Name: Change Healthcare CEO Talks IPO, Future of Healthcare Industry
Uploaded: 2019-06-28
Duration: 5 min 18 s
Description: Neil de Crescenzo says that the best way to deal with industry disrupters is to work with them.

[ MUSIC ] [ APPLAUSE ] Your congratulations your company listing here at the Nasdaq now as a public company Change healthcare has been a private company for so many years. Why was it important to go public and why now? Well, this is the time because we've really created a foundation as one of the largest healthcare IT companies in the country serving payers, providers, consumers. We built the foundation and now we have new investors coming in who share our vision. Many people might not be familiar about exactly what Change Healthcare is all about. Can you give us a real brief description? Sure. I mean, we actually help efficiency in the US Healthcare system. There's enormous opportunities for helping payers do a better job Serving their members. Providers help their patients get more value out of the healthcare system and help consumers make better choices about their healthcare. You provide the tech tools and the software for things like artificial intelligence, which is a So popular in just about every single business. But we find that the healthcare industry is not as quick to adopt to new technology. Are you finding that the healthcare industry is now ready to act rather than holding off? I think so because now really in the last decade which changed so we have digital healthcare data. It used to be in folders behind doctors desk. Now we have it available to take the clinical data, the administrative data, the financial data and help people make better decisions. What are your customers, the decision makers at like hospitals for example, Telling you about their willingness to buy up this new technology. They're basically telling us look, we understand we have to move to a value based healthcare system. It's all about being able to prove and improve quality with our patients with our members. And they want the tools they want the data, they want the systems to be able to do so. We're seeing major players outside of healthcare. They're jumping into your space. Amazon, Google, Microsoft and people like Warren Buffett [ UNKNOWN ] Berkshire Hathaway teaming up with JP Morgan and Amazon again, trying to fix the problems with health care. What's your strategy to compete and can you beat out these possible disruptors? Or fortunately, we're a practical disrupter ourselves and those companies and others that we work with amongst over 700 partners across the IT industry. Many cases partnered with us, given the scale we have and the understanding that we have and how to take their capabilities and bring them to literally 10s of thousands of healthcare customers. These very high profile companies, though, are determined To disrupt healthcare as we know it now. So how do you navigate this new space with companies that have nothing to do with healthcare getting into the business? Really by working with them proactively. And fortunately, we've got a long history of doing that and a lot of examples of how we worked with exactly the companies you've mentioned to help them and us. Disrupt healthcare. [ UNKNOWN ] Everyone is talking about making us healthcare better, cheaper, more efficient. And as you know President Trump just the other day signed an executive order requiring hospitals to tell the patients the prices that they're gonna pay. For a procedure before they actually have it done, and before they have to pay for it, which really makes a lot of sense, but it's not going on right now. How realistic do you think it is that that's gonna happen? Well, we can make advances and where we are today. And frankly, I think both the providers, the payers, and certainly the consumers expect this to end we can. Fortunately, with a lot of this data now being digital and the kind of scale that we have in the industry, we're a great partner for the providers and the payers trying to react to those sorts of trends. But everybody's been talking about the consumerization of health care, making the patient the center of all of these new cost decisions, but it really hasn't happened that much yet. What do you see, how realistic is it that we're gonna see That happening soon .>> It must happen really Susie because consumers are demanding it with the growth and high deductible health plans and how much their health care costs they're responsible for. They're really eager to become better shoppers of healthcare. And we're very well positioned to help our customers help them in that way .>> So, the price of health care and access to health care is a turning out to be, A huge topic for the 2020 presidential race. Is there any one idea or proposal that you've heard so far? That you think has a real possibility? I mean, what would you like to see happen, no matter who ends up in the White House I think all the ones that are focused on that kind of trifecta of improving access, reducing costs, and improving quality have merits. I think it's gonna be important that anything that's done is done in conjunction with the players in the healthcare system. Cuz we have literally millions of people in this country every day helping people maintain or improve their health. And we need to involve them in the process as well. [ BLANK_AUDIO ]

Change Healthcare CEO Talks IPO, Future of Healthcare Industry

Health

Neil de Crescenzo says that the best way to deal with industry disrupters is to work with them.