February 13, 2025 • 40 mins
"The conversation is the treatment in behavioral health, but clinicians spend too much time documenting instead of caring,” says Alon Joffe, CEO and cofounder of Eleos Health, in this episode of the Vanguards of Health Care podcast. Joffe joins Bloomberg Intelligence analyst Jonathan Palmer to discuss how Eleos is revolutionizing behavioral health care with AI-driven solutions that reduce administrative burdens by 80% while enhancing clinical outcomes. He shares how Eleos leverages multimodal AI to automate documentation and improve decision-making, enabling clinicians to provide better care. The conversation explores Eleos’ expansion into psychiatry, substance-use treatment and long-term care, as well as its vision to become the AI-native operating system for compassionate care.
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Episode Transcript
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Speaker 1 (00:17):
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. We're very happy to welcome
Alan Joffey, CEO and co founder of Elio's Health Today.
(00:38):
He brings a really unique perspective to behavioral health technology,
having founded Ilios after working at New Era Capital and
also serving as an officer in the Israeli Air Force.
So welcome to the podcast, Salon.
Speaker 2 (00:52):
Thank you for having me. Jonathan, great to be here.
Speaker 1 (00:54):
Well, let's hear about your foray into entrepreneurship, because we've
had a couple founders on here who have military background.
But I'm so interested to hear your perspective of why
behavioral health behavioral health and what was the problem that
you saw there and what does Ilias do to help
solve that problem.
Speaker 2 (01:12):
Yeah. Absolutely, for us, it was very and when I
say us, it's it's for my two other co founders
and myself. It was and still is a very personal mission. Jonathan,
I served in a kind of combat search and rescue unit.
And I've seen my friends dealing with PTSD from that time,
(01:34):
and I've seen and it's also to too family members
of the other co founders. We've seen what great quality
and timely care can resolve to and how does one's
life develops because of that. And we've also seen the opposite.
(01:55):
And let me tell you something, Jonathan, the opposite is
not pretty right.
Speaker 1 (01:59):
I can only imagine.
Speaker 2 (02:00):
Yeah, And I think we asked a very simple question,
which is why is that, why some therapy works better
for others? Why do we have an access problem? And
I'm talking twenty nineteen, twenty twenty. We started the company
(02:22):
in March twenty twenty. Gu just what the pandemic hits
and everything just got much worse. And we are at
a crisis right now. And the crisis is that demand
for bable health services is skyrocketing through the roof, supply
(02:42):
is actually shrinking. There are less people going into this
profession than before. And the only way we believe the
only way to ben the supply curve is worth technology.
And so when we looked at this this market, the
own technology we could find is the notebook.
Speaker 1 (03:02):
Okay, let's expound upon that.
Speaker 2 (03:05):
Yeah, so think about being able health. The conversation in
be able health is the treatment. That's how you literally
treat people is you talk to them, right. But there
is no quote unquote X ray for be able health.
There's no blood test, there is no data platform or
(03:26):
an AI platform that got replacementstions but help guide linkal
decision making and also help reduce a lot of that
ministreating burden. Mental health has the highest ratio between ours
spent on clinical care and ours spent on ministrty work,
(03:47):
really and it's because be able health has the long
at the lengthiest conversations in healthcare. Primary care six minutes,
be able health sixty.
Speaker 1 (03:57):
Minutes, right right, You get that factor right there.
Speaker 2 (04:01):
Yeah, and you need to document sixty minutes. And guess
what if you're doing substance use, you've have group therapy,
you need to document for twelve people. That's sixty minutes. Okay,
that's a huge problem. And I think the opportunity that
we saw is innovation and AI is not trickling down
(04:25):
into these industries. A lot of money, a lot of funding,
a lot of innovation goes into that cute care market
and the health systems and the hospital, and rightfully so,
there is a huge need there, But there's also a
huge need in what I call the compassionate care market.
We have a health addictions, intellectual development, disabilities, autism, long
(04:50):
term care. That's where our aging parents spend most of
their time, that's where our loved ones spend most of
the time, most of their time, they're not hospitalized. And
we wanted to make an dent in that universe and
to drive some impact.
Speaker 1 (05:08):
So when you recognize the problem and then decided you
wanted to tackle it, what what did you have to build?
Speaker 2 (05:13):
First?
Speaker 1 (05:14):
Well, you know, what was the vision when you started out?
