Transcript Generated by AI 00:01 Mark Parkinson back with Park Place and here with a really fun announcement, 00:06 and that is that Insight, 00:07 the leading group purchasing organization in our space, 00:10 has joined Park Place as a major sponsor. 00:12 And I'm thrilled about it because 00:14 Insight really encapsulates exactly what we're trying to do on this website. 00:18 We're trying to help you succeed. 00:20 Insight does that in two ways. 00:22 First, 00:22 by 00:23 providing uh pricing to middle-sized and smaller operators that until now, 00:28 only the very big companies could get. 00:30 And secondly, 00:31 it reinvests a part of its profits back into the sector 00:35 for advocacy efforts, 00:36 literally spending millions of dollars over time 00:39 to help us win in DC and to help us win in our state capital. 00:42 So it's an incredible win-win situation, 00:45 and we're thrilled to be joined here by Nick Tran. 00:47 Quito, 00:47 who is the vice president of Partnership Development. 00:50 Nick, 00:50 first of all, 00:51 welcome to Park Place and thank you very much for your sponsorship. 00:54 Uh, 00:54 we're very excited about the sponsorship and, 00:57 and the partnership, 00:58 really, 00:58 and, 00:58 uh, 00:58 thank you so much for all of your, 01:00 your support over the years and we're, 01:02 we're absolutely thrilled to be a part of Park Place. 01:04 One of the things I love about your GPO is that 01:07 there had been special pricing that big companies had gotten for many years. 01:11 Now you've come along and so middle-sized and 01:14 smaller operators can get that same pricing. 01:16 Explain how Insight does that. 01:19 Sure, 01:19 so I think 01:21 our strength in our partnerships as, 01:23 as far as uh some of the contracting 01:25 utilization that we have and some of the partners 01:27 that we have that represents some of those big 01:30 multi-state operators and have for, 01:32 for a number of decades now, 01:33 we're able to tap into that buying power, 01:35 and also aggregate all of the members that we have here at Insight 01:39 to be able to tap into that buying power and add to it. 01:42 Uh, 01:42 and because of that, 01:43 our, 01:43 our vendor and business partners are extremely excited that 01:46 we're able to streamline and kind of guarantee them that 01:49 we're gonna point our members in their direction. 01:51 And because of that, 01:52 uh, 01:52 as you mentioned, 01:52 our pricing has been extremely advantageous, 01:55 but also some really cool solutions and some technologies that our partners offer, 01:59 and we offer as well that we're able to, 02:00 uh, 02:00 get into every community. 02:02 And you, 02:03 you, 02:03 uh, 02:03 you're in every state, 02:04 and how many buildings are you in? 02:06 So right now we're in just over 2500 buildings, 02:09 um, 02:10 some states a little bit 02:11 further down the line than others, 02:13 but, 02:13 you know, 02:13 we work pretty diligently 02:15 as a team to be present 02:16 in all of the states that we partner with, 02:18 uh, 02:18 the, 02:19 the associations under the ACCANCA umbrella, 02:21 uh, 02:22 to see what the issues are. 02:23 Every state's dealing with the same stuff federally, 02:25 but, 02:25 you know, 02:25 every, 02:26 every member is struggling with something that's a 02:27 little bit nuanced and a little bit different. 02:29 State by state, 02:31 and I think being present there, 02:32 being part of the conversation, 02:34 things like that have really 02:35 allowed us to evolve as a company and really go out 02:38 and find solutions that aren't typically under a GPO umbrella or 02:42 maybe are new just because of market changes and market trends, 02:44 but we've been able to go and 02:46 support our members and support the ACAA members across the country with 02:50 some pretty cool technologies based on the needs that they have. 02:53 And what kind of savings do you typically find when you, 02:55 uh, 02:56 building joins the, 02:57 the GPO? 02:58 Sure, 02:59 so, 02:59 about 70, 03:00 75% of the volume that flows through our program is food. 03:03 Obviously, 03:04 dining is more important now than ever, 03:06 nutrition, 03:06 um, 03:07 you know, 03:07 on the AL side, 03:08 that's how they market 03:09 a lot of their communities. 03:10 So, 03:11 you know, 03:11 um, 03:12 in terms of that, 03:12 we see roughly 4% 03:14 across a lot of different, 03:15 uh, 03:16 districts. 03:16 distributors and other GPOs that we look at, 03:18 but, 03:19 you know, 03:19 that's really a ticket to the dance. 03:20 You're really, 03:21 you know, 03:22 expected as a GPO to, 03:23 to leverage savings and, 03:25 and offer those types of cost reductions, 03:26 but 03:27 it's really the work starts once you partner with us because we are 03:31 monitoring things like inflation or supply chain issues, 03:34 um, 03:35 you know. 03:36 Outbreaks that might happen that would affect what 03:38 is on your menu or on your formulary, 03:40 and, 03:40 and we have a dedicated member success team that's working 03:43 day to day with all of our members on 03:45 making sure that we're not only 03:47 showing you some savings, 03:48 but we're able to contain those and control those throughout the life 03:52 of our partnership and, 03:53 and adapt to changes and make, 03:55 make some pretty significant changes on order guides when needed 03:58 to make sure that the costs are staying in line. 04:01 How, 04:01 how big does a company have to be in order to use the inside GPO? 04:06 It's funny you ask that, 04:06 we just brought on, 04:08 uh, 04:08 in the Chicago land area, 04:09 a 17 bed assisted living, 04:11 so, 04:11 I mean, 04:12 there really is no size. 04:13 Um, 04:14 you know, 04:14 a lot of that has to do with some information that you shared a couple of years ago at, 04:18 uh, 04:19 one of the conferences I was at, 04:20 and some, 04:21 some of my colleagues were at, 04:22 where you were talking about 04:23 the market in general, 04:24 the independent operator community represents over half of the market, 04:28 right? 