Health IT leaders are keeping an eye on the financial reports from big tech companies and the restoration of CommonSpirit Health's IT systems after a ransomware attack earlier this month.
1. Amazon plans to release third-quarter financial results Oct. 27. The tech giant stunned in the second quarter by announcing $2 billion in net loss, compared to $7.8 billion net income for the same period in 2021. CEO Andy Jassy blamed inflation, transportation costs and other factors on the disappointing quarter. AWS, however, had a successful quarter, reporting a year-over-year net sales increase from $14.8 billion to $19.7 billion. The third-quarter earnings will also be the first report since Amazon shuffled its healthcare strategy, announcing it would close AmazonCare to focus on other endeavors.
2. Apple also plans to release its quarterly fiscal results Oct. 27. Apple reported a record $83 billion in revenue for the third quarter ending June 25, up 2 percent from the previous year. The company reported $79 billion net income for the nine months end and since then has rolled out medication reminders for the latest iOS 16 update and released a new digital health strategy.
3. The IT systems for CommonSpirit Health hospitals are making their way back online after a ransomware attack sidelined computer systems for multiple hospitals across the U.S. More information could be revealed in the coming weeks as the Chicago-based health system recovers from the attack. Many CIOs have made cybersecurity a top priority for the coming year.
4. With the midterm elections two weeks away, congressional races are heating up in several states. The Wall Street Journal projects the Democrats will lose ground in the House, with 177 seats safe or likely safe, compared to 200 safe or likely safe seats for Republicans. The Journal projects a gridlock in the Senate, as both parties have 46 seats considered safe or likely safe. There are 35 contested seats in the Senate, which is currently split 50-50 along party lines.
5. More big news from disruptors is likely, especially in the virtual care and primary care spaces. CVS Health CEO Karen Lynch last week said the company wants to be in charge of the "entire spectrum of someone's health journey" and is moving forward with a plan to acquire Signify Health. The company was also rumored to be in exclusive talks to buy Cano Health, a primary care firm focused on seniors, but talks reportedly broke down, leaving the door open for suitors such as Humana, according to Seeking Alpha. Walgreens Boots Alliance also said it is looking for a technology asset, and JPMorgan Chase opened three advanced primary care centers at office sites, the company reported Oct. 24.