Jason Krantz from Definitive Healthcare stops by to discuss moving beyond population health to individualized health.
Today in.
Speaker:Health it interviews from the health conference in Boston
Speaker:My name is bill Russell.
Speaker:I'm a former CIO for a 16 hospital system and creator of this week and
Speaker:health it a channel dedicated to keeping health it staff current and engaged.
Speaker:Just a quick reminder, I'm going to be dropping interviews
Speaker:over the next couple of days.
Speaker: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.
Bill Russell: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.
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