This Week Health

Today: The Core Strategy for Healthcare in 2024

Is there really one strategy that stands out above the rest. I think so, today we dive into it.

Transcript

Today and how's it working way to narrow down to what I think is the core strategy for healthcare providers today and moving forward. My name is bill Russell. I'm a former CIO for a 16 hospital system and creator this week health set of channels and events dedicated to transform health care. One connection at a time. We want to thank our show sponsors who are investing in developing the next generation of health leaders.

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They can subscribe wherever you listen to podcasts. Hey, we have a great announcement coming on February 1st. Can't wait to tell you about it, but it's not February 1st yet, so I'm not gonna tell you about it. That's a tease, and we are continuing our support of Alex's lemonade. Stand. We have a goal to raise an additional a hundred thousand dollars this year.

In addition to our 50,000 last year. A bold goal. We want you to be a part of it. Hit our website top right hand corner. I click on the logo and you can give today, thank you in advance. All right. I read a pretty innocuous. Article. And in that article, I found something that was not so innocuous. And it was health data management did an article and there's tons of these out there where they go to people and say, Hey, what's going to happen in 2024. And Matt Wildman, chief commercial officer for MRO.

I don't know what MRO is. And I don't see it in the article, but I'm going to read you a little bit. Healthcare organizations will grapple with substantial surge in medical record requests initiated by payers in 2024. Health systems must respond to these requests in a timely and efficient manner. However, most health systems have to get patient data and he talks about the challenges that we have.

Furthermore, since each health plan may require different data points, health systems must prioritize patient information, safety above burgeoning workloads. The administrative burden is expected to peak. Again, interesting. In and of itself, you have 21st century cures, really taking hold. And when people ask for information, they've got to get it.

Otherwise, there are penalties, as we talked about. On last week's interview with Micky Tripathi. If you'd, haven't heard that yet. Go ahead and hit the conference channel and keynote. You'll hear it there. And he talks about in response to the mouthy pressures. There's going to be a increased reliance on the HIE secondary benefits of automated clinical data exchange. Between providers and payers and 20 foot 24. Include the ability to maintain patient information, privacy, security, and compliance. Operational costs and health information and other administrative departments are stabilized.

Data quality improves, and the seasonality of risk adjustment and Hetus requests. Becomes easier to manage. Great payers will also benefit from this course of action as they acquire more accurate patient data. Needed to build consolidated member profiles across hundreds of DHRs and health systems. This is especially true for regional health plans, streamlining health plans, internal processes through clinical data exchange. With providers delivers end to end support for data acquisition and longterm storage. Moreover it helps payer organizations avoid. Costs associated with EHR data. Aggregation from multiple sources contributing to overall efficiency and effectiveness. I I read all that to say that's interesting. In of itself, the whole idea that the 21st century cures act is going to be used as a way for health systems are for. Payers to get information out of health systems. Because remember 21st century cure still does not hit the payers. So you can't get that flow of information in the other direction as easily, but you can get the information. In the other direction and they will do it on behalf of their patients. And collect more and more information. About the patient's building out that whole patient profile, which will give them a better and more accurate picture. Of the patient. And I started to think as I was reading that who has the most accurate picture of my health, my personal health. And. So I started my research where I always start my research, where all of us start our research. Which is chatty PT.

And I asked them who has the most accurate picture? And it says it depends on who you are. It could be your health insurance provider could be primary care provider could be your local pharmacy. If you live in another country unit with a universal health system could be a public health care service.

So it covers all the basis. And, but they close with this statement. And I think it is the core of our strategy moving forward. The most influential entity is typically the one with which an individual has the most frequent and direct interaction in the context of their healthcare needs. Let me read that again.

That's an important statement. The most influential entity. Is typically the one with which an individual has the most frequent and direct interaction. In the context of their healthcare needs. Who has the most accurate picture of my health really depends on who I'm interacting with the most. At a certain age, it might be my iPhone. It might be. A certain app that I'm using.

It could be my running app. It could be. Any number of things could be the health app on the on the on the iPhone or whatever it is on the Google phone. It could also be quite frankly, if I have a monitor on like a blood glucose monitor, it could be that app that has a significant amount of data on me. If I have a condition and I'm going into see healthcare providers on an ongoing basis. It could be the EHR.

It could be the provider. And it could be the health insurance provider as well, because they are seeing the ICD 10 codes and what not to pay the bill. And so there's a an amount of information that's going back and forth. If I am on medications, it is going to be those pharmacies. I don't have to be seeing those pharmacies on an ongoing basis.

I may not be seeing the doctor nearly as much as I am seeing the pharmacies and requesting data. At. I come back to this, the most influential entity is typically the one with which an individual has the most frequent and direct interaction. In the context of their healthcare needs. So who has the best, the most accurate picture it is that it's the one with the most. Frequent interactions, but I'm going to go a little step further and say the most personal sustained. Relevant. Interactions with me with regard to my health. And my healthcare journey. If they develop a health relationship with me, personal sustained relevant interactions, they're going to have the most information.

Why is that important? Because usually the in, in a free market economy, usually the one who has the most information about the consumer can then gear things to that specific consumer reach out to that specific consumer. And pull them in and help them on that journey. And the consumer will find the most relevant, the most value from the organization.

That's able to bring all that information together and provide their expertise on top of that to deliver what I'm looking for, which is a healthy. Healthcare journey, a health journey. That keeps me healthy. And I thought about this for a little bit, and I thought this is it. This is the most important strategy for healthcare providers moving forward.

