An integrated data framework for policy guidance during the coronavirus pandemic: Towards real-time decision support for economic policymakers.

Usually, official and survey-based statistics guide policymakers in their choice of response instruments to economic crises. However, in an early phase, after a sudden and unforeseen shock has caused unexpected and fast-changing dynamics, data from traditional statistics are only available with non-negligible time delays. This leaves policymakers uncertain about how to most effectively manage their economic countermeasures to support businesses, especially when they need to respond quickly, as in the COVID-19 pandemic. Given this information deficit, we propose a framework that guided policymakers throughout all stages of this unforeseen economic shock by providing timely and reliable sources of firm-level data as a basis to make informed policy decisions. We do so by combining early stage 'ad hoc' web analyses, 'follow-up' business surveys, and 'retrospective' analyses of firm outcomes. A particular focus of our framework is on assessing the early effects of the pandemic, using highly dynamic and large-scale data from corporate websites. Most notably, we show that textual references to the coronavirus pandemic published on a large sample of company websites and state-of-the-art text analysis methods allowed to capture the heterogeneity of the pandemic's effects at a very early stage and entailed a leading indication on later movements in firm credit ratings. While the proposed framework is specific to the COVID-19 pandemic, the integration of results obtained from real-time online sources in the design of subsequent surveys and their value in forecasting firm-level outcomes typically targeted by policy measures, is a first step towards a more timely and holistic approach for policy guidance in times of economic shocks.

Graduate Medical Education Should Not Be A Commodity.

The demise of Hahnemann University Hospital demonstrates the need for health care and graduate medical education policy reform.

Lessons to Learn From Hahnemann University Hospital's Closure.

Despite the number of hospital closures over the past decade, the June 2019 announcement of the closing of Hahnemann University Hospital (HUH) in downtown Philadelphia has greatly impacted the academic medicine community. Several factors contributed to the collapse of the hospital; however, the operational approach throughout the period leading up to and during the hospital's closing left faculty, students, and especially residents with many questions as they scrambled to determine how to continue their careers. This Invited Commentary examines factors that contributed to the crisis following the hospital's closure, such as the influence of HUH's ownership history and the complicated landscape of graduate medical education, and discusses the lessons that can be learned from this cataclysmic event. Above all, the academic medicine community must consider lessons learned from HUH's closure and make a firm commitment to preserve and protect the educational mission of our institutions.

Reflections on a Crisis in Graduate Medical Education: The Closure of Hahnemann University Hospital.

In June 2019, Hahnemann University Hospital (HUH) in Philadelphia became the largest U.S. teaching hospital to announce its closure and the closure of all of its graduate medical education (GME) programs, which displaced more than 550 residents, fellows, and other trainees. In addition to the displaced trainees, the HUH closure involved many stakeholders at both the closing hospital and hospitals willing to accept transferred residents and fellows-program directors and coordinators, designated institutional officials (DIOs), and hospital executives-as well as the Accreditation Council for Graduate Medical Education, the Centers for Medicare and Medicaid Services, the National Resident Matching Program, and other organizations. Given the rarity of such events, those involved had little experience or expertise in dealing with the closure of so many GME programs at one time. In this Invited Commentary, the DIOs of HUH and 4 other area teaching hospitals detail their experiences working to find new training opportunities for the displaced residents and fellows, discussing lessons learned and providing recommendations to prepare for any future teaching hospital closures. Stakeholder organizations should work together to develop a "playbook" for use during future closures so that the chaos that occurred this time can be avoided.

The Hahnemann University Hospital Closure and What Matters: A Department Chair's Perspective.

The closure of Hahnemann University Hospital, which was announced on June 26, 2019, resulted in the most significant graduate medical education displacement in history, sending over 550 residents to new institutions within a month of the announcement. Over 2,000 physicians, nurses, and staff lost their jobs. While seemingly predictable in retrospect, the closure came as a cataclysmic event to all involved. In this Invited Commentary, a department chair reflects on the lessons learned from these unprecedented circumstances. These lessons cover areas that are not a typical concern for faculty who are focused on teaching their trainees, but are worthy of their attention. Corporate and organizational structure, leadership, and financing of the hospital were critical determining characteristics of the failure. The roles that the Accreditation Council for Graduate Medical Education and the Centers for Medicare and Medicaid Services played in this event were key stabilizers. However, examining their roles in this event offers opportunities to play a more active role in future events and alter how the next massive displacement unfolds, possibly preserving teaching programs. Highly competitive health systems should rethink noncollaborative strategies before allowing struggling institutions to succumb to market forces. Finally, a commitment by a hospital to the mission of academic medicine is a sacred trust with the faculty, trainees, and patients that it serves. It should not be undertaken by any enterprise that is not well resourced and equipped with the knowledge and expertise to meet this most serious of commitments.

