem is the use of ESOPs with independent practices is not a new concept and has been used with large group practices since the 70's - ESOPs do not grant full ownership and in order for the shares to be valuable for retirement, the practice needs to run the same if not better post roll up - With VC-backed startups being primarily operated by non-physicians with zero clinical or medical practice experience, the likelihood of this happening is extremely low making the entire concept high risk However, there is a viable path for continued ownership + liquidity for independent practices. Check out the article to learn more. ⤵ https://lnkd.in/gmGvTYwP

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Thank you to Pulse 2.0 for highlighting FeelBetter's story! It’s been an incredible journey, and I'm so proud of our team for developing an AI-powered platform that directly and comprehensively tackles the challenges of polypharmacy. Our goal from the start has been to ease the burden on healthcare providers and help them deliver better care, ensuring patients get the right treatments and the right time, without unnecessary deteriorations or hospitalizations. It’s exciting to see how far we’ve come, and there’s much more ahead. Check out the full interview to learn more! If you are at #HLTHUSA, let's meet! #polypharmacy #medicationmanagement #AI #valuebasedcare #populationhealthmanagement #pharmacoclinicalintelligence

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The (Healthcare) Ground Beneath Our Feet… This year it is likely that over $10 billion will be invested in the digital health sector – a robust amount, no doubt, but inconsequential when compared to the amount of capital tied up in healthcare real estate assets, which is estimated to be $1.2 trillion by Jones Lang Lasalle. Of that amount, approximately $790 billion is in the hospital sector while the remaining $490 billion is in medical office assets. It is estimated that there are 48.6k facilities with 3.4 billion square feet of healthcare real estate, 42% of which are owned by REITs and another 33% held by other private investment vehicles. Much of the digital health investment is meant to make the physical healthcare infrastructure more productive: greater operating efficiencies, greater patient throughput, more relevant personalized care models with better outcomes. As the healthcare system is being pushed to be more distributed to lower cost sites of care, accelerated now by the rapid proliferation of automation and AI capabilities, the potential impact on healthcare infrastructure assets will be profound. Thoughts on what that might look like... https://lnkd.in/eTfAdUbS #digitalhealth Flare Capital Partners

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This 👂 podcast episode and insight’s from a16z Bio + Health's Julie Yoo spoke so clearly to the fundamental challenge facing both 🩺 clinicians and 🏥 healthcare systems.  There is a huge disconnect between supply, in the availability of clinicians, and demand, in the increasing volume and complexity of healthcare needs. -     36% of physicians plan to reduce their hours next year according to the AMA -     48% of physicians reported feeling burned out in a 2024 Medscape survey At the same time, the demographic baby boomer bubble and steady increase in the prevalence of major chronic disease, which consumes up to 90% of healthcare expenditures according to some estimates, is driving demand. With this context, Yoo points to a major opportunity for AI adoption in healthcare in 2025. Yeah, a VC hyping a wave of new AI companies that will replace the decades of training and experience of clinicians, the skeptic would say.  But Yoo is thoughtful in pointing to the role AI can play, and is already playing, through solutions such as ambient, autonomous scribe solutions (of which local star Abridge is leading the pack) in not replacing, but freeing up productivity for clinicians. There is so much unstructured context in both the complexity of disease and treatment options and the social/emotional considerations that we shouldn't be looking for AI to *replace* clinicians. But companies are getting better at finding the structured, repetitive and time-consuming places where AI tools can *help* clinicians. Nearly two-thirds of doctors cited bureaucratic tasks as the leading contributor to burnout. Rigorously trained-AI driven solutions can be a force multiplier for clinicians, and I’ve seen several interviews where nurses and doctors go as far as to say some of these solutions are ”restoring their joy in practicing medicine”. Our health is precious; and we rightly want any technology engaging with it to be developed thoughtfully and thoroughly tested. This requires top AI talent and diverse and realistic training data. Pittsburgh’s strengths in both areas is why we are an emerging hub for data-driven healthcare. #AIinhealthcare #clinicianburnout #healthinnovation #digitalhealth

