• California: Last month, Hinge Health, a virtual musculoskeletal health company, went public at $32 a share and has remained strong, leading to optimism about the potential success of other digital health companies. Through its initial public offering (IPO), Hinge sold around 13.7 million shares and raised $437.3 million. "I think the Hinge Health IPO is definitely a positive signal. But obviously, a single point doesn't make a line," said Alexi Nazem, general partner at AlleyCorp. "You need at least two, maybe three, to be certain. But I think this is definitely a strong signal. It's a way to indicate that we're moving into a new chapter." Omada Health, a digital chronic management company, is also expected to go public, with its IPO price to be set between $18 and $20 a share. (Turner, Modern Healthcare, 5/22; Turner, Modern Healthcare, 5/30)
• Minnesota: In the first quarter, Best Buy reported $109 million in charges related to restructuring its health unit. According to Healthcare Dive, Best Buy started the restructuring of its health unit after it recorded a non-cash goodwill impairment charge of $475 million in the fourth quarter ending Feb. 1. The charge was linked to a downward revision of the company's long-term financial projections for its health unit. Currently, Best Buy Health provides technology and logistics to support home health care. Since 2018, Best Buy has acquired several healthcare companies to support its goals, including GreatCall, Critical Signal Technologies, and Current Health. Best Buy has also partnered with different health systems like Mass General Brigham, Geisinger, and Atrium Health to support home care programs. However, Best Buy CEO Corie Barry said the company's health business has taken "longer to develop than we initially thought" due to providers' ongoing financial struggles and uncertainty about the federal government's hospital at home waiver. Despite these challenges, Best Buy CFO Matthew Bilunas said the company expects to see benefits from "ongoing efficiencies and effectiveness work streams," including at its health unit. (Olsen, Healthcare Dive, 5/30)
• Rhode Island: CVS Health has named Creagh Milford as the new president of Oak Street Health, replacing Brian Clem who has served as Oak Street president since 2019. Milford first joined CVS in 2021 to oversee the company's virtual care portfolio before becoming SVP of retail health in 2022. Last year, he became interim president of retail health at the company and will continue in that role until the company finds a successor. Prior to joining CVS, Milford cofounded HighCare Health, a population health management company, and was an operating partner at the private equity firm Gauge Capital. He also previously held leadership roles at Mass General Brigham. (Pifer, Healthcare Dive, 5/22; Hudson, Modern Healthcare, 5/20)

Host Rachel Woods sits down with Advisory Board's Miriam Sznycer-Taub to talk about how Best Buy is moving its way into the healthcare world and what that might mean for the healthcare industry.