AI Assisted Healthcare Can Help Patients & Reduce Costs by AdviNow w/ James Bates - AZ TRT S05 EP27 (243) 7-14-2024

AI Assisted Healthcare Can Help Patients & Reduce Costs by AdviNow w/ James Bates

AZ TRT S05 EP27 (243) 7-14-2024

 

What We Learned This Week:

• AI Assisted Healthcare by AdviNOW - the future is now
• Goal is to reduce costs, help patients, streamline paperwork, & give the Dr more time to treat patients
• Software, AI, Coding = Tech Healthcare
• Healthcare industry is slow to change to adopt new systems for billing & paperwork
• Change the Healthcare industry with adoption by Big Providers

 

 

Guest: James Bates, CEO AdviNow Medical

AdviNow Medical, Inc.

James Bates is an accomplished CEO, entrepreneur, and board member who has created and led high-growth results for several technology companies. Presently, Bates is CEO and Founder of AdviNow Medical, the world’s first Artificial Intelligence and Augmented Reality driven patient journey platform that nearly eliminates the administrative burden of physicians and reduces the cost of healthcare by 65%.

James conceptualized the idea, wrote the fundamental patents, raised the capital, recruited the team, and launched the company.
Previously, James was an officer at Freescale / NXP responsible for the ~$1 billion revenues Analog and Sensor Group the world leader in self driving vehicle technologies. Earlier in his career, James founded the Asia Pacific region for Silicon Labs where he was responsible for driving growth that eclipsed $500M in just 3 short years.

James serves on multiple boards and advisory boards. Among them is Position Universal a market leader in fleet tracking hardware and software systems where James serves as a fiduciary board member. OptionAgent.ai is a market leading volatility predicting AI that automatically trading hedge fund that delivers above market returns where he is a general partner. James also serves on the advisory board for Arizona State Universities College of Nursing and Health Innovation.

James earned his Master of Science degree in Electrical Engineering, from Brigham Young University. He is fluent in Japanese, lived in Tokyo for twelve years, holds nine patents, has written for publications and been a speaker at many conferences. He resides in the Paradise Valley, Arizona, and enjoys family, sports, and particularly hiking.

 

 

 

Company - https://advinow.com/

Augmented Reality and AI – Software for patient experience

Central AI Assistant Helps Before, During, and After the Visit

A single vendor to collect, transform, and action all encounter data with the power of AI.

 

We are on a mission to make healthcare accessible and affordable to all by eliminating clerical burden throughout the entire patient encounter

 

Patient Intake – for healthcare, hospitals, urgent care, Dr office triage, etc

 

• Founded in 2016 to revolutionize healthcare through automation and artificial intelligence (AI), bringing top-tier technology and process design to patient engagement and provider consultation.
• Our mission is to enable providers to deliver the best on-demand experience while accelerating operations, and are focused on urgent care – an industry that does the same thing millions of times over, and arguably not very efficiently.
• AdviNOW started in fully automated retail clinics with a medical assistant and remote providers, and built the platform as a digital-first in-person or virtual care that eliminated any steps that AI could augment; however, the “digital front door” is the true problem to solve first.
• Expanded to a suite of products that work closely together, or work fine as standalone modules – both patient facing white-label solutions and care team-facing.
• Headquartered in Scottsdale, AZ, and part of the Mayo Clinic Innovation Exchange incubator.

 

 

 

 

 

Notes:

 

Seg 1

 

Healthcare cost are too high. There are opportunities to reduce cost using technology and software, as much as 50%.

 

Why are the cost so expensive? There’s a large burden on the healthcare system with cost, and this problem has been going on for 30 years.Go back to 1990 and clerical work was 20% of a doctors job. Now it is 70% of their time. This is a massive burden and cost on healthcare overall.

 

Talking efficiency, the number one way to reduce cost is to reduce the administrative burden and let the doctor get back to working with patients. To help patient stay healthy longer you need to document, what is going on with their health. Currently the doctor has to collect the data.

 

There is much Admin bureaucracy with the coding for billing, and tracking for insurance companies. To pay the health bills, lots of admin paperwork and over 100,000 billing codes.

 

Where is the money being spent? Insurance companies only want to pay certain codes. Healthcare industry has been slow to adopt technology.

