This Week Health

Jason Krantz from Definitive Healthcare stops by to discuss moving beyond population health to individualized health.

Transcript
Speaker:

Today in.

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Health it interviews from the health conference in Boston

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My name is bill Russell.

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I'm a former CIO for a 16 hospital system and creator of this week and

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health it a channel dedicated to keeping health it staff current and engaged.

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Just a quick reminder, I'm going to be dropping interviews

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over the next couple of days.

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And into next week from the floor of the health conference.

Bill Russell:

And right now I'm with Jason Krantz CEO for definitive healthcare.

Bill Russell:

Welcome to the show.

Bill Russell:

Thanks.

Bill Russell:

Appreciate it.

Bill Russell:

So just went public in September.

Bill Russell:

What was, what was that experience

Jason Krantz:

like?

Jason Krantz:

That was, uh, once in a lifetime experience, uh, as an entrepreneur,

Jason Krantz:

I started the company 10 years ago and to now be a publicly traded

Jason Krantz:

company on NASDAQ, it is remarked.

Jason Krantz:

Uh, the whole week leading up to it, obviously it's a lot of work in

Jason Krantz:

terms of getting your finances ready and getting the compliance ready.

Jason Krantz:

But that week leading up is something special and then ringing the bell.

Jason Krantz:

It's remarkable.

Bill Russell:

Yeah, I would imagine that is a pretty amazing thing.

Bill Russell:

And you look around these, these foods and there's a million little booths.

Bill Russell:

In fact, just to give people an idea, there's like the boosts are tiny and

Bill Russell:

then there's like four sides to a booth.

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And there's a company on each of the four sides that was you 10 years ago.

Bill Russell:

Uh, getting out there and trying to do this thing.

Bill Russell:

I mean, you're, you're, you're living the dream according to that, I guess.

Jason Krantz:

Yeah.

Jason Krantz:

I, I think I am living the dream.

Jason Krantz:

So we've got an amazing team where we're solving interesting

Jason Krantz:

problems for healthcare.

Jason Krantz:

So there's a lot of room for us to continue to

Bill Russell:

grow for sure.

Bill Russell:

So I'm going to do this interview more like I'm a CIO kind of figure out what

Bill Russell:

you can do for my health system is great because some of my, some of my

Bill Russell:

listeners will be familiar with the things that you do, some will not.

Bill Russell:

And I just figured if I, if I sorta.

Bill Russell:

You know, your perfect coming in to talk to me.

Bill Russell:

So a former CIO St.

Bill Russell:

Joe's 16 hospital systems, Southern California, uh, what kind of

Bill Russell:

things are you, is definitive going to, to help us with?

Jason Krantz:

Sure.

Jason Krantz:

Well, let me start by describing the platform.

Jason Krantz:

So we provide what's called healthcare commercial intelligence, uh, which

Jason Krantz:

is data and intelligence on every single provider of health care

Jason Krantz:

across the entire United States.

Jason Krantz:

So everybody from physicians to hospice.

Jason Krantz:

Uh, to skilled nursing facilities and home health agencies, physician groups.

Jason Krantz:

And what we do is we provide all of this information to allow health

Jason Krantz:

systems, to, um, to analyze their markets and figure out the best

Jason Krantz:

opportunities for them to grow their, their business and their practice.

Jason Krantz:

So I'll give you a few examples.

Jason Krantz:

So referral opportunities, we help our clients, our health system clients

Jason Krantz:

understand who are the most important physicians to make sure that they're

Jason Krantz:

getting referrals from within, within, and without their network.

Jason Krantz:

Where do they want to spend their time to develop those relationships?

Jason Krantz:

Uh, you can analyze that data for top positions.

Jason Krantz:

You can look at it for specific service lines, specific disease areas as well.

Jason Krantz:

So referral management is a really important part of what we do and helping

Jason Krantz:

people be much more efficient at that.

Jason Krantz:

Uh, second as health systems are looking to grow.

Jason Krantz:

We help them size different markets that they might want to expand.

Jason Krantz:

And find opportunities to purchase physician groups

Jason Krantz:

or acquire imaging centers.

Jason Krantz:

Uh, or if they're looking to grow, grow organically, the best places

Jason Krantz:

to put a new clinics or wherever they're looking to grow into.

Jason Krantz:

And then the third key area that we help them with is reducing patient

Jason Krantz:

leakage outside of their systems.

Jason Krantz:

So obviously a big problem for the industry.

Jason Krantz:

The minute you lose a patient outside of your system, you lose

Jason Krantz:

control of information and no longer you can control a cost or.

