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9.28.26
2026 Mid-Year Technology and Life Sciences PIPE and RDO Report
Wilson Sonsini is pleased to present the 2026 Mid-Year Technology and Life Sciences PIPE and RDO Report, analyzing 103 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based technology and life sciences companies between January 1 and June 30, 2026.
Client Advisories
9.22.26
Evolving Expectations for AI in Mental Health
Artificial intelligence (AI)-enabled mental health products are becoming more ubiquitous with many individuals turning to chatbots, digital companions, coaching tools, and other AI systems for mental health support. They are also attracting increased attention from regulators, policymakers, and courts. As discussed in our previous client alert, Legal Framework for AI in Mental Healthcare, these products already fall within a patchwork of federal and state regulatory frameworks. Recent developments suggest government scrutiny of the sector is likely to continue increasing, including recent actions by agencies, state laws, and emerging litigation. For companies developing AI-enabled mental health products, key considerations may include medical device regulation, emerging state AI laws, Federal Trade Commission (FTC) oversight of health-related claims, privacy, transparency and health data use, and potential liability theories, including the unauthorized practice of medicine or psychology.
Client Highlights
9.03.26
Wilson Sonsini Advises Scan.com on $220 Million Combined Equity and Debt Financing
On August 31, 2026, Scan.com, a digital medical imaging and radiology booking platform that connects patients, doctors, and diagnostic imaging centers in the U.S. and the UK, announced it has closed $220 million in combined equity and debt financing. The $90 million equity round was led by Noteus Partners, with participation from Aviva, Concord Health Partners, YZR Capital, Oxford Capital, and others. $130 million of debt facilities supporting mergers and acquisitions and working capital were provided by VerisFi Capital and Atempo Growth. Wilson Sonsini Goodrich & Rosati advised Scan.com on the transaction.
Alerts
8.18.26
CMS Proposes Changes to Incentivize FHIR-enabled Electronic Prior Authorization Use
On July 14, 2026, the Centers for Medicare & Medicaid Services (CMS) announced the CY 2027 Physician Fee Schedule (PFS) proposed rule. The proposed rule includes modifications to further incentivize the use of electronic prior authorization in Medicare Ambulatory Specialty Models (ASMs) and the Merit-based Incentive Payment System (MIPS) by health care providers. This builds on prior CMS regulations related to prior authorization which imposed requirements on certain health plans, but not on health care providers (see 2024 CMS Interoperability and Prior Authorization final rule). These changes are not “PFS” in the technical sense of altering relative value unit (RVU) or conversion-factor payment calculations, but rather are Quality Payment Program (QPP) and Center for Medicare and Medicaid Innovation (CMMI) policy changes that are included in the same omnibus annual rulemaking package. For CMS’s proposed PFS and Hospital Outpatient Prospective Payment System (OPPS) payment changes, see our previous client alert, “Health Reimbursement Signals: CMS Proposes Payment Frameworks for ‘Software as a Medical Service.’”1
Alerts
8.13.26
New Oregon HCMO Rules Bring Higher Fees, New Penalties, and Deal Timing Requirements
On July 1, 2026, Oregon’s significant amendments to the regulations implementing its Health Care Market Oversight (HCMO) program, one of the country’s most comprehensive state healthcare transaction review regimes, took effect. Unlike many state transaction notice laws, Oregon’s program gives the Oregon Health Authority (OHA) power to substantively review and approve, condition, or disapprove covered healthcare transactions.
Client Highlights
8.11.26
Wilson Sonsini Advises Flagler Health on $50 Million Series B
On August 11, 2026, Flagler Health, which provides AI-native practice management software currently focused on musculoskeletal (MSK) care, announced the completion of a $50 million Series B funding round. Bessemer Venture Partners led the financing joined by SignalFire, Alumni Ventures, Streamlined, 186 Ventures, Proof VC, Tribeca Ventures, and Offscript. The new funding accelerates the company’s expansion across every MSK practice in the U.S. Wilson Sonsini Goodrich & Rosati advised Flagler Health on the transaction.