Transcript Generated by AI 00:01 Hi, Mark Parkinson here with Park Place. 00:03 And I am super happy to be here today to announce to you our launch sponsor. 00:09 And what do I mean by that? 00:10 Well, here's what I mean by this. 00:13 Our mission here is your success. 00:15 We're here to help providers succeed, vendor partners succeed, administrators, 00:20 owners, you name it. 00:21 We want everybody in the sector to succeed. 00:24 In order to do that, we've made a decision that we need to 00:26 make this website free. 00:28 We're not going to charge folks to come on it because we want as many people as 00:32 possible to get the content from the website, hopefully to help you succeed. 00:36 But there's a catch. 00:37 And the catch is it's cost us hundreds of thousands of dollars to put this whole 00:41 project together. 00:42 It will cost us 10s of thousands of dollars every month to keep it going. 00:46 So the only way that we can do that is a week if we have sponsors and fortunately 00:52 we have I think a who's who of folks that have stepped up early on to sponsor this 00:57 effort. 00:58 OK, germ roll, please. 00:59 Our, our launch sponsor is CVS Omnicare as you 01:02 know them as the largest long term care pharmacy in the space. 01:07 And I couldn't be more appreciative and thankful that CVS Omnicare has stepped up 01:12 and super happy today to be here with Jay McCarthy. 01:16 Jay, you're the executive director of Strategy 01:18 and innovation at Omnicare. 01:20 And thank you very much for being the launch sponsor. 01:23 Thank you for having us. 01:24 We're really excited about the partnership. 01:26 Great. 01:26 Well, I think we could do some really exciting 01:29 things with this platform and you're a perfect partner to do that with. 01:32 Now, I know that when most people think about 01:35 CVS Omnicare, they think about a long term care 01:38 pharmacy and you're certainly that. 01:40 I think you're the the largest or certainly one of the largest in the 01:43 country. 01:44 Tell us about the pharmacy side of your business. 01:46 Yeah, that's correct. 01:48 That's our core offering. 01:49 We're the nation's largest and premier long term care pharmacy solution provider. 01:53 So we provide pharmacy services and clinical offerings to thousands of 01:58 skilled nursing, senior living, independent living and other types of 02:02 institutionalized care settings. 02:04 That's great. 02:04 Yeah. 02:05 I remember, you know, when Stace and I had our buildings, 02:07 you were certainly prominent in the space. 02:09 And then the merger acquisition with CBS came along, which I think, you know, 02:14 really was very interesting for the sector. 02:18 Adding the CBS component to Omnicare, I know, 02:20 has allowed you to do some other things. 02:23 So. 02:23 So tell us what's happened since that has occurred? 02:26 Yeah, that's right. 02:27 Obviously since the acquisition in 2015, there's been a lot of industry dynamics 02:32 including COVID-19. 02:34 But in the last three years or so, CVS and Omnicare have really intensified 02:39 our focus on partnership opportunities and seeing ways that we can't leverage 02:43 the entire enterprise to better service the long term care communities where 02:48 we're already providing top level pharmacy services. 02:51 And a key there is we're never getting away from our core service excellence. 02:55 So our existing clinical rigor and our service levels are best in class and that 03:00 grants us the opportunity to innovate beyond the typical long term care 03:05 pharmacy space. 03:06 So you're still a long term care pharmacy and you're not going to lose sight of 03:09 that. 03:09 But you you're able to add a bunch of other stuff with the CVS component. 03:13 And I know that one area that you're venturing into very aggressively is value 03:18 based care. 03:20 We've got all these directives from CMS saying that all Medicare providers in the 03:24 future are going to be in value based programs. 03:28 Tell us about what your efforts are in BBP. 03:31 Yeah, that's right. 03:32 And with CVS being one of the most trusted names in healthcare, 03:36 spanning across the pharmacy, the payer, the healthcare delivery spaces, 03:40 it gives us a chance to take a very holistic view of value based care. 03:44 And that phrase is often confused and conflated, 03:47 but really it just boils down to focusing on delivering the best possible clinical 03:52 patient outcomes and lowering the cost burden for those providing that care. 03:57 It's as simple as that. 03:58 And with CBS's partnership, we're really able to expedite our 04:01 understanding of the space and focus on what will really make this this go. 04:06 And obviously the great thing about value based cares, 04:09 we're talking about improving quality and reducing cost to to super important 04:13 concepts. 04:14 When you look at all the programs out there, 04:18 whether it's AC OS or ISNIP programs or PACE or really anything that you can 04:23 think of, it seems like the providers can do well 04:26 if they can keep their rehospitalization rates low. 04:31 And if you can't keep your rehospitalization rate low, 04:33 it's almost like no matter what else you do, 04:36 you're going to be outside the band of expected spending. 04:39 So what? 04:40 What can providers do and what role is there for CVS, 04:43 Omnicare and to help folks as they're trying to keep those rehospitalizations 04:47 down? 04:48 Yeah, that's right. 04:49 And CMS really sets the tone. 04:51 So their value based purchasing program tying met a part reimbursement to quality 04:57 measures to date has been centered entirely on all cause readmissions. 05:02 And of course that's going to expand here into other metrics like falls and staff 05:06 turnover, things of that nature. 05:08 But hospitalizations has been deemed the priority focus area by CMS. 05:13 And as such, these newer models like ISNIPS and AC OS 05:15 and you're seeing more with Medicaid, state quality, the incentives, 05:19 they're all centered on hospitalizations. 