This Week Health

Today, this will likely be the last day of individual presentations from the JPM Non-Profit track. Don't forget to check out This Week Conference where Rob DeMichiei, Former CFO for UPMC and I discuss the conference in detail this Friday. Hope you enjoy.

Transcript

Today in health, it JP Morgan diving into a few more presentations. We'll get back to the news next week. This is the news for us, right? This is CEOs and CFOs telling us what their strategies are going forward and how they performed last year. So this is what we're going to focus on for the remainder of the week.

My name is bill Russell. I'm a former CIO for a 16 hospital system and creator of this week and health. Instead of channels dedicated to keeping health it staff current and engaged. We want to thank our show sponsors who are investing in developing the next generation of health leaders, Gordian dynamics, Quill health tau site nuance, Canon medical, and current health.

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So let's start off spectrum health. And again, I'm trying to focus in, I will give you some of the financial performance because I think it's interesting, but , I'm trying to focus in on the intersection of technology and healthcare. So to the extent that that exists and. It, , and we can find it.

We'll we'll talk about it. All right. So spectrum healthcare again, profitable revenues are up total system revenue, about 6.8 billion. It looks about right, , operating income, about 321 million. , Again, I just throw the financials out there to give you a picture. A spectrum is based out of Michigan.

They're the second largest health plan in Michigan. , first plan in the country to launch virtual first health plan. , it's interesting. We, we talked about this two years ago that we thought this was coming and it looks like people are really adopting this virtual first, , model. , Let's see, only 10 cents of every dollar is spent on admin costs.

These are some of the things they're proud of, and that's a, I think that's a good measure. 10 cents of every dollar is spent on admin costs. , so 10%, I have nothing else to benchmark it against. I wish others would give us that metric. That would be interesting to see, , all right.

They talked about their balance sheet strength, just like everybody else. Their day's cash on hand is, , 247 days. It looks like a debt to cap ratio went down again. Everybody's debt to cash ratio. Pretty much went down or their investment people should be fired. , this was some of the.

Times for health systems to be investing their cash reserves. And that just helped their balance sheets. , I didn't really pick up too much from spectrum health with regard to technology. So, , I'm just going to go on to the next one from here. Cause , I want to get through as many of them as possible.

Jefferson's in a CEO transition. So you have Stephen Klasko, who's stepping down, you have an unnamed successor on the way. I don't think they named anyone. They have somebody in an interim role. , Jefferson again, was growing through acquisition, a perfect storm. They were making significant investments and trying to grow and consolidate at a time when the pandemic hit and it hurt , their, , financial.

, they had a couple of other events go on and I think that they are digging themselves out a little bit. That's the bad news. The good news is they've built quite a system, 14 acute care hospitals, two rehab hospitals. , they have, , some long-term care facilities, a bunch of medical group locations.

There they are now, , becoming the predominant, , , healthcare provider in the Philadelphia market. , if you didn't know, fill it up. It is still somewhat, fragmented in terms of market. You have, you have a whole bunch of academic medical centers within a Stone's throw of each other, and they've been beating each other up for, I don't know, about a century.

In some ways they collaborate, but in other ways they, they do not. And so, , Jefferson was making a play to make a significant amount of consolidation and they did that. So they had a a three phase plan. They were going to scale. Then they were going to integrate.

Just now coming out of that integration phase and they talk a lot about that and then they have the optimization. So Jefferson has spent a lot of time on immigration, which means a lot of EHR projects, a lot of, , ERP and, , HR type projects and those kinds of things. I think the thing that's impressive with them is that they've been able to do that really focusing on that, because I think the CIO focuses in on that.

And then they have a digital officer who is focused in on innovation. Been able to innovate, they've been able to, , participate in, in Lavango, , participate in, , , some of the other, , significant, , movements that have happened in the health tech space. And I think that's because of that , focused, , leadership in each one of those.

, they go on to talk about Einstein health and the integration of that. They talk about my Jefferson health.org, creating stickiness. Let's take a look at this application a little closer. So 700,000 plus Jefferson patients are currently trusting and actively using my Jefferson health.org.

They can schedule medical appointments, view their health summary view, test results for new prescriptions access. , health information resource communicate electronically with their medical team. , to be honest with you, it looks like a run of the mill portal. , again, they're going through the integration phase.

I think the next round you'll see them start to innovate on top of this, So I just wanted to look at that a little bit. I mean, there's nothing earth shattering in terms of their features. It looks like. Again, just, , epic my chart for the most part, the operating metric trends.

y did bounce back somewhat in:

, differently across the board, , debt to capitalization. 38%. That's kind of high, but again, there, they were going through this massive consolidation, a day's cash on hand 234 days, again, not bad. They have cash. They're going to weather this storm. , it was just a matter of getting to the other side of it.

So that's, what's going on at Jefferson. , I'd love to talk about the technology. The only thing I picked up on was the portal, but again, it looks pretty much like a run of the mill, my chart portal, , Indiana university. , interesting presentation as well. They're in Bloomington, Indiana

they have about 3 million outpatient visits, 130 admissions, 38,000 team members. So it's fairly large from a staffing standpoint, , this was interesting. They have their virtual front door, mobile and self-service options.

And this is how we should be thinking about this. I believe it's not, Hey, we've deployed epic, my chart. It we're deploying a set of digital tools to engage our. All right. And they're looking at it from a, what are the self-service options they can give to people and provide to people that they can, , be engaged in their home.

And so they have a really cool chart schedule, connect, patient identity verification. And so you can take a picture of your driver's license, whatever it'll identify you as a patient demographic capture. So you capture all that information, , before coming into the visit, , insurance captures well consent forms, and then check-in

so that would make the whole process a lot better. And that's what we're looking for from digital, right. We're looking for it to make it more seamless. So a lot of really cool things, very strong balance sheet, very strong financials. They are doing quite well. , they're doing some really cool things within the digital space.

, keep an eye on Indiana university health. They have a lot of runway, a lot of room to go. , mass general Brigham. Again, mass general is significant. They do a lot of research. , they get a lot of grants and money from that perspective. , they are roughly 16 billion in operating revenue. 2 billion.

ospital at home approximately:bly see another uptick in, in:

All right.

So that's probably enough for today. We've been going a little long in the last two. I'll give you a little shorter episode this time around. So just a couple of things to note, we have, systems are deploying my chart. If they're in the integration phase, as they move. To the optimization phase, they are engaging the consumer more directly as you saw that with Indiana university.

, as some of the things that they're doing, pre-visit. , digital is meant to make the process better. It's meant to engage and it's meant to reduce the friction. Of the experience. And so when I see health systems doing that, That's exciting price, transparency tools also exciting. So some of the themes from today,

That's all for today. If you know of 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. Gordian dynamics, Quill health tau site nuance. Canon medical and ???? current health check them out at this week health.com/today. thanks for listening that's all for now

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