Earlier this month, the FBI raided the offices of uBiome, a healthcare startup based in San Francisco. The company, which has raised more than $100 million and is valued at roughly $300 million, is accused of what amounts to billing malpractice. According to a deeply reported piece by Chrissy Farr of CNBC, their modus operandi appears to have involved aggressively billing patients multiple times and repeatedly pressuring doctors to be lenient in their interpretation of the need for tests. Farr’s story reveals how misguided growth strategies led to many rules broken, boundaries pushed, and lines crossed.
As someone who is emotionally and professionally invested in the Silicon Valley way, this has been particularly unsettling because of what it means for the overall health of our ecosystem. As Farr succinctly put it in a recent analysis, “There’s a lot that has to change.” Continue reading “uBiome, Silicon Valley & the issue of trust”