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I’m worried about the state of venture capital and direct-to-consumer (DTC) healthcare startups. Hims & Hers is the poster child for DTC healthcare at $1.2B proj 2024 revenue and a $3.6B valuation. By most accounts, they have been an outlier success for DTC since bottoming out in May 2022. So why is this bad news for DTC healthcare? Because the market leader (Hims) trades at a 3x forward revenue multiple. And the category leader typically gets a higher valuation multiple than smaller startups. We see this phenomenon in private equity. They “roll up” smaller companies within the same category at a lower multiples just to create one larger platform that trades at higher multiples. Now back to DTC healthcare startups. If Hims commands a 3x revenue multiple, it’s not unrealistic that smaller, unprofitable startups may be valued 1-2x revenue at exit. At 2x revenue, a startup must generate $500M to produce a $1B exit in today’s market (depending on growth and profitability). Series A/B venture capitalists must see a pathway to $1B outcomes. And if the growth-stage investors with billions under management are less interested in DTC healthcare, the future funding rounds necessary for fueling growth are not guaranteed. Juxtapose this against 2017-2022 where DTC could raise Series B-E funding. Let’s take a DTC startup doing $25M after 3-4 years of operations and has already raised a Series A. By most accounts, it would be a phenomenal accomplishment. But today, investors will question the chances of that same company scaling from $25M to $500M revenue in the next 3-4 years with unknown future funding sources from Series B and beyond. You're stuck in VC-funding purgatory. Some of these companies will shut down. Some may sell for 1-3x revenue. And some may try to transition to profitable, cash-flowing businesses. All of which are certainly not the venture-backed goal the founders, investors, and employees often had in mind when first taking capital. I say this all with friends working at or starting DTC healthcare companies, I feel bad for them. I also feel bad for the patients who enjoy those products or services. To caveat (b/c I know people will object), there will be other DTC brands that exit for $1B+ (i.e., Ro). However, they were forged and scaled during a different time period where seemingly endless venture capital was available for DTC healthcare. Now we're in a different time with no end in sight. Thoughts?

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Digital health isn't just about apps and wearables. It's about rewiring our neural circuitry for wellbeing. Join me on Charmhealth's podcast as we explore the frontier of brain-based behavior change. #DigitalHealth #NeuroscienceRevolution https://lnkd.in/gTFka44P

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Join host Sam Tejada in this compelling episode of ‘A Healthy Point of View’ as he sits down with Dr. Joseph Purita, a pioneer in functional and regenerative medicine, to discuss groundbreaking methods for health and longevity. Dr. Purita shares his journey from traditional orthopedics to becoming a leading expert in regenerative therapies and the science of cellular health. This conversation covers a fascinating array of topics, from Platelet-Rich Plasma (PRP) therapy and the role of mitochondria in preventing neurodegenerative diseases, to cutting-edge treatments like intermittent hypoxia therapy and extracorporeal blood oxygenation. Throughout, Dr. Purita emphasizes the importance of viewing the body as both hardware and software—highlighting how our cellular pathways and mitochondria play a pivotal role in keeping us youthful and energized. If you’re curious about the future of health, healing, and functional medicine, this episode is a must-watch. Tune in to hear insights from two health visionaries dedicated to reshaping wellness care. PUR-FORM Joe Purita, MD #AHealthyPointOfViewPodcast #AgeManagement #Wellness #FunctionalMedicine #PurForm #DrJosephPurita #Viral #OOTD #Fashion #HealthTok #HealthTips #HealthyTips #IVDrips #Liquivida #SamTejada #Stemcell #VO2Max #DexaScan #Biohack #biohacker #WINNERGY

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Alot of bad actors and a few good actors. $2.5T HC capital raised & $1T invested by PE in last decade. $31B in 2013 vs. $217B in 2021. We know the story. Misaligned incentives - unrealistic multiples, short-term profit focus, aggressive cost-cutting, unrealistic scaling, misunderstood market dynamics, just to name a few. However, our industry needs money. But our industry is more infrastructure asset class than tech start-up (James Nicholls gave me that epiphany). Mic drop on the lyrical genius of Alex Fair of MedStartr Ventures as he literally gives the whole story poetic justice as he reads HIS POEM on this "On The Road at VIVE" episode of The Reverse Mullet Healthcare Podcast w/BP2 Health. This is the perfect episode for a Friday afternoon! He and Paulo J Machado donned the actual reverse mullets and joined us back in February at #VIVE2024 to talk about the need for REAL change in healthcare, startup focus and investor expectations. It was one to remember and one that is in desperate need of a full-length follow-up episode. Give us a like and a watch or a listen https://lnkd.in/e4w4mjkv https://lnkd.in/egmK3kMB