 

It is a simple problem that can be solved with a digital front door. Doctor offices do not communicate with each other. Systems like EMR or electronic medical records, are large databases with patients information.

 

AI could be the solution. AdviNow has AI software to collect the admin data for patients. Keep health records up-to-date with current health literature, treatments, and outcomes.

Easier to know the patient history, what labs they need, what imaging they need to get, sometimes even before they meet with the doctor.

 

Then the doctor would do the consultation with the patient and confirm the data. Doctors can then suggest a treatment plan, and also use the AI software for recommendations. Can also do auto coding and notes for the medical records.

 

 

Seg 2

 

James Bates is the soul founder of AdviNow. In the past, he ran a technology company on self driving cars. The business was sold.

 

In 2016 James was looking into healthcare companies to acquire. As he reviewed the financials, he learned that the profit margins are very thin in healthcare.

 

He reviewed a number of urgent care centers for a business contact. He did time studies and cost analysis. Measure how long parts of the business took to take care of and where the physician spent their time.

 

Overall, the physician was 70% of the cost of the urgent care, but spent 60% of their time doing clerical activities. Very inefficient.

 

AdviNow was created with the mission to use AI to streamline the healthcare industry. Doctor sees 2 to 3 patients in a day, and could theoretically see a lot more.AdviNow is an AI assistant. Doctor should analyze and document data, but not collect it. Lots of clerical work, needs to be streamlined.

 

Understanding AI and how ChatGPT was built. Read the whole Internet and did a word count to remember all pages in the Internet and associate with words and data.

 

AdviNowis an AI software program created different. Learns by natural language, interpret words and sentences from medical text and papers. Determine the relationship between medical literature. what are the relationships between words. They also hired a team of physicians to add an human element to the software.

 

AdviNow right code, no prompt and this was created pre-ChatGPT. It is generative AI that was also trained on peer review literature.Use the AI assistant to ask questions to the patient. It is not the AI that asks the questions.

 

 

Seg 3

 

Patient journey starts from home.

 

Scenario 1

Analyze the different scenarios. Does the patient need to go to urgent care or doctor? If the patient needs to go to a doctor schedule an appointment and AI asks questions and does diagnosis at home to determine the severity.

 

It’s a triage at home. what labs or imaging might be needed pre-doctor appointment.

 

Then the doctor visit the patient is already available to the doctor. The doctor has all the info on visit one.

 

AI would default to ER if emergency or patient does not like the AI process or needs to call 911.

 

Scenario 2

Not urgent or upcoming visit could cut down long waits at ER. See a doctor at less cost and more efficient.

 

Insurance companies benefit from the system and can increase premiums prior to cost rising. US government cannot keep cost from going up. You’re dealing with things like population health, demographics and  different risk factors.

 

There’s a fixed amount of money to treat patients and then the doctors office keeps the difference. Data and healthcare system to keep patients healthy vs sick.

 

All the healthcare industry could benefit from AdviNow. Lower cost overall, and the process would be faster.Communication of patient records in the system, as doctor and specialist sometimes are in the same healthcare group and system.

 

For example, United healthcare wants to tell you what specialist to go to and may be the cheapest vs Banner health may want you to send you to the most expensive. The system is not even how the healthcare companies work their process.

 

 

Seg 4

 

Future of AdviNow if all healthcare used it, it would cost cut costs and make healthcare free per James.

 

People like the old system, but could use AI to automate the process. This would get us back to the doctor and patient relationship improving while cost and administration go down.

 

Healthcare is slow to adopt tech. Payers and healthcare demand efficiency. Cost and efficiency can be different.

 

Question is if you have to invest and spend money to make money. Mayo clinic is currently an incubator with AdviNow working on a fall automation platform.

 

HCA or Dignity Health are large companies that are losing billions $ a year. Need to invest now and tech and save money in the long term.

 

Federal government could mandate doctors offices to adopt the tech. You don’t lose jobs in the short term, over the long term you certainly could lose some admin positions.

 

Hospitals do not make money. Adoption of tech and software by large healthcare companies is a long-term solution. Not all companies are AI scribe.

 

What is the ROI of the investment?

AI does coding. Dr. sees more patients. Patient see Dr. faster. There is a better outcomes and the doctors office gets paid sooner.

 

 

 

 

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