Transcript 0:00 Talk to me. Information, news and entertainment on demand. WS Radio.com. 0:10 [on-hold music] Welcome to The Peggy Smedley Show, the voice of IoT in our connected world, with your host, Peggy Smedley. Welcome back, listeners to The Peggy Smedley Show. I'm your host, Peggy Smedley. 0:27 My next guest is a dynamic marketing executive with a track record of high performance in leadership development in the medical automation industry. 0:37 He has a record of success in developing and executing marketing strategies and product launches that have generated seven and eight-figure revenue growth. 0:46 Please welcome Joe Lynch, vice president of marketing for Omnicell. Joe, welcome to the show. Hey, Peggy. Thanks so much for having me. It's a pleasure. Hey, it's great to have you. 0:58 So Joe, we're really talking a lot of different things today. We're talking about automation. We're talking about the energy side of things. 1:06 And, you know, Omnicell's been doing some really interesting things with what's happening in patient care and automating things and, and what all that means, supply management things. 1:16 Let's kind of give an update in the market a little bit. When we talk about what needs to be done, there's a lot of things in automating a lot of these innovations out there. 1:26 What's your take on the market in general and where we've been and where we are right now? Yeah. Peggy, it's a great question. 1:36 And, uh, we are-- It's a transformational time in healthcare, and I do think automation, to your point, is central to it. 1:43 So I think if you look at the world outside of healthcare, we're all familiar with what it looks like for automation to be running. And typically, I think it runs in the background. 1:54 So if we go to amazon.com or if we go into Target or, you know, any consumer experience, there's a lot of automation that brings forward the experience, the products and services that we're benefiting from that makes it very convenient, very easy. 2:11 In healthcare, it's interesting, you know, historically, over the last couple of centuries, all the focus was on, uh, training professional staff to diagnose, to treat disease. 2:23 But in terms of automating all of those services, including elements like the supply chain, that's a relatively new experience within healthcare. Over the last twenty... We've been in business twenty-five years. 2:35 Over that period of time, it's definitely been on the rise, and today there's probably a third within the US of the major health systems that have broadly embraced automation all throughout their enterprise. 2:47 Now, just about everybody has some. 2:49 But to have it so that it's that same experience that if I'm a patient showing up at my local hospital, I'm experiencing a similar, uh, you know, a, a, a similar, similar way that people are, uh, interacting we, interacting with me, presenting care, my care options, that's, uh, that, that's something that's, that's, uh, really changing. 3:10 And you can see who the leaders are by how they've embraced automation like that. You know, there's a, a story that I heard recently that, that I think brings it all, uh, to a point. 3:20 There was a he-health system, a larger health system that had some newborns in the NICU, and the n-- the, uh, neo intensive, uh, neonatal intensive care unit. 3:31 And they had a specific condition, these three, uh, these, these three babies, where they needed a specific IV drug. And so the hospital checks to see if they have that drug available. 3:44 They do not see it in their local hospital, the main hospital of this system. They then reach out to the satellite hospitals within their network, and they say, uh, "Hey, do you have this drug? We need it." 3:56 And unfortunately, they don't h-have it. And, uh, this was a dire condition that these babies were in, and actually it resulted in, uh, amputation, uh, which, you know, terrible outcome. 4:09 And, and later on, during the, uh, 4:14 during, during the, the, uh, assessment of going back and, you know, the normal, uh, ch- You know, going back and looking at the situation, they actually identified during the action report that, that, that medication had been available. 4:29 It's just that they didn't have a clear line of sight to it. 4:33 And so, so the terrible situation had been avoidable, and it's because they were lacking these kinds of systems that, again, we all take for granted lacking it in healthcare. 4:43 And so Omnicell, we're very active in working with health systems, healthcare providers, as well as pharmacies to put these kinds of solutions in place. 4:54 So are you describing, Joe, that these are some of the challenges hospitals are facing today, and that they really need to step it up because, I mean, we, we have the technology, we have the solutions, and we have the automation that hospitals can be doing, and they have to make the proper investments because those kind of stories are what are forefront and center in all the media coverage. 5:18 You know, it's the negative things versus all the positive things. So they-- Do they really need to be stepping up in this technology and making the investments then? Oh, absolutely. Absolutely. 5:29 And, and you know that, that story demonstrates how for patients, uh, you can imagine there are a lot of other situations where patients benefit from those systems being in place. 5:38 But there are other key stakeholders, uh, that, that drive the need as well. One is, uh, the staff. 5:45 So you look at, say, nurses and pharmacists who are so highly trained, uh, you know, and they're the heroes of healthcare. 5:53 You know, a pharmacist would typically have a PhD, and nurses are highly trained, and yet they can spend so much of their time... 6:01 In the case of pharmacy, half of pharmacists would say, "I spend ninety percent of my time just trying to work onDrug distribution issues and only five percent of my time on patient care. 6:13 And if you think about it, that should probably be reversed. It should probably be the opposite, where the distribution happens in the background, and that staff person can fully give themselves to, uh, helping patients. 6:25 Uh, another, another area where, uh, health systems hospitals have great urgency is financially. 