Latest / CareTalk: Healthcare. Unfiltered. / How Weave Helps Small Practices Grow Faster w/ Brett White | HealthBiz Briefs

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How Weave Helps Small Practices Grow Faster w/ Brett White | HealthBiz Briefs · CareTalk: Healthcare. Unfiltered.

• 0:00
  It's an uphill battle for small and mid -sized practices to thrive in a world of giants.
• 0:05
  But some of the leaders are leveraging technology to give themselves an edge.
• 0:15
  This episode of Care Talk is brought to you by BetterHelp.
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• 0:56
  Welcome to Health Biz Briefs.
• 0:58
  I'm David Williams, President of Health Business Group here with Brett White, CEO of Weave, the company's AI -powered platform helps small and mid -sized practices serve their patients and stay competitive.
• 1:09
  Welcome, Brett.
• 1:10
  Thank you, David.
• 1:11
  Thank you for having me.
• 1:12
  Brett, how are small and mid -sized practices faring after the pandemic?
• 1:18
  So we focused on dental, optometrist.
• 1:22
  vets and then I certain segments of small medic specialty medical like physical therapy, plastics, meds, and I would say in general, they're doing well to very well and the very well group is are the veterinarians because everybody got a pet during COVID.
• 1:40
  Well, that that is not I guess too surprising.
• 1:43
  They they maybe somebody was thinking that I guess everybody got a pet.
• 1:46
  Not everybody went to vet school and is out there.
• 1:49
  You know it's out there solving that solving the problem.
• 1:51
  That's right.
• 1:52
  What is the opportunity for these practices to deploy AI powered technology?
• 1:58
  You've certainly heard a lot about AI gets a lot of buzz and some people seeing some excitement with it, but what's the practical opportunity?
• 2:05
  Because these are after all, these aren't theoreticians, right?
• 2:08
  They're running small businesses.
• 2:10
  Are they actually using AI?
• 2:12
  Is there an opportunity for them?
• 2:14
  Sure.
• 2:14
  So, you know, if we zoom out, these small businesses are run generally by doctors who have spent their life learning and practicing their trade.
• 2:27
  And so they're generally not business people.
• 2:30
  So our approach to AI is how do we help them run better businesses?
• 2:36
  And so we would take a lot of the rote tasks, mundane tasks, and automate those or improve them through AI.
• 2:44
  for example, responding to reviews, or we can actually go farther and help with identifying revenue opportunities based on voicemails and call transcripts.
• 2:56
  So our view is we can use AI to just help them run better businesses, provide greater patient engagement, higher rates of acceptance for their treatment plans, and just give them some of the time back that they spend running their practice.
• 3:16
  Can you give me like maybe a mini case study?
• 3:18
  Like what we, you know, Joe veterinarian or whatever, somebody that uses the tool really well, what does success look like for them?
• 3:26
  Right, so success would be higher levels of patient engagement.
• 3:30
  So I like my dentist or I like my vet because I get responses from them.
• 3:36
  They communicate with me in a way I wanna be communicated with, whether it be text, whether it be late at night, you know.
• 3:43
  the example I gave of the review assistant.
• 3:45
  So you wanna have a personalized review.
• 3:48
  So someone leaves a review on your website that says, thank you so much, Fluffy is doing much better, her legs, and you can respond either thanks for the review or, hey, great to hear Fluffy's doing better, hope she recovers soon and it was so great to see you.
• 4:04
  And that can be auto -generated by an AI that the doctor or the front desk staff would review and hit send.
• 4:11
  Having personalized reviews increases patient satisfaction, they increase referral rates.
• 4:20
  And there are just lots of tasks that you can delegate, for example, following up on payments.
• 4:26
  Nobody wants to call a patient and ask them to pay.
• 4:29
  having that occur through an automated way takes a lot of load off the staff, takes away work that they don't like to do, and lets them do higher level work.
• 4:42
  I think you're really raising the bar if you give with the example of the responses to the reviews when someone is looking and they're looking for a new dentist or veterinarian, whatever they don't really know.
• 4:52
  You see the reviews, a lot of them are positive, but a differentiator is, they have a response?
• 4:57
  Do they have a personalized response?
• 4:58
  You're making that easier to happen.
• 5:00
  So now someone who doesn't have that is going to fall further behind.
• 5:04
  So that's right.
• 5:05
  That's right.
• 5:06
  And we also use AI to review call recordings and voicemails and say, hey, you got four calls yesterday that revenue opportunities.
• 5:15
  We suggest you follow up on them immediately because the closer that the acceptance rate is higher, the closest it is to the actual consultation.
• 5:25
  So these are hot leads.
• 5:26
  And so if you provide the doctor or the front office staff with a tool that says, you've got 12 hot leads here that called with a question or question about financing or question about the procedure.
• 5:42
  and you provide them a tool with actionable insights, that just drives greater revenue.
• 5:48
  Yeah.
• 5:48
  Well, that's right.
• 5:49
  I think about it now from the perspective of a patient.
• 5:51
  If I know I need to deal with something, let's say physical therapy, doctors said to do that, call three practices and I'm a hot lead for all of them.
• 5:59
  But, know, a person who gets back to me fastest and schedules an appointment is most likely to have that business.
• 6:05
  Exactly.
• 6:06
  Exactly.
• 6:06
  And if you can respond to their question immediately, like, hey, can I finance it?
• 6:11
  Boom.
• 6:12
  Immediately, right back.
• 6:13
  Here's a text, click here for the three financing options.
• 6:16
  Outstanding.
• 6:17
  Well, that's it for the latest Health Biz Brief.
• 6:20
  If you like what you hear, check out my Health Biz podcast for a full length interview with Brett about his life and career.
• 6:27
  Brett White, CEO of Weave.
• 6:28
  Thanks for joining me today on Health Biz Briefs.
• 6:31
  Thank you, David.