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Every year at CES we see a lot of promising health tech prototypes and concepts - from noninvasive CGM’s to patches for everything - very few actually make it to market. Often, when it does, the launch product falls short from the initial promise. The reason: FDA Approval. The FDA is designed to protect public health - regulating medical devices falls under its prevue. The FDA clearance process is rigorous and complex to navigate. It a process that takes years - not months - something that the tech industry isn’t used to. A device would need to show clinical-level accuracy for measurements - with a margin of error of under 4 percent or better. Data infrastructure would need to be HIPPA compliant. FDA also requires areas such as communication protocols, cloud infrastructure, and cybersecurity to be include as a part of the filing. The workaround: Wellness Devices. Most consumer health devices focus on wellness features because they lack FDA certification. As a result, they can only display the data but lack any true medical or diagnostic application. As consumers are pushing their wearables to be health devices, it is getting more and more difficult for wearable companies to hide behind the “wellness” label as an increasing number of companies achieve FDA clearance. Which is a big reason why we wanted to invest in bringing FDA approval capabilities in-house to serve our portfolio of brands. In partnership with B-Secur, SweatWorks can now help any wearable product (and associated software functions) achieve expedited FDA certification. This is a first for a digital agency and has already led to several news devices starting on the FDA approval journey. How important do you view FDA certification for the next generation of wearables devices? Let me know below. 👇 #wearables #fda #certification #innovation #technology #data #fitness #wellness #hardware #medical #devices #CES

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What constitutes a longevity clinic? You can find a well-structured answer in a wonderful white paper “In search of best practices for Longevity Clinics," which is a solid reference point for longevity practitioners of various backgrounds (linked in the comments). Here are some common “traits” of longevity clinics: ✔ They are focused on measuring biological age using advanced diagnostics such as DNA methylation clocks (e.g., DNAmAge, PhenoAge) and multi-omics approaches. ✔ Such clinics employ comprehensive health assessments including whole genome analysis, precision imaging like MRI and CT scans, and epigenetic testing. For instance, Fountain Life’s ‘150GB Upload’ program integrates imaging, genetics, and blood diagnostics, while the European Longevity Center offers assessments incorporating mitochondrial and blood marker analysis. ✔Interventions in the longevity clinics are highly personalized, often involving genomics-based exercise plans, nutrigenomic diets, and sleep optimization via wearables like EEG headbands. ✔Clients receive customized action plans that may include innovative therapies like hyperbaric oxygen therapy for muscle regeneration or cryotherapy for inflammation reduction. ✔The clinics typically leverage AI and machine learning for continuous health monitoring and predictive analytics, exemplified by deep phenotyping and immune response predictions. ✔Stress management and hormonal health are addressed through biofeedback and personalized hormone replacement therapies. Clinics often provide multi-cancer early detection diagnostics, utilizing AI-driven imaging and blood tests for preventive care. ✔Additionally, these centers tend to support at-home diagnostics, collecting longitudinal data via wearables to enhance personalized treatment strategies. So, longevity clinics thus represent a convergence of advanced diagnostics, personalized medicine, and preventive care. The central idea of the longevity industry is to shift the existing medical paradigm from reaction,disease treatment, to prevention and health optimization. Longevity clinics are the closest we can get to this paradigm, at the moment. #longevity #longevityclinics #agingresearch Kudos to Evelyne Bischof, MD, PhD Joanna Bensz, Eric Verdin, David Karow Andrea B. Maier and others who contributed to the creation of this white paper. Healthy Longevity Medicine Society

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Here's another fundraising roundup spotted in the healthcare wilds 👀 🍃 ✅ Sword Health raised $130M (new valuation: $3B). ✅ Better Health raised $14M to deploy expanded payer partnerships. ✅ Alzheon, Inc. | Preserving Future Memories raised $100M Series E to advance development & commercialization of its Alzheimer’s treatment. ✅ CinRx Pharma raised $73M to continue its ‘Hub and Spoke’ model of startup formation. ✅ Eko Health raised $41M to scale AI-driven heart and lung disease detection. ✅ Anterior (formerly Co:Helm) secured a $20M Series A to unlock admin efficiencies for healthcare payers. ✅ SamaCare raised a $17M Series B to scale specialty drug prior authorization platform. ✅ Plenful secured a $17M Series A to streamline pharmacy operations with AI-powered workflow automation. ✅ Grayce raised a $10.4M Series A led by Maveron amid a caregiving crisis. ✅ Stitch Employment Services Inc PEO raised $8.75M in seed to support independent medical practices. ✅ Posterity Health secured $6M to fund expansion and technology acceleration. ✅ Sware raised $6M to accelerate life sciences innovation by automating FDA-mandated software validation. ✅ Keragon raised $3M, as announced in @Conno Christou’s LinkedIn post. As always, if I missed you, let me know! Each week I'm spotlighting an innovative healthcare startup. I just ask for a bit more transparency. All submissions are confidential; submit yours here 👇 https://lnkd.in/gF4DrAvJ Looking for more fundraising roundups, alongside healthcare industry news and analysis? Subscribe to Hospitalogy, my 2x/week newsletter. Join 33K+ other investors, executives, and healthcare professionals: https://lnkd.in/g-nfRqW6

