Transcript Generated by AI 00:00 Mark Parkinson back with Park Place. 00:03 And you know in my 30 plus years in the sector, 00:06 I have never seen a product or service quite take the sector by storm in the 00:11 same way that exacare ai has. 00:13 And it's not just that exacare is everywhere. 00:15 I mean, they seem to be at every conference 00:18 presenting or and talking to providers. 00:20 It's that in several conversations that I've had with providers over the last 00:24 year, they have independently said to me, Mark, we're doing well. 00:27 And a big part of it is this product that we have in exacare. 00:31 I decided I needed to figure out what exacare ai was all about. 00:34 And when I did that, I quickly understood why this product has 00:38 been adopted by thousands of buildings in such a quick period of time. 00:43 exacare started in the admissions process and has developed a tool that allows you 00:49 to reduce the time to make decisions from hours to minutes. 00:53 And not only has it reduced the time, it's improved the decisions that are 00:56 being made. 00:57 It's now expanded into all sorts of other parts of the of our patients days. 01:02 And it's just very exciting what exacare has been able to do. 01:05 I'm thrilled to announce that exacare has joined Park Place as a thought sponsor. 01:09 And we're joined here today by Laird Russell, 01:12 who's the Co-founder and CEO of exacare. 01:15 Laird, welcome to Park Place and congratulations 01:18 on the incredible success that you've had over the last few year. 01:21 Appreciate it. 01:22 Thanks for the kind words. 01:23 And we've heard nothing but great things about yourself and Park Place. 01:27 So we're very excited to be partners and honest journey with you all. 01:31 That's great. 01:32 Now, Laird, I know that you all started in admissions 01:34 and that's what most people think about exacare. 01:37 And we're going to explain how you've actually gotten into some other areas, 01:41 but walk us through the tool that you've developed and how exacare takes these 01:45 decisions from hours to minutes. 01:48 Yes. 01:48 And like you said, we started on the admission side of the 01:51 house right at the beginning of the journey, working through intake. 01:54 And really the problem has been up until this day, 01:58 trying to pull in information from all these hospital systems. 02:02 There's many different referral portals, faxes, 02:05 all these different dispute systems that admissions offices are tasked, 02:10 tasked with pulling out hundreds of pages of clinical documents over and over again 02:15 from various locations and get you an answer quickly for the hospital if they 02:20 can accept that patient. 02:22 Hospitals relying on all of their partners to get back to them fast so they 02:26 can have a smooth transition. 02:27 So is that patient we're able to take from all of those different places, 02:32 pull into one inbox, scour that and say, hey, 02:35 this is a few things that you can can't take. 02:38 Run that insurance verification and really increase your ability to get back 02:43 to the hospital and say yes faster. 02:47 We've done more and more with our team bringing in a full machine learning group 02:52 in house to basically not only have a one size fits all, 02:56 but continue to tailor every facility is different. 02:59 What groups can handle what they can handle is different. 03:03 And being able to run all this information over and over again. 03:05 Like you said, we're at a very large scale of patients 03:08 going through our platform and we're able to do a better and better job of 03:12 tailoring to these groups saying, hey, this is definitely a patient that you can 03:15 handle. 03:16 This fits right in the the center for you and being able to accurately get back to 03:20 those hospitals as soon as possible. 03:22 And we've just heard great things, not only from the admissions departments 03:25 working with the platform, being able to reduce this time and get 03:28 back to hospitals faster, but hospitals being able to get that 03:31 answer and discharge patients faster to the appropriate facilities. 03:34 I mean, people ask me all the time what's real 03:36 about AI and what's not. 03:37 I mean, this is really a perfect use of AI 03:40 because it's taking hundreds of pages of documents, 03:42 scouring them immediately and then creating a document that's specific to 03:46 the criteria that the facility uses for admissions and letting it know if this is 03:51 a a good patient for them or not. 03:53 Yeah. 03:54 And there's a lot of pieces in that that that are really interesting, right? 03:56 Like you say, it's, it's, it's a great use of ace use of AI if you 04:01 are using the AI in a few important ways. 04:04 One, this is has to be a quick response, right? 04:07 So you have to integrate with all these pieces, whether that's again, facts, 04:11 different referral, referral partners, different pieces of the hospital that 04:15 needs to be tied up in a way that hey, this is coming through as soon as 04:19 possible. 04:19 And then next, the accuracy of the AI, if you're not able to say, hey, 04:24 I fully trust this system. 04:26 And not only is it coming to the, the conclusion of hey, 04:29 this is what's going on in a patient, but it's able to show me that in real 04:33 time, it starts to lose its value, right? 04:35 So you need to be able to trust that, hey, these things are going to come into this 04:39 inbox in a very in a quick time time frame. 