The Grand Roundup: Payer Q2 earnings, HCA's ACA miss, OpenEvidence & Doximity's PR war, fee schedule backlash, Neko's $7B valuation, and more

Kevin and Martin kick off with Q2 payer earnings. Elevance's stock fell 11% despite beating estimates because the company signaled Medicaid market exits without giving Wall Street any sizing to work with, while United warned that the No Surprises Act is driving commercial trend higher than expected.

They then discuss the OpenEvidence-Doximity documentation fight, with both citing the same study as proof that they’re winning, as well as reports that OpenEvidence turned down a $20B valuation while fielding acquisition interest from a "large tech player.”

They close on the physician fee schedule — clearing up the misleading "CMS cuts pay" coverage and walking through the notice-and-comment process — before a rapid walkthrough of recent private deals: Corner Health's staff-free NP clinic model, Bunkerhill Health's $25M raise and the point-solution-versus-platform debate, and Neko Health's eyebrow-raising $7B valuation on eight clinics.

Links referenced

The Information on OpenEvidence: https://www.theinformation.com/articles/chatgpt-doctors-mulls-new-financing-20-billion-valuation

Fortune on Bunkerhill Health: https://fortune.com/2026/07/16/bunkerhill-health-raises-55-million-ai-agents-work-inside-hospitals/

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