Where you can invest in technology in order to realize savings in 2023.
Today. With it, we're going to bring this all to a close and we're going to talk about where to invest. In order to save. And as you know, lot going on in the industry, a lot of need for cost savings. And we're going to talk about specific cases where you can invest and actually save money. Within a less than a year proven ROI. My name is bill Russell. I'm a former CIO.
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All right, this is going to be our last episode for the year we have. So I'll probably drop one on Monday or Tuesday. I'll drop one more, but that's going to be more around, Hey, what are we doing in the new year? , but this is going to be the last news kind of bill commentary episode for the year.
So I really appreciate all of you guys listening and being a part of this. This is episode like 253 for the year. , it's a little bit, it's a bunch more than we did last year. , I love doing it. Love the feedback I'm getting. , as always, just send me a note bill at this week. health.com. If you have a topic you want me to cover or something you want to want me to discuss or an article, you want me to look at love to do it. , today we're bringing to a culmination. We'll, we'll pick this back up in the start of the year, cause nothing's really gonna change between now and the end of the year.
, We're bringing the culmination of this, this concept of turning our belief statements into actions, right? So, , we believe that the economic downturn is going to continue into next year that the financial pressures are not going to abate. We have some cultural challenges, physicians. , clinicians in general, , technicians, you name it. We were going to have some staffing shortages and, ,
, challenges that continue. , we're going to have to be really cognizant of doing more with less. And we believe that technology offers some answers to those problems. And I'm going to give you two examples today. Cause all the time when I say, Hey, there are, there are implementations you can do out there that have less than one year ROI and deliver ongoing savings.
For you as a health system, people will say to me, Name them. So here we go. We're in the process of, , setting up sponsors for next year for this week health. And the reason these are top of mind is cause we just signed two new sponsors and. I'm asking them specifically, what's the problem you solve for healthcare? And, , show me, like, show me the money.
Show me how you are going to help alleviate some of the challenges we have. In healthcare and do it in, in a way that delivers a return very quickly. And so I have two use cases for you. They're very different. But, , they're similar in one thing they deliver within the first year. The first is Suretest Suretest is an automation platform for testing.
If you are in healthcare, as most of you are. , you know, that we have to do a fair amount of testing, especially around the EHR. As we get new builds, new releases, we have to test and we have to do regression testing all the way down through all the workflows. That are there.
That's where Suretest lives. They have built a library of tests and it's as a service you come in within six weeks, you're actually doing stuff on their platform. Within six to eight months, you're fully implemented and you're hitting against there. , 2000 workflow library. That is out there. And as more things are added to that library, it gets shared even further.
Again, this is a platform that's phenomenal for EHR testing in an average size IDN.
You could have a requirement to do. Testing on your EHR. That could be the equivalent of about 30,000 man hours.
And they're able to reduce that by 60 to 70%. , , and when you're talking about 30,000 man hours, that's 18,000 man hours. That you can reduce out in the first year. So you're talking about an ongoing savings.
Have a significant number of hours. , from your environment. The other thing that's really interesting about that solution. Is, , I like solutions where you implement them. You automate them and you actually are more diligent in the work that you're supposed to be doing. You will do more testing if you put this platform in place and a lot of you are faced with this. Hey, I've got less money. How am I going to keep doing the tests that I need to do? And you have to do the testing.
In order to make sure that you don't break the workflow, especially the downstream workflows. This is the way that, that you do something like that. So again, short test is one of our new sponsors for the coming year and definitely something I'm going to be talking about because it's something that delivers an ROI.
This year. So, , and a bunch of, a bunch of great clients. They're already working with a bunch of use cases. So it's not like you're going to be the first one who's using this platform. , great company to work with. Good people. , next one, which is what I'm looking for is what I'm looking for in sponsors. It's also what I would be looking for in solutions.
, the next one's artists I've interviewed artist site a couple of times on the show. If you go out to this week, health.com. And search for artists site, you will find a couple of episodes. The interview I send people to the most is the one where Stephanie Lahr. Who is CIO CMIO for a monument health and Andrew Gustine, the CEO and founder of artist site. And I have a conversation.
Artist's site is an artificial intelligence platform for the smart hospital. And what they do is they put cameras in places all over the hospital and it varies. , and because it's a platform, you can put it in the clinical setting to do nurse sitting and those kinds of things, and reduce the burden of that and give nurses the opportunity to practice at the top of their license. I've seen so many use cases. You can put it in a closet and monitor.
, supplies. You can put it in a parking garage. There there's anywhere. You could think that, Hey, another set of eyes in here in this room to say, Hey, we have a dirty room, whatever. Increase and create efficiencies. And what the platform does, is it processes those images, it learns those images.
Self supervised learning is how it is learning so quickly, how it is building out these models so quickly. And as it is doing this and is allowing us to take the mundane tasks that happened all over the hospital and essentially. Automate those things, put them into a technology platform where they get automated, but also it also has a library. So as different health systems as there.
Their platform grows. You're going to have a library of use cases that can be applied to your setting.
The other thing I like about this is it's a platform. And with all platform plays, the more people that use it, the better it gets and the smarter it gets. And it creates a library of use cases
That can be utilized by health systems across the entire platform. , extremely exciting. This is another one of those where, , the, the CEOs and those who have gone and looked at the demos and done the analysis are saying, look, This is getting us a return very quickly. This is one of those things that gets not only the CEOs and the CFOs excited, but it also gets the clinicians excited.
When they see it and they understand what it's doing. They're like, , we don't want to do that work anyway. This is phenomenal. This is where AI really works for the health system.
And I think these are two companies to keep an eye on. As we go into the new year. These are companies that have phenomenal solutions, very quick ROI. They are being tested out. , artist site in their case, they're at Northwestern, amongst other health systems that monument and others. , and then you have short tasks, which is at a Nevada and a UNC and sharp and others.
As well. So you have proven technologies. Inside of health systems already. That are going to deliver return that are going to deliver efficiencies into your environment. These are the kinds of investments I think makes sense. In 2023. I think we continue to do the things that we need to, to keep the lights on. And then you have to be strategic in the investments that keep your innovation moving forward.
Platform thinking is important. That's why I'm looking at platforms. This is you get the network effect to get the more people that use it. The more value that's created in the system. , I think that's important. I think the fact that things like artist site is a platform, which means you're going to be able to do more things on top of it than it already does today. As your creativity goes, you can take it in those directions. The same thing's true. Short test.
You have organizations that are using it just for that testing automation. And then you have others that are using it for some RPA tasks as well. That's the power of a platform. It is really limited by your imagination. And so you can take it a lot further. It has a, the library has the network effect and those things going on. So exciting opportunities out there for 2023.
I'm optimistic because these kinds of solutions have promise in healthcare. I'm concerned. That we're going to see a pullback and people are going to pull everything back and not do the innovation. That's going to be necessary to make sure that they are viable entities, delivering healthcare in your communities in the coming years. If you pull back too much and don't invest in innovation, you're just going to be behind.
And so I think these are two no-brainers where, when you do the analysis, when you look at what they're doing, They are going to deliver that kind of return.
And in an economic downturn as a CIO, these are the kinds of investments I'd be looking at. All right. That's all for today. Remember one more episode. I'll share with you what we're going to be doing next year. Going into the new year. Not a ton to change this, but a couple we're going to do some fun things.
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