I guess maybe what was the pitch to that first
v venture capitalist of what Elios was going to build
or become. And I don't know if you've stayed true
to that mission since that first meeting or if it's
had some zigs or zags, but i'd love to hear
how how it's kind of built over the last couple
of years.
Speaker 2 (05:34):
Yeah, it's a great question. I think the vision stayed
very much the same. I think maybe how we apply
that vision to reality is always evolving, but the vision
was always we believe that in order to solve this problem.
Clinicians needs to spend one hundred percent of their time
on care and zero percent of their time on admin.
(05:57):
And when the time that you spent on care, we
know that the care that is being provided is the
best care possible for this patient profile. And we believe
that if you tap into the treatment, which is the conversation,
you can a automate a lot of the burden. And
(06:21):
today we reduce the time spent on that burden by
eighty percent. But you also drive quality of care. And
we've actually published multiple period studies, including a randomized control trial,
and we've seen the condition who use elliots their patients
their consumers improve three times faster, meaning their symptom is
(06:47):
reducing three to four times faster. And it's because the
conversation is the treatment which is really unique to be
able health. And if you manage to quantify that, if
you manage to drive clinical insights to the clinician workflow,
and if you build great products that they love, it
changed people lives.
Speaker 1 (07:08):
Fantastic. So maybe let's dive a little bit deeper into
those kind of two buckets of products, and maybe we'll
just start with what I maybe think naively is the
easier one. But the administrative side, So how does how
does elios you know, accelerate the amount of time or
or add to the amount of time that the clinician
can spend on the patient care versus the administrative side, Like,
(07:30):
what's the input and what's the output?
Speaker 2 (07:33):
Yeah, so the input is the conversation. Were running the
background of these treatment therapy conversations no matter the setting,
the length, the number of participants, the condition. We did
not record these conversations, but we analyze them and as
the session ends, we provide eighty percent eighty to ninety
(07:56):
percent of the documentation for that clinic in their EHR,
So we admit them where they are right and they
just need to look at the suggestions, finish the note,
and submit the progress note or the intake. This is
a life changing product for clinicians because all they knew
(08:20):
until now was pajama time and finishing all these notes
during the evenings. And again, think about group sessions, that's
like twelve people use documents for so we are really
reducing the burden tremendously there, which for some people open
up more access. For other people, it's just less burnt
(08:43):
out and they're not leaving their organization that they work for.
And also the clinic of documentation integrity is much much higher.
Speaker 1 (08:54):
And so is that that's just an ambient engine listening
in the background and matching it up with I guess
EHR coding correct.
Speaker 2 (09:02):
We have the largest data sets in the world for
real health conversations. We have built the tech mostly proprietary
in house. Well also the only a company in healthcare
today that is using what is known as multimodel LMS,
(09:22):
so we're not even transcribing the conversation, we're coorring the
audio directly, which leads to better accuracy, lower costs, and
also support. We support more than one hundred languages and
within seconds you get the output in your HR to
find life denote.
Speaker 1 (09:42):
How did you build that that engine around all the
behavioral are the clinical pieces that you know match up
or reference to that EHR you know where you know,
where did that come from? Originally?
Speaker 2 (09:57):
We really believe that ye AI matters, and you know,
these models are improving an unbelievable pace, But really what
drives adoption is not the models. What drivers adoption is
a really great product that meets the Nichian's workflow and
(10:21):
I think that's sometimes what people miss is everyone is
so obsessed with like the models and the new lambs
in which is true for most industries. In healthcare, it's
all about the workflow. If you're not in the workflow,
if you don't and you know, Jonathan, let me give
you an example. Imagine the following situation. A social worker
(10:47):
gets into her car, picks up someone that is without home,
lives on the street, drive them to the pharmacy to
buy minicaise, to drive them to the grocery store to
buy food, and then need to drop them back where
they pick them from. And you need to document this
(11:08):
entire thing. It's not in clinical setting. It's noisy, it's
on the go sometimes in reception desert. Until you don't
see that, until you don't fully understand the workflow, you
can't build a product for this use case, right because
we imagine that everything is sterile. We sit in the
(11:30):
clinic and we talked to one another, you know, one
in front of the of the clinician. It's easy. Life
can be able to help is messy. And that's why
I'm saying workflow matters, and you really need to build
great products for these type of forekflows.
Speaker 1 (11:49):
So we've been focusing a little bit more on the
administrative side of the workflow. Can we talk about the
critical side or the decision making side from the provider?
