HLTH21 – Jason Krantz of Definitive Healthcare

Speaker 00:00:03 Today in. Speaker 00:00:03 Health it interviews from the health conference in Boston Speaker 00:00:06 My name is bill Russell. Speaker 00:00:07 I'm a former CIO for a 16 hospital system and creator of this week and Speaker 00:00:11 health it a channel dedicated to keeping health it staff current and engaged. Speaker 00:00:15 Just a quick reminder, I'm going to be dropping interviews Speaker 00:00:18 over the next couple of days. Speaker 00:00:20 And into next week from the floor of the health conference. Bill Russell 00:00:23 And right now I'm with Jason Krantz CEO for definitive healthcare. Bill Russell 00:00:28 Welcome to the show. Bill Russell 00:00:29 Thanks. Bill Russell 00:00:29 Appreciate it. Bill Russell 00:00:30 So just went public in September. Bill Russell 00:00:32 What was, what was that experience Jason Krantz 00:00:33 like? Jason Krantz 00:00:34 That was, uh, once in a lifetime experience, uh, as an entrepreneur, Jason Krantz 00:00:38 I started the company 10 years ago and to now be a publicly traded Jason Krantz 00:00:42 company on NASDAQ, it is remarked. Jason Krantz 00:00:45 Uh, the whole week leading up to it, obviously it's a lot of work in Jason Krantz 00:00:48 terms of getting your finances ready and getting the compliance ready. Jason Krantz 00:00:52 But that week leading up is something special and then ringing the bell. Jason Krantz 00:00:55 It's remarkable. Bill Russell 00:00:56 Yeah, I would imagine that is a pretty amazing thing. Bill Russell 00:00:58 And you look around these, these foods and there's a million little booths. Bill Russell 00:01:02 In fact, just to give people an idea, there's like the boosts are tiny and Bill Russell 00:01:06 then there's like four sides to a booth. Bill Russell 00:01:09 And there's a company on each of the four sides that was you 10 years ago. Bill Russell 00:01:13 Uh, getting out there and trying to do this thing. Bill Russell 00:01:16 I mean, you're, you're, you're living the dream according to that, I guess. Jason Krantz 00:01:19 Yeah. Jason Krantz 00:01:20 I, I think I am living the dream. Jason Krantz 00:01:21 So we've got an amazing team where we're solving interesting Jason Krantz 00:01:24 problems for healthcare. Jason Krantz 00:01:25 So there's a lot of room for us to continue to Bill Russell 00:01:27 grow for sure. Bill Russell 00:01:28 So I'm going to do this interview more like I'm a CIO kind of figure out what Bill Russell 00:01:32 you can do for my health system is great because some of my, some of my Bill Russell 00:01:36 listeners will be familiar with the things that you do, some will not. Bill Russell 00:01:39 And I just figured if I, if I sorta. Bill Russell 00:01:42 You know, your perfect coming in to talk to me. Bill Russell 00:01:44 So a former CIO St. Bill Russell 00:01:46 Joe's 16 hospital systems, Southern California, uh, what kind of Bill Russell 00:01:49 things are you, is definitive going to, to help us with? Jason Krantz 00:01:53 Sure. Jason Krantz 00:01:54 Well, let me start by describing the platform. Jason Krantz 00:01:56 So we provide what's called healthcare commercial intelligence, uh, which Jason Krantz 00:01:59 is data and intelligence on every single provider of health care Jason Krantz 00:02:03 across the entire United States. Jason Krantz 00:02:05 So everybody from physicians to hospice. Jason Krantz 00:02:08 Uh, to skilled nursing facilities and home health agencies, physician groups. Jason Krantz 00:02:12 And what we do is we provide all of this information to allow health Jason Krantz 00:02:16 systems, to, um, to analyze their markets and figure out the best Jason Krantz 00:02:20 opportunities for them to grow their, their business and their practice. Jason Krantz 00:02:24 So I'll give you a few examples. Jason Krantz 00:02:26 So referral opportunities, we help our clients, our health system clients Jason Krantz 00:02:30 understand who are the most important physicians to make