At its core, health care is a business that provides solutions for wellness and health. Josh Builder is the chief technology officer at Signify Health.
Some critics have noted that nonprofit providers are dominant in large segments of the healthcare industry. Some critics point out that the majority of payments are made by private insurance companies and government agencies.
According to the National Institutes of Health, the U.S. medical agency that conducts research on health issues, the adoption of Electronic Health Records (EHR) is one of most widely used technologies in the field of health. By integrating automated workflows, the process makes health information available to patients and providers instantly.
However, Builder pointed out that other tech professions could offer some improvement solutions to health care technology.
Before assuming his current position, he worked as an executive for Rent the Runway, the leading subscription service in designer clothing; SoulCycle (the indoor cycling and spinning exercise class company); and The Orchard (an early pioneer of music streaming).
His experience in fashion, music, and fitness has given him the expertise to solve complex problems using technology. Builder applies his tech skills to a new approach to health care.
He believes that in the modern world, businesses need to understand that technologies should not be treated as an afterthought. It should be integrated into the business and organizational fabric.
Stretching the Fabric
CVS Health, on March 29, announced that they had acquired the technology and services firm Signify Health. The acquisition is intended to fill gaps in patient care and bring caregivers directly into patients’ houses. It also addresses social determinants. Signify is a network that includes more than 10,000 clinicians across all 50 states.
Karen S. Lynch, President and CEO of CVS Health said: “This transaction furthers our value-based healthcare strategy by increasing our presence in homes.” “Our expanded abilities will bring us closer towards the consumer, as we continue to redefine and improve how people experience and access care.
CVS Health has agreed to exchange each outstanding Share of Signify Health Common Stock for $30.50 cash. This represents an approximate $8 billion transaction value. CVS Health has funded the transaction using its cash reserves and other available resources. It is also committed to maintaining their current credit rating.
Health Care Technology Discussion
As the two organizations combine forces, we engaged Builder in a discussion about the role that technology can play to improve the delivery of health care.
TechNewsWorld : What insights does your experience with technology in other areas give you about the uniqueness of these concepts for health care?
Josh Builder This question is very interesting to me, because I don’t see my career as a series of “technology experiences.” It’s possible that there is some truth in this. I’ve worked as CTO for many different companies across a variety of industries. They appear to have nothing in common. Working in different industries has taught me how to look past the differences and see “patterns.”
All these companies had different approaches to technology, but they all faced the same challenges. I was the CTO of these companies when the new technologies were causing them to rethink their work, and their business models.
What have you done at Signify Health as a result?
Signify Health
Builder: I was able to step back and start to draw out these common technical topics to apply to the healthcare space. It’s exciting to be a small part of this momentous shift.
I was recently talking about compliance and security, and how difficult it is to integrate them into a company at a later stage. This is true for most things.
The longer the tech team is involved, the harder will it be to create truly innovative solutions and integrate them in a way that is elegant and effective. The fact that the health care industry is older and has a tried-and-true model for doing things, like optimizing claim processing, makes it difficult to develop truly innovative technology solutions.
It worked for decades, but the technology was a costly and cumbersome facilitator. Health care is evolving, so companies need to consider technology as a strategic tool that’s integral to a whole new ecosystem.
How can the health industry use technology better?
Builder: My job involves a lot of storytelling on a high level. Please bear with me as I explore a metaphor. Before digital music was available, stores sold cassettes, CDs and LPs. I have way too many vinyl records. Selling these physical assets seemed like a simple business model.
The music industry, when you consider a company like Spotify is more complex, and it’s all about getting the customers to interact. The music industry is a very different place now.
The health care system is similar to the music stores of the 90s. Once, it had a very clear model and eco-system. Now, things have changed and we engage people in new ways.
How can the customer experience in health care be improved by better integrating health care?
Builder: One of the most important characteristics of today’s health care system is its complexity. It can be frustrating and confusing to navigate.
We don’t have the technology to empower or prioritize consumers. For example, something routine like understanding payments or staying connected with your provider can become a monumental task.
Imagine you are logged into your health portal, but have no idea where to go or how to confirm coverage or costs. You might even doubt if the data is current. There is also no “best” brand when it comes down to this.
Signify’s and CVS’s opportunity is to come up with the first ever truly consumer friendly offer. Simply, with more choices, all while keeping the consumer in mind. This is a great idea.
What are the biggest obstacles to better integrating technology in your role as Chief Technology Officer of Signify Health?
Builder: When I began my career, I wouldn’t have thought I would one day be the CTO for a health care organization. This is a space that has not been occupied by good technologists before.
As we become more aware of the complexity and interest in solving problems, we begin to focus more on health care. Working on a challenging project can be incredibly rewarding. As I said earlier, technology can have a positive impact on this situation.
We are all involved in the health care system, as citizens. I think that we can agree on this. We have an interest in its improvement. We are genuinely motivated by our work, which can be very motivating to show up each day.
What’s exciting about the CVS purchase is the additional products that we will be bringing to people’s homes, on top of everything we do already. The possibilities are exciting.
What role can AI play in improving healthcare operations?
Builder: AI will have a profound impact on the future of health care. Perhaps not immediately, but I do believe that it will. The health industry is very excited about generative AI. However, they are also unsure where the best place to use it is.
As we continue to explore AI’s capabilities, it is best used for streamlining routine processes in health care and making decisions, rather than working directly with patients.
There are many things to consider. The HIPAA mailing, empathy, and the protection of our patients and members under HIPAA are all important. AI has a great opportunity to automate tasks that are currently done manually, like data entry.
It is obvious that speaking to a human being still has a value. There’s no need to suddenly deny this. AI is likely to make the biggest advances in health care by leveraging the esoteric information that people already have.
The automation of processes will allow providers to engage their patients more deeply and create a stronger human connection, which makes them feel valued.
Tech and Talent to Improve the Future of Healthcare
Builder noted that much of Signify Health and CVS’s efforts are focused on the new R&D center in Galway, Ireland, and he is heavily focused on recruiting top-tier talent.
For engineers, tech start-ups hold a certain appeal. Although the work can be interesting and complex, there is little substance to it. It has no mission or larger vision that is meaningful. He observed that the industry in question does a better job of articulating a complex technology problem to be solved, which attracts top talent.
Building said that the health care sector needs to better articulate the delicious challenges we solve every day, and increase the volume on the technical aspects which make the work so stimulating, innovative, rewarding and exciting.
“This new technology creation process is at a pivotal point in American healthcare and has a significant impact on people’s daily lives. We need to sell our work better, along with the mission. The majority of industries don’t have both. “We do,” he concluded.