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California Bill Would Require State Review of Private Equity Deals in Healthcare — Consumer advocates and labor unions are enthusiastic about the plans, but hospitals are not A bill pending in California's legislature to ratchet up oversight of private equity investments in healthcare is receiving enthusiastic backing from consumer advocates, labor unions, and the California Medical Association, but drawing heavy fire from hospitals concerned about losing a potential funding source. Hopefully, more states will initiate the same approach to keeping close tabs on private equity buying healthcare-related entities. Private equity firms raise money from institutional investors such as pension funds and typically acquire companies they believe can be run more profitably. Then they look to boost earnings and sell the assets for multiples of what they paid for them Critics say the profit-first approach isn't good for healthcare. Look to Stewart Health Care where the CEO and C suite lined their pockets while driving the health system into the ground. "Almost all of the most distressed U.S. healthcare companies are owned by private equity firms." Time to rein in private equity vultures out there in healthcare trying to make a quick profit, raising the costs of healthcare in their quest to generate profits. #privateequity, #runningthehospitalintotheground, #vulturecapitalist, #forprofithealthcare https://lnkd.in/ea3pFz43

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What I learned this week in the real world of HC vs Vegas Money money money, it's a rich man's world and AI reigns supreme, despite the controversy clinical deployments of it are being funded not just admin burden reduction. Devin Carty announced Martin Ventures completed Series B funding for OncoLens - AI to support clinical care for cancer. Devin glad we finally ran into each other. Feby Abraham and Memorial Hermann Health System are part of the Infinitus Systems, Inc. $51.5M Series C (AI workflows). Daryl Tol announced Commure Care & Commure Perform & HCA Healthcare ambient AI across HCA. Brendan Keeler shared an important new rule (1033) by CFPB enabling consumer access to their data interesting precedent for other industries. Its earnings season and high medical costs across all segments and in Medicare Advantage combined w/ revenue shortfalls (pesky HCC v28 risk code - which btw still isn’t fully phased in!) wreaking MLR havoc. Yet we still don’t address the root cause of health. Loved Chris Deacon's "carrier speak" interpretation of Elevance Health's Q3 results below expectations driven by Medicaid costs but noted their BCBSNC & State of NC award (Chris' translation - "We are giving a full court press on state leadership and politicians to increase our rates, … it will never be enough!"). Centene was the opposite of the dumpster fire of CVS Health beating & surprising the street driven primarily due to 11% YOY revenue growth - side note their MLR degraded markedly to 89.2% Jeffrey DelVerne. Molina with 43% MA & 49% ACA growth (Bright Health acquisiton), revenue up 21% but MLR degraded to 89.6% (from 84.9%) on MA and 0.5% overall Jared Strock who also shared United reported 85.2% MLR the highest in years. Mario Schlosser of Oscar Health announced an aggresive expansion plan. super curious what is under the hood - novel or innovative? I knew GLP-1s were hot but have I been living under a rock?! In my seemingly endless travels, I flipped the TV on and in a span of 4 min had not 1, not 2 but THREE GLP-1 commercials. GLP-1s ARE here. Again what if we paired them with nutritionally dense food?! WSJ shared 42% of GLP-1 weight loss users reported eating more fresh fruits / vegetables Ron Stout MD MPH. Ashley Capoot reported a new study shows they may significantly curb addictive behaviors while Michael Albert MD “GLP-1 and the Inconvenient Truth" in Medium. This will be a tsunami to food, esp CPGs & grocery and the sickcare system good and bad. Carter Williams Katie Stebbins Erin W. Martin Speaking of advertising, Dave Chase, reported that major hip-hop artists are using their voices to tackle America's healthcare crisis. As for HLTH, once I sit in a dark, quiet room for a few days, I'll share my thoughts. But first The Reverse Mullet Healthcare Podcast and BP2 Health will be at American College of Lifestyle Medicine conference this week - medicine that actually addresses the root cause!

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New this AM: #Autism startup Cortica is getting $80M from Morgan Health, AIF and Nexus NeuroTech Ventures. The company - led by Neil Hattangadi, MD, MSc - will use the funds to scale its operations, contract with payers and extend its community services. via Modern Healthcare

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