sure that they're Jason Krantz 00:02:34 getting referrals from within, within, and without their network. Jason Krantz 00:02:38 Where do they want to spend their time to develop those relationships? Jason Krantz 00:02:41 Uh, you can analyze that data for top positions. Jason Krantz 00:02:44 You can look at it for specific service lines, specific disease areas as well. Jason Krantz 00:02:50 So referral management is a really important part of what we do and helping Jason Krantz 00:02:53 people be much more efficient at that. Jason Krantz 00:02:56 Uh, second as health systems are looking to grow. Jason Krantz 00:02:59 We help them size different markets that they might want to expand. Jason Krantz 00:03:03 And find opportunities to purchase physician groups Jason Krantz 00:03:07 or acquire imaging centers. Jason Krantz 00:03:09 Uh, or if they're looking to grow, grow organically, the best places Jason Krantz 00:03:12 to put a new clinics or wherever they're looking to grow into. Jason Krantz 00:03:16 And then the third key area that we help them with is reducing patient Jason Krantz 00:03:20 leakage outside of their systems. Jason Krantz 00:03:23 So obviously a big problem for the industry. Jason Krantz 00:03:25 The minute you lose a patient outside of your system, you lose Jason Krantz 00:03:28 control of information and no longer you can control a cost or. Jason Krantz 00:03:33 Uh, we helped them identify where that leakage is happening and how to stop him. Bill Russell 00:03:37 That's amazing. Bill Russell 00:03:38 So when you talk about that, I start thinking of the data sources. Bill Russell 00:03:43 So you are a data and analytics company. Bill Russell 00:03:46 You're gonna bring us an awful lot of information on our physicians, on Bill Russell 00:03:49 our community, on our demographics, within those, within those communities. Bill Russell 00:03:54 Is, uh, is that the kind of thing that I am engaging you to find? Bill Russell 00:04:00 I say, Hey, here's the questions we're looking to answer. Bill Russell 00:04:02 Is that the kind of thing I'm doing as a Jason Krantz 00:04:04 self-service kind of thing? Jason Krantz 00:04:05 Yeah, it's mostly self-service. Jason Krantz 00:04:07 We will help you along the way. Jason Krantz 00:04:09 So we have a great customer success team and a professional services team to help. Jason Krantz 00:04:13 Uh, but we've amassed, as you said, a huge amount of data over the last 10 years. Jason Krantz 00:04:17 So we get information from multiple sources, about 200,000 Jason Krantz 00:04:22 publicly available sources. Jason Krantz 00:04:24 We're ingesting information in every single day, a hundred, 200. Jason Krantz 00:04:28 So these are government agencies, websites, uh, research publications. Jason Krantz 00:04:34 Then we make about 700,000 phone calls every single year Jason Krantz 00:04:37 to collect our own information. Jason Krantz 00:04:39 And then we compile this all together with data science so that we're giving Jason Krantz 00:04:43 our clients answers to what their need. Jason Krantz 00:04:45 So, you know, you as a business user can log into our SAS platform Jason Krantz 00:04:49 and immediately start to understand where the best opportunities are to Jason Krantz 00:04:54 drive referrals within your system. Jason Krantz 00:04:56 It's set up to be very. Jason Krantz 00:04:58 So business users can access information and go make decisions Jason Krantz 00:05:02 on it starting tomorrow. Jason Krantz 00:05:03 So Bill Russell 00:05:04 your, your clients within my health system would Bill Russell 00:05:06 be the chief strategy officer. Bill Russell 00:05:08 Sure. Bill Russell 00:05:09 I would assume for sure, because she was, she was looking at what markets Bill Russell 00:05:12 are we going according to go into? Bill Russell 00:05:13 Where are we going to put the new ambulatory surgery center? Bill Russell 00:05:16 Where are we going to? Bill Russell 00:05:17 Uh, and so she could answer those kinds of questions, but