05:21 So if a provider can prevent hospitalizations and their understanding 05:25 of what's out there from a partnership perspective, they can realize, you know, 05:29 triple and quadruple incentives for lowering that rate. 05:32 And hospitalizations ultimately just boil down to putting yourself in the patient's 05:37 shoes. 05:37 So understanding what gaps in care they may have and what avoidable risks may be 05:42 facing them. 05:43 And if you put yourself in there from where they're coming from, 05:46 you can really start to understand key thematic areas that drive these 05:51 hospitalizations, namely transitions of care and a lack of 05:54 proper care coordination. 05:56 And so while the other parties involved here providing more care are beneficial 06:00 because there's more high touch engaged care being delivered, 06:03 it's essential that that care is coordinated or we will not successfully 06:07 lower costs and improve clinical outcomes. 06:09 Why? 06:10 Why should providers care about this? 06:11 How big of a deal do you think this is going to become? 06:14 I think to remain financially viable, it's a requirement for providers to start 06:18 playing in this space. 06:19 And with the proliferation of the incentive models from CMS, 06:23 you'll continue to see payers move in this space as more and more plans are 06:29 focused on quality measures and delivering improved clinical outcomes. 06:34 So will more and more offerings become available for providers to sort of move 06:39 into a paradigm that focuses first and foremost on improving patient clinical 06:44 care and starts to get away from dealing with the reimbursement pressures and the 06:49 regulatory scrutiny that's created an atmosphere of cost efficiency and cost 06:54 avoidance first? 06:55 And so by taking this sort of value based care off ramp, 06:58 providers have an opportunity to return to focusing on patient care. 07:02 And that's really what this is all about. 07:04 So I, I completely agree with you. 07:06 But really coming into our discussions, I still thought of you mainly as a long 07:11 term care pharmacy. 07:13 What are you going to do as you approach providers in the future to help them with 07:17 this care coordination and reducing rehospitalizations? 07:20 Are you going to have some, some programs that you'll be rolling out? 07:23 What? 07:23 What's the plan? 07:24 Yeah. 07:25 We have a robust set of solutions that we've been working on with providers 07:28 across the country already. 07:30 And this has really broadened beyond just providers because there's a lot of 07:35 players in this space S we're working with different third party provider 07:39 groups as well as payers and other operators in the space across physiatry, 07:43 for example, to make sure that we're thinking about 07:46 this in a complete view of each individual patient. 07:50 And this is another instance where our partnership with CVS is really critical 07:54 because we understand that the value based care strategy requires a certain 07:58 set of core principles to be delivered. 08:00 And namely, that's a patient focused, built upon proper data integration. 08:04 It's constant communication across the care team and understanding how to 08:07 interact with them within their existing workflows because I've never heard a 08:11 skilled operator say they have too much time on their hands. 08:14 And then above all else is strategic partnerships. 08:17 So we're looking for skilled providers and other parties that are going to put 08:21 patients 1st. 08:22 And we're trying to advance the industry. 08:24 And you know, that requires coordination and 08:27 partnership. 08:28 That's Corey. 08:28 Well, you've heard me say earlier how 08:30 appreciative we are that you're our launch sponsor. 08:33 Do you have any? 08:34 Why did you, how did we get you to do this? 08:37 And we're grateful that you did, but what? 08:39 What, what are you hoping that this will become? 08:41 Yeah, it's a really serendipitous opportunity 08:44 from our perspective. 08:45 We have bold plans and a lot of change planned for this space. 08:48 And getting people familiar with those concepts requires a platform of trust 08:53 where a like minded individuals are coming to put patient care 1st. 08:57 So when you reached out about the opportunity and you gave your vision for 09:01 this as a way to help all of the skilled providers across the entire nation, 09:05 it was a really exciting opportunity for us because we can't deliver some of these 09:10 newer concept messages as effectively 1 by 1 by 1. 09:13 So having a community that's really focused on putting skilled providers at 09:17 the center was a great opportunity for us. 09:19 That's terrific. 09:19 Well, we're, we're really grateful that you're along 09:22 for the ride for this. 09:22 So thanks very much to CVS Omnicare. 09:26 Very exciting what they're doing beyond just their great work in pharmacy, 09:30 but also now getting into value based care, 09:33 helping us coordinate care and improve, certainly helping us live our mission 09:37 statement to succeed. 09:38 It's going to be fun to see where this progresses with CVS Omnicare in the 09:42 months and the years ahead. 09:44 And thank you for watching and supporting Park Place. 09:48 Oh my God, If you're still watching this, this means that you watch the end of a 09:52 very long video on Park Place. 09:55 I'm not sure what that means. 09:56 It says something about you or maybe there was just nothing else to watch 10:00 today, or maybe your priorities are a little bit 10:02 off. 10:02 But whatever it is, we really appreciate your support. 10:05 And if you want to continue to follow us, follow us on LinkedIn, 10:09 on our various social media sites and, you know, 10:12 try to find something else to do.
