- This is Gracelyn Keller
with the Becker's Healthcare Podcast,
and we are live at the 11th annual CEO and CFO Roundtable.
I'm joined currently by Drew Goldstein
and Jeremy David, who are both the co-head
of healthcare at Palantir.
So Drew and Jeremy, thanks so much for joining me today.
Um, and could you just quickly each introduce yourself?
- Hey, I'm Drew Goldstein.
Uh, I'm one of the co-heads of healthcare
for Palantir Technologies, and I'm here with Jeremy.
- Hey, uh, thanks for having us.
I have the same, uh, introduction as Drew.
- Wonderful. Well, drew, if you wanna just take it away
and explain a little bit more about
Palantir as we get started.
- Yeah, happy to. So, you know,
Palantir works in a number of different industries.
Um, Jeremy and I lead Palantir's Healthcare Business, um,
you know, across each of these industries,
Palantir's Focus is providing software
that creates an interface between the data
and information that sits across various systems throughout
an organization and the frontline operators that need
that information to be able
to make the real day-to-day decisions to run the business.
What we're doing in healthcare is taking that same approach
and deploying it against core hospital operational
challenges with health systems across the country.
Uh, we went from working with just about 1%
of the US healthcare system at the beginning of this year,
so now working with 16% of the US healthcare system.
Uh, and we work with, you know,
several health systems across the country.
Uh, we have a team of now about 75 engineers
that are fully dedicated, um, to our work directly
with our health system partners.
- Wonderful. Thanks for that explanation.
Um, and Jeremy, I would love to start off
with our first question, uh, throwing this to you,
what are you most excited about right now?
- Yeah, I, I think it's funny, like, uh,
paler has a relatively unique way of approaching with, uh,
of partnering with health systems.
Um, and, uh,
the way it works is we have these
forward deployed engineers.
They, uh, meet with the actual operators
and leaders at these health systems
and respond to what the hardest problem
or what the biggest fire at that health system currently is.
So, like the cheeky way to answer the question is like,
we're most excited by whatever the folks we're interfacing
with, uh, whatever they're most, most excited about.
And I think over the past, uh, year
or two, there's been a couple of verticals that have been,
um, uh, most exciting to us.
I think the first I'll mention is like, uh, we've, uh,
partnering with HCA
and a, a couple other folks, uh, we've really come
to a different way to approach, uh, nurse scheduling.
And so if you go to any, you know,
health system leadership right now
and ask what the hardest problem is, most often you'll get,
uh, as part of the, you know, top three at least, uh,
is the nursing shortage
and not having enough staff to, to staff those beds.
And I think if you go back, uh, a couple of years to our,
our, our first partnerships with the Cleveland Clinic and,
and, and Tampa General, uh, like out
of one year we would be hearing
that there's this like massive nursing shortage in the
country, reading the first page
of the Wall Street Journal saying,
we don't have enough nurses to take care of the patients,
uh, we have in this country.
And then out of the other, uh, year we'd like watch
how this was actually done on the front lines.
And it was like a lot of, uh, frankly brilliant work, but,
but manual work done by, uh, nurse managers, uh, CNOs,
staffing office folks, um, uh, manually and, and,
and with like virtually no data, no software.
And I think there's a lot of reasons for that
that we don't have to go into.
But over the past couple of years, we've sort of,
from the bedside out actually built systems
and algorithms to support those folks bringing data from the
EMR, from other clinical systems, as well as, uh,
building new, uh, ways to, uh, new staffing systems
to bring the information together to, to best align, uh,
patient demand with nursing supply.
Uh, the, it's a sort of long explanation on
how it actually works, but the, the broad strokes
of it is it's not self-scheduling anymore.
It, it's a workflow by which nurses
can enter their preferences.
And there's an AI optimizer that then, uh, matches between
forecasted patient demand that determines, uh, uh,
the required nursing workload, uh, and the staff
and preferences of those staff that have available.
And it generates the optimal nursing schedule.
I think there's like a ton of benefits
to this from a CFO's perspective,
but importantly, like, uh, to get a nurse manager or, or,
or nursing leadership to adopt the thing, it actually saves,
uh, between 15 and 20 hours of the, the, uh, uh,
the scheduling time that goes back into the, uh, the,
the pocket of that nurse manager.