04:42 And then it's going to be able to accurately point me in the direction of 04:45 what's going on. 04:46 And then it's going to be able to pull that information together and share with 04:50 the next part of the intake or clinical team in a very accurate way. 04:53 And we've taken that really seriously from the beginning of how do we make sure 04:57 that we're doing this fast, doing this accurately and getting to the 05:00 right information for these groups. 05:03 And although people think of you as admissions because that's where you 05:06 started, you've now gotten into managed care 05:08 authorizations. 05:09 Tell us about that. 05:11 Yeah, so, and that's just for for a lot of these 05:14 groups, that's the next part of the flow that has 05:17 just been really cumbersome, time consuming. 05:21 So not only are we taking that referral, pulling that in, saying hey, 05:24 get back to the hospital immediately or helping them with that response, 05:28 we're then saying, all right, let's start this process to get the pre 05:32 authorization to do that appropriately. 05:34 And there's a few elements of that that are really important, right? 05:37 It's all right. 05:39 Is there something like a medication car vote that we need based on one of our 05:42 contracts? 05:43 So if you have 7,8,9, 10 contracts with different managed care 05:46 companies, we need to be able to say, hey, with Aetna, 05:49 you get this carve out for this medication. 05:51 And based on everything that you're dealing with, 05:53 this person should be in a level 2 or level 3 and all that needs to be accurate 05:57 and fast. 05:58 And we can take all that information, build that into the appropriate booklet 06:01 and send that off immediately to the pair so that the pair can get back with the 06:05 fastest response. 06:06 Again, it's all it's to reduce the, the load that the community has to take 06:11 on and to just move things along as fast as possible. 06:15 And it's led to a huge reduction in administrative burden. 06:18 It's also led to, hey, appropriately leveling patients because 06:22 if you're a patient, you paid into Medicare all your life, 06:25 you're working with one of these plans. 06:27 You're hoping that everything that you're dealing with is captured in the best way 06:31 possible so that that's delivered to your payer so that you can get the most care 06:36 from this, from these communities. 06:38 And then we've got more and more into things like reauthorization in order to 06:41 continue this through the entire state. 06:43 Yeah. 06:43 Now both at the at the back office level and at the building level, 06:47 leaders have all sorts of things being thrown at them, all sorts of new changes, 06:51 all sorts of new technologies. 06:53 And I know sometimes it's hard to get them to adopt a change that that's been 06:58 made, a decision that's been made to adopt a 07:01 new tool. 07:02 You seem to have really good adoption. 07:04 I was talking to Ben Cohen, who's the founder and great CEO at August 07:07 Healthcare 9 buildings in North Carolina and Virginia. 07:10 He said that when they did this, he couldn't believe how the building's 07:13 administrators just embraced it immediately. 07:15 They they didn't have to push them and nudge them along. 07:18 It's it. 07:18 I think you have a process that helps facilitate that. 07:20 Tell us a little bit about that. 07:22 Yeah. 07:22 And I like you said, I mean, we've extremely high uptake and adoption. 07:27 And I think a lot of that comes from my past of four years ago, 07:31 I actually started trying to build. 07:34 I have a background of and reasons my own health journey why I wanted to build in 07:37 healthcare. 07:38 But the first products I ever built, I wouldn't sat wasn't in skilled nursing 07:42 was a different industry, but I wouldn't sat with users and tried 07:45 to get them to adopt my new new technology, 07:48 new software and just saw how many things they have coming at them, 07:51 how much work they have in a day, how many hours and things that are 07:55 they're dealing with in the healthcare system. 07:58 So that's really led to us saying, all right, 08:00 if we're going to deliver a product, this has to have an immediate experience 08:04 that delivers a huge ROI on your time. 08:07 This can't be something like, oh, if I spend time on it and I do these 17 08:10 things, it might make my day better. 08:12 This has to be something that immediately changes your workflow, 08:16 delivers 10 times ROI, and gets you from A to B just way faster. 08:20 The example I like to use is there's certain products that everybody likes to 08:25 get, wants to get fit or get in better shape. 08:28 And if everybody just had to go to the gym 20 times a week, 08:32 it's a little bit harder. 08:33 But if somebody handed you a special sauce that said, hey, 08:36 this is going to get you fit immediately, you would pick that special sauce up and, 08:40 and get started. 08:41 And we like to be that, hey, what's the special sauce that when they 08:44 get going immediately, you can trust that this is going to have 08:47 a huge impact on your day-to-day. 08:48 And we've really seen that from just adoption across the board. 08:51 And, and tell us about that adoption. 08:53 I, I said earlier, you're already in thousands of buildings, 08:55 you're growing quickly. 08:56 Tell, tell us about that and, and how you've done that. 08:59 Yeah. 09:00 The reason we've just had such good adoption is a few, it's, 09:03 it honestly comes down to being very intentional about the team on our side, 09:07 everything from engineering product and the way that we build and deliver 09:11 products. 09:12 Everything has to be, like I said, fast, seamless, adaptable. 09:15 We have to be able to listen to responses. 09:16 Hey, is there any hiccup? 09:17 Can we make this flow better? 09:18 Is there anything? 