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Arrowsight's Aronson: Remote Video Auditing for Health (Audio) · Bloomberg Intelligence

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  Speaker 1: H broadcasting live to New York, Gloomberg A leaven Rio
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  Speaker 1: to Washington, d C, Bloomberg to Boston, Bluemberg, Dwell unders
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  Speaker 1: to San Francisco, Bloomberg nine to the countries US at
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  Speaker 1: JAM General one, nine ten, and around the globe the
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  Speaker 1: Bloomberg Radio plus Dathen Bloomberg got gone. This is taking
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  Speaker 1: stock coming up on taking stock, will take stock of
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  Speaker 1: using video and motion sensor technology and the food manufacturing
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  Speaker 1: as well as the healthcare and the quick service restaurant industries,
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  Speaker 1: all designed to improve efficiency. We're gonna he's speaking with
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  Speaker 1: Adam Arroon Aaronson. He's the CEO of Aerosite phim. He
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  Speaker 1: was a currency trader back in the day at the
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  Speaker 1: old CS First Boston. What an interesting journey to where
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  Speaker 1: he is now with his company. I'm really excited about
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  Speaker 1: this one, really excited about the guy in the news
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  Speaker 1: room now, that's Charlie Pellett. He's got a Bloomberg business
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  Speaker 1: flash and I thank you, Kathleen, thank you him. We've
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  Speaker 1: got the down SMP lower naz Stack is higher. Stocks
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  Speaker 1: fluctuating as investors look past increased stimulus by the Bank
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  Speaker 1: of England to tomorrow morning's Jobs report for clues about
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  Speaker 1: the strength of the economy, as what was the Fed's
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  Speaker 1: next move. Bank of England governor Big News there Mark
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  Speaker 1: Kearney unveiling an exceptional package of stimulus, including the bank's
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  Speaker 1: first interest rate cut in seven years, as policymakers slash
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  Speaker 1: growth forecast by the most ever after Britain's decision to
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  Speaker 1: leave the European Union. And at the news conference this morning,
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  Speaker 1: Carney took questions about a number of topics, including the
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  Speaker 1: economy post Brexit. Well, look, this is the this is
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  Speaker 1: the appropriate response to the economic conditions in which we
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  Speaker 1: find ourselves. This is this is a response which will
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  Speaker 1: make this process of negotiation transition ultimately Brexit. It's it's
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  Speaker 1: going to support it. It's going to make it more
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  Speaker 1: likely to be a success, not just in the longer term,
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  Speaker 1: but in the nearer term. It's going to help with adjustment.
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  Speaker 1: See World Entertainment shares. They are tumbling almost fourteen percent
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  Speaker 1: after the company reported lower theme park attendants in Orlando.
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  Speaker 1: It also cut its earnings outlook for the year. Target
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  Speaker 1: has resumed selling Amazon's tablets and e readers on its website,
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  Speaker 1: plans to bring them back to its stores marking aid
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  Speaker 1: de tent between one of the world's largest brick and
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  Speaker 1: mortar retailers and its chief online retailer. Target shares are
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  Speaker 1: down two tents of one percent. SMP five hundred index
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  Speaker 1: down a point, now dropping point one percent down, Industrials
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  Speaker 1: down twenty two A dropped there of point one percent.
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  Speaker 1: We've got gold up three ten an ounce the thirteen
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  Speaker 1: sixty three, a gain of two tenths of one percent
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  Speaker 1: to thirty two on Wall Street. Now, let's take a
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  Speaker 1: look at the other stories making news. Thank you Charlie
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  Speaker 1: from the Bloomberg News room. I'm Ramy in essen Cio.
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  Speaker 1: After a bumpy road, Donald Trump's campaign is trying to
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  Speaker 1: get back on message. Bloomberg's Michael Barr explains, Trump's campaign
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  Speaker 1: chairman is playing down a rift between the Republican nominee
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  Speaker 1: and how Speaker Paul Ryan. Paul Afford acknowledged there is
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  Speaker 1: a conflict within the Trump campaign. Trump's running mate Mike
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  Speaker 1: Pence endorsed Ryan a day after Trump declined to do so.
