Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Outcome Health, a Chicago-based company that provides ad-supported patient information content via touchscreens in doctor's offices and waiting rooms, is closing in on $500 million in new funding at a $5 billion pre-money valuation. Backers include Goldman Sachs Investment Partners, CapitalG, Leerink Transformation Partners, Pritzker Group Venture Capital and Balyasny Asset Management. The company previously was known as ContextMedia, before purchasing rival AccentHealth last year in a leveraged transaction.

Caveat: A source says deal is structured much like Uber's old transaction with Goldman Sachs, whereby the investors receive an guaranteed return at IPO, which rises annually. As such, this announced valuation is more complicated than most, and not quite apples to other tech apples.

Why it' matters: For Chicago, this is now the city's most highly-valued tech startup since Groupon's halcyon days. For medical practices, it's an ad-supported way to save costs on patient distraction during lengthy waits or outpatient procedures like chemotherapy or dialysis (plus showing 3D models in exam rooms). For pharma, it's a new frontier in the dodgy practice of in-office promotion.

Bottom line: "For drug companies, the value proposition is obvious: reach patients when they are thinking about their health, in the doctor's waiting room or in the exam room itself. Outcome Health claims it has tablets or wall-mounted screens in 40,000 or so doctor's offices, which it says accounts for 20% of U.S. doctor's offices." ― Alex Konrad & Matthew Herper, Forbes

Go deeper

Updated 13 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden has arrived at the White House and he will sign executive orders and other presidential actions.

41 mins ago - Podcasts

Podcast: After the Biden inaugural

Joe Biden was sworn in today as America's 46th president in an inauguration unlike any other in modern history.

Axios Re:Cap goes deeper into the speech, the atmosphere and what it all tells us about the incoming administration, with Axios political reporters Hans Nichols and Alexi McCammond.

Biden embarks on a consequential presidency

Photo illustration: Sarah Grillo/Axios. Photo: Joe Raedle/Getty Images

Donald Trump tried everything to delegitimize the rival who vanquished him. In reality, he's set Joe Biden on course to be a far more consequential U.S. president than he might otherwise have become.

The big picture: President Biden now confronts not just a pandemic, but massive political divisions and an assault on truth — and the aftermath of the assault on the Capitol two weeks ago that threatened democracy itself.