Latest / Becker’s Healthcare Podcast / Driving Healthcare Savings Through Data, AI, and Transparency with Rick Anderson

Transcript

Driving Healthcare Savings Through Data, AI, and Transparency with Rick Anderson · Becker’s Healthcare Podcast

• 0:02
  - Every health system executive right now is being
• 0:04
  - asked to do something that has no useful
• 0:06
  - precedent,
• 0:07
  - make durable technology decisions in an environment that
• 0:10
  - looks meaningfully different every six months.
• 0:13
  - The pace isn't slowing,
• 0:14
  - the vendor landscape isn't getting simpler, and the
• 0:17
  - cost of missteps keeps rising.
• 0:19
  - Becker's eleventh annual IT and Revenue Cycle Conference,
• 0:23
  - The Future of AI and Digital Health, exists
• 0:25
  - for exactly this challenge.
• 0:27
  - Here, you'll find more than 2,500 executive level
• 0:30
  - attendees,
• 0:31
  - 600 plus speakers, and four days of sessions
• 0:34
  - built around the questions leaders are actually wrestling
• 0:36
  - with.
• 0:37
  - How to scale AI responsibly,
• 0:39
  - how to protect increasingly complex systems,
• 0:42
  - how to wring more performance out of the
• 0:44
  - revenue cycle, and how to make tech investments
• 0:46
  - that hold up over time.
• 0:48
  - Join us September fourteenth through the seventeenth at
• 0:51
  - the Hilton Chicago.
• 0:53
  - You can register on our events page at
• 0:55
  - beckershospitalreview.com
• 0:57
  - by clicking on the events tab in the
• 0:59
  - upper right.
• 1:01
  - This is Scott Becker with the Becker's Healthcare
• 1:04
  - Podcast.
• 1:05
  - I'm thrilled today to be joined by a
• 1:07
  - brilliant entrepreneur
• 1:09
  - and health care lifer.
• 1:11
  - We're joined today by Rick Anderson,
• 1:13
  - and Rick is the chairman and chief executive
• 1:16
  - officer of the Hive Health. He's gonna talk
• 1:18
  - us about what they're doing,
• 1:20
  - how they developed this, and a lot more.
• 1:23
  - Rick, can you take a moment and introduce
• 1:25
  - yourself,
• 1:26
  - and and tell us really how you got
• 1:28
  - Hive Health going? You've had this incredible career,
• 1:32
  - and and really what I think of as
• 1:34
  - a serial entrepreneur,
• 1:36
  - SmartChoice MRI, and own a lot of other
• 1:38
  - efforts.
• 1:39
  - Tell us about yourself and Hive Health.
• 1:42
  - Well, thank you, Scott. Thank you for having
• 1:44
  - me today. It's always fun to be introduced
• 1:46
  - as a lifer,
• 1:47
  - but it's a funny segue to how we
• 1:49
  - started the Hive.
• 1:50
  - I've been in health care for about thirty
• 1:52
  - two years, and I was fortunate enough to
• 1:53
  - be on the, original start up team with
• 1:55
  - my friend Jeff Arnold at WebMD.
• 1:58
  - And during that start up, I hired a
• 2:01
  - gentleman named Rich Kennedy,
• 2:03
  - as my first salesperson on my team.
• 2:05
  - Rich and I were the, cofounding members of
• 2:07
  - the Hyve Health. He serves as president.
• 2:10
  - And so it's really been a long journey
• 2:11
  - of working with a lot of people together,
• 2:14
  - to really try to do what we can
• 2:15
  - to make a change in health care. The
• 2:17
  - first half of my career was on the
• 2:19
  - consumer side. So I was a WebMD and
• 2:21
  - then helped Jeff and doctor Mehmet Oz start,
• 2:24
  - Sharecare,
• 2:25
  - and then shifted into trying to find ways
• 2:27
  - to truly lower the cost of care. And
• 2:29
  - so,
• 2:30
  - with my partner, who's also at the hive,
• 2:32
  - doctor Jim Stoll,
• 2:34
  - built Smart Choice MRI where we decided it
• 2:36
  - was important to give people a fair transparent
• 2:39
  - price for something as simple and routine as
• 2:41
  - an MRI.