04:28 So, 04:29 when you look at that, 04:30 it's, 04:30 you know, 04:31 everybody's focused on these large folks that have procurement departments and 04:35 VPs and COOs and CSOs that are looking at that, 04:38 but that's not 04:39 always the case. 04:40 If you own 04:41 one community or, 04:42 or a couple, 04:42 that might be the executive director or the 04:44 administrator or someone else in leadership and owner, 04:48 uh, 04:48 so, 04:49 what we can offer there is really some support and to be that. 04:51 That 04:52 extension of their procurement department to offer them 04:55 not only solutions, 04:56 but, 04:56 you know, 04:56 an extra eye to make sure that they're not overspending and, 04:59 and they have 05:00 time back in their day to focus on resident care, 05:02 which is ultimately the goal. 05:04 Great. 05:05 Now, 05:05 I love the fact that you save providers money, 05:07 that's terrific. 05:08 But what's really cool is 05:10 a portion of this gets reinvested back into 05:13 the national and state associations for lobbying. 05:15 Tell, 05:15 tell us about that. 05:18 Yeah, 05:18 so we, 05:19 you know, 05:19 we're, 05:19 we're obviously an up and coming company or were a few years ago, 05:23 we're, 05:23 we're pretty established now, 05:24 but, 05:24 uh, 05:25 we thought it was very important as you talk to 05:27 the members out there. 05:28 They, 05:28 they spend a significant amount of money in dues and 05:31 some of the political advocacy and PAC dollars that go back 05:34 into the association, 05:35 back into the, 05:36 uh, 05:36 you know, 05:37 the political landscape in their state. 05:38 Or even federally, 05:39 and we just thought it was very important that if, 05:41 if they're spending their money on dues and, 05:43 and working towards this, 05:44 as a partner, 05:45 we should be doing the exact same thing. 05:47 So, 05:47 you're absolutely correct. 05:48 Every dollar that flows through our program, 05:50 uh, 05:51 you know, 05:51 we share back to, 05:52 uh, 05:53 several 05:53 state affiliates across the country and obviously ACA and Cal nationally, 05:57 and 05:57 we just feel it's very important to be. 06:00 Part of that, 06:00 you know, 06:00 we, 06:01 we take place on uh a lot of hill visits 06:03 throughout the country and then obviously congressional briefing in, 06:06 in DC, 06:07 um, 06:08 and we're 06:09 shoulder to shoulder with our members and our lobbying efforts and 06:12 sharing our side of the story as, 06:13 hey, 06:14 you know, 06:14 the reimbursement's always the issue, 06:16 but hey, 06:16 we're, 06:16 we're out here trying to make sure that those dollars are responsibly spent. 06:20 That the quality remains high in the communities and, 06:23 you know, 06:23 it's, 06:23 it's something that we're very passionate about. 06:25 It's a report. 06:26 I joke internally, 06:27 I look at this report every morning at 8:30 when I wake up as to, 06:31 you know, 06:31 what the contributions back to the associations are and 06:34 uh I think our, 06:35 our 06:36 membership is very appreciative and very um 06:39 Excited 06:40 at the fact that we're able to do this, 06:42 and you mentioned political advocacy efforts, 06:44 but also, 06:45 I talked to some state execs that are, 06:47 you know, 06:47 hey, 06:47 we're, 06:48 we're contemplating needing a dues increase. 06:50 Well, 06:50 a program like ours might offset that and, 06:53 and make that not necessary, 06:55 um, 06:55 and then also, 06:56 you know, 06:56 the education efforts and things that they Offered their members, 06:59 they're able to do 07:00 more and, 07:01 and sometimes more at a higher rate, 07:03 uh, 07:03 to offer that to their members because they have, 07:05 you know, 07:06 additional 07:06 non-des revenue that they can put forward towards that. 07:09 So we're super proud of it and, 07:10 uh, 07:11 again, 07:11 we're seeing 07:12 record quarter over quarter growth pretty consistently as we, 07:15 as we continue to build this out throughout the country. 07:17 Yeah, 07:18 and I think what people need to understand, 07:19 this is not some token thing. 07:21 This is a substantial amount of every sale 07:24 goes back into the state associations and back into ACCA, 07:27 and we're getting into the like the millions of dollars type range 07:31 where it's making a huge difference on the lobby. 07:34 This is not just like a, 07:35 hey, 07:35 we're giving 07:36 $500 or $1000 or $10,000. 07:38 We're talking millions 07:39 of dollars that can really change the future of the sector. 07:42 So Nick, 07:42 thanks again to Insight. 07:44 For everything that you're doing out there, 07:46 thanks for sponsoring us. 07:47 To the viewers, 07:49 you gotta check this out. 07:50 I mean, 07:50 I know you've got relationships with vendors and all of that, 07:53 but here's a deal where you might be able to 07:55 save 4 or 5% on your food spend and other stuff 07:58 and help the lobbying efforts of the sector. 08:01 I mean, 08:01 it's the ultimate win-win, 08:03 and that's why we're so thrilled to have insight as a part of Park Place. 08:06 Thanks so much for watching and, 08:07 and thanks for your continued support of, 08:09 of the site.
