Healthcare Market Matrix

In this episode of Healthcare Market Matrix, John Farkas sits down with Christopher McCord, a renowned healthcare technology innovator and Managing Director at Healthcare Growth Partners. McCord delves into the transformative role of data analytics in modern healthcare, highlighting its potential to revolutionize patient outcomes and operational efficiency.

The discussion kicks off with McCord’s insights on how advanced data analytics can drive personalized medicine, improve diagnostic accuracy, and streamline healthcare processes. He shares his experiences with implementing cutting-edge analytics tools and the tangible benefits they have brought to Healthcare Growth Partners' projects.

McCord also explores the challenges of integrating large datasets from diverse sources and the importance of fostering collaboration between technology developers and healthcare providers. His expertise sheds light on the delicate balance between harnessing the power of big data and ensuring patient privacy and data security.

Listeners can expect a deep dive into the current trends in healthcare data analytics, real-world examples of successful implementations, and practical advice for navigating the complexities of this rapidly evolving field. This episode offers invaluable insights for professionals interested in leveraging data to enhance healthcare delivery and achieve better patient outcomes.

Show Notes

[02:29] - Unpacking the Health IT Market Review

[03:50] - The Long Tail of COVID-19 Impact

[07:24] -  Epic’s Market Dominance and Its Implications

[10:21] - Navigating the Financial Challenges in Healthcare IT

[15:57] - Profiles of Companies in the Middle Tier

[21:17] - The Surge in Buyout Activity

[25:39] - The Role of AI in Healthcare IT

[27:18] - The Innovation Divide

[31:33] - Beyond Technology: The Epic Example

[38:36] - The Changing Dynamics of Health IT Investments

[46:07] - Regulatory Impacts on Innovation

[53:04] - The Social Responsibility Debate

[56:57] - Recommendations for Health Tech and Investors

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

On this episode of Healthcare Market Matrix, host John Farkas is joined by Christopher McCord, Managing Director at Healthcare Growth Partners (HGP), an investment banking and strategic advisory firm exclusively focused on transformational Health IT. HGP combats breakdowns between stakeholders in the traditional banking model and our healthcare system by aligning with its clients through engagement design, client transparency, and its fundamental desire to do right by those who put their trust in them. Additionally, Healthcare Growth Partners’ passion for healthcare inspires them to generate broad, overarching improvements to the functionality and sustainability of health by delivering customized guidance to select clients looking to execute high value health IT, health information services, and digital health transactions. Throughout the episode, Christopher expands on the culture of investment banking and engages in a discussion on the current healthcare market and what one can expect from it in the future. 

Show Notes

(1:17) Introducing Christopher McCord and Healthcare Growth Partners

(18:36) Healthcare Growth Partners’ Approach to Partnerships

(34:44) An Analysis of the Current Market and Its Horizon

(51:55) The Future of Healthcare Sectors

(1:07:36) The Culture and Expectations of Investment Banking

(1:13:31) Closing Thoughts