The Grand Roundup: Autonomous clinical AI is here, challenger health plans vs. the incumbents, InnovAge's PACE push, a private markets roundup, and more

Kevin and Martin open on where autonomous clinical AI actually stands post-ARPA-H awards and the Zeke Emanuel conversation. They then discuss whether employer-sponsored insurance is nearing its end — Julie Yoo’s "Great Health Plan Replacement" thesis, Surest, and the CrowdHealth risk-pool debate

Next, they dig into Omada's inaugural investor day: the PBM-as-channel go-to-market strategy and updated margin targets now at 80% gross and 30% adjusted EBITDA. From there, InnovAge's Q4 earnings — the company is planning a growth era following two years spent fixing operational issues in California and Colorado, with CEO Patrick Blair flagging unusually strong federal interest in expanding the PACE model beyond dual eligibles.

Private markets stay busy: Fullscript's buyout by L Catterton (with a Thorne/P&G footnote), Thyme Care’s $125M round and new "Thyme Companies" parent entity, Forus’s $150M specialty-pharmacy raise, a senior-living round for Inspiren, and Epsilon Health's radiology raise.

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Links referenced

Conversation with Zeke Emanuel: https://www.healthtechnerds.com/p/autonomous-ai-and-the-future-of-clinical-care-an-expert-interview-with-ezekiel-emanuel-md-phd

Julie Yoo on The Great Health Plan Replacement: https://a16z.com/the-great-health-plan-replacement/

Omada Investor Day presentation: https://investors.omadahealth.com/static-files/fbe637ba-7eba-40d3-8829-761b670be4e7

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