• 2:42
  - And, we had a lot of fun doing
• 2:44
  - that, and then,
• 2:45
  - as we go into our discussion, I'll tell
• 2:47
  - you a little bit more about the hive
• 2:48
  - and how we're lowering the cost of care
• 2:49
  - there.
• 2:50
  - Thank you. And talk to us about the
• 2:52
  - hive and and and and what you're doing
• 2:54
  - and so forth.
• 2:55
  - Sure. So Rich, after he left WebMD, spent
• 2:59
  - twenty five years as an implanting
• 3:01
  - rep in the cardiac rhythm management or CRM
• 3:04
  - space in the Cleveland Clinic market.
• 3:06
  - And what happened to him one day was
• 3:08
  - if you think about how the device veterans
• 3:11
  - work and the reps work is, you know,
• 3:12
  - they're all trying to get market share in
• 3:14
  - hospitals. And one day, he was forced out
• 3:16
  - because the hospital chose to go to two
• 3:18
  - vendors instead of having what we in the
• 3:20
  - industry call an all play model.
• 3:22
  - And instead of being discouraged about it, he
• 3:23
  - thought, well, maybe there's a better way to
• 3:25
  - do it. And so Rich came to me
• 3:27
  - in 2021 and said, what if we could
• 3:29
  - help health systems lower the cost of
• 3:32
  - what we call the PPI space or physician
• 3:34
  - preference items? We've we've morphed into a lot
• 3:37
  - more than that, but I'll start with that.
• 3:39
  - So the idea was that, you know, the
• 3:42
  - hospitals have been forever used to the the
• 3:44
  - GPOs. They've forever been used to the vendors
• 3:47
  - kind of, if you will, dictating the the
• 3:50
  - the course of action and how things were
• 3:51
  - played out. And we thought, well, what if
• 3:53
  - we could better equip them with real data,
• 3:56
  - live data that informs them how to buy
• 3:58
  - these things better?
• 3:59
  - And the the resistance initially was, well, we're
• 4:02
  - good. We have a GPO or we're good.
• 4:04
  - We have this benchmarking tool.
• 4:06
  - But it's really something where we looked at
• 4:09
  - it and said, you know, you can really
• 4:10
  - only negotiate what you know. And in supply
• 4:12
  - chain, these four folks are dealing with thousands
• 4:15
  - of contracts, hundreds, if not thousands of vendors.
• 4:18
  - And we thought if we could bring to
• 4:19
  - light a database of actual prices that were
• 4:22
  - achievable in the market,
• 4:23
  - and we started with cardiac rhythm management, we
• 4:26
  - could make a real difference. And so we
• 4:27
  - built the highest starting in 2021
• 4:30
  - with that CRM as our first foray. We
• 4:33
  - expanded, pretty rapidly into the rest of the
• 4:35
  - cardiac portfolio.
• 4:37
  - And then today, if I fast forward, we're
• 4:39
  - in 28 different initiatives from orthopedics to biologics
• 4:43
  - to spine to sports medicine to lab,
• 4:46
  - GI, urology, etcetera,
• 4:48
  - and really looking to help health systems,
• 4:50
  - small to large, as well as their ASC
• 4:53
  - counterparts to to truly know how to buy
• 4:55
  - things for the best possible prices. And we
• 4:57
  - do that a 100% at risk.
• 5:00
  - And and how do you do that at
• 5:02
  - risk? What does that look like? Who are
• 5:03
  - your core customers? Tell us about that.