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  Speaker 1: And if we talked about Trump and Ryan on a
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  Speaker 1: d c S Good Morning America, of course he's gonna
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  Speaker 1: work with full Ryan. Of course He's tried to brust
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  Speaker 1: the party together with full ran man Off. It says
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  Speaker 1: the campaign has had a rule of not getting involved
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  Speaker 1: in primaries. Michael Barr Bloomberg Radio, President Obama is assessing
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  Speaker 1: what's working and what is not in the fight against
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  Speaker 1: Islamic State. This is the U. S. Military ramps up
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  Speaker 1: its engagement in Libya. After meeting with military and national
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  Speaker 1: security advisors at the Pentagon, Mr Obama plans to take
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  Speaker 1: questions during a news conference that scheduled for four fifteen
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  Speaker 1: pm Wall Street Time, and you can hear that right
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  Speaker 1: here on Bloomberg Radio. Police in London say the woman
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  Speaker 1: killed in a knife attack was American. Metropolitan Police Assistant
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  Speaker 1: Commissioner Mark Rowley says a nineteen year old Norwegian of
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  Speaker 1: Somali origin has been arrested. I emphasize that so far
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  Speaker 1: we have found no evidence of radicalization that would suggest
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  Speaker 1: that the man in custody is in any way terrorism.
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  Speaker 1: Five other people were wounded in that attack, and the
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  Speaker 1: grandson of late mob boss John Gotti was arrested today
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  Speaker 1: on drug charges in Queens. The two year old was
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  Speaker 1: arrested as his grandfather's old Howard Beach home, where he
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  Speaker 1: lives with his father Peter Gotty. More than five hundred
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  Speaker 1: oxy Cotown pills and fifty thousand dollars in cash were
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  Speaker 1: seized from the home Global News twenty four hours a
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  Speaker 1: Dave Howard by more than journalists and analysts in more
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  Speaker 1: than one twenty countries. I'm Rainy and Essentio. This is Bloomberg, Charlie,
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  Speaker 1: and we thank you and again recapping little change for
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  Speaker 1: stocks with the SMP five index down a point. Now
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  Speaker 1: to SWO. I'm Charlie Pelleton. That's a Bloomberg business flash.
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  Speaker 1: Now on Bloomberg Radio, we take stock of small business.
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  Speaker 1: Small businesses want more streamlining and less red take small businesses,
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  Speaker 1: yes and the no. But maybe there's so many people
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  Speaker 1: that have ideas and it has to be more than that.
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  Speaker 1: It has to be making it real. Bloomberg take stop
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  Speaker 1: small business in focus on Bloomberg Radio, super bugs, food recalls,
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  Speaker 1: patient safety. What are some of the ways that technology
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  Speaker 1: is being employed to deal with these issues that affect
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  Speaker 1: all people and all circumstances. Well, that's why we have
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  Speaker 1: Adam Aaronson. He is the chief executive of Arrow Site.
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  Speaker 1: They're based in Mount Kisco, New York. He joins us
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  Speaker 1: in the studio for more information. Adam, thank you very
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  Speaker 1: much for being with us. Thank you for having me
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  Speaker 1: tell us a little bit about arrow Site in the
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  Speaker 1: context as I described of super bugs and patient safety
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  Speaker 1: and the technology that you're using to try to improve
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  Speaker 1: outcomes and also make sure that the food that we
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  Speaker 1: eat doesn't make us ill. Great. Well, let me just
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  Speaker 1: give you a very kind of pointing example. In the
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  Speaker 1: operating rooms. Uh So, we have partnered with a terrific
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  Speaker 1: company called north Wale Health Systems, big chain of hospitals
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  Speaker 1: here in the New York area and their outdoor and
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  Speaker 1: a seizure provider, North American Partners and Anesthesia, and over
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  Speaker 1: the last few years we install cameras in all of
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  Speaker 1: the operating rooms in several hospitals and uh basically we're
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  Speaker 1: monitoring each and every one of those rooms once every
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  Speaker 1: two minutes for a confluence of risk management, patient safety
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  Speaker 1: measures as well as efficiency measures. So basically we are
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  Speaker 1: collecting information, providing real time feedback to mobile devices and
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  Speaker 1: plasma boards, uh, telling basically staff and managers how they're
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  Speaker 1: performing for safety and efficiencies. And these results were recently
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  Speaker 1: published in the British Medical Journal, which were just incredible.
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  Speaker 1: So Northwell was able to achieve ninety percent compliance on
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  Speaker 1: key safety measures that are around preventing wrong site surgeries,
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  Speaker 1: retained foreign bodies, surgical site infections, and at the same
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  Speaker 1: time they improve their efficiencies the time between cases by
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  Speaker 1: fifteen to So it's been a terrific kind of big
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  Speaker 1: step forward in healthcare using this technology. How did you
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  Speaker 1: go from treating currencies at c S first bust into
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  Speaker 1: becoming a tech entrepreneur. I know, with this particular you
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  Speaker 1: may maybe do some businesses in between, right, this one
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  Speaker 1: this had a lot to do with a hospital acquired infection.
