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About Richmond University Medical Center

Richmond University Medical Center is a hospital in West New Brighton, Staten Island, New York City.

Richmond University Medical Center Headquarter Location

355 Bard Ave.

Staten Island, New York, 10310,

United States

718-818-1234

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Latest Richmond University Medical Center News

Local players strategize to increase access to psychedelic therapy

May 2, 2022

Plus: Bristol Myers Squibb sales up in Q1, but net earnings fall Richmond University Medical Center to let go of 29 agency staffers As evidence of psychedelic substances for treating psychiatric conditions grows, local practitioners are noticing increased interest from the public. Access to such treatments, however, remains challenging. In recent years, psychedelic substances have been closely studied for psychiatric conditions such as depression or trauma. While ketamine is currently the only psychedelic therapy commercially available and not through a clinical trial, its access is cost-prohibitive. "It's historically expensive for patients because it was usually not covered by insurance," said Dr. Amanda Itzkoff, CEO of Curated Mental Health, a clinic that offers ketamine therapy. Today, while there are instances where insurance can cover ketamine therapy, reimbursement structures might reserve that access only to the affluent, she noted. Otherwise, patients have to resort to self-pay. Clinics in the city providing psychedelic therapy say such treatments should not be reserved for the rich. They say they are devising ways to lower the cost of sessions, or ways to engage with insurance. They are laying the groundwork to bridge access with ketamine for now, but are also setting the stage for the future when other psychedelic therapies, such as with psilocybin or MDMA, become available, they say. Rich evidence, expensive treatment Ketamine is the only psychedelic substance that has an approval from the Food and Drug Administration—albeit not for use in the treatment of psychiatric conditions. In its label, ketamine is approved as an anesthetic in surgical procedures only. Using ketamine for psychiatric conditions would be considered "off-label," Itzkoff said. "But off-label use means insurers have the liberty of not covering it should they choose not to, because the FDA has not backed it." Ketamine will almost certainly never receive "on-label" status because it has been a generic drug for decades, and no drug company will want to undertake the expense of putting the drug through trials for that approval when there is no exclusivity to be enjoyed, Itzkoff added. Self-pay is common for ketamine infusions, and price tags in the city can range between about $500 to $1,000 per session, according to rates posted by local clinics. As ketamine infusions for psychiatric conditions require multiple sessions—typically six or more—the cost is prohibitive for those who are lower income, said Richard Meloff, co-founder of Nushama, which offers ketamine and wellness services. It can be an uphill battle to get insurance to cover ketamine treatments. "We worked really hard on our relationships with payers to ensure we're delivering evidence-based care, and they're finally coming around," Itzkoff said. Curated, with four clinics, including its flagship in Chelsea, is in-network with Cigna, Aetna and UnitedHealthcare. "The burden falls on the provider to supply the evidence to the payer to cover the treatment off-label, and that requires a lot of staff and infrastructure to compile that evidence," Itzkoff said. Curated has a team of 30 people solely dedicated to collecting such data to persuade payers to cover the cost. Medical literature includes clinical trials that have shown ketamine's benefit in depression, anxiety and post-traumatic stress disorder. "The requirements to put together such evidence is a huge barrier for small offices, that's why many don't bother with being in-network," Itzkoff said. Pursuing insurance coverage also means additional cost needed to ensure each facility that delivers the infusions and its staff are properly credentialed by the payer, Meloff said. Nushama, which has four locations, including its flagship in Midtown, uses only its Upper East Side location for patients accessing ketamine services through insurance, he said. Even if it is covered by insurance, negotiated payment rates for using ketamine can be lower than if the provider had used other treatments instead, making being in-network even less attractive, Itzkoff noted. "We're not looking to make a killing," she said. "We're looking to deliver this service for people who need it and keep our doors open." Lowering access barriers Nushama and Curated have payment arrangements for patients who are unable to afford their services, but they're trying creative approaches to lower barriers further. "Psychedelic treatment should not be reserved only for the rarefied few who can afford it," Meloff said. Ketamine therapy is typically a one-on-one setting, including its infusion and integration—where a therapist provides counseling support afterward. Nushama is exploring group settings for both components. Using one room for six to eight people rather than for one person provides operational savings, which can be passed on to the patient, Meloff said. More staffing will be required in a group infusion setting, but not equivalently more, he said. "A two-hour treatment remains a two-hour treatment, even if more people are in the room," he explained. Special care will be needed to set up a room that ensures an effective and safe infusion session in a group setting, he added. Curated is exploring group settings for just the integration component. The model is similar to group therapy that exists already. Group settings might achieve cost savings for patients using self-pay, or for those who have not yet met their deductible on their insurance, Itzkoff said. For those with a standard co-pay or who have all costs fully covered by insurance, however, they would likely not see any difference in out-of-pocket costs, she said. Both Meloff and Itzkoff said that group integration was being considered beyond just cost considerations. Group therapy can be highly effective for people with shared experiences or trauma, they said. As part of Curated's efforts to explore group settings, it partnered with Brooklyn Minds Psychiatry, with locations in Midtown and Williamsburg, on April 19. Brooklyn Minds has an expertise in group therapy and has providers credentialed by commercial payers, Medicaid and Medicare. By partnering, ketamine and therapy services can be available at both organizations' locations, along with shared resources for back-end processing and administration, Itzkoff said. While it is a struggle to make even ketamine accessible, setting the stage is important for when other promising psychedelic compounds, such as psilocybin or MDMA, become accepted as treatment, Meloff said, adding those forms of therapies can have similar protocols with ketamine. "We've already started designing our spaces in mind for both MDMA and psilocybin," Itzkoff said. There are specific hurdles unique to those compounds—psilocybin therapy can last up to eight hours and there are city zoning restrictions to how long a patient can be kept on-site, she explained. "Our challenges will be similar [with ketamine's], but I believe if we gain ground now with payers and the city, we will be in a good position to make those arguments for those treatments in the future," Itzkoff said. —Shuan Sim   Northwell notches 1.2% operating margin for 2021 Northwell Health closed the calendar year with nearly $178 million in operating income and a 1.2% margin as it continued its Covid recovery, according to financial results released Thursday. The health system reported more than $14.5 billion in operating revenue for the year; about $13.2 billion was in total patient revenue and $1.3 billion was in other revenue. That made for a 8.3% increase in operating revenue from 2020, a difference of more than $1.1 billion. Management attributed the change to increased patient volume, laboratory services, growth in its ambulatory and physician network, increases in payment rates and revenue cycle initiatives. Operating expenses rose 6.6% to hit nearly $14.4 billion for the year, of which $7.4 billion were salaries and almost $4.6 billion were supply costs. Major spending items that contributed to operating expense growth included facilities and programs to enhance capacity and infrastructure, new patient experience initiatives, ambulatory and physician network expansion, and information technology investments. Northwell executives also cited routine cost-of-living wage adjustments and the impact of inflation as factors in the growth. During the last three months of the year, the system saw about $75 million in income on $3.9 billion in operating revenue, a Crain's analysis found. The system finished the year with $5.9 billion in net assets without donor restrictions, up about $1.1 billion from the end of 2020. The Northwell system encompasses 19 owned hospitals, three long-term-care facilities, certified home health care agencies, a hospice network, more than 800 ambulatory and physician practice locations, the Feinstein Institutes for Medical Research, a centralized laboratory and joint ventures, among other entities. —Maya Kaufman   Bristol Myers Squibb sales up in Q1, but net earnings fall Global pharmaceutical company Bristol Myers Squibb, headquartered in Kips Bay, saw modest growth in the first quarter, compared to the same period last year. Its expense increase, however, outpaced that of revenue, leading to overall lower earnings. Total revenue was up 5% year over year to $11.6 billion. Product sales grew 5% to $11.3 billion while revenue from partnerships was up 24% to $340 million. Blockbuster assets, including anticoagulant drug Eliquis and cancer immunotherapy Opdivo, posted strong gains of 11% and 12%, respectively, to revenues of $3.2 billion and $1.9 billion. Opdivo in particular gained momentum as it gained approval recently for use in additional cancers, the company's leadership said. Total expenses jumped 17% year over year to just under $10 billion during the first quarter. Although the company's cost of products decreased 13% to $2.5 billion, large licensing payments led to the overall increase. The company also saw a 10% increase in marketing, selling and administrative costs to $1.8 billion. BMS paid out $333 million in acquired research and development costs in the first quarter, compared with $6 million during the same period last year. These included upfront and milestone payments relating to the company's licensing agreements with Massachusetts-based Dragonfly Therapeutics in August 2020 and German firm Immatics in December 2021, both regarding immunotherapy programs. After accounting for income taxes, net earnings attributable to BMS were $1.3 billion—37% lower year over year. Diluted earnings per share was 59 cents during the first quarter, a steep decline compared with 89 cents per share in the first quarter of 2021. Gross margin increased to 79% in the first quarter, compared with 74% in the same period last year. This was primarily due to an impairment charge related to marketed product rights in the same period last year and foreign exchange. The company, founded in 1887, has more than 32,000 employees. —S.S. Richmond University Medical Center to let go of 29 agency staffers Richmond University Medical Center will end a contract with national medical-staffing firm Envision Physician Services for 29 emergency care providers, according to a notice filed earlier this month with the state Department of Labor. The employees' contract to work at the Staten Island hospital will end June 30, the worker training and adjustment notification said. Envision, which is headquartered in Dallas and owned by private-equity giant KKR, will continue to provide anesthesia services at the hospital. "Envision physicians and advanced practice providers have been an integral part of the hospital's team, making a meaningful impact in improving patient care," a company spokeswoman said in a statement. "The clinicians have the opportunity to remain with Envision, continue practicing at the hospital or pursue other employment options." Asked about the reason for the contract's termination, hospital representatives said they were not at liberty to discuss any details of the Envision contract, at the direction of legal counsel. They also declined to answer questions about the hospital's broader use of staffing agencies. Richmond University Medical Center is an acute-care and teaching hospital with more than 470 licensed beds. It also operates a network of health centers across the borough. —M.K. AT A GLANCE WHO'S NEWS: The "Who's News" portion of "At a Glance" has transitioned to a paid product available online at this link and in the Health Pulse newsletter. "Who's News" is a daily update of career transitions in the local health care industry. For more information on submitting a listing, reach out to Debora Stein: [email protected] HEALTH EQUITY: Join the Crain's Health Pulse team the morning of Thursday, May 5, for a live discussion of how health care organizations can make care delivery more equitable and achieve better outcomes among New York's underserved communities. Featured speakers include New York City Health Commissioner Dr. Ashwin Vasan and One Brooklyn Health System CEO LaRay Brown. Click here for event details, the full list of speakers and to purchase tickets or a table for your organization. MEDICAID WAIVER: The state Department of Health will host a virtual public hearing Tuesday from 1 p.m. to 4 p.m. to provide an overview of the state's Medicaid 1115 waiver amendment request. Anyone who wishes to provide a public comment during the hearing must register in advance . PEDIATRIC PRACTICE: Summit Health has acquired Central Nassau Pediatrics, a group practice in Levittown on Long Island, the multispecialty medical group announced last week. The office's clinicians will include specialists in allergy and immunology, audiology, ENT, general surgery, internal medicine, podiatry and radiology services. A Summit Health spokesman declined to disclose financial terms of the agreement. PHYSICAL ACTIVITY: Northern Westchester Hospital has opened a 1,350-square-foot gym for hospital employees, funded by a donation from Ed and Phyllis Lashins, Northwell Health announced Friday. Its equipment includes a Mirror workout system and two active Peloton workout systems. CONTACT US: Have a tip about news happening in the local health care industry? Want to provide feedback about our coverage? Contact the Health Pulse team at [email protected]

