AI Assisted Healthcare Can Help Patients & Reduce Costs by AdviNow w/ James Bates - AZ TRT S05 EP27 (243) 7-14-2024

AI Assisted Healthcare Can Help Patients & Reduce Costs by AdviNow w/ James Bates

AZ TRT S05 EP27 (243) 7-14-2024

What We Learned This Week:

• AI Assisted Healthcare by AdviNOW - the future is now
• Goal is to reduce costs, help patients, streamline paperwork, & give the Dr more time to treat patients
• Software, AI, Coding = Tech Healthcare
• Healthcare industry is slow to change to adopt new systems for billing & paperwork
• Change the Healthcare industry with adoption by Big Providers

Guest: James Bates, CEO AdviNow Medical

AdviNow Medical, Inc.

James Bates is an accomplished CEO, entrepreneur, and board member who has created and led high-growth results for several technology companies. Presently, Bates is CEO and Founder of AdviNow Medical, the world’s first Artificial Intelligence and Augmented Reality driven patient journey platform that nearly eliminates the administrative burden of physicians and reduces the cost of healthcare by 65%.

James conceptualized the idea, wrote the fundamental patents, raised the capital, recruited the team, and launched the company. Previously, James was an officer at Freescale / NXP responsible for the ~$1 billion revenues Analog and Sensor Group the world leader in self driving vehicle technologies. Earlier in his career, James founded the Asia Pacific region for Silicon Labs where he was responsible for driving growth that eclipsed $500M in just 3 short years.

James serves on multiple boards and advisory boards. Among them is Position Universal a market leader in fleet tracking hardware and software systems where James serves as a fiduciary board member. OptionAgent.ai is a market leading volatility predicting AI that automatically trading hedge fund that delivers above market returns where he is a general partner. James also serves on the advisory board for Arizona State Universities College of Nursing and Health Innovation.

James earned his Master of Science degree in Electrical Engineering, from Brigham Young University. He is fluent in Japanese, lived in Tokyo for twelve years, holds nine patents, has written for publications and been a speaker at many conferences. He resides in the Paradise Valley, Arizona, and enjoys family, sports, and particularly hiking.

Company - https://advinow.com/

Augmented Reality and AI – Software for patient experience

Central AI Assistant Helps Before, During, and After the Visit

A single vendor to collect, transform, and action all encounter data with the power of AI.

We are on a mission to make healthcare accessible and affordable to all by eliminating clerical burden throughout the entire patient encounter

Patient Intake – for healthcare, hospitals, urgent care, Dr office triage, etc

• Founded in 2016 to revolutionize healthcare through automation and artificial intelligence (AI), bringing top-tier technology and process design to patient engagement and provider consultation.
• Our mission is to enable providers to deliver the best on-demand experience while accelerating operations, and are focused on urgent care – an industry that does the same thing millions of times over, and arguably not very efficiently.
• AdviNOW started in fully automated retail clinics with a medical assistant and remote providers, and built the platform as a digital-first in-person or virtual care that eliminated any steps that AI could augment; however, the “digital front door” is the true problem to solve first.
• Expanded to a suite of products that work closely together, or work fine as standalone modules – both patient facing white-label solutions and care team-facing.
• Headquartered in Scottsdale, AZ, and part of the Mayo Clinic Innovation Exchange incubator.

Notes:

Seg 1

Healthcare cost are too high. There are opportunities to reduce cost using technology and software, as much as 50%.

Why are the cost so expensive? There’s a large burden on the healthcare system with cost, and this problem has been going on for 30 years.Go back to 1990 and clerical work was 20% of a doctors job. Now it is 70% of their time. This is a massive burden and cost on healthcare overall.

Talking efficiency, the number one way to reduce cost is to reduce the administrative burden and let the doctor get back to working with patients. To help patient stay healthy longer you need to document, what is going on with their health. Currently the doctor has to collect the data.

There is much Admin bureaucracy with the coding for billing, and tracking for insurance companies. To pay the health bills, lots of admin paperwork and over 100,000 billing codes.

Where is the money being spent? Insurance c...