Um, and, uh, it, it's really like a, a, a paradigm shift in
how nursing, uh, nurse scheduling is done today.
Uh, and I think that that's incredibly exciting.
There's, there's various other things
that we've built on top of the, like data asset.
We've began to build at each health system on, uh, patients
and nurses like a couple are using, uh,
large language models on top of Palantir's a IP platform
to do better and more automated revenue cycle management.
Um, but ultimately we'll continue to react to the,
the problems health system leaders bring to us.
Um, but those are two examples.
- And Drew, next question is for you, what are some
of the issues that are taking up most of your time?
- Yeah. We're finding that the issues
that we're focusing on today are the issues
that are most top of mind
for health systems across the country.
And that's not an accident.
That's the result of that four deployed engineering model
that Jeremy described before.
And some of the examples of what we're seeing
with our partners today at Cleveland Clinic,
we've increased the rate
of accepting patients via their transfer center by over 10%.
At Tampa General, we've decreased the length of stay
for their septic patients,
reduced the hold times in their PACU by over 30%,
and onboarded 15 analysts from their analytics team
to run their end-to-end data
and analytics program directly in our platform.
And at HCA with the staffing
and scheduling solution that Jeremy described,
we've onboarded nine hospitals
and thousands of nurses this year so far,
and we've reduced the time on scheduling
by over 90% while capturing nearly 99% adherence
to their staff member preferences.
Um, we've been providing speed
to value in these areas in a way that's been key both
to the adoption that we've seen from our platform at these
systems, um, but also to providing increased access to care
for patients, uh, across each of our partners.
- Absolutely. And Jeremy, I'm gonna throw it back to you
for our final question here.
Uh, what do you think the most effective healthcare leaders
are going to need to be
successful in the next two to three years?
- Yeah, I think we're obviously like experiencing a boom
of AI over the past six months to a year.
And I think like asking ourselves the question like,
how can we get, um, AI actually to the front lines
of healthcare today?
Like whether it's at the point of care, uh,
from a physician interacting with a patient or,
or to a more back office operational workflow,
like thinking about the point of care, if you suppose in,
you know, 15, 10,
however many years, uh, physicians will have access
to these more advanced AI algorithms to help make sense
of all this information about the patient
and similar patients, uh, to, to,
to make clinical decisions.
Like I think you have to think about, uh, where's the data
that these AI algorithms are going to be using and,
and what software systems are going to be used at the point
of care, uh, to enable those physicians?
And, and, and if you look at
what software is actually in place at the point
of care today, it, it's really only one system.
It's the EMR,
and it's the sort of same EMR system
that's been at the point of care over the past,
you know, however many years.
And I think, uh, this will happen very soon.
Like we've had recent conversations with a lot
of healthcare leaders that are really excited about the
concept of taking the EMR
and re-imagining it to be more of a, of a platform
by which folks can harness the data that exists within,
within, uh, these health systems
and actually apply a algorithms to the point of care.
And, and, and it requires an open system, a system by which,
you know, the 22-year-old Stanford new grad can actually
like, build upon, uh,
and get excited about these workflows to, to, to,
to start the next generation
of these companies and innovations.
The chief digital officers, uh, of all of these companies
that have been moving from technology to healthcare,
like currently, they're effectively blocked
by the software monopoly that exists at the point of care.
And I think what we'll see in
what health system leaders should be pushing
for is something that's more open, something where more, uh,
like smart folks
and in innovative folks can, can get access to, uh,
uh, uh, a reasoning about how we can deploy, uh,
deploy AI at the point of care.
So I, I think we're gonna see a lot more restructuring
and openness of, uh, EMR systems,
and I think they'll start to look a little bit less like
medical records and more like care delivery platforms
by which folks can, can build upon and,
and get AI into these workflows.
Um, and I think that's gonna have tremendous impact on, uh,
quality and the number of mistakes that that are made.
But it all starts with making sure we have the right
software at the point of care to harness these,
these new algorithms.
- A hundred percent. Well, Jeremy Drew, thanks so much
for joining me today on the Becker's Healthcare Podcast.
Again, we're live at the 11th annual
CEO and CFO round table. Thanks so much.
- Thanks. Thank you. .