通过人工智能和先进技术转变专科护理管理

Equity ResearchHealthcare|Healthcare Services andHealthcare Technology July 16, 2025Industry Report Ryan S. Daniels, CFA+1 312 364 8418rdaniels@williamblair.com Healthcare Mosaic Jared Haase, CFA+1 312 364 5135jhaase@williamblair.com Advanced Specialty Care Update:As Acuity and Cost of Care Elevate,So Does Demand for Innovation ContentsContents Summary............................................................................................................................3Introduction.......................................................................................................................4CMS’s TEAM and Data-Sharing Initiatives Could Serve as Catalysts...............................10Why the Increased Focus on Specialty Care?.................................................................13Key Areas of Advanced Specialty Care............................................................................18Top Disease States for Advanced Specialty Care Management Solutions.....................20Cardiology.....................................................................................................................20Oncology.......................................................................................................................22Musculoskeletal (MSK)................................................................................................23Nephrology (Kidney Care)...........................................................................................25Gastroenterology Care.................................................................................................26Other Advanced Specialty Care Enablement and Care Delivery Solutions...................28Patient Navigation and Virtual Care............................................................................28Value-Based Care Measurement and Performance Analytics Providers...................29Centers of Excellence...................................................................................................30Company Profiles.............................................................................................................31 Summary In our quarterlyHealthcare Mosaicreport, we select a far-reaching topic of interest in the health-care space and provide a variety of data points and analyses to offer a more complete picture ofwhat it means for the broader healthcare marketplace—as well as for both public and privateinvestors in the space. In thisHealthcare Mosaic(now our 38thin the quarterly series),we dive back into the growingimportance of advanced specialty care in the value-based care (VBC) market, a topic we first ad-dressed in our September 2023 report on the same topic. More specific, in this thematic report, we analyze: •Why the VBC movement requires continued progression toward advanced specialty caremanagement, especially as elevated costs trends and advanced disease progression pressurespayer margins;•The key areas of focus for advanced specialty care—including our updated analyses of the ad-dressable markets, existing risk-based programs, and key savings opportunities for each area;•Key market- and regulatory-driven factors that continue to drive growth in advanced specialtycare—including novel data-sharing requirements and the upcoming launch of CMS’s manda-tory Transforming Episode Accountability Model (TEAM) with bundled payments;•Challenges and opportunities in the movement toward advanced specialty care delivery; and•An overview of select companies in both the public and private markets that we believe arewell positioned to address these trends. Our covered companies that we believe will be most impacted by these trends include the follow-ing:agilon health (AGL), Astrana Health (ASTH), Evolent Health (EVH), Hinge Health (HNGE),P3 Health Partners (PIII), andPrivia Health (PRVA). We also see a number of emerging entities in the space, including operators (categorized by spe-cialty) such as: •Kidney care:Duo Health, Evergreen Nephrology, Healthmap Solutions, Interwell Health,Monogram Health, Nephrology Specialist IPA, Panoramic Health, Somatus, and Strive Health.•Musculoskeletal (MSK):Health Plus Management, Hinge Health, HOPCo (Healthcare Out-comes Performance Company), Icon Health, Limber Health (now part of Net Health), LivaraHealth, Luna Physical Therapy, Kaia Health, Omada Health (OMDA), Protera Health, Recov-eryOne, Regenexx Corporate Program, RightMove Health, Sword Health, TailorCare, UnitedMusculoskeletal Partners, and Vori Health.•Oncology and advanced care planning:Aledade, American Oncology Network (AONC), Day-mark Health, Evolent Health, Flatiron Health, Florida Cancer Specialists, GenesisCare, Navista,OncoHealth, OneOncology, The Oncology Institute, The US Oncology Network, Thyme Care,and Verdi Oncology. •Cardiology:Atria Health, CardioOne, Cardiovascular Associates of America, CardiovascularLogistics,Heartbeat Health, Heart & Vascular Partners, Karoo Health