Richmond University Medical Center Acquisitions

1 Acquisition

Richmond University Medical Center acquired 1 company. Their latest acquisition was Staten Island Mental Health Society on January 10, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

1/10/2019

$99M

Merger

1

Date

1/10/2019

Investment Stage

Companies

Valuation

$99M

Total Funding

Note

Merger

Sources

1

Richmond University Medical Center Partners & Customers

4 Partners and customers

Richmond University Medical Center has 4 strategic partners and customers. Richmond University Medical Center recently partnered with Infor on January 1, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

1/5/2021

Vendor

United States

Richmond University Medical Center Modernizes Interoperability with Infor Healthcare's Cloverleaf

NEW YORK , Jan. 5 , 2021 / PRNewswire / -- Infor today announced that Richmond University Medical Center in Staten Island , New York , has selected Infor Cloud Cloverleaf ™ to increase interoperability across its network of healthcare services and providers .

1

7/6/2020

Partner

United States

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10

4/19/2019

Partner

United States

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10

5/31/2012

Vendor

United States

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10

Date

1/5/2021

7/6/2020

4/19/2019

5/31/2012

Type

Vendor

Partner

Partner

Vendor

Business Partner

Country

United States

United States

United States

United States

News Snippet

Richmond University Medical Center Modernizes Interoperability with Infor Healthcare's Cloverleaf

NEW YORK , Jan. 5 , 2021 / PRNewswire / -- Infor today announced that Richmond University Medical Center in Staten Island , New York , has selected Infor Cloud Cloverleaf ™ to increase interoperability across its network of healthcare services and providers .

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Sources

1

10

10

10

Richmond University Medical Center Team

2 Team Members

Richmond University Medical Center has 2 team members, including former Chief Financial Officer, Kevin Murphy.

Name

Work History

Title

Status

Kevin Murphy

Chief Financial Officer

Former

Lynn Taylor

Marsh & McLennan, and U.S. Navy

Senior Vice President

Former

Name

Kevin Murphy

Lynn Taylor

Work History

Marsh & McLennan, and U.S. Navy

Title

Chief Financial Officer

Senior Vice President

Status

Former

Former

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