09:19 So we've gone out and attracted the best talent on the engineering side to make 09:23 sure that, hey, this product just doesn't work. 09:26 It really works and supercharges everything that you're doing. 09:29 So we have, we talk a lot about having people from 09:32 Amazon, Google, all these different places that have 09:34 built this just amazing experience. 09:36 And then on the other side, we've been really intentional about the 09:39 operations and onboarding teams that work directly with customers. 09:43 And these groups have to be so smart on the customer's day-to-day workflow and 09:46 willing to be so in the trenches with them to say, hey, 09:49 we know exactly what you're dealing with. 09:51 And this is exactly how we're going to get you from A to B so that your 09:54 experience is completely different. 09:56 And we're going to be there every step of the way. 09:58 And after that, in order for you to feel like, hey, 10:01 I don't have to take on the burden of learning every single piece of this on my 10:06 own. 10:06 I really have a team that's going to carry me through that. 10:08 So it's been a really intentional on our side in investing and we've gone from we, 10:13 we, we, we've hired about 80 people in the last 10:15 two years. 10:16 But being very intentional of like, hey, we need to have a big scale on our side 10:20 in order to over deliver on what the other side of the coin is going to get in 10:24 order to have these like great results and great adoption. 10:28 And, and I love the idea and you're right, just showing a little ROI. 10:32 It might mathematically make sense for somebody to adopt a product, 10:35 but it's just a hassle. 10:36 And what you've done is you just like created a massive, you know, 10:40 ROI that people just can't ignore. 10:42 So tell, tell us about some of the results that 10:44 you've you've achieved and seen in building. 10:47 Yeah. 10:47 I mean, when we sticking with for now, I mean, 10:50 we're going to a lot of different parts of the, the puzzle, 10:53 but sticking with admissions and authorizations and working with managed 10:57 care companies, like on the admission side, 11:00 you're seeing response times come down from 30-40 minutes to 5 to 8 minutes on 11:04 average. 11:04 And we have all our statistics around, hey, 11:06 when groups are on X care and they're using it appropriately where we're able 11:09 to get them to in response time. 11:11 And then that's it's just equaling one to two extra admissions per month, 11:15 which has a huge impact on revenue and bottom line for facilities again. 11:20 So the quicker that you can respond, the quicker that we can help you cut 11:23 through all the noise and get back to the hospitals having a meaningful impact on 11:27 census. 11:28 And then after that, appropriately being able to go to these 11:30 managed care companies and saying, hey, automatically this is what we're dealing 11:34 with, this is what's on our contract, pulling that all together and arguing the 11:38 case and then doing that throughout the stay. 11:40 That's the bottom line. 11:42 Another 10-20% we're seeing just from like hey, 11:44 groups coming back and being like, we've never had a level 3 with Aetna. 11:49 We've never worked with this payer and been able to have these kind of results. 11:54 And I think the payers on the other side, if they have all of the appropriate 11:58 information that we're able to pull together and argue, 12:00 they're happy to work with the work with you and say, hey, 12:03 this is what we're going to reimburse in order for you to get to this level of 12:07 care and be able to get patients back on their feet quicker. 12:10 So we're just cutting down so much staff time and just really increasing the 12:14 ability to not only admit patients, but get more reimbursed. 12:18 You've come out such a long way. 12:19 Where, where do you see exacare headed? 12:23 So we want to get more just as as there's just, it's such a complex setting, 12:28 a nursing home, everything from compliance to working 12:31 with like a working a lot of reimbursement to dealing with patient 12:35 care and to dealing with other providers, family members. 12:39 We really want to be core technology that helps out across that spectrum. 12:44 Really that assistant all the way along the line that is taking that information 12:49 and doing what everyone in this setting work in in healthcare would like to be 12:54 able to do. 12:55 But it's just strapped for time to not go that extra mile on some of these pieces. 12:59 That's great. 13:00 Well, Laird, again, congratulations on what you've already 13:03 done and what I suspect you're going to be doing over the next few years. 13:06 We're just thrilled to have you on Park Place. 13:09 I would also say it's great that you're bringing like the best and the brightest 13:13 engineers thought people to the sector. 13:15 That's not something that's happened as as much in the past as it should. 13:20 And again, I would just say to our to our viewers, 13:22 people come to me all the time and they say, what's real with AI, what's not, 13:26 what's just noise? 13:27 What should I be doing? 13:28 This is something you should be doing. 13:31 exacare is dramatically reducing the amount of time to make decisions. 13:36 The decisions are better. 13:37 The care ends up being better. 13:39 Providers take more money. 13:40 I mean, this is the ultimate win, win, win, win, win, win. 13:43 And we're thrilled to be connected with exacare. 13:47 Laird,thanks again for for all this information 13:49 and for coming onto the site. 13:52 Awesome. 13:52 Thank you very much for having us and we're excited for the the partnership. 13:55 Yeah. 13:56 And thanks all of you for your continued support of Park Place.
