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CEOs,

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CFOs and executives from top hospitals
and health systems are gathering at this

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exclusive world-class event.

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To address the most pressing
issues in healthcare today,

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Becker's 11th annual c e o and CFO
Round Table is taking place in Chicago

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this November and will feature more
than 400 elite provider speakers and

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over a thousand hospital
and health systems,

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C-suite and VP attendees and good news
healthcare providers have a chance

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at receiving complimentary registration
as a reviewer. If you're interested,

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you can apply at the
website in the description.

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This is Laura Dedo with the
Becker's Healthcare Podcast.

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I'm thrilled today to be
joined by Nick Stefan,

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who's the Chief Executive Officer
of Northwell Direct. Nick,

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it's a pleasure to have
you on the podcast today.

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Thank you so much for having me. I
really appreciate the opportunity.

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Now, I know we have a lot to talk about.

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There's so much happening in healthcare
and things are moving very quickly,

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evolving rapidly, um,
which is great to see.

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But before we dive into my questions,

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can you tell us a little bit more
about yourself, your background,

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as well as Northwell Direct?

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Sure thing. Um, so I have
spent my entire career, uh,

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working in the healthcare
industry, uh, both on the,

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uh, not-for-profit and for-profit
sides of the industry. Uh,

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I've spent the last 14 years,
uh, with Northwell Health,

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the first half of which was spent within
the not-for-profit delivery system

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in roles across technology operations,

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and human resources leadership.

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And then over the second phase
of my time with Northwell,

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I've transitioned into more of
their, uh, commercial ventures.

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And I've had the privilege over the last
three years of serving as the CEO of

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Northwell Direct. And Northwell
Direct is Northwell Health,

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fully owned subsidiary that is focused
on partnering with employers to help them

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find access to high quality healthcare
for their team members at a lower price

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point. And we do that through a
variety of ways. On the one hand,

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we have a high performing narrow network,

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all alternative to the
traditional insurance carriers
that can be leveraged for

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an organization's team member benefits
that we see on average can save

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an employer about 20% on
their employee benefit costs.

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And then on the other hand,

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we have a range of clinical solutions
that we can deploy in the office or

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virtually, uh,

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to support all of the healthcare needs
of an organization's team members.

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And so, uh,

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we've been really lucky over the last
three years since we launched to work with

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over 140 employers, uh, that are, uh,

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local, regional, and national,
uh, in their scale and scope,

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depending on which organization
we're talking about.

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It includes the likes of Bank of America,
the United States State Department,

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uh, the New York Police Department, as
well as a variety of other, uh, local,

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regional, and national employers.
And so, uh, we're really excited,

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really encouraged about the work
we've been doing, uh, with employers.

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And I think there's a real opportunity
for us here to have an impact on not only

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the health and wellbeing of their team
members, but also on the way we organize,

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deliver, and pay for healthcare in
this country by working with employers.

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I love that. I think that's so important
and such an innovative way to develop,

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um, that relationship between the health
system and employers and working with

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insurance companies and, and
members and patients. It just,

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it seems like to make so much
sense, but I, I know, um, you know,

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something that Northwell is very
much on the forefront of this trend.

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So from your perspective, what are
some of the big issues that you're, um,

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really focusing on today in healthcare?

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I think the one that comes
to mind most clearly, uh,

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and it it really has to do with why
we're seeing so much interest from

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employers, uh, in the
work that we're doing,

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is just a level of
frustration that exists, uh,

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among the employer community
around the continued

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rising costs to provide, uh,

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health and wellness benefits to
their team members. You know,

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that that annual dilemma that
the head of HR and the CFO

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face when, uh, they
receive an increase, uh,

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in their benefit costs from
the traditional insurance
carriers and their forced

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to go through the exercise of figuring
out how much of that increase is gonna be

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absorbed to the business and how much
of that increase is gonna have to be

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passed on to their team members. And
certainly over the last year, two years,

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that conversation's become
even more difficult, uh,

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in the context of inflationary pressures,

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recessionary pressures, um, and,

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and the recruitment and
retention challenges that
many organizations have faced.

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So, you know, we see employers at
a point of frustration. You know,

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if you think about, uh, the
costs for employee benefits, uh,

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over the last decade, uh, they've
increased over 20%. In 2023,

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we saw an increase on average of 10%.

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So the trend lines have been moving in
the wrong direction for a long time.