The Graduate Medical Education (GME) Gold Rush: GME Slots and Funding as a Financial Asset.

The unprecedented displacement of more than 550 trainees that occurred because of the closure of Hahnemann University Hospital has demonstrated that the medical education community, Centers for Medicare and Medicaid Services, and the Accreditation Council for Graduate Medical Education were unprepared for a graduate medical education (GME) crisis of this scale. The authors offer a first-hand perspective of the chaotic environment that ensued following the announcement of the hospital's closure and of the challenges faced by trainees and program leadership looking to ensure trainees found a landing program that was a good fit for them. The authors review the complexity of GME funding and how the owners of Hahnemann University Hospital leveraged this in an attempt to offset debt. The lessons learned from the authors' experience can help inform the medical education community's response to this type of crisis in the future.

Sipuleucel-T (Provenge(®))-Autopsy of an Innovative Paradigm Change in Cancer Treatment: Why a Single-Product Biotech Company Failed to Capitalize on its Breakthrough Invention.

Approved by the US Food and Drug Administration (FDA) in 2010, sipuleucel-T (Provenge(®)) was the first 'personalized' cancer vaccine for the treatment of prostate cancer in a metastatic, non-symptomatic population of 30,000 men in the USA. Sipuleucel-T is prepared individually for each patient and infused in three sessions over a period of 1 month. However, in 2015, Dendreon, the owner of sipuleucel-T, filed for bankruptcy. This opinion paper reviews the probable reasons this innovative product failed to achieve commercial success. PubMed and internet searches were performed focused on pricing, reimbursement, and market access. We found that sipuleucel-T's FDA approval was delayed by 3 years, reportedly because of the vaccine's new mechanism of action. Sipuleucel-T was cleared by the European Medicines Agency 2 years later, but other national agencies were not approached. It was priced at $US93,000 for a course of treatment, and this high price combined with the company's late securement of reimbursement for the vaccine by the US Centers for Medicare and Medicaid Services (CMS) resulted in another year's delay in accessing the market. Despite a positive recommendation by the National Comprehensive Cancer Network, sipuleucel-T's complex administration, high price, and uncertainty about the reimbursement status deterred doctors from prescribing the product. Furthermore, the vaccine's supply was limited during the first year of launch due to limited manufacturing capacity. In addition, two oral metastatic prostate cancer drugs with similar survival benefits reached the US market 1 and 2 years after sipuleucel-T. Also, even though Dendreon's market capitalization topped $US7.5 billion following the FDA's approval of sipuleucel-T, this value degraded gradually until the firm's bankruptcy 5 years later. We conclude that the bankruptcy of Dendreon was largely due to the delay in securing FDA approval and CMS coverage, as well as the high cost that had to be incurred by providers up-front. Licensing sipuleucel-T to a pharmaceutical company more experienced in the market access pathway may have saved the company and the product.

Reasons for student debt during medical education: a Michigan study.

The authors address the need for a better understanding of the reasons for greater indebtedness among today's osteopathic medical students. In May 2000, a survey was mailed to all 219 osteopathic interns at participating institutions in Michigan. The self-administered survey contained 19 questions designed to gather basic financial information, demographic characteristics, and subjective perceptions of student debt loads from participating interns. One hundred seventy completed surveys were returned, for a response rate of 78%. The authors attempted to focus on demographic predictors of debt and found that although there is no indication that such predictors have a significant effect on a student's total debt load, financial support from the student's family remains the single most important factor in predicting low levels of student debt. The authors suggest that the higher debt rate of students entering specialty fields may reflect the fact that students incur these debts with the knowledge that those debts will be more easily repaid once the student has begun to practice medicine.

Bankruptcy opportunities and pitfalls: strategies for restructuring and unwinding integrated delivery systems.

Many organizations in the healthcare field are facing issues regarding the "dis-integration" of previously assembled integrated delivery systems. In many situations, bankruptcy is the most effective effective means for pursuing this course of action. This article examines and explains the bankruptcy process, its applicability to an IDS, and strategies for dealing with the process.