Summary

On this episode of Healthcare Market Matrix, host John Farkas delves into the pressing challenges facing healthcare Chief Financial Officers (CFOs) with esteemed guests Todd Nelson, a former hospital CFO and current Director of Partner Relationships at Healthcare Financial Management Association (HFMA), and Trish Rivard, founder of Eliciting Insights. The episode is anchored on findings from HFMA's comprehensive 2024 study, which surveyed one hundred and thirty-five CFOs from one hundred and thirty-two health systems, exploring economic constraints, margin pressures, and emerging trends in healthcare finance.

A staggering forty-seven percent of CFOs identified supply chain issues as a primary margin pressure, while escalating costs in pharmaceuticals and medical devices were noted as significant challenges by eighty-six percent and seventy-three percent, respectively. There's a delicate balance between innovation and cost efficiency, especially when clinician familiarity with products and physician malpractice insurance comes into play. The ongoing labor shortage, particularly in nursing, exacerbates these challenges, pushing health systems to adopt strategies like outsourcing and wage increases to retain staff.

Cybersecurity, though less pressing than supply chain issues, has seen a fifty percent uptick in spending, further amplified by a major vendor data breach. While the potential of AI in healthcare elicits mixed reactions—split equally among those expecting cost reductions, increases, or no change at all—only eight percent of health systems feel ready for AI integration. Vendors are urged to educate health systems on AI implementation and governance for sustainable partnerships.

The episode also sheds light on the pandemic's lasting impact on labor costs, with ninety-six percent of CFOs citing labor as a major concern, and a whopping ninety-nine percent highlighting nursing worries specifically due to contract labor costs. Reimbursement complexities and payer denials, particularly with Medicare Advantage plans, are other significant pain points. Effective vendor relationships and tailored solutions are emphasized as crucial for navigating these multifaceted challenges.

Ultimately, the dialogue underscores the importance of understanding and addressing CFOs' specific pain points for building trust and driving effective, long-term partnerships in the healthcare sector.

Show Notes

(6:12) Understanding CFO Pain Points

(17:42) How Remote Works Increases Competition for IT Talent

(29:22) Entangling Patient Care Decisions with Automated Denials

(35:40) Assessing R&D Cost Value in Healthcare

(45:05) Prioritizing Automation and Cybersecurity over AI

(1:01:24) Building Trust with CFOs to Pitch Health Tech Solutions

Links

John Farkas

Ratio

Spencer Honeyman

Trish Rivard

Eliciting Insights

Todd Nelson

Healthcare Financial Management Association (HFMA)

In this episode of Healthcare Market Matrix, John Farkas speaks with Christopher McCord, Managing Director at Healthcare Growth Partners, about the latest trends in the Health IT Market Report. They discuss the surge in M&A and buyout activity, why valuations haven’t recovered to pre-pandemic levels, and how investors and healthtech companies should navigate a stratified market heading into Q4.

McCord shares insights on the rise of AI-powered tools, with a focus on workflow AI, and explains how companies can position themselves for successful M&A amid rising deal volumes but declining quality. He also touches on the macroeconomic factors influencing the market, including interest rate hikes and hospital margin recovery, and the regulatory challenges affecting innovation.

This episode is full of actionable advice for healthtech companies and investors, plus details on where to download the full report.

In this episode of the Healthcare Market Matrix, John Farkas kicks things off with a conversation with Dr. Neal Patel, a healthcare industry expert from Vanderbilt University Medical Center. Together, they discuss cybersecurity, interoperability, and the implementation of AI in healthcare. Dr. Patel also emphasizes the importance of understanding the capabilities and limitations of AI and the need for careful deployment. 

This far-reaching and thought-provoking conversation covers Dr. Patel’s long association with Vanderbilt, where he has been since 1997. During that time he has played a significant role in optimizing patient care through informatics strategies. 

Patel speaks fascinatingly about the growing threat of cyber attacks in the healthcare industry and the need for organizations to assess their vulnerabilities. He also discusses the importance of having robust cybersecurity measures in place and the challenges of balancing innovation and security.

This insightful conversation is sure to provide valuable perspectives for anyone interested in information management in healthcare.

On this episode of Healthcare Market Matrix, host John Farkas is joined by Mike Mosquito, an advisory board member at Ratio and a pioneering leader in healthcare innovation and technology development. Mike shares his extensive experience with companies like McKesson and Allscripts and his role in leading innovation centers. He discusses how this background equips him to develop maturity models that enhance patient outcomes through technology. He emphasizes that healthcare technology companies must understand the specific problems they aim to solve, rather than just promoting their technologies’ features.

Mike also delves into the critical importance of technical and cyber infrastructure in successfully implementing new technologies within health systems. He highlights the necessity of robust governance models tailored for healthcare, addressing connectivity issues, especially in rural areas, to ensure effective technology deployment.