it would also be the, Bill Russell 00:05:22 the, the head of the physician practice. Bill Russell 00:05:24 Yes, I think would also one of the. Bill Russell 00:05:27 Uh, the referral patterns and what's going on there and we're going Bill Russell 00:05:30 to get into the house right here. Bill Russell 00:05:31 It's gonna be really bad, I think. Bill Russell 00:05:33 But the, uh, Jason Krantz 00:05:35 uh, so network development, quality managers are interesting. Jason Krantz 00:05:39 So as you think about when you discharge a patient outside of your Jason Krantz 00:05:43 hospital, who are the skilled nursing facilities that you want to discharge Jason Krantz 00:05:46 them to that have low readmission rates within that service line. Jason Krantz 00:05:50 So all of that type of analytics can help. Jason Krantz 00:05:53 Uh, run your business better. Jason Krantz 00:05:54 And, you know, in a value-based care model, that stuff becomes Jason Krantz 00:05:57 so important to our clients. Bill Russell 00:05:59 Now I'm going to get a little nerdy here because it guy, and Bill Russell 00:06:02 I'm just wondering, uh, you know, you're, you're going to house all the data and Bill Russell 00:06:07 whatnot, but I want to visualize the data. Bill Russell 00:06:09 What does it look like on the other side, in terms of being able to develop Bill Russell 00:06:13 the types of reports and visualizations that I need to, uh, to, I dunno, to sell Bill Russell 00:06:18 these ideas within, to the board, to the. Jason Krantz 00:06:22 Th there's two ways. Jason Krantz 00:06:23 So there's a lot of visualizations you can do directly in our platform. Jason Krantz 00:06:26 So you can graph data, you can map data, you can slice and dice data in a lot of Jason Krantz 00:06:31 different ways, but if you want to do something custom and pull it out into Jason Krantz 00:06:35 PowerPoint or whatever it might be, all of the data is exportable from the system. Jason Krantz 00:06:39 And the analytics that we provide are all exportable. Jason Krantz 00:06:42 So we want to help our clients in any way that they want to consume Jason Krantz 00:06:45 our data, whether it's in their CRM system, we integrate directly with. Jason Krantz 00:06:50 We allow you to export data. Jason Krantz 00:06:52 Uh, we have clients run 1.5 million reports per month from our online system. Jason Krantz 00:06:57 Wow. Bill Russell 00:06:58 Uh, 200,000 data sources. Bill Russell 00:07:00 It seems like you haven't met a data source that you don't like. Bill Russell 00:07:04 Um, but I mean, how do you, how do you normalize all that stuff? Bill Russell 00:07:08 I mean, there's an awful lot of data to bring together, to create, uh, you Bill Russell 00:07:12 know, the value that we're looking to do. Bill Russell 00:07:14 Is it just 10 years of experience of living with lying down Jason Krantz 00:07:17 to the. Jason Krantz 00:07:19 It is it, you know, it really takes 10 years to do it. Jason Krantz 00:07:22 So we have teams of data scientists who are iterating and figuring out Jason Krantz 00:07:26 how do we link all this data together and then how do we cleanse it? Jason Krantz 00:07:30 And when data conflicts with each other, what's the correct answer. Jason Krantz 00:07:34 And through 10 years of working closely with our clients and applying more and Jason Krantz 00:07:38 more sophisticated data science, we've developed a proprietary hub of information Jason Krantz 00:07:43 that just doesn't exist anywhere else. Jason Krantz 00:07:45 And that's, what's so valuable. Jason Krantz 00:07:47 We help them be faster and more effective in their day-to-day jobs. Bill Russell 00:07:50 Self-service analytics is a it's it's the holy grail within it. Bill Russell 00:07:56 We've held it. Bill Russell 00:07:58 We've wanted to dentists for years on the clinical side and other sides. Bill Russell 00:08:01 Um, some of the challenges we have is data definitions and, and, and giving the data Bill Russell 00:08:06 to the end user so that