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  Speaker 1: Both your mother and your sister acquired apparently very bad ones.
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  Speaker 1: Just just in a nutshell, How do you get from
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  Speaker 1: here from there to here? Okay? Yeah, So you know,
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  Speaker 1: as as I had sort of a career on Wall
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  Speaker 1: Street during the nineties, Um, it's sort of hit me, uh,
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  Speaker 1: sort of towards the late nineties that, um, you know,
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  Speaker 1: virtually no businesses were using video data to improve worker
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  Speaker 1: performance the way that sports seems it. And so I said,
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  Speaker 1: you know, there's got to be a good business here.
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  Speaker 1: And I was kind of looking to get out of
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  Speaker 1: the financial world and into more of an operating career,
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  Speaker 1: and the first industry we focused on was really the
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  Speaker 1: food manufacturing sector, so the meat industry. And I was
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  Speaker 1: home on a holiday. UM back in the early two thousand's,
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  Speaker 1: I showed my father up in Boston, who's a physician
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  Speaker 1: still practicing today. I showed him some of the work
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  Speaker 1: we were doing on reducing UH pathogens and and improving
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  Speaker 1: things in food safety arena, and he said, you must
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  Speaker 1: bring this to healthcare. So I said, I will try,
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  Speaker 1: and we collaborated and absolutely made no progress in the
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  Speaker 1: mid two thousands. I mean we got nowhere. Nobody would
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  Speaker 1: even do a pilot free pilots and so um, we
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  Speaker 1: kind of put it to the side. I continued to
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  Speaker 1: do the work in the food industry. UM, and then
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  Speaker 1: within a year, both my mother and my sister had
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  Speaker 1: hospital acquired infections and it was like a thunderbolt moment,
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  Speaker 1: and so I said, Okay, we're gonna get personal about
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  Speaker 1: this and UH. Instead of trying to go after kind
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  Speaker 1: of big health systems and big cities, we started in
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  Speaker 1: two thousand and six out in a tiny little surgery
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  Speaker 1: center and making Georgia and that was what sort of
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  Speaker 1: led the way and opened the doors into Northwell Health,
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  Speaker 1: which really pioneered everything that we've done in healthcare since
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  Speaker 1: two thousand and eight. Financing, were you able to go
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  Speaker 1: I believed to maybe non traditional source of financing at
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  Speaker 1: the very beginning, a family office. Yeah. No, that's that's
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  Speaker 1: another UM sort of big lesson learned and something I
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  Speaker 1: can share with people that ever, you know, decided to
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  Speaker 1: get into these types of businesses if you can come
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  Speaker 1: up with your kind of own investment sources. In this case,
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  Speaker 1: were not only had a big family office out of Chicago,
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  Speaker 1: but we had a kind of a great network of
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  Speaker 1: individual high net worth investors from the food industry and
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  Speaker 1: and now many from the healthcare industry, and they open
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  Speaker 1: a lot of doors and give you incredible insights on
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  Speaker 1: on how to kind of pursue opportunities. So where are
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  Speaker 1: you now? What's next? Um? You I imagine you expect
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  Speaker 1: to scale this, hope to scale this. Where are you
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  Speaker 1: in your traduction trajectory? Yeah? So the food industry is
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  Speaker 1: very mature for us. We provide services today to approximately
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  Speaker 1: half of all the UH meat production in the United States.
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  Speaker 1: UH from you know, beef to pork to chicken, UH
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  Speaker 1: to turkey and Bay. Basically we've had a real eye
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  Speaker 1: on the healthcare industry as an emerging market. UM basically
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  Speaker 1: on the back of the Affordable Care Act penalty systems
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  Speaker 1: for reimbursements. And this has all to do with a
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  Speaker 1: scoring system which basically combines hospital acquired infections and patient satisfaction.
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  Speaker 1: So if you're ranking in the lowest quartile of hospitals
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  Speaker 1: in the country starting now, UH, they're they're paying two
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  Speaker 1: percent penalties on federal reimbursements, which is millions of dollars.
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  Speaker 1: So the work that we did in the and the
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  Speaker 1: operating rooms is now being extended hospital wide UH to
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  Speaker 1: solve the same exact issues, reducing infections in this case
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  Speaker 1: and improving patient flow. Okay, so in a nutshell, you
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  Speaker 1: see a very potentially large market here, very large market. Aerosite. Well,
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  Speaker 1: good luck at am Arenson. He is the CEO of Aerosite.
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  Speaker 1: The founder will look forward to having you back as
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  Speaker 1: this all progresses. This is taking stock. This is Bloomberg
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