How does the platform help the clinician be be a
better clinician? I guess at the end of the.
Speaker 2 (12:03):
Day, Yeah, I'd like to say that we allow clinicians
to be the best version of themselves, right. And I'll
give you an example. Just a couple of weeks ago,
I met a clinician that he's using Eliot. Surname is Sarah,
and she described a patient that she as caring for
(12:27):
that as dealing with severe mental illness. And until now
she used to write everything that he said and couldn't
look them in the eyes, and he didn't come for
a session, didn't have a job. And recently she's walking
like around the room, sitting on the floor and from
(12:49):
the floor, looking up into his eyes, making eye contact
and talking to him. And he started to open up
and come to say, found a job. And we also
give Sarah, we quantify the different therapeutic intervention that she's
doing within the session, we reflect it back to her,
(13:12):
and we show her her adherence to evidence based prodocols
because we can quantify that in the conversation is.
Speaker 1 (13:20):
That happening in real time while she's in.
Speaker 2 (13:24):
Post Okay, we found that, you know, real time in
the distracting to distructing. And we don't tell them what
to do. We just show them this is where you were, this,
this is what happened. It was so helpful for her.
Speaker 1 (13:42):
And then maybe how hard is it to stand up
up a new a new community practice. You know, if
I came to Leios and said, oh, I'd love to
adopt the platform, how long does it take?
Speaker 2 (13:54):
You know?
Speaker 1 (13:54):
And I know these are always different depending on the
HR and the size and that sort of thing, but
you know, just generally, how long does it take to
get up in running?
Speaker 2 (14:00):
Actually think that this is one of the aspects that
I'm the most proud of with the work that we do.
We can get an organization up and running. And when
we say an organization, they usually have anywhere between hundreds
two thousands of colintions. Right today, we work with over
two hundred organization tens of thousands of clintions. So we
(14:24):
get them up and running from signature to go live
within around sixty to seventy days. And it's probably the
fastest implementation of AA technology and healthcare across the board.
You know, we're not doing it. It doesn't it's not
a six months twelve months implementation process. We are fully
(14:48):
integrated with all the different dhrs, all the different telehealth
and be able health. And I think another testimonial to
the way we kind of lead these categories. You know,
there's no pilots, there's no trials. I think we have
enough reputation right now in the market and success stories
(15:09):
that people just adopted and the utilization is incredibly high.
Speaker 1 (15:15):
So with no that's a very good place to be.
No pilots. But did you have to do pilots when
you started out? I mean, was there a customer that
really kind of drove a lot of adoption After that
you saw some success.
Speaker 2 (15:28):
Yeah, we had a lot of design partners, right, and
a lot of amazing leaders that we owe a lot
of appreciation to in being early adopters and innovators and
understanding how this can impact their workforce. But we really
believed from day one that it's all about the value
and if we can show the value quickly to the buyer,
(15:51):
to the end user, and honestly also to the patients
and the kind of end consumers. Then we didn't want
to be in that place of you know, there's this
same death by a thousand pilots. We didn't want to
be in that place.
Speaker 1 (16:10):
Yep, now that makes sense. You know, maybe thinking back
to your origin story, starting right before the pandemic or
right during the pandemic, how did that help or hurt
or drive adoption of the platform because I you know,
everybody went virtual. I know, basically everything behavioral went virtual.
Maybe as another question alongside that, you know what percentage
(16:34):
of clinicians are using your platform on a virtual basis
versus in person basis. I'd be curious to hear about
that as well.
Speaker 2 (16:42):
Yeah, pre pandemic be able health volume in terms of
telehealth or VIRTUALI was single digits post pandemic or during
the pandemic obviously close to one hundred percent, and post
pandemic it's one of the only areas in healthcare that
stayed double digits in terms of virtual Most of specialties
(17:06):
went back to around kind of single digits or really
low double digits, and we have a health stayed relatively high,
which makes sense. I mean, again, it's mostly about the conversation,
it makes sense. It's it's a very it's personatural, it's personal,
it's very convenient for the consumer. Frosted I think it
(17:28):
obviously helped right and today it's probably if I'm looking
at our volume, I would say it's probably sixty forty
splits towards in person, sixty being the in person the
in person. Yeah, yeah, interesting, Yeah.