• 5:06
  - Sure. So if I if I were to
• 5:08
  - pick up a phone call today from a
• 5:10
  - CFO or a supply chain executive at health
• 5:12
  - system,
• 5:13
  - Let me restate. If they if they were
• 5:14
  - to take take my call, I'd probably be
• 5:17
  - the tenth person this today or this week
• 5:19
  - alone that's told them they can save them
• 5:20
  - money. And usually, it comes with what we
• 5:22
  - have an engagement fee or retainer or some
• 5:24
  - other consulting based approach.
• 5:27
  - And we decided that if we knew the
• 5:29
  - prices that were achievable, we could go to
• 5:31
  - a health system and say,
• 5:32
  - you know, large academical medical system in Chicago.
• 5:36
  - Hey. We believe we can save you 40
• 5:37
  - to $50,000,000
• 5:38
  - on these products. And they say, well, yeah,
• 5:41
  - you says this. You said this. So does
• 5:42
  - so do a lot of other people in
• 5:43
  - different areas. And we said, well, why don't
• 5:46
  - we do the assessment at no cost? We
• 5:47
  - will show you where the savings are. The
• 5:49
  - savings are based on prices that we have
• 5:52
  - actually achieved in the marketplace in the last
• 5:54
  - twelve months ourselves. So we're not dealing with
• 5:56
  - third party data.
• 5:58
  - And if we can be successful, then we'll
• 6:00
  - share in the savings, and we're only paid
• 6:02
  - as the customer saves the money.
• 6:05
  - There's a lot of different, you know, approaches
• 6:07
  - to this industry. We're like, well, I'm gonna
• 6:08
  - get you a better contract and then pay
• 6:10
  - me in full, and we thought that's really
• 6:12
  - not aligned to our customer.
• 6:14
  - We should get paid when they win. And
• 6:16
  - so having that alignment around the savings and
• 6:19
  - taking that risk on the front end has
• 6:21
  - helped us be pretty successful.
• 6:23
  - And and when you look at this year,
• 6:26
  - where are you most focused and excited, and
• 6:28
  - where's your team building? Where where are you
• 6:30
  - building out your team further?
• 6:32
  - Yeah. I love this question, Scott. So a
• 6:34
  - year ago, I would have told you, if
• 6:36
  - I was doing this podcast that, you know,
• 6:38
  - I, like everyone else, thinks this AI thing
• 6:40
  - is kind of cool. Right? I don't know
• 6:42
  - anything about it a year ago. I just
• 6:44
  - I
• 6:45
  - intellectually understand it a little bit, but certainly
• 6:47
  - not like the kids that are doing it
• 6:49
  - today. If I fast forward to today, 25%
• 6:52
  - of the Hive's employees are engineers, and these
• 6:55
  - are full stack AI native engineers,
• 6:58
  - two of which,
• 7:00
  - recently graduated from Harvard in the last with
• 7:02
  - AI fellowship. So these are the brightest and
• 7:04
  - the best that have, you know frankly, could
• 7:07
  - they have gone to OpenAI, Palantir, wherever? Sure.
• 7:10
  - And did they get offers? Yes. But they
• 7:12
  - love the mission of actually trying to save,
• 7:14
  - you know, health care. And I think we're
• 7:15
  - in that kind of a battle right now.
• 7:17
  - I really think this is this is a
• 7:18
  - moment in time where the health system executives
• 7:20
  - are realizing
• 7:22
  - this is not getting better. This is about
• 7:23
  - to get worse. And so from a mission
• 7:26
  - standpoint,
• 7:27
  - those kids are really, really excited about what
• 7:29
  - we're doing. And from a from a focus
• 7:31
  - standpoint,
• 7:32
  - you know, we if you looked at our
• 7:34
  - traditional business, we go in, we we we
• 7:36
  - help people save money. We align with the
• 7:39
  - savings. Everyone's happy. You know, we get physicians
• 7:42
  - to to participate. We get administration to participate.
• 7:46
  - It's not always easy. We have a high
• 7:48
  - level of respect for the vendors, and it's
• 7:50
  - mutual. Right? So we're trying to do a
• 7:52
  - good thing here.
