He Found $500B Hidden in Healthcare Waste — And Built the AI to Fix It | Ep 283 with Raheel Retiwalla Co-Founder and Chief Product Officer at Boost Health AI

118.932 - 140.383 Raheel Retiwalla

just increasing the efficiency, increasing productivity, and making sure that, you know, we can reduce this administrative burden, that would be huge for us. And we started our journey then. And it wasn't until generative AI became big that it just snowballed and allowed us to kind of accelerate what we're doing and what we had as a vision at that time.

140.363 - 165.612 Daniel

Some of the most successful entrepreneurs have told us that timing was the absolute critical piece in the story for them. So it sounds like timing for you was massive. Like if, if gen AI didn't become what it is and we might be, you know, having a different conversation today. So can you dive into detailed around what did gen AI enable you to do within the company?

165.592 - 180.373 Raheel Retiwalla

Yeah, I would say, well, specific to timing, first of all, right, there are timing, at least for us, included in addition to generative AI. It's great that you have a technology, but without a real problem, it becomes, you know, just a technology, just another thing.

181.134 - 207.259 Raheel Retiwalla

So for us, another important thing that happened in this period is after COVID, just after COVID, you know, the cost of care became increased significantly. And that even today has healthcare systems and health plans, essentially they've shaken up. Their financials are not the way they used to be. So what has happened is that the need to actually create efficiencies

207.239 - 225.74 Raheel Retiwalla

has multiplied and become more urgent. So that's just keep that in the backdrop because that is one of the timing parts. And then generative AI as a solution, potential solution came about. And what we did is we looked at the power of generative AI and said, Where can we apply it? You know, there's so many different areas.

852.873 - 873.264 Raheel Retiwalla

Yeah, it's an amazing question because, I mean, you know, the lens we have right now at the moment for Boost Health is focused on payer efficiency, right? Even within the payer efficiency, our goal and our goal generally as a whole, as everybody involved in AI and systems, is not to just do what is already being done, just faster.

873.745 - 893.844 Raheel Retiwalla

It's to rewire things because it's, in many ways, the processes that were built were done because of how the situations were at those moments in time, in the past. We're not shackled by those anymore. We have lots of capability, lots of ways to kind of think differently. So our goal is to essentially not say, well, here's exactly how you did it.

893.884 - 910.712 Raheel Retiwalla

Now AI is going to make it, you know, a little faster. No, what we want to do is we want to completely rethink the process, rewire that operation so that you're gaining 50% improvement, not 10% or 15%. That's where you really get into the value of AI.

911.152 - 929.062 Raheel Retiwalla

So if I think about administrative burden, even just on the payer side, and if you start unlocking, just even taking the documents as a way to unlock value, It's in tens of billions of dollars or close to 100 plus billions of dollars aggregate across the pairs. It's a massive improvement.

929.362 - 948.095 Raheel Retiwalla

Now, when you add on the other side, you know, and the bigger thing is one of the places we want to get to is we want people not to get sick, you know, when we could have prevented it. Being more proactive about working with people on their health. The problem is we are so reactive today in healthcare.