Speaker 1 (17:47):
Very interesting. So if we think about your journey as
a company, you know, you just recently closed another round
of funding. Maybe we'll talk about that in a second,
but you know you also did this series B I
believe back in twenty twenty three. You know what did
that enable you to do from a from a corporate perspective?
And then you know, fast forward to more recently, what
is the newest round of funding really help you do
(18:10):
now or give you opportunities to kind of build out
the platform or I don't know that the sales whatever
it might be.
Speaker 2 (18:18):
Yeah, we're really fortunate, I think to kind of build
them in this category and to have men of ventures
the be around and how grateful to the sea round
and for us, it was always about what additional value
can we unlock for this community? And this time around
(18:43):
it's how can we take elliotts to really become the
AA native operating system for the compassionate care markets be
able health, addictions, autism, long term care right and thinking
about this operating operating system and to end from the
(19:04):
intake through even revenue second management right, all the downstream
impact of that documentation. We're now launching our new compliance product,
which really unlocks clinical documentation integrity for these providers. They
are generating, you know, thousands of notes every every week.
(19:28):
They need to make sure that it's compliant before they
send it to billing. Today, they have a team who
kind of maybe managed to get to five percent of
that volume. We spend one hundredercent of the volume in
real time and tell them where to focus their efforts
so they won't get denails that won't get audited, they
won't get clawbex. And we are taking these products, we're
(19:48):
taking these approaches, and we're applying them across multiple markets,
and the funding is really to support that growth and
to support that expansion. We believe that the type of
innovation and the type of advancements that we see in
the acute side, we also need to see in kind
(20:08):
of the non acute or chronic care side of the
market for most of these Medicaid population, for Medicare and
for us, it's all about how can we increase our
outreach to impact the most amount of lives possible and
(20:30):
we use this funding will allow us to do so.
Speaker 1 (20:33):
So maybe teasing that out a little further. I mean,
there's there's always been a little bit of friction in
the behavioral space and that you know, it's largely a
lot of cash pay right, and so how do you
overcome that friction with with some of those populations like
Medicaid or Medicare that you that you talked about.
Speaker 2 (20:51):
Yeah, So, I think what's sometimes misunderstood is the vast
volume of be able health in our country is served
through these community centers, through these nonprofits, and they have
been in business for decades serving their local communities. They
are doing amazing work, and it's through state reimbursements CMS payments, right.
(21:20):
I think it's a very overlooked kind of aspect of
our healthcare system that is doing incredibly incredible work. And
I think where we see most of the cache is
I think probably in the private practice and of those areas, right,
But at the grand scheme of things, most of the
(21:43):
volume is not there. Maybe in the you know, bigger cities,
in the more popular areas or affluent areas, you'll see
more of that private practice in cash pay, but the
vast volume in our country is community based.
Speaker 1 (22:04):
Interesting. Yeah, I think I live in New York City,
and so my view of the world might be a
little bit different than the reality out out in the
rest of the United States.
Speaker 2 (22:12):
Right, we have a lot of for example, customers in
New York too, and you know also in very i
would say challenging neighborhoods, and they do amazing work there.
Speaker 1 (22:29):
So if you think about some of these investments that
you're going to make with this new capital, I mean,
if you think about a product roadback, which one of
the I guess items on your roadmap are you most
excited about? Like, where do you think you're going to
see the most you know, bending of the cost curve
or clinical outcomes? You know what gets you really excited?
Speaker 2 (22:49):
Yeah, I think we in the past kind of four
years managed to show I think tremendously impact with clinicians,
and this year we're expanding that footprint to additional clinicians
that we didn't manage to serve until now, for example, psychiatrists,
(23:09):
there's practitioners. That's something that we've unlocked, and I'm really
really excited about that because it's a huge portion of
the market. But I'm really also excited about our ability
to deploy what we call a genetic workflows also to
(23:30):
the back office and tow it's it's all goes back
Jonathan to one hundred percent care of zero percent admin. Right,
how can we alleviate the burden from clinicians from the
back office? Exactly? Exactly, because put yourself in the clinician
shoes for a second. You're meeting in client back to back,
(23:53):
back to back, submitting these notes, but they go through
quality review and then two weeks later they tell you, hey, Jonathan,
I don't know if you remember that you saw a
long two weeks ago, but something in your documentation is wrong.
Can you fix that? At this point, it's too late.
