Pranam discusses trends and open opportunities in Healthcare IT.
Sramana Mitra: Let’s start by introducing our audience to yourself as well as to The Garage.
Pranam Ben: I’m the Founder and CEO of The Garage. The Garage is a very innovative company that started back in 2012 with a single-minded focus to transform healthcare.
The reason we call it The Garage is to pay tribute to every groundbreaking innovative company that started in The Garage. We’ve been doing this for over seven years now. We’ve helped transform healthcare into what is known as value-based care from the traditional service-based or volume-based care delivery models. That’s basically what we do.
In terms of how we go about doing it, we are purely a platform-based company that’s enabled a platform for population health management, care coordination, patient engagement, and risk management that allows organizations to achieve high-performance in value-based management.
Sramana Mitra: Let’s double-click down a bit and talk about who your customers are. Talk about your customers. Take me through a use case of how you’re adding value to that customer.
Pranam Ben: One of the things that we’ve seen in healthcare is a top-heavy approach to delivering care that makes it very difficult to democratize the access to timely care and interventions. We decided to partner with physician organizations and independent practices to help them provide care for an entire community in the most efficient way possible.
A big driver in healthcare is to curb that increase in cost of care. We have developed some very interesting advanced insights that allow these physician networks to understand where the opportunities are to control cost and how to provide the best coordinated care at the lowest cost possible without compromising on the quality of care that is acquired at any point in time.
In 2018, the healthcare organizations that we work with ended up with a savings of about $100 million in total Medicaid. That’s a use case where we’ve demonstrated our strength.
Sramana Mitra: Do you want to do more use cases? Would it help? Would it throw light on other things?
Pranam Ben: We talked about how we have had an impact on cost on care. You can look at the other side of the coin which is the more qualitative aspect of care. How do you continue to improve the quality of care while controlling cost.
By just enabling the providers in the community to interact on a common platform, we were able to fill the gap on the quality of care. What happens today is that a patient goes from point A to point B to point C. The providers at each of these points are not sharing data with each other.
By bringing all of these providers together and unifying them on a common platform, we are able to fill the gaps that naturally improve the quality of care delivered to that community. That would be another use case.
A third use case is creating a better revenue cycle management workflow for these practices. Now that we’re able to aggregate data from multiple sources, we are able to look at data that are not consistent between different sources. We are able to look for those revenue-based opportunities to increase revenue.
This segment is part 1 in the series : Thought Leaders in Healthcare IT: The Garage CEO Pranam Ben