If you’re a medical practice, 4 major industry waves are rocking your boat. New demands bring new opportunities for fast practices that can quickly get physician alignment around a strategy that will maintain physician autonomy and increase reimbursement. Equally as important, the patient expectation has changed. They demand convenience and flexibility and want to interact with their care in new and innovative ways. Physicians can accept this, or ignore it at their own peril.
I’m fortunate to be joined today by Ken Comée, CEO of Carecloud who will shed some light on these 4 waves:
- Migration to a modern, cloud-based infrastructure
- Practice consolidation
- Value-based care
- Consumerism and the new patient expectation
We break down what the 4 waves are, what they mean for practices and how practices can capitalize on the change. Enjoy!
0:56 What does CareCloud do and who do you do it for?
2:40 The smartphone has changed everything. What do doctors need to do to modernize?
4:00 Who are your customers? How has that changed as your company has grown? How has consolidation in the Health IT marketplace affected you?
6:08 The 1st Wave is a migration to a modern and cloud-based environment. It creates efficiencies and is needed for an interconnected, interoperable future.
9:30 The 2nd Wave is acceleration towards consolidation and rollups of physicians. You need IT infrastructure to rollup brick and mortar medical practices.
12:58 Hospitals need to re-evaluate what they are offering to compete with outpatient surgery centers.
14:33 The 3rd Wave is Value-Based Care. VBC means physicians are required to be more active in terms of outcomes. You must engage with patients earlier, more regularly, and over a longer period of time. Independent medical practices will be able to thrive if they can build an active and loyal patient base.
16:23 What do you see with people trying to prepare for a VBC future while still living in a Fee For Service now? Outcomes of medical care need to be thought of as if the consumer has options and can go somewhere else. They can. Attract. Serve. Retain.
20:00 What is the patient’s experience with your practice from the first second they know you exist? Must have a holistic approach to end to end experience. Cloud infrastructure lets physicians thrive.
22:31 The 4th Wave is patient expectations and consumerism. Average out of pocket expense is going up and your patient experience could make or break you. I mean, Clipboards? Really?
25:50 Patients need to find info with as little friction as possible. Put your hours and prices on the web. Provide as much decision-making information as possible to prevent the patient from having to call and ask a question.
28:55 What do the 4 Waves mean for the practice listening? Every practice has different pain points. The Cloud can solve those pains and set you up for future growth.
31:22 What does all of this mean for CareCloud? Their platform is an all-in-one solution that can generate data that allows you to provide better care and proactive care for your patients.
33:55 What are the big tech giants up to? What are they going to do that impacts midmarket practices trying to stay independent? Amazon is going after the consumer experience. Their biggest impact is on facilitating the expectation of ease and simplicity for patients. Physicians need to be aligned with that. Amazon is doing it with their employees to show that it can be done.
36:29 Opening their own clinics? Amazon/Apple. Smart players are sometimes not the one that goes in first. They’re watching innovative companies like Forward and OneMedical to see how they do and whether they should build or buy.
38:11 To use CareCloud, do you have to use both front and back office software? We’re flexible. It’s very easy for pieces to integrate with your current system. We ask, “How do we get you on the path to a cloud-based infrastructure with the least disruption so we can ensure success.”
43:00 What is your biggest opportunity as a company coming from the 4 Waves? Interoperability. Carecloud is FHIR API certified. Going deep in cloud infrastructure means we can partner with Amazon and apply machine learning so practice systems get smarter.
45:02 Where can you find us? If you’re a partner and want to integrate with our platform we have a robust partner program where you can download our APIs and work with them in real time. Our service and training side of the business is looking to expand.
46:19 What’s your partnership model for apps on your system? Open system. Nothing but. We can’t build everything. We integrate with care coordination, pop health, telemedicine, service or product side as extensions to our platform. Contact us for a discussion then apply.
Listen to the interview:
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About Ken Comée
Ken Comée is CEO of CareCloud, the cloud-based software and services platform focusing exclusively on supporting high-growth medical groups. Ken joined CareCloud as CEO in 2015 after serving on the company’s Board of Directors while an Executive-in-Residence at Norwest Venture Partners. Ken brings to CareCloud a track record of building high performing organizations and helping early-stage companies reach their full potential and value.
Ken is a seasoned technology industry executive who has had a successful track record leading growth companies to achieve high-value strategic exists. Prior to joining CareCloud, Ken led several technology companies spanning the software, big data and analytics spectrum. Among these companies was Cast Iron Systems, a platform for integrating cloud-based applications from SaaS providers with on-premise applications. Ken managed Cast Iron’s turnaround, successfully positioning the company for its sale to IBM, which bought the company to serve as a foundational element of its cloud strategy. As CEO of PowerReviews, which provided technology and tools for retailers and e-commerce companies to host product reviews on their websites, Ken orchestrated the company’s acquisition to its largest competitor, Bazaarvoice.
In addition to his roles as CEO, Ken has served as an executive advisor and on the board of directors for several new ventures, including BeyondCore, which was acquired by Salesforce.com, and Simpplr, a social intranet company focused on improving employee engagement.
Ken’s role as an advisor reflects his personal mission to help shape the next generation of CEOs. In addition to mentoring up and coming entrepreneurs, Ken also is committed to supporting philanthropies and non-for-profits that are making a meaningful difference in promoting health and quality of life. He most recently participated in the “Real Men Wear Pink of Miami” campaign to support the American Cancer Society.
Ken earned his MBA from the London Business School and a BSc from Santa Clara University. A recent transplant from Silicon Valley to Miami, Ken enjoys spending his free time on the water and exploring South Florida.
CareCloud is the leading provider of cloud-based revenue cycle management, practice management (PM), electronic health record (EHR), patient experience management (PXM), and telemedicine solutions for high-growth medical groups. CareCloud helps clients increase profitability, streamline workflow and improve patient care nationwide. The company currently manages more than $4.2 billion in annualized accounts receivable on its integrated clinical and financial platform. To learn more about CareCloud, visit www.carecloud.com.
Twitter: @CareCloud Employees
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