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And I think employers are
finally starting to say,

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we need to think about our team
member healthcare benefits as

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a business and a strategic issue,

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and we need to start to look at
alternative solutions and strategies.

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And, uh, to me,

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that's created a great opportunity for
provider organizations like Northwell,

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like Northwell Direct, uh, to step
in and say there is a different way.

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And we can do something
that will not only, uh,

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help you to control the rate of
increase, save money, but will also,

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in our view, provide a better
experience and likely better outcomes,

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um, has become something that employers
are finding, uh, incredibly attractive.

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So, um, you know, that's one of
the big trends, uh, that we're,

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we've been keeping an eye on,
and frankly, why I think, uh,

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we've had the opportunity that we've had
to work with as many employers over the

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last three years.

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That, that's fascinating to hear
and definitely interesting, um,

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from the employer side, them
being so willing and eager, uh,

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to try something different
and try something new and,
and work with you on that.

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Um, as you're connecting with, and
especially thinking through, you know,

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those who were, um, early to work with
you on these types of models and then,

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you know, now, um, additional
organizations that you're working with,

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um, where do you see as being, like,

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what lessons have you learned over
the past few years to really make that

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relationship effective?
Um, and, uh, you know,

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being able to work closely with employers
and understand their needs and then

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apply that to your overall strategy?

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I think the most important thing that we
try to keep in mind in any interaction

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we have with an employer
is that each employer,

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each organization and their
team members are different.

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And cookie cutter solutions
are not the answer.

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Uh, the approach that we take is we
really try to understand an organization,

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what their priorities and focus areas are,

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what their culture is and
what their people need.

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And rather than delivering, you
know, a cookie cutter solution, uh,

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and trying to put a square
peg in a round hole,

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we work with those employers to
customize the approach so that we can

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ensure our solutions will actually
have the intended results,

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will actually meet the needs of
their individual, uh, employees.

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And so, what do I mean by that?
How does it come to life? I'll,

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I'll just give you a couple of examples.
You know, number one, as I mentioned,

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we have a high performing narrow network
that we offer as an alternative to the

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traditional insurance carriers.
Um, we work with employers,

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some of whom are comfortable
and willing to say, yes,

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we are going to make a wholesale
full replacement of our,

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uh, existing insurance plan, uh,

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and bring in Northwell Direct as
an option for our employees. Uh,

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that's great. We love when they do,

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but we also have some
employers who are a little bit

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more cautious when it comes to, uh,

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making a change like that and like
to take more of an incremental

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approach and perhaps introduce
Northwell Direct as an additional

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alternative, as a choice offering
versus a full replacement,

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what we call a sliced offering.
We're totally comfortable with that.

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Our view is let's meet the employer
where they are, where their culture is,

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and where their people are to
make sure that it'll be effective.

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So it's just one example there of,

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of how we work to make sure
we're tailoring our approach

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to the specific needs of an
employer because we believe, uh,

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you've gotta be respectful and,

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and considerate of the
unique characteristics of
each organization and their

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people. I.

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Love that. I think that's so important
in just, you know, what great, uh,

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insight into building a
program like this Now.

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What are you most excited about
today? What makes you nervous?

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You know, one of the
things I'm, I'm, you know,

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frankly excited about is, um,

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we're also seeing that there
seems to be a level of,

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uh, fatigue that is setting in around

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what I,

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I sometimes refer as point
solution palooza point solution

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mania, right? If you think about, uh, the,

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the individual that's leading HR in, uh,

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organizations around the country,

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they are faced day in and day out
with all kinds of different vendors

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that are, um, you know,
offering solutions around x, y,

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or Z clinical issue,
right? You can have, uh,

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one vendor in today that's gonna
talk to you about, uh, their digital,

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uh, orthopedic and PT product.

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You can have somebody in tomorrow, uh,

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that's gonna talk to you about a
point solution around fertility.

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You can keep going down the list
of all of these clinical point

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solution organizations that have
been deployed into the market, uh,

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in many instances with funding from
private equity that have created just this

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deluge, uh,

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that has become next to
impossible for the leaders of HR

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to manage through and
to create a cohesive,

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integrated experience for their
team members. And I think there's a,

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a level of fatigue setting in with that.

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And I think there's a
realization that it also

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further fragments care,

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and we're seeing employers
express a desire for

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solutions that are more integrated, uh,

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so that we can look at their team
members holistically as people

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and put solutions in place
to provide whole person care.