• 7:53
  - But at the end of the day, you're
• 7:55
  - really leaving the health system at some point
• 7:57
  - with,
• 7:58
  - you know, the byproduct of what you built.
• 8:00
  - And the problem with the industry is that
• 8:02
  - the vendors and they're not all bad. Right?
• 8:05
  - But the vendors are the ones drilling holes
• 8:06
  - in the boat the day after we leave.
• 8:08
  - And so we decided that we were going
• 8:10
  - to take our database, which today is about
• 8:12
  - about a half a million SKUs. So I
• 8:14
  - can tell you the price for a pedicle
• 8:16
  - screw from x y z vendor right now.
• 8:18
  - I can tell you exactly what you should
• 8:20
  - pay.
• 8:21
  - But that was not enough, and so we
• 8:22
  - decided we have to use AI
• 8:25
  - in a meaningful way
• 8:27
  - to allow the supply chain and c suite
• 8:29
  - to truly
• 8:30
  - activate them on on the data they have.
• 8:33
  - And I've I've said this before
• 8:35
  - in in LinkedIn.
• 8:36
  - You know, health care doesn't have a data
• 8:38
  - problem. It has a data intelligence problem. The
• 8:40
  - supply chain and CFOs have tons of data,
• 8:43
  - Scott. I mean, reams of data, but they
• 8:46
  - can't really effectuate any change with it because
• 8:48
  - they don't have the tools in place. So
• 8:51
  - so this this 25% of the Hives team
• 8:53
  - has over the last twelve months built a
• 8:56
  - full stack native AI platform
• 8:58
  - that allows these executives to, in real time,
• 9:01
  - ask questions like, how much market share does
• 9:04
  - vendor a have in my hospital?
• 9:06
  - Or how many more of vendor b's products
• 9:09
  - do I need to put in this month
• 9:12
  - to achieve my rebate that's been promised to
• 9:14
  - me in the contract?
• 9:15
  - And so things like that or the ability
• 9:18
  - to take an 80 page contract from vendor
• 9:20
  - c
• 9:21
  - and have an AI platform we built
• 9:24
  - interrogate that and tell the supply chain leader,
• 9:27
  - this is exactly what you need to look
• 9:28
  - out for. This is the good. This is
• 9:30
  - the bad. This is the perhaps ugly. But
• 9:32
  - these are the things
• 9:33
  - that you really need to be paying attention
• 9:35
  - to to make sure that you're getting the
• 9:37
  - best possible outcome from the contract you just
• 9:39
  - signed. And when you consider that these executives
• 9:42
  - have as many as 3,000 contracts to manage,
• 9:45
  - the absence of a tool like this is
• 9:47
  - is utterly shocking that they haven't had it
• 9:49
  - to date, and so we're proud to be
• 9:51
  - able to stand it up and customers are
• 9:52
  - actually using it.
• 9:54
  - Remarkable what you've done. And and and, Rick,
• 9:57
  - I think of you as both a really
• 9:59
  - good person, really good guy,
• 10:01
  - and also a serial entrepreneur. And and those
• 10:04
  - are not mutually exclusive, I hope, because I
• 10:07
  - feel that, you know,
• 10:08
  - you know, I might think of myself sometimes
• 10:10
  - as a serial entrepreneur depending what day it
• 10:11
  - is. But the, you know,
• 10:14
  - but probably me more of a one trick
• 10:15
  - pony. But either way, let me ask you
• 10:17
  - this question, Rick. You've had a chance to
• 10:20
  - build out some other companies. You're building out
• 10:22
  - this.
• 10:23
  - One of the things I love about talking
• 10:25
  - is you've got great clarity about what you're
• 10:26
  - trying to do and how you're doing it
• 10:28
  - and why you're doing it. And that to
• 10:30
  - me is really, really important
• 10:32
  - because when people don't have that, it's very
• 10:34
  - hard to succeed.
• 10:35
  - What advice would you give to entrepreneurs?