Jason Krantz:

Uh, we helped them identify where that leakage is happening and how to stop him.

Bill Russell:

That's amazing.

Bill Russell:

So when you talk about that, I start thinking of the data sources.

Bill Russell:

So you are a data and analytics company.

Bill Russell:

You're gonna bring us an awful lot of information on our physicians, on

Bill Russell:

our community, on our demographics, within those, within those communities.

Bill Russell:

Is, uh, is that the kind of thing that I am engaging you to find?

Bill Russell:

I say, Hey, here's the questions we're looking to answer.

Bill Russell:

Is that the kind of thing I'm doing as a

Jason Krantz:

self-service kind of thing?

Jason Krantz:

Yeah, it's mostly self-service.

Jason Krantz:

We will help you along the way.

Jason Krantz:

So we have a great customer success team and a professional services team to help.

Jason Krantz:

Uh, but we've amassed, as you said, a huge amount of data over the last 10 years.

Jason Krantz:

So we get information from multiple sources, about 200,000

Jason Krantz:

publicly available sources.

Jason Krantz:

We're ingesting information in every single day, a hundred, 200.

Jason Krantz:

So these are government agencies, websites, uh, research publications.

Jason Krantz:

Then we make about 700,000 phone calls every single year

Jason Krantz:

to collect our own information.

Jason Krantz:

And then we compile this all together with data science so that we're giving

Jason Krantz:

our clients answers to what their need.

Jason Krantz:

So, you know, you as a business user can log into our SAS platform

Jason Krantz:

and immediately start to understand where the best opportunities are to

Jason Krantz:

drive referrals within your system.

Jason Krantz:

It's set up to be very.

Jason Krantz:

So business users can access information and go make decisions

Jason Krantz:

on it starting tomorrow.

Jason Krantz:

So

Bill Russell:

your, your clients within my health system would

Bill Russell:

be the chief strategy officer.

Bill Russell:

Sure.

Bill Russell:

I would assume for sure, because she was, she was looking at what markets

Bill Russell:

are we going according to go into?

Bill Russell:

Where are we going to put the new ambulatory surgery center?

Bill Russell:

Where are we going to?

Bill Russell:

Uh, and so she could answer those kinds of questions, but it would also be the,

Bill Russell:

the, the head of the physician practice.

Bill Russell:

Yes, I think would also one of the.

Bill Russell:

Uh, the referral patterns and what's going on there and we're going

Bill Russell:

to get into the house right here.

Bill Russell:

It's gonna be really bad, I think.

Bill Russell:

But the, uh,

Jason Krantz:

uh, so network development, quality managers are interesting.

Jason Krantz:

So as you think about when you discharge a patient outside of your

Jason Krantz:

hospital, who are the skilled nursing facilities that you want to discharge

Jason Krantz:

them to that have low readmission rates within that service line.

Jason Krantz:

So all of that type of analytics can help.

Jason Krantz:

Uh, run your business better.

Jason Krantz:

And, you know, in a value-based care model, that stuff becomes

Jason Krantz:

so important to our clients.

Bill Russell:

Now I'm going to get a little nerdy here because it guy, and

Bill Russell:

I'm just wondering, uh, you know, you're, you're going to house all the data and

Bill Russell:

whatnot, but I want to visualize the data.

Bill Russell:

What does it look like on the other side, in terms of being able to develop

Bill Russell:

the types of reports and visualizations that I need to, uh, to, I dunno, to sell

Bill Russell:

these ideas within, to the board, to the.

Jason Krantz:

Th there's two ways.

Jason Krantz:

So there's a lot of visualizations you can do directly in our platform.

Jason Krantz:

So you can graph data, you can map data, you can slice and dice data in a lot of

Jason Krantz:

different ways, but if you want to do something custom and pull it out into

Jason Krantz:

PowerPoint or whatever it might be, all of the data is exportable from the system.

Jason Krantz:

And the analytics that we provide are all exportable.

Jason Krantz:

So we want to help our clients in any way that they want to consume

Jason Krantz:

our data, whether it's in their CRM system, we integrate directly with.

Jason Krantz:

We allow you to export data.

Jason Krantz:

Uh, we have clients run 1.5 million reports per month from our online system.

Jason Krantz:

Wow.

Bill Russell:

Uh, 200,000 data sources.

Bill Russell:

It seems like you haven't met a data source that you don't like.

Bill Russell:

Um, but I mean, how do you, how do you normalize all that stuff?

Bill Russell:

I mean, there's an awful lot of data to bring together, to create, uh, you

Bill Russell:

know, the value that we're looking to do.

