Cone Health shutters pricey digital diabetes venture
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After years of hyping its new digital diabetes monitoring company, Cone Health is scrapping the venture it poured millions of dollars into, citing a highly saturated market for such tools.
A few years ago, the Greensboro, N.C.-based health system gave media interviews and fired off press releases promoting the smartphone app it said would revamp diabetes care. But the deal didn t work out as planned. Tucked in a clause of its latest financial statement, Cone said it s winding down the company this year.
Not-for-profit Cone, which is in the throes of merging with Sentara Healthcare, declined an interview. Chief Financial Officer Jeff Jones said in a statement that when Cone started the joint venture with Wellsmith, an Austin, Texas, technology company, there were no comparable solutions on the market. Cone s financial statement said the venture was formed in late 2015.
Cone Health CEO, CFO Announce Transition Plans Around Merger by Neal Charnoff Moses Cone Hospital in Greensboro, North Carolina. Image courtesy: Cone Health
The top two leaders at Greensboro’s Cone Health have announced plans to leave the organization. This comes as a merger with Sentara Healthcare is pending.
Chief Executive Terry Akin announced on Thursday he will leave Cone Health later this year. Akin says he will stay with the health care system until the forthcoming merger with Sentara Healthcare is completed.
Chief Financial Officer Jeff Jones will also be moving on. According to a news release, the two executives made their decisions independently and for personal reasons.