• 10:38
  - What would you
• 10:39
  - founders, entrepreneurs,
• 10:41
  - do you have to give a few piece
• 10:42
  - of advice from your business background?
• 10:44
  - Any advice that you would give? I would
• 10:47
  - say and I I'm gonna take this back
• 10:48
  - from my days at Smart Choice, was to
• 10:51
  - have real clarity of mission.
• 10:53
  - We we took a lot of inspiration from
• 10:55
  - from the William Mayo speech,
• 10:58
  - which everyone knows, of course, the the best
• 11:00
  - interest is, you know, is the only interest
• 11:02
  - to be considered the best interest of the
• 11:04
  - patient. There's a million different versions of the
• 11:05
  - quote. But if you read the entire commencement
• 11:07
  - speech,
• 11:08
  - he talks so much about
• 11:10
  - alignment and about a union of forces being
• 11:13
  - necessary to achieve change. And, you know, when
• 11:16
  - we did Smart Choice, you know, my wife
• 11:18
  - was our senior vice president of patient experience.
• 11:20
  - That was a title that really didn't exist
• 11:22
  - much other than a few places.
• 11:24
  - But at the end of the day,
• 11:26
  - we built, you know, 17 clinics to help
• 11:28
  - people all across the Midwest get a better
• 11:31
  - experience.
• 11:32
  - And when we did so, we totaled it
• 11:35
  - up, and I think the delta between
• 11:37
  - other places they could go versus Smart Choice
• 11:40
  - MRI
• 11:41
  - was about a $250,000,000
• 11:43
  - savings to those cities in, you know, in
• 11:46
  - Minnesota, Wisconsin, and Illinois. And so I look
• 11:49
  - at the Hive Health today and I think,
• 11:50
  - well, what is our mission? Our mission is
• 11:52
  - to help systems stay alive.
• 11:54
  - I mean, the the the this is a
• 11:56
  - little bit of a soapbox, Scott, so forgive
• 11:58
  - me, but, you know, it was,
• 12:00
  - it was, you know, a few years ago,
• 12:02
  - you'd see reports that 50% of health systems
• 12:04
  - are operating in the red. Well, we've really
• 12:07
  - accomplished a lot because now it's only 40%.
• 12:09
  - They're all literally running scared, and they should
• 12:12
  - be because with the one big beautiful bill
• 12:14
  - act and a lot of changes that other
• 12:15
  - people smarter than me will talk to you
• 12:17
  - about on on future podcast,
• 12:20
  - this is a real problem. And if you
• 12:22
  - think about the fact that, you know, health
• 12:24
  - systems are, you know, in Wisconsin where I
• 12:27
  - live, you know, we had we had a
• 12:28
  - couple of hospitals closed in the last year.
• 12:31
  - In in 1910,
• 12:33
  - that was when rural hospitals
• 12:35
  - were starting to become built so that better
• 12:37
  - access could take place in those communities. And
• 12:40
  - now a hundred years later, they're they're shutting
• 12:42
  - down because they can't make it. And I
• 12:44
  - was talking to an executive, a CEO of
• 12:45
  - a health system
• 12:47
  - in Pennsylvania,
• 12:48
  - and he said, Rick, I've got two choices.
• 12:50
  - I can hire you and save, you know,
• 12:52
  - $85,000,000
• 12:53
  - across my my implantable spend,
• 12:55
  - or I can let peep lay people off.
• 12:57
  - It's the worst thing to a CEO could
• 12:59
  - ever do is have to lay people off.
• 13:01
  - He said, there aren't other levers to pull
• 13:03
  - that are this big. And so the advice
• 13:06
  - I would say is, you know, have a
• 13:07
  - mission and and and make sure that what
• 13:09
  - you're doing is something you can wake up
• 13:10
  - every day and say, I know what I
• 13:11
  - did matters.
• 13:13
  - Let me ask you the tough question.
• 13:15
  - In one of your businesses,
• 13:17
  - you worked with your spouse as one of
• 13:20
  - your key leaders.