6:31 If you lack those systems, you know, a lot of the non-labor expense, thirty to forty percent, is comprised of medications, comprised of supplies, and if you don't have decent controls on that, you're spending and wasting a lot of extra money. 6:46 It could be ten to fifteen percent of your budget. If you're a mid-sized hospital, three hundred and fifty beds, that's a forty million dollar budget, and fifteen percent of it, that is at risk. 6:56 And so financially, for the patient's sake, for the staff's sake, it is imperative to, uh, be putting these systems in place. 7:03 And, and, and then it, it actually sets up, uh, the platform that's gonna allow you to expand as healthcare keeps changing because it is an exciting time. 7:13 Uh, you know, more care is happening in other sites outside of hospitals, and you need the kind of system that can scale and, uh, support that. 7:22 So, you mean, it's clear, you know, that the nurses and the doctors are the heroes in the hospitals. 7:27 But our hospitals have typically lagged behind other industries in automating systems and developing technologies to foster interoperability of disparate systems in hospitals. 7:37 So what are you guys doing to kinda do things, you know? You know, Omnicell is one of those that is used in, in this situation. So what are you doing to try to, you know, eliminate that? 7:49 And, and there's gotta be more of that to make sure that that connection, that information is shared with those heroes in the hospital that is, as you say. Yeah, absolutely. 8:00 You know, one thing, one thing that's exciting, uh, and a key driver is the movement toward an electronic health record. 8:08 So ten years ago, it really wasn't the case that that was very pervasive, and you'd show up at the doctor's office, and, uh, there'd be a paper chart, same thing at a hospital. 8:18 Well, times have changed, and, uh, thank, uh, thanks in part to healthcare reform. 8:22 Now, there's been a financial stimulation to, uh, for, for the largest investment in, in many hospitals to be their investment in their electronic health record and all of that infrastructure. 8:35 So what we, uh, what Omnicell has done is we saw that coming, and, uh, we saw the potential that that brought and said, "Hey, let's have our systems act seamlessly with the electronic health record." 8:48 And so now, nowadays, the health, uh, that, that health record is the number one touch system by a nurse, and our system that holds all the medications and supplies is the number two. 8:58 And we asked ourselves, "What if we could put our system and all of its workflows, all of its capabilities embedded in the EHR, that health record?" So you could just... 9:07 The nurse could be there and take care of what they need. They could queue up the medications. They could take care of things in that single system so that they could then get back to the patient. 9:16 In fact, you could do that while you are there with the patient at the bedside at a mobile computer or a mobile device. And so those are the- So, Joe. -kinds of... Go ahead. 9:27 Yeah, I was gonna say, so, so we got a couple of minutes here. 9:30 For all of the healthcare providers who are listening, let's get them excited about what's coming in your area for the future of healthcare 'cause that's what they want. 9:37 These heroes who are listening say, "What are you bringing to us that's coming next?" For sure. Well, you know, one, one area that's changing dramatically that's exciting right now is IVs. 9:49 That's where, um, actually a lot of the, the critical care and therapy is delivered through IVs, and we've been in a place where a lot of that has been done manually within the hospital or externally. 10:02 And that now is, uh, can be automated in a relatively small-sized footprint. 10:07 And so that's taking what historically, and when you read the papers and you read about these terrible issues, it's often related to a, a mix-up with IVs, and automation can address all of those issues that human processes, uh, fall apart. 10:21 You know, in a larger health system, there may be ten thousand doses administered a day, uh, millions over the course of a year, and if you're not automating processes, something as, uh, critical as IV, it's an issue. 10:33 If you think bigger picture, Peggy- Joe? Yeah. I got a quick question that just came to me. It got texted to me. What about wireless electricity? What's up with that? Oh, it's, uh- Anything going on there? 10:47 Well, if you think about- You got about thirty seconds. Devices, wearable devices, as an example, are changing how care is, is, is, uh, going to be experienced. 10:57 So both for the patient and the staff, as we're wearing these devices that can be charged, uh, like this, all of a sudden there's a continuous feed of data, and you think about how healthcare can be driven and taken to the next level on those devices. 11:11 It is central to, uh, to, to where things are going. And the new analytics that are gonna use that data, uh, are gonna drive new insights and, uh, better, better care, especially in the home. 11:24 Well, I tell you, Joe, it's exciting. We're, we're really excited. Where can our listeners go to learn more about you guys at Omnicell? What's your URL? 11:32 Oh, just go to Omnicell, www.omnicell.com, and, uh, you can find a ton of information. Uh, yeah, just, uh, reach out to us. We'd love to see you there. [outro jingle] Hey, Joe, thanks for being with us. Come back, okay? 11:44 All right, listeners, we're out of time. Stick around. We've got more to talk right here on The Peggy Smedley Show, where it's the voice of IoT. With great technology comes great responsibility. 11:53 We'll be right back right after this commercial break. [outro jingle] Signal to noise, an electronic term with new relevance on the internet. 12:05 Connected World Media cuts through the noise of data overload and finds you the signal of important information.Information that will keep you current and aware of context in the Internet of Things. 12:16 Peggy Smedley shares her insights on The Peggy Smedley Show and in Connected World magazine, all online at connectedworld.com. Stay current and competitive at connectedworld.com. 12:29 [jingle] Thank you for listening to WS Radio. 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