And we could hear M and a, and we can hear all those things and we're going to expand our geography. We're going to put a new building in and. All those other things. And all those are subsequent strategies, but the core strategy has to be developing a closer personal relationship. With those that you are aiming to serve. And how might you benefit?

First of all, you're going to gain a more accurate. Picture of how you can help. The people in that journey. And let me give you an example. Let's assume Chacha CBT was your health system GPT. I didn't joke about this. There was a, there was an article. That we covered called Dr. GPT and somebody had taken all this information, put it into, and essentially trained a model, shrunk the model down to something that would fit on an iPhone or on any phone. And essentially said, look, you can get your basic questions answered on certain things.

My, my infant is crying, Bubba here. They'll ask subsequent questions and follow up and whatever, and you can have access to a. Dr. GPT, by the way, without hitting the internet, that was one of the most compelling things of this. How small this large language model was. And you can get some basic answers back and forth. On healthcare. So think about your health system GPT. And it is the ability to create an ongoing sustained. Conversation with people about their health. When I pull out my phone and it's healthcare related, I pull up that that app and I say, Hey, I'm I, my blood glucose, today's one 20.

I have, whatever it might say, Hey, this is interesting. What you might want to do is log your food for the day. And as you're logging the food, we can help you to understand. The, the sugar intake also log your exercise, go for a walk today. Yeah. Tell us your blood glucose. Now and later think about an ongoing relationship. With your health system through technology where you're collecting information on an ongoing basis. And yes, I think all this, the same things we've been talking about for decades still apply.

And it is interfaces into the systems that are going to provide us more information. Via apple health via the Dexcom, a blood glucose monitor via the scales and those kinds of things. Now, traditionally, we haven't wanted to collect that information, but I think that is going to be important for personal sustained relevant. Conversations with our community. And by the way, I think this is what gives us. It gives us. Relevance to the community.

And it gives us relevance to the consumer. And this is what keeps us from getting disintermediated by these third parties who were going to be coming in here that previously mentioned the health insurance providers and the local pharmacies are going to continue to try to build out those those profiles and provide better services.

Now they're going to struggle. To build out the services that we currently are really good at. And so there is a time element here that we're going to have an advantage. Local pharmacies are struggling to make their stores clean enough and changed their brand enough to be primary care. Facilities. You're seeing Walmart had a little bit of that challenge when they tried to put the healthcare inside the Walmart store.

It's just, it wasn't designed really well for that, but now they said, you know what, we're just going to take part of the parking. Parking lot and we're going to turn it into what feels like a a healthcare access center and have all sorts of services, which made a lot more sense. You see a company struggling like a dollar general has a chief medical officer, but they're struggling because their brand doesn't lend itself to healthcare.

Our brands lend themselves to providing healthcare, therefore making that leap to assisting them with their health journey. It makes a lot more sense. And by the way, the health insurance providers struggle just because they don't have, when you look at the net promoter score and whatnot, they don't have a great reputation. They're seen as a more the money and the financial backend of this whole system, which is quite frankly causing bankruptcies and other things. They take more of the blame. On medical bankruptcies and the the opaqueness of costs and those kinds of things, then the healthcare provider.

So we have a little bit of a bubble. We have a little bit of an advantage. But I think in order to sustain that advantage and to really extend our services into the community. We have to develop this ongoing, personal sustained and relevant relationship. I think it can only be offered through technology.

You cannot scale it with people. It's just not going to be scalable. I don't believe so. I think at some point we have to transition to collecting as much information. Through ongoing dialogue mechanisms, I joke about your health system GPT. But think about the questions you've been asking, chatty, BT and Bard and other things over the last couple of months. It started to get a picture of who you are, what things interest you and that kind of stuff. That's the kind of ongoing relationship we want and it's also natural language.

And so it's going to be easy for people to interface with it. I think we should be looking at this very strongly. If I were doing a startup right now, it would be in this area. It would be. This area. Of conversational technologies that create a relationship between the patient. And the consumer and the health system. And that is going to, I think that's going to be a magical spot. For the next couple of years as we as we expand.

And then quite frankly, once that all comes together. It's really going to test our data and analytics capabilities. Okay. Now that you have all this information. And automation for that matter. Now that you have all this information, what do you know about me? What can that tell you about me?

How can you engage with me today? What prompts. Would get me to engage with you today. Or what prompt would help me to have a better healthcare journey today? And then how are you going to reach me? How are you going to reach out and touch me today? Whatever that old commercial was, reach out and touch somebody.

But anyway I think it was 18 T anyway, there's a, I think there's an opportunity here to build an ongoing, personal sustained and relevant relationship with our community. And I think that is going to be. The differentiator moving forward for health systems. And, that's all for today.

I told you I was going to cover different strategies and whatnot. I think that is a, I was trying to think of what's the uniform strategy. The uniform strategy, whether you're a small rural health system or you're a large academic medical center, or you're a large IDN, what's the uniform one. And I think it's that.

I think it's the personal sustained relevant relationships through a natural language. Interactions with the consumer on their healthcare journey. That's it. All right. And we'll keep coming back to these strategies as we move forward. That's all for today. Don't forget. Share this podcast with a friend or colleague.

Keep the conversation going. We want to thank our channel sponsors who are investing in our mission to develop the next generation of health leaders. Short test our decide parlance certified health notable. And 📍 service now, check them out at this week, health. Dot com slash today. Thanks for listening. That's all for now.

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