• 13:22
  - Some of my friends have done that
• 13:24
  - and wanted to kill each other.
• 13:27
  - Other have loved it. My parents worked together
• 13:29
  - for a long time in their small business.
• 13:32
  - Any advice on working with a family member
• 13:34
  - in business? You know, and I know I'm
• 13:36
  - catching you off guard on that, but but
• 13:38
  - any advice? How did that work out?
• 13:40
  - And and and, you know, there's an old
• 13:42
  - adage. You should never ask what you don't
• 13:44
  - know the answer to, but how did it
• 13:45
  - work out? Would you advise others to do
• 13:46
  - that to work with their spouse and business?
• 13:49
  - Well, I I would not only tell you
• 13:50
  - that the working with my my wife of
• 13:52
  - thirty six years was a great experience, and,
• 13:54
  - no, she's not in the room listening.
• 13:56
  - But I'm sure she'll listen to this. It
• 13:58
  - was great because she brought a level of
• 14:01
  - sort of measured calm and balance and order
• 14:04
  - and purpose in a way that a guy
• 14:05
  - like me that's always thinking about go and
• 14:07
  - grow,
• 14:08
  - she helped the culture. She helped the mission
• 14:10
  - actually make make make sense out of the
• 14:12
  - purpose and what we were doing.
• 14:14
  - And and with that, you know,
• 14:17
  - became you know, there were a lot of
• 14:18
  - times I'd tell you, Scott, because you're right.
• 14:20
  - It wasn't something that, you know, everyone could
• 14:22
  - do. Right? But the biggest thing I would
• 14:25
  - say is, you know, making sure we're good
• 14:26
  - about separating it so we weren't sitting at
• 14:28
  - 10:00 at night talking about work. But we
• 14:30
  - had such a good experience doing it that
• 14:32
  - actually,
• 14:33
  - our daughter Katie, who's vice president and chief
• 14:36
  - of staff at at The Hyve,
• 14:38
  - joined us at Smart Choice. This is her
• 14:40
  - third third or fourth health care start up
• 14:42
  - with us. And then recently, our son, Rick,
• 14:44
  - who's a commercial photographer, just said after twelve
• 14:47
  - years being on his own in New York,
• 14:48
  - like, I really wanna be part of this
• 14:50
  - family business. I wanna I wanna make a
• 14:51
  - difference. So he joined in December. So we
• 14:54
  - have, you know, we have our family committed.
• 14:56
  - About Rich's Rich's kids, Connor and Finn had
• 14:58
  - been summer interns while they were down at
• 15:00
  - IU,
• 15:01
  - getting the business degrees.
• 15:03
  - Will Fuhrer, our team marketing officer, son, Corby,
• 15:06
  - is our CTO. He's one of the Harvard
• 15:08
  - grads that came in and said I wanna
• 15:09
  - make a difference. So I think family can
• 15:11
  - be really, really productive. You can completely trust
• 15:14
  - them. They're gonna tell you the truth. They're
• 15:16
  - gonna tell you stuff that no one else
• 15:18
  - can. And my wife even said to me
• 15:19
  - yesterday, she said, you know the thing about
• 15:21
  - our kids that's really good? They can talk
• 15:23
  - to you at work like no one else
• 15:25
  - can. They can pull you aside and say,
• 15:27
  - dad,
• 15:29
  - I don't think you should have said that,
• 15:30
  - or dad, you probably need to
• 15:32
  - treat that, you know, situation a little differently,
• 15:35
  - and I think that's a really valuable point
• 15:37
  - that she made. I I I took it
• 15:38
  - to heart.
• 15:40
  - Yeah. No. That's absolutely fascinating, isn't it? And
• 15:42
  - and it's so nice that it's worked out
• 15:43
  - so well. My my parents are still married
• 15:45
  - after sixty plus years, so they did not
• 15:47
  - kill their selves in the business.
