What a whirlwind week at HLTH! This is an abnormally jam packed edition because of how much news was announced at the conference. On a personal note, I spoke on several panels and smaller breakout events on the topic of my recently-published book. Storytelling was an important theme for this year, particularly amongst the clinicians and entrepreneurs in attendance, which I was heartened to see.
I also moderated two panels on topics that are near and dear to my heart. The first was on the extreme cost pressures that employers are grappling with moving into 2026, and what they’re doing about it. More and more we’re seeing the topic get elevated in the press, and we’re finally asking the question of whether we’ve got the healthcare system we deserve - particularly given how much we spend on it. America’s biggest employers are genuinely now making moves when it comes to cost containment and increasingly starting to say no – one example is in large employers starting to put their foot down on covering GLP-1s for obesity.
I also spoke with Centene CEO Sarah London about the future of Medicaid at a time when millions face losing coverage in the coming years. London said Centene, which insures about 1 in 15 individuals across the country, is doing what it can to ensure those who are eligible for Medicaid can still access it. A big focus is rural underserved communities, where Centene is training its own members to take on roles as caregivers and doulas. We also discussed a potential bright spot – ICHRA – and whether employers will increasingly jump on the bandwagon. ICHRA essentially offers a way for employees to provide a monthly, tax-free allowance to employees that they can use to purchase health insurance. London thinks it’ll grow slowly for a while, but has the potential to shoot off like a flood assuming policymakers continue to view it favorably. Also notable: London says she’s switching to an exchange plan herself, and offering ICHRA as an option to workers in Indiana next year.
I did ask around in meetings this year about employers considering the switch. A few told me they got close, and saw some potential cost savings, but felt deterred by the uncertainty related to the future of the ACA. My sense is 2026 will see some growth for ICHRA, but primarily early adopters. If policy is favorable, 2027 will be the year to watch.
Overall vibe check this year: More subdued than prior years, with an increasing recognition of what’s broken versus unbridled optimism about AI (that’s honestly what I expected). The most popular session involved Mark Cuban talking about the problems he perceives with pharmacy benefits managers and drug pricing. Wearable players and other online consumer health providers were also out in force this year. Consumer companies rallied audiences around the concept of a more convenient system without insurance. Notably absent from the stage: Anyone from the federal government on account of the shutdown. All the leaders expected to speak this year cancelled.
How was your HLTH? Drop me a line. Would love to hear your lowlights and highlights.
An interview this year with Centene CEO Sarah London
With Annalisa Merelli
Lyra Health launches mental health chatbot
The news: The mental health benefit company Lyra Health announced the launch of Lyra AI, a generative AI product allowing its members to discuss their mental health.
What Lyra said:“ This is real, and clients and patients are very, very comfortable with using gen AI for therapy needs,” Jenny Gonsalves, the company’s chief product and technology officer, told STAT’s Mario Aguilar.
Why it matters: AI talk therapy is under a lot of fire lately, and fears that the technology can behave unpredictably — spiraling into delusions, or encouraging self-harms — are supported by reported incidents. This launch shows the companies who intend to operate specifically in the AI and mental health space are not deterred.
Hers discovered menopause and perimenopause, too
The news: Hims & Hers Health will launch treatment plants built specifically for the trendiest reproductive health phase these days, menopause (and the increasingly popular perimenopause).
The numbers: Hers has half a million subscribers, and is expecting to use this new service to expand its patient base, tapping into the 1.3 million American women who experience menopause every year. This solidifies the company’s trajectory toward $1 billion worth.
Why it matters: Hims is launching testosterone treatment next year, and with Hers offering various hormonal treatments for menopause, endocrinology is increasingly a focus of the digital clinic.
Verily launched a new consumer health app
The news: Precision AI health company Verily launched Verily Me, a consumer health app, at HLTH. The app offers personalised recommendations from clinicians based on the user’s medical history.
The offer: The app also offers an AI “companion” (essentially a health-focused assistant) and a photo-based meal tracker.
The market: According to a Verily-sponsored survey, 75% Americans say they would like an app that gives personalized clinical recommendations.
Trilliant Health rolls out an AI bot to check hospital prices
The news: health data analytics company Trilliant Health is releasing a free AI bot that can dig into hospital prices, empowering patients to compare offers.
What Trilliant Health said: “Although this data is now public, it is often published in formats that make it unusable—or hidden behind paywalls. Trillian Health's AI chatbot removes those barriers "by making hospital price transparency data freely available to everyone," Trilliant's CEO Hal Andrews told Fierce Healthcare.
Why it matters: Although price transparency laws are in effects, many hospital systems publish their price list in formats that are unreadable for humans. This could allow price transparency to actually work as intended and give patients comparison tools.
Up next
The latest class of Mayo Clinic Platform_Accelerate health startups has been announced. It comprises 11 companies developing AI for health care products, including at-home cancer detection tests, ADHD treatment, and precision psychiatry.
Deals
Vega Health raises $4 million: Seed funding from Bessemer Venture Partners will support the startup to curate a marketplace of AI interventions.
A $440 million health equity AI fund: Town Hall Ventures raised its fourth fund with the goal of supporting startups bringing AI health developments to underserved communities.
Redox and Kno2 partner up: The two companies will work together to solve the challenge of transferring data between health systems while making them immediately usable. The financial details of the partnership have not been disclosed.
A $20 Series A for Weave Bio: The funding, led by USVP, will support its AI-native platform regulating clinical workflows. This brings the company’s total capital raised to $36 million.
$38 million for OneImaging: The radiology platform, which has grown 50x in the past three years, aims to make imaging more affordable by connecting people with a broad, nationwide network of accredited imaging centers.
Marble Health raises $15.5 million: The youth mental health company works with schools to provide mental health care to students.
Pear Suite gets $7.6 million: The startup closed the Series A round, led by Rock Health Capital and Nexxus Holdings, to support its mission of providing AI tools to empower community health care workers.
$10 million seed financing for OutcomesAI: The AI-enabled nursing care platform secured seed financing led by Santé Ventures to combine AI voice agents with licensed nurses to expand nursing capacity.
Well Theory raised $14 million: The series A, led by General Catalyst, will expand the startup’s women-led and personalized approach to treating autoimmune conditions.
Hazel Health acquires Little Otter: The pediatric behavioral health company, which has raised at least $86 million so far, had recently acquired mental health startup BeMe Health. The financial details of the Little Otter deal were not disclosed.