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And that's where I think we
really differentiate and why

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we're really optimistic
about the opportunity for
provider organizations like

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Northwell to provide
employers with a breadth of

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solutions that can be integrated
and made really easy to navigate

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for their team members as a way
to move away from what has been

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an influx of point solution.

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So really encouraged to see
that sort of sea change taking

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place. You asked me what
I'm nervous about. Um,

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you know, if you look at,
uh, the continued, uh,

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acquisition of physician practices and

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employment of providers, uh,

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by large insurance companies who are
pushing into the care delivery space,

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uh, I get concerned, uh,
about that trend line.

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We're keeping a careful eye on
it. We're also looking at, uh,

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some of the new entrants, uh, into the
provider space and what that will mean,

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uh, to the overall care
delivery ecosystem. But I
would su suggest to you that,

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uh, despite having, uh, particularly on
the, on the insurer side, some level of,

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of weariness about that activity, uh,

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we feel pretty bullish about
our ability to differentiate

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the values and the philosophy and
the approach that we bring, uh,

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not only to care delivery,

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but also to delivering innovative
solutions to populations like

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employers and their team members. So, I
don't know if nervous is the right word,

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or it's more a trend
to keep an eye on, uh,

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but we're very confident and we're
very bullish about our ability to

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differentiate, uh, in
the face of that trend.

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Absolutely. That makes sense. And
definitely, you know, it is, uh,

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great to hear from you in terms of
how you're responding to some of the

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different, um, trends and, and factors
driving healthcare forward and,

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uh, you know, what that could look
like over the next few years. And,

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and speaking,

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what do you think most healthcare leaders
will need in order to be effective and

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successful in the next two to
three years? As we've talked about,

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the healthcare landscape is changing quite
rapidly and preferences are changing,

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there's new opportunities available
and, and partnerships happening. So,

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you know, in your view,
where do you think that, um,

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healthcare leaders will need
to grow and develop, um,

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as time goes on to be
effective in the future?

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You know, I think it's,
it's clear that, you know,

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our industry is experiencing,

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uh, and undergoing, uh, a period of, uh,

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challenging economic
conditions of transformation,

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uh, and on increased competition,

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including competition with
non-traditional stakeholders.

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And, uh,

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and I think that's been exacerbated
as we think about kind of coming

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out of the peak of the Covid
pandemic and trying to reestablish

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whatever our go forward
new normal looks like. Um,

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but, and so given that, I
think more than anything,

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what healthcare organizations
will need to do, uh,

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is number one, foster a
culture of innovation, uh,

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that unlocks the potential
of your people, uh,

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to surface new ideas, to
surface new solutions,

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to surface creative ways
to thinking about how to

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navigate this new normal and how
to carry your organization forward.

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And I think the organizations
that lean into innovation

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will, uh, really be positioned
well. I think secondary to that,

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um,

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thinking about opportunities to
create alternative revenue streams,

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uh,

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thinking about the
diversification of revenue and

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positioning our, our healthcare
organization differently
as we go forward, uh,

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will be advantageous. And then lastly,

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I would just say a sense of optimism,

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because it could be very easy to
look at all of the challenging

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circumstances that we deal with
on a daily basis to look at

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all of that competition, uh, for, uh,

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success as we go forward
and think, my gosh,

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it's easy to be pessimistic. I think
we've gotta remember particularly,

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uh,

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for those of us that have the privilege
of working for provider organizations,

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I think we have to remember, um, that, um,

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we can solve this, uh,

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that we can be the ones to drive
change, to drive transformation,

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and to look at the road ahead as
an opportunity to chart the course

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forward, uh, for our industry.

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And so I think a sense of optimism
and a sense of hope about the

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opportunity that we have is
really, really important.

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And I think if you can do
that, uh, at the same time,

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if you can create that at the
same time as you think about

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diversification of your,
uh, revenue sources,

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positioning your organizations
differently and unlocking a culture of

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innovation,

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I think the organizations that get that
combination right will be positioned

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incredibly well for success.

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Absolutely. Such a great point.
Thank you so much for joining us.

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This has fun discussion and look
forward to connect you again soon.

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I really appreciate the time and
opportunity. Thank you so much.

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It is so important for leaders at the
top of organizations to keep learning,

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00:17:47,270 --> 00:17:48,960
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00:17:49,370 --> 00:17:52,500
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00:17:52,560 --> 00:17:56,500
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