This Week Health

HLTH21 – Jason Krantz of Definitive Healthcare

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

Transcript
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Today in. Health it interviews from the health conference in Boston My name is bill Russell. I'm a former CIO for a 16 hospital system and creator of this week and health it a channel dedicated to keeping health it staff current and engaged. Just a quick reminder, I'm going to be dropping interviews over the next couple of days. 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. Welcome to the show. Thanks. Appreciate it. So just went public in September. What was, what was that experience

Jason Krantz:

like? That was, uh, once in a lifetime experience, uh, as an entrepreneur, I started the company 10 years ago and to now be a publicly traded company on NASDAQ, it is remarked. Uh, the whole week leading up to it, obviously it's a lot of work in terms of getting your finances ready and getting the compliance ready. But that week leading up is something special and then ringing the bell. It's remarkable.

Bill Russell:

Yeah, I would imagine that is a pretty amazing thing. And you look around these, these foods and there's a million little booths. In fact, just to give people an idea, there's like the boosts are tiny and then there's like four sides to a booth. And there's a company on each of the four sides that was you 10 years ago. Uh, getting out there and trying to do this thing. I mean, you're, you're, you're living the dream according to that, I guess.

Jason Krantz:

Yeah. I, I think I am living the dream. So we've got an amazing team where we're solving interesting problems for healthcare. So there's a lot of room for us to continue to

Bill Russell:

grow for sure. So I'm going to do this interview more like I'm a CIO kind of figure out what you can do for my health system is great because some of my, some of my listeners will be familiar with the things that you do, some will not. And I just figured if I, if I sorta. You know, your perfect coming in to talk to me. So a former CIO St. Joe's 16 hospital systems, Southern California, uh, what kind of things are you, is definitive going to, to help us with?

Jason Krantz:

Sure. Well, let me start by describing the platform. So we provide what's called healthcare commercial intelligence, uh, which is data and intelligence on every single provider of health care across the entire United States. So everybody from physicians to hospice. Uh, to skilled nursing facilities and home health agencies, physician groups. And what we do is we provide all of this information to allow health systems, to, um, to analyze their markets and figure out the best opportunities for them to grow their, their business and their practice. So I'll give you a few examples. So referral opportunities, we help our clients, our health system clients understand who are the most important physicians to make sure that they're getting referrals from within, within, and without their network. Where do they want to spend their time to develop those relationships? Uh, you can analyze that data for top positions. You can look at it for specific service lines, specific disease areas as well. So referral management is a really important part of what we do and helping people be much more efficient at that. Uh, second as health systems are looking to grow. We help them size different markets that they might want to expand. And find opportunities to purchase physician groups or acquire imaging centers. Uh, or if they're looking to grow, grow organically, the best places to put a new clinics or wherever they're looking to grow into. And then the third key area that we help them with is reducing patient leakage outside of their systems. So obviously a big problem for the industry. The minute you lose a patient outside of your system, you lose control of information and no longer you can control a cost or. Uh, we helped them identify where that leakage is happening and how to stop him.

Bill Russell:

That's amazing. So when you talk about that, I start thinking of the data sources. So you are a data and analytics company. You're gonna bring us an awful lot of information on our physicians, on our community, on our demographics, within those, within those communities. Is, uh, is that the kind of thing that I am engaging you to find? I say, Hey, here's the questions we're looking to answer. Is that the kind of thing I'm doing as a

Jason Krantz:

self-service kind of thing? Yeah, it's mostly self-service. We will help you along the way. So we have a great customer success team and a professional services team to help. Uh, but we've amassed, as you said, a huge amount of data over the last 10 years. So we get information from multiple sources, about 200,000 publicly available sources. We're ingesting information in every single day, a hundred, 200. So these are government agencies, websites, uh, research publications. Then we make about 700,000 phone calls every single year to collect our own information. And then we compile this all together with data science so that we're giving our clients answers to what their need. So, you know, you as a business user can log into our SAS platform and immediately start to understand where the best opportunities are to drive referrals within your system. It's set up to be very. So business users can access information and go make decisions on it starting tomorrow. So

Bill Russell:

your, your clients within my health system would be the chief strategy officer. Sure. I would assume for sure, because she was, she was looking at what markets are we going according to go into? Where are we going to put the new ambulatory surgery center? Where are we going to? Uh, and so she could answer those kinds of questions, but it would also be the, the, the head of the physician practice. Yes, I think would also one of the. Uh, the referral patterns and what's going on there and we're going to get into the house right here. It's gonna be really bad, I think. But the, uh,

Jason Krantz:

uh, so network development, quality managers are interesting. So as you think about when you discharge a patient outside of your hospital, who are the skilled nursing facilities that you want to discharge them to that have low readmission rates within that service line. So all of that type of analytics can help. Uh, run your business better. And, you know, in a value-based care model, that stuff becomes so important to our clients.