Throughout the conversation, John and Mike explore the governance, readiness, and affordability considerations that health systems must take into account when adopting new innovations. They stress the importance of healthcare providers flawlessly executing proof of concepts to become preferred vendors, cautioning against "innovation theater" that can erode trust and resources. John and Mike also discuss the evolving responsibilities and strategic importance of Chief Innovation Officers (CIOs), highlighting the long decision-making processes and integration challenges posed by regulatory compliance and budget constraints.

Show Notes

(1:05) Introducing Mike Mosquito

(6:48) Analyzing Innovative Solutions for Change Implementation

(11:48) How to Approach Conversations about Change

(16:26) Qualities of an Innovation Organization

(22:37) Strategies for Catching a Health Tech CIO’s Attention

(25:43) Meeting Consumer Mandates of Healthcare Technology

(35:31) Exploring the Need to Be Flawless

(38:21) Cautions Surrounding the Idea of Innovation Theaters

(41:52) Addressing the Failure of Delivering Solutions

(50:02) Advice for Venturing into the Innovation Ecosystem

(52:33) Closing Question

Summary

On this episode of Healthcare Market Matrix, host John Farkas sits down with Spencer Honeyman, chief commercial officer of Vi Technologies, a company using artificial intelligence to enhance the health outcomes and financial returns of healthcare organizations. John and Spencer dive into how AI-driven solutions are alleviating workloads and improving efficiency for healthcare professionals by optimizing tasks so they can prioritize patients first and foremost. 

Additionally, Spencer explores AI's role in engaging high-risk populations by leveraging third-party data for comprehensive views and utilizing optimization frameworks for rapid testing in marketing, underscoring the necessity for de-identified data in marketing endeavors. This emphasizes the industry’s shift towards value-based care and the strategic use of paid media for member engagement. Furthermore, Spencer explains how the implementation of AI-driven solutions can simplify time-consuming administrative tasks like appointment scheduling, claims processing, and data entry, allowing healthcare professionals the ability to focus more on quality care.

Throughout the episode, Spencer outlines Vi Technologies’ approach to demonstrating value by validating key performance indicators, highlights Vi Technologies’ most recent report, and shares a case study of a regional behavioral health clinic utilizing targeted media to significantly reduce acquisition costs and boost conversion rates.

Show Notes

(1:05) Introducing Spencer Honeyman

(5:00) A Deep Dive into Vi’s Recent Report

(6:31) Exploring AI Opportunities in Healthcare

(10:13) How AI Has Alleviated Administrative Tasks

(13:32) Employing AI to Increase Patient Engagement

(20:39) An AI Success Story

(24:15) The Awareness vs. The Adoption of AI

(32:21) Closing Question

On this episode of Healthcare Market Matrix, host John Farkas is joined by Dr. Jennie Byrne, an advisor for healthcare innovators, like LunaJoy Health and PsychNow, and co-founder of Belong Health. Additionally, Dr. Byrne is an established author, writing two important books, Work Smart, a guide on leveraging brain and behavioral science to enhance productivity, and Moral Injury: Healing the Healers, which is shedding light on the pressing clinician crisis that’s surrounding the American healthcare system. 

As a board-certified psychiatrist with an MD and a PhD in neuroscience, Dr. Byrne offers a unique perspective on the biological and psychological aspects of human behavior and health. Throughout the episode, John and Dr. Byrne dive into the pervasive erosion of trust within the healthcare system among patients, practitioners, and administrators. Dr. Byrne highlights the concept of moral injury, a deeper issue that goes beyond burnout, where healthcare providers feel unable to give proper care due to systemic barriers.

Today’s discussion underscores the misalignment between clinicians and administration, outdated technology, and staff shortages, effectively exacerbating trust issues. Dr. Byrne advocates for technology companies to shadow healthcare providers to gain genuine insights into their challenges, promoting a culture of empathy, creative collaboration, and informed technological solutions. She also emphasizes the use of common language to bridge the gap between tech developers and clinicians, suggesting that tech companies build trust through ongoing education, peer-led learning, and active listening.

Show Notes

(1:43) Introducing Dr. Jennie Byrne

(4:57) About Dr. Byrne’s Background and Her Writing Journey

(9:56) Weighing the Fear Factors Associated with New Technology

(17:37) Systemic Factors That Contribute to Moral Injury

(26:36) Factors That Influence Trust

(36:11) BUilding Bridges of Understanding Between Clinicians and Tech

(42:05) Embracing Technology in Healthcare’s Innovative World

(48:49) Closing Thoughts

Links

John Farkas

Ratio

Dr. Jennie Byrne, MD, PhD

Belong Health

Work Smart

Moral Injury: Healing the Healers

On this episode of Healthcare Market Matrix, host John Farkas is joined by Aaron Hillman, an Advisory Board Member at Ratio and the Sr. Director of Global Client and Industry Engagement at Philips. Aaron brings almost two decades of expertise in healthcare IT and client engagement, sharing his insights into the art and science of orchestrating successful event engagements in the healthcare industry.

We explore the crucial elements that make or break event strategies, including the importance of a well-prepared longitudinal plan, securing organizational buy-in, and creating meaningful connections in the market. Additionally, Aaron shares his knowledge on early planning for major events like HIMSS and the necessities of marketing evaluation to understand the true value of these gatherings. We'll also discuss the significance of tailoring product launch strategies, utilizing consistent key performance indicators (KPIs), and fostering purposeful interactions at in-person events post-pandemic.

