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About the Author:
Andrew Walsh
Managing Director
Andrew Walsh is a managing director in investment banking. Andrew has over 20 years of experience as a healthcare entrepreneur, executive and operator. Prior to joining First Analysis in 2019, Andrew was part of the senior leadership team of Ciox Health, a large private equity-backed healthcare technology company. Andrew brings a wealth of experience to the investment banking team and has served in senior executive roles at some of the most respected healthcare companies in the United States including UnitedHealth Group, Optum and Davita. Andrew also founded, grew and sold a successful population health company focused on helping vulnerable, high-risk populations. He saw this company through two exits, ultimately selling a combined entity to Guidewell in 2017. Andrew earned an MBA from the University of Notre Dame and a bachelor's degree in economics from the University of Illinois.
First Analysis Healthcare Technology Team
Matthew Nicklin
Managing Director
Andrew Walsh
Managing Director
Joseph Munda
Vice President
Tracy Marshbanks
Managing Director
First Analysis Quarterly Insights
Healthcare Technology
Virtually better: Next generation delivery networks
November 2, 2020
  • One of the most significant evolutionary vectors of our healthcare system is healthcare delivery - how the right people get the right treatment at the right time. In response to challenges and advancements in healthcare and technology, society constantly endeavors to reshape healthcare delivery systems to improve outcomes and reduce costs.
  • We briefly trace the past few decades of this evolution, from traditional delivery systems to integrated delivery networks (IDNs) to alternative delivery networks (ADNs), and we examine how COVID-19 is catalyzing the next evolutionary leap in healthcare delivery - the creation of virtual delivery networks (VDNs).
  • VDNs systemically deconstruct healthcare delivery in the real world and reconstruct pertinent pieces in the virtual world. The result balances both real and virtual components to form the next, and perhaps best, healthcare delivery model.
  • Two key components of VDNs are technology-based virtual care solutions and value-based care strategies. We profile these two areas and highlight some of the innovative companies driving them forward.


Includes discussion of 12 private companies

But first, let's briefly review how we ended up here

Early innovators for healthcare delivery systems

Alternative care delivery networks

The next horizon: Virtual delivery networks

VDNs promise a more successful healthcare system

Provider tech post-COVID19 rally continues, payer tech finishes flat

M&A activity reaches two-year high in Q3

Healthcare technology private placements increase in Q3


COVID-19 has created new challenges and immense pressures for healthcare infrastructures around the world. Fortunately, healthcare delivery systems continuously evolve to address to such challenges, developing innovative solutions to complex problems while providing better patient care. COVID-19 has illuminated the need to use technology to connect patients with their doctors across wide distances and the need for all healthcare systems to accommodate virtual and technology-based components. In this context, virtual delivery networks (VDNs) have emerged as the latest healthcare delivery concept, the ultimate patient-centered healthcare delivery model that combines care delivery and care modalities, encompassing traditional and technology-based solutions, to best address diverse patient needs and preferences.

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