Transcarent’s Bet on AI and the End of Healthcare Scarcity
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What is Transcarent's vision for healthcare?
Welcome to another episode of Bloomberg Intelligence's Vanguards of Healthcare podcast, where we speak with the leaders at the forefront of change in the healthcare industry. My name is Jonathan Palmer, and I'm a healthcare analyst at Bloomberg Intelligence, the in-house research arm of Bloomberg. I'm thrilled to welcome back Glenn Tullman, the CEO of Transparent, who previously joined us for an episode in April 2023. Glenn is a titan in this sector. He's formerly the CEO of Livongo and Allscripts, and he's also the co-founder and a partner of Seven Wire Ventures. I'm beyond excited to have this opportunity to sit down with him again. Glenn, welcome back.
Well, thank you very much. It's great to be back.
Well, why don't we start at a 30,000-foot view with what TransKaren is, and maybe we can cover a little bit what's changed in the last few years since we chatted.
How does Transcarent aim to reduce friction in healthcare?
And how much time do we have? Because a lot has changed. Maybe the elevator pitch. Let me start off with Transparent. So in some ways, it's very simple to understand. And this is the beauty of health care, because all of us have experienced health care. And so when we think of Transparent, we really think of our vision. And our mission, our vision is all of your health and care in one place. Imagine that if you could just look at your phone and everything you needed to do was right there. Wouldn't that make life a lot simpler?
What changes have occurred in healthcare since the last discussion?
And our mission is to make it easy for people to access high quality, affordable health and care. So make it easy. First and foremost, when I moved out to Silicon Valley, they kept saying, you know, we don't understand health care because everything you do creates friction. It's a copay. It's coinsurance. It's, you know, preauthorizations. It's approvals. And why don't you just create something that makes it easy for people? That's what we do in Silicon Valley. So that always stuck with me, making it easy.
How does the Accolade acquisition fit into Transcarent's strategy?
The second thing is access. And when you think about access, think about the fact that in healthcare, most access, other than an ER, is eight to five. And that happens to be exactly the time that most of us work. And that's when our children go to school. So it's as inconvenient as you can make it. And in fact, some doctor's offices even close during the lunch hour. So the idea is I'll pop over there during lunch. So easy to access, high quality. First and foremost, it's about our health. And you and no one else listening to your podcast would ever say, find me the cheapest place that I can get care for my kids.
What is the concept of WayFinding in healthcare?
We all focus on quality first, and that's what we do at Transparent. So easy access, high quality, affordable. It doesn't help you if I say here's the best place, but you can't afford it. And then lastly, we separate health care into health, keeping people healthy and outside the four walls of the hospital. And care, taking care of them when they do need care at a high quality, affordable place where they're going to get the care they need and only the care they need. Really important because we do 30% too many surgeries in this country. We want to make sure that second opinions are used and you take as much care in getting surgery as you do when you get a recommendation for a restaurant before you go and eat there.
Well, you covered a lot of different pain points and areas of friction. Maybe you could just talk a little bit about how you're tackling some of those, whether it's quality of care, affordability. How does the pieces of the puzzle all fit together?
How does AI play a role in transforming healthcare delivery?
Well, let's just, again, go through that. Easy means everything's available on your phone. Access means 24 by 7. And it means the ability to actually be texting with a physician in 60 seconds, 24 hours a day, unheard of anywhere else. And we've introduced that and we've set that standard. And initially, even my own team said, Glenn, do you have to say 60 seconds? Couldn't we say 15 minutes? Isn't that more reasonable? And I said, this isn't about reasonable. This is about your son, your daughter, your mother, your father, your spouse has an emergency.
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Chapters
8 chapters
1
What is Transcarent's vision for healthcare?
0:20–1:06
2
How does Transcarent aim to reduce friction in healthcare?
1:06–1:44
3
What changes have occurred in healthcare since the last discussion?
1:44–2:22
4
How does the Accolade acquisition fit into Transcarent's strategy?
2:22–3:07
5
What is the concept of WayFinding in healthcare?
3:07–4:12
6
How does AI play a role in transforming healthcare delivery?
4:12–4:52
7
What challenges does Transcarent face in the healthcare market?
4:52–5:50
8
What future developments can we expect from Transcarent?
5:50–49:10
Speakers
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