Bill Russell:

Is it just 10 years of experience of living with lying down

Jason Krantz:

to the.

Jason Krantz:

It is it, you know, it really takes 10 years to do it.

Jason Krantz:

So we have teams of data scientists who are iterating and figuring out

Jason Krantz:

how do we link all this data together and then how do we cleanse it?

Jason Krantz:

And when data conflicts with each other, what's the correct answer.

Jason Krantz:

And through 10 years of working closely with our clients and applying more and

Jason Krantz:

more sophisticated data science, we've developed a proprietary hub of information

Jason Krantz:

that just doesn't exist anywhere else.

Jason Krantz:

And that's, what's so valuable.

Jason Krantz:

We help them be faster and more effective in their day-to-day jobs.

Bill Russell:

Self-service analytics is a it's it's the holy grail within it.

Bill Russell:

We've held it.

Bill Russell:

We've wanted to dentists for years on the clinical side and other sides.

Bill Russell:

Um, some of the challenges we have is data definitions and, and, and giving the data

Bill Russell:

to the end user so that they understand that there's four definitions of the same,

Bill Russell:

same metric of those kinds of things.

Bill Russell:

How do you, how do you handle that?

Jason Krantz:

Yeah, there's a few ways.

Jason Krantz:

So we've made the product extremely intuitive.

Jason Krantz:

So you instantly two things, you, you know what you're looking at, it's very

Jason Krantz:

clearly laid out and it also applies to how you think about your business.

Jason Krantz:

And that's very important.

Jason Krantz:

So we're not just showing people data.

Jason Krantz:

We are showing it in a manner that, uh, as they think about their business every

Jason Krantz:

day, they will quickly understand and be able to make decisions on our data.

Jason Krantz:

Uh, so we, we focus on data, but we also focus.

Jason Krantz:

The strategy and the business and the decision-making behind that.

Jason Krantz:

So that's very important.

Jason Krantz:

And then we're very good about making sure that we are clear on our definitions.

Jason Krantz:

We're extremely consistent.

Jason Krantz:

Uh, so if you know a definition it's applied consistently, you can use that.

Jason Krantz:

Uh, whereas you know, uh, other data sources that are less consistent and

Jason Krantz:

becomes very difficult to use over time.

Bill Russell:

What, uh, what's the message you're trying to get

Bill Russell:

out of here at the, at the time.

Jason Krantz:

I think there's few things.

Jason Krantz:

So we just launched a new product called latitude reporting,

Jason Krantz:

uh, which is very exciting.

Jason Krantz:

Uh, what it allows you to do is create sophisticated custom cohorts

Jason Krantz:

of patients, uh, that are important for you to size your market and

Jason Krantz:

figure out who are the providers that are caring for these patients.

Jason Krantz:

Uh, so in a world of precision medicine, you can be very specific

Jason Krantz:

about the types of patients that you're looking for through our system.

Jason Krantz:

Uh, the other message that I have.

Jason Krantz:

Uh, what we provide is, is something that can actually change the way that the

Jason Krantz:

velocity at which you can do business.

Jason Krantz:

So because we've pulled together all of this information in one spot

Jason Krantz:

and we've provided in a way that helps you quickly get your answers.

Jason Krantz:

Uh, we allow you to do more with less, your, your people can be more

Jason Krantz:

effective and, uh, you're able to build better networks and reduce

Jason Krantz:

that patient leakage over time.

Jason Krantz:

So there's really a lot of key changes that you can make

Jason Krantz:

by adopting a solution like.

Bill Russell:

Fantastic.

Bill Russell:

How's how's the show

Jason Krantz:

been for you so far?

Jason Krantz:

It's been amazing.

Jason Krantz:

Health has done a great job of bringing in great speakers, great panelists.

Jason Krantz:

Uh, there's been tremendous booth traffic, so there's a lot of

Jason Krantz:

excitement about our new announcement, uh, in the company overall.

Bill Russell:

Oh, it's nice.

Bill Russell:

It's nice to be back in a face-to-face with people.

Bill Russell:

It's terrific.

Bill Russell:

It's great to have that feedback.

Bill Russell:

Uh, Jason, thank

Jason Krantz:

you again.

Jason Krantz:

Thank you.

Jason Krantz:

I appreciate the time.

Bill Russell:

Check back for Morris.

Bill Russell:

The, we continues.

Bill Russell:

A lot of great interviews, a lot of great conversations.

Bill Russell:

I'm looking forward to sharing them with you.

Bill Russell:

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