Join us as we unravel the complexities of event marketing, from building a narrative and driving engagement to communicating effectively within and beyond your organization. Whether you’re a healthcare marketer or a vendor, this episode is packed with actionable advice to help you create buzz, measure outcomes, and ultimately, build strategic partnerships that propel your organization forward. 

Show Notes

(1:24) Introducing Aaron Hillman

(6:03) Changes in Engagement Post Pandemic

(10:06) Aaron’s Backstory and Journey

(16:47) Prioritizing and Being Intentional with Engagement

(24:21) The Challenge of Aligning Marketing and Sales

(38:31) How to Approach Event Planning

(42:31) Optimizing Shows for Product Launches

(49:04) Closing Thoughts

On this episode of Healthcare Market Matrix, host John Farkas is joined by Trish Rivard, CEO of Eliciting Insights, a healthcare technology market research and strategy company, and Ben Reigle, CEO of Tarpon Health, a community of providers that are building their own internal automation. 

Trish is an accomplished ROI-driven leader and consultant specializing in healthcare technology companies, and boasts an impressive fifteen year record of success. Her expertise lies in steering EBIDTA improvement and fostering market share growth within the healthcare and payment industries. Trish is widely trusted for her exceptional consultative skills, which she employs to prioritize IT projects, enforce ROI accountability, and streamline resource allocation to meet ambitious timelines. Drawing upon her extensive experience as a Healthcare Revenue Cycle Executive, Trish excels in helping companies position themselves for growth, and at guiding them through the process of clarifying their vision, validating market receptiveness for their goals, charting a strategic roadmap, and optimizing resources for optimal outcomes in the ever-evolving healthcare marketplace.

Additionally, Ben has dedicated the majority of his career to the healthcare sector, with a significant focus on revenue cycle management over the last decade. Observing that the revenue cycle had remained unchanged for years, he embarked on a mission to challenge the conventional approach by initiating two groundbreaking projects. In November 2017, Ben launched the RCM Leaders Forum, an exclusive event designed to gather leaders in healthcare revenue cycle management for focused discussions without distractions. Furthermore, Ben has fostered a sense of community through his video podcast “My Good Friends,” which features interviews with event participants and professionals from various fields. Throughout the episode, Ben and Trish expand on the recent Change Healthcare cyber data breach, how the implications of the breach will impact the industry, and how the healthcare ecosystem as a whole will need to proceed going forward.

Show Notes

(0:41) Introducing Trish Rivard and Ben Reigle

(5:34) Analyzing the Recent Cyber Breach

(16:18) About Change Healthcare

(24:59) Impacts of the Cyber Breach

(34:41) What Healthcare Marketers Need to Know about Data

(38:43) Revenue Implications of the Cyber Breach

(43:54) Closing Thoughts

Welcome to the debut episode of our exciting new monthly series on the Buyer Matrix, brought to you by goratio.com! In this episode, we unveil our innovative approach to understanding and engaging with key players in the healthcare technology sector through our newly launched Buyer Directory. Join us as we delve into the intricacies of the Buyer Matrix methodology, designed to provide invaluable insights into some of the most sought-after healthcare technology buyers. Whether you're a seasoned industry professional or just starting out, this series promises to offer enlightening discussions and actionable strategies for engaging with the healthcare market. Hosted by John Farkas, alongside Jess Head, we'll explore how the Buyer Matrix℠ empowers companies to navigate the market with precision, empathy, and trust. 

Show Notes

(0:42) Introducing the New Monthly Series

(4:54) Defining the Buyer Matrix

(15:07) Effective Marketing Communication for Teams

(23:49) Highlighting the Core Challenges CIOs Face

(26:49) Closing Thoughts

On this episode of Healthcare Market Matrix, host John Farkas is joined by Mark Donnigan, virtual CMO and go-to-market consultant at Growth Stage Marketing, a company that builds sustainable marketing strategies while executing go-to-market plans that yield real business results by being rooted in first principles thinking. Mark has extensive experience working alongside sales, product, operations, and finance to ensure his client’s objectives are always exceeded. As an accomplished storyteller and expert content marketer, Mark believes the modern marketing function is built on the foundation of content publishing with category design, ABM, SEO, conversion rate optimization, email outreach, and paid advertising tactics. Throughout the episode, Mark shares his vast knowledge around the importance of leading with value during go-to-market efforts and analyzes a recent product launch that failed to effectively and easily convey its value proposition to its buyers, ultimately leading to its downfall.

Show Notes

(1:47) Introducing Mark Donnigan and Growth Stage Marketing

(10:12) Understanding Where to Start from the Nature of Go-to-Market

(18:21) Leading with Value in a Constrained Healthcare Climate

(31:19) Analyzing Humane AI’s Recent Launch Failure

(45:15) Asking Hard Questions during Go-to-Market Efforts

(56:34) Closing Thoughts