• 15:49
  - One of my best friends and his wife,
• 15:51
  - they're still married, but it's been a challenge.
• 15:53
  - And so you see a lot of that
• 15:54
  - out there, and it's really fascinating. It's a
• 15:55
  - real tribute to you and your family that
• 15:57
  - you've built such a nice family unit that
• 15:59
  - it works well together. It's a remarkable, remarkably
• 16:02
  - positive thing. I'll ask you one other question.
• 16:04
  - We're in the health care vein. Any advice
• 16:06
  - that you would give to sorta health care
• 16:09
  - leaders
• 16:10
  - about what they're seeing and and thoughts they
• 16:12
  - should have about how they look at things?
• 16:15
  - Yeah. I I I I would say this,
• 16:16
  - Scott. One of the things that was hard
• 16:18
  - about the hive at first,
• 16:20
  - and I have, you know, I've I've got
• 16:22
  - people like, you know, Bill Cotton, former CEO
• 16:24
  - of Edward, Elmhurst Health, is, is on our
• 16:27
  - team at the hive. We have surgeons. We
• 16:29
  - have former health care executives.
• 16:31
  - I remember Bill time we were starting. I
• 16:33
  - was very discouraged about the fact that I'd
• 16:34
  - call a a hospital CFO and say, hey.
• 16:37
  - We can save you all this money. And
• 16:38
  - they would say things like,
• 16:40
  - well, you know, we're building a new ASC.
• 16:42
  - It's really not in our priority list right
• 16:44
  - now. And I'm like, I would be so
• 16:46
  - frustrated because I'm like, you lost $40,000,000
• 16:48
  - last quarter. Like, it's public information. Why why
• 16:52
  - are you not scared to death about saving
• 16:54
  - your system? And I would say the advice
• 16:56
  - I would give is that,
• 16:58
  - and and and, again, I might get a
• 16:59
  - few arrow shot at me for this. I
• 17:01
  - don't know where people got lost in the
• 17:03
  - whole not for profit health care world that
• 17:05
  - they could just run it like a hobby.
• 17:07
  - And I've and I'm not calling out a
• 17:09
  - single person or a single system, but when
• 17:12
  - you're looking at at systems that are just
• 17:14
  - hemorrhaging cash or the ones that are doing
• 17:16
  - well are operating at a two or 3%
• 17:19
  - profit margin,
• 17:20
  - there's real money to be saved.
• 17:22
  - And and I I hope that they are
• 17:25
  - all learning, and I hate to say it
• 17:27
  - it may be learning the hard way. These
• 17:29
  - things have to be run as a business.
• 17:30
  - And back to my Mayo speech, you know,
• 17:32
  - the sisters were great to say no money,
• 17:34
  - no mission.
• 17:35
  - You have to have this run like a
• 17:37
  - business. And when you do that, you're probably
• 17:39
  - not gonna make a lot of friends here
• 17:40
  - and there, but you have to run it
• 17:42
  - efficiently. And there is lots of really good
• 17:44
  - systems out there that run like a business
• 17:47
  - that they should.
• 17:48
  - But, you know, some of our some of
• 17:49
  - our friends, you know, that were on the
• 17:51
  - boards of hospitals for years were like, I
• 17:53
  - just couldn't get anyone to understand
• 17:56
  - how how urgent this was. And sadly, we're
• 17:58
  - at a point now, Scott, where I think
• 18:00
  - the writing's
• 18:02
  - pretty indelibly written on the wall that there's
• 18:04
  - some problems here, and we wanna do our
• 18:06
  - part to help them.
• 18:08
  - A fantastic pleasure to visit with you. Again,
• 18:10
  - Rick Anderson,
• 18:11
  - CEO,
• 18:12
  - Hive Health.
• 18:13
  - Fantastic what you're doing, and thank you for
• 18:15
  - taking the time with us today on the
• 18:16
  - Becker Self Care podcast. I really enjoyed it.
• 18:19
  - Thank you.
• 18:20
  - Thank you, Scott.