Bill Russell:

Now I'm going to get a little nerdy here because it guy, and I'm just wondering, uh, you know, you're, you're going to house all the data and whatnot, but I want to visualize the data. What does it look like on the other side, in terms of being able to develop the types of reports and visualizations that I need to, uh, to, I dunno, to sell these ideas within, to the board, to the.

Jason Krantz:

Th there's two ways. So there's a lot of visualizations you can do directly in our platform. So you can graph data, you can map data, you can slice and dice data in a lot of different ways, but if you want to do something custom and pull it out into PowerPoint or whatever it might be, all of the data is exportable from the system. And the analytics that we provide are all exportable. So we want to help our clients in any way that they want to consume our data, whether it's in their CRM system, we integrate directly with. We allow you to export data. Uh, we have clients run 1.5 million reports per month from our online system. Wow.

Bill Russell:

Uh, 200,000 data sources. It seems like you haven't met a data source that you don't like. Um, but I mean, how do you, how do you normalize all that stuff? I mean, there's an awful lot of data to bring together, to create, uh, you know, the value that we're looking to do. Is it just 10 years of experience of living with lying down

Jason Krantz:

to the. It is it, you know, it really takes 10 years to do it. So we have teams of data scientists who are iterating and figuring out how do we link all this data together and then how do we cleanse it? And when data conflicts with each other, what's the correct answer. And through 10 years of working closely with our clients and applying more and more sophisticated data science, we've developed a proprietary hub of information that just doesn't exist anywhere else. And that's, what's so valuable. 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. We've held it. We've wanted to dentists for years on the clinical side and other sides. Um, some of the challenges we have is data definitions and, and, and giving the data to the end user so that they understand that there's four definitions of the same, same metric of those kinds of things. How do you, how do you handle that?

Jason Krantz:

Yeah, there's a few ways. So we've made the product extremely intuitive. So you instantly two things, you, you know what you're looking at, it's very clearly laid out and it also applies to how you think about your business. And that's very important. So we're not just showing people data. We are showing it in a manner that, uh, as they think about their business every day, they will quickly understand and be able to make decisions on our data. Uh, so we, we focus on data, but we also focus. The strategy and the business and the decision-making behind that. So that's very important. And then we're very good about making sure that we are clear on our definitions. We're extremely consistent. Uh, so if you know a definition it's applied consistently, you can use that. Uh, whereas you know, uh, other data sources that are less consistent and becomes very difficult to use over time.

Bill Russell:

What, uh, what's the message you're trying to get out of here at the, at the time.

Jason Krantz:

I think there's few things. So we just launched a new product called latitude reporting, uh, which is very exciting. Uh, what it allows you to do is create sophisticated custom cohorts of patients, uh, that are important for you to size your market and figure out who are the providers that are caring for these patients. Uh, so in a world of precision medicine, you can be very specific about the types of patients that you're looking for through our system. Uh, the other message that I have. Uh, what we provide is, is something that can actually change the way that the velocity at which you can do business. So because we've pulled together all of this information in one spot and we've provided in a way that helps you quickly get your answers. Uh, we allow you to do more with less, your, your people can be more effective and, uh, you're able to build better networks and reduce that patient leakage over time. So there's really a lot of key changes that you can make by adopting a solution like.

Bill Russell:

Fantastic. How's how's the show

Jason Krantz:

been for you so far? It's been amazing. Health has done a great job of bringing in great speakers, great panelists. Uh, there's been tremendous booth traffic, so there's a lot of excitement about our new announcement, uh, in the company overall.

Bill Russell:

Oh, it's nice. It's nice to be back in a face-to-face with people. It's terrific. It's great to have that feedback. Uh, Jason, thank

Jason Krantz:

you again. Thank you. I appreciate the time.

Bill Russell:

Check back for Morris. The, we continues. A lot of great interviews, a lot of great conversations. I'm looking forward to sharing them with you. That's all for today. If you know someone that might benefit from our channel, please forward them a note. They can subscribe on our website this week, health.com or wherever you listen to podcasts, apple, Google, overcast, Spotify, Stitcher, you get the picture. We are everywhere. We want to thank our channel sponsors who are investing in our mission to develop the next generation of health leaders. VMware Hill-Rom Starbridge advisors, McAfee and Aruba networks. Thanks for listening. That's all for now.

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