they understand that there's four definitions of the same, Bill Russell 00:08:12 same metric of those kinds of things. Bill Russell 00:08:14 How do you, how do you handle that? Jason Krantz 00:08:17 Yeah, there's a few ways. Jason Krantz 00:08:18 So we've made the product extremely intuitive. Jason Krantz 00:08:21 So you instantly two things, you, you know what you're looking at, it's very Jason Krantz 00:08:25 clearly laid out and it also applies to how you think about your business. Jason Krantz 00:08:29 And that's very important. Jason Krantz 00:08:30 So we're not just showing people data. Jason Krantz 00:08:32 We are showing it in a manner that, uh, as they think about their business every Jason Krantz 00:08:37 day, they will quickly understand and be able to make decisions on our data. Jason Krantz 00:08:41 Uh, so we, we focus on data, but we also focus. Jason Krantz 00:08:45 The strategy and the business and the decision-making behind that. Jason Krantz 00:08:48 So that's very important. Jason Krantz 00:08:49 And then we're very good about making sure that we are clear on our definitions. Jason Krantz 00:08:53 We're extremely consistent. Jason Krantz 00:08:55 Uh, so if you know a definition it's applied consistently, you can use that. Jason Krantz 00:08:59 Uh, whereas you know, uh, other data sources that are less consistent and Jason Krantz 00:09:03 becomes very difficult to use over time. Bill Russell 00:09:04 What, uh, what's the message you're trying to get Bill Russell 00:09:07 out of here at the, at the time. Jason Krantz 00:09:10 I think there's few things. Jason Krantz 00:09:11 So we just launched a new product called latitude reporting, Jason Krantz 00:09:13 uh, which is very exciting. Jason Krantz 00:09:15 Uh, what it allows you to do is create sophisticated custom cohorts Jason Krantz 00:09:19 of patients, uh, that are important for you to size your market and Jason Krantz 00:09:23 figure out who are the providers that are caring for these patients. Jason Krantz 00:09:27 Uh, so in a world of precision medicine, you can be very specific Jason Krantz 00:09:31 about the types of patients that you're looking for through our system. Jason Krantz 00:09:35 Uh, the other message that I have. Jason Krantz 00:09:37 Uh, what we provide is, is something that can actually change the way that the Jason Krantz 00:09:43 velocity at which you can do business. Jason Krantz 00:09:45 So because we've pulled together all of this information in one spot Jason Krantz 00:09:48 and we've provided in a way that helps you quickly get your answers. Jason Krantz 00:09:52 Uh, we allow you to do more with less, your, your people can be more Jason Krantz 00:09:56 effective and, uh, you're able to build better networks and reduce Jason Krantz 00:10:00 that patient leakage over time. Jason Krantz 00:10:02 So there's really a lot of key changes that you can make Jason Krantz 00:10:05 by adopting a solution like. Bill Russell 00:10:07 Fantastic. Bill Russell 00:10:08 How's how's the show Jason Krantz 00:10:08 been for you so far? Jason Krantz 00:10:10 It's been amazing. Jason Krantz 00:10:11 Health has done a great job of bringing in great speakers, great panelists. Jason Krantz 00:10:15 Uh, there's been tremendous booth traffic, so there's a lot of Jason Krantz 00:10:18 excitement about our new announcement, uh, in the company overall. Bill Russell 00:10:20 Oh, it's nice. Bill Russell 00:10:21 It's nice to be back in a face-to-face with people. Bill Russell 00:10:24 It's terrific. Bill Russell 00:10:25 It's great to have that feedback. Bill Russell 00:10:27 Uh, Jason, thank Jason Krantz 00:10:28 you again. Jason Krantz 00:10:28 Thank you. Jason Krantz 00:10:29 I appreciate the time. Bill Russell 00:10:31 Check back for Morris. Bill Russell 00:10:32 The, we continues. Bill Russell 00:10:33 A lot of great interviews, a lot of great conversations. Bill Russell 00:10:35 I'm looking forward to sharing them with you. 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