You'll probably see tens of people by now, and it's
(24:17):
really difficult to remember what happened there and what I
need to fix and like, so it's more of your
day as a clinician. Right. If we can stop that
upstream and to make sure that what you produce is
fully compliant. Make sure that once it gets to audit,
(24:37):
it's fully compliant. We've just freed more time for you
to focus on care and I'm really excited about that.
Speaker 1 (24:46):
And so maybe from a technology perspective, you know, you
guys have implemented a lot of different models into your workflow.
If you look out a couple of years, you know,
what do you think, do you see anything that's going
to be paradigm changing From a tech analogy perspective, the
advancements in gen AI or any of the other language
models or multimodi models. Is there anything that fundamentally is
(25:08):
going to change your business in the future.
Speaker 2 (25:11):
I think multimodel is another revolution that people don't fully
grasp yet. I think we are probably one of the
only A companies to fully implement that at scale, and
you see huge impact in terms of costs, in terms
(25:31):
of accuracy, in terms of supporting diverse population. So I
think the general population is playing more with multimodel. And
you've seen how we you know, people create videos and
music and photos and all of that. I think people
(25:53):
have yet to understand the implications about healthcare because, for example,
this multimodels also allows you to stream video, right, so
think about I don't know dermatology or anything that has
to do with with images as the medium of care.
(26:13):
And now you can stream all your video real time
and get support, diagnosis, documentation and whatever based on this
video stream. I think that's going to unlock a lot
of possibilities. We're using that mostly on the audio side,
So I'm really excited about this, and I'm really excited mostly.
(26:36):
I think where AI is going to go next and
is going next and it's going to change healthcare is
a what we call agentic workflows. I think the new
interface for clinicians is no interface. EHRs are going to
(26:58):
be some thing like a cloud provider that sits in
the back and is that the infrastructure layer. But I
think the front end is going to be an a
an AI native application layer, and clinicians are going to
are gonna spend ninety percent of their time on that
application layer, and that application layer is going to go
(27:19):
back and perform actions for you on the HR on
the system of record. But just like something like Elios
in a way remove the keyboard. Where Elios goes next,
and I think where AI goes next is we're going
to remove the mouse good analogy, and I think and
(27:42):
I think that's going to change clinicians life tremendously.
Speaker 1 (27:47):
So what do you think the timeframe for that is
and when when do we see that in in actuality
or or maybe it's maybe another way to say is
when when do you think it's common?
Speaker 2 (27:57):
I think faster than people realize. You know, I can
only speak to ours, to elliots. We have kind of
a working product in alpha in those stages that can
work across multiple environments. I know other companies are going
(28:21):
down this rabbit hole. I think one thing that the
past probably two years I've learned taught us is this
technology is moving at a rapid pace. And you know
how sometimes people say that nothing happens for decades, and
(28:41):
then decades happened in days, right, see change right. I
think that's what we're seeing right now.
Speaker 1 (28:49):
M So, one of the things you mentioned in the
discussion of multimodels is you talked about video and you
talked about I guess voice and ambient and it just
piqued my interest because we had another company on on
the podcast who is doing digital biomarkers, and I wonder
from your perspective, how much value that might add to
a clinician's workflow, you know, in the behavioral market. And
(29:10):
this company was working on, you know, using digital biomarkers
for dementia, for other you know, Alzheimer's, whole host of things, depression,
burn out, all those sorts of things that you mentioned.
I'd love to get your insight into just where you
see those applications maybe.
Speaker 2 (29:26):
Going yeah, I'll start with a disclaimer saying I'm not
a clinician, right, so thank that with a grain of salt.
I think you know, when I approach these type of questions,
I'm really trying to think about the jobs to be
done or the problem to be solved. Right, I'm a clinician,
(29:48):
what are the jobs to be done that I need
to do? Or I'm in a provide organization, what are
the problems to be sold? And how can I solve
these problems? Whether it's an access problem, whether it's a
quality of care problem them, whether it's you know, revenue
cycle problem. So hypothetically, one can argue that a lot
(30:10):
of care needs to happen between visits and not only
during visits. And then the question becomes, how can we
get data on what happened on what happens in our
life between visits that a provider or a healthcare entity
(30:31):
can impact. And so I think remote patient monitoring is
maybe one approach to that because we can get data
on what happens once a patient leaves the clinic, and
then you'll need to You'll probably stumble into another challenge,
(30:52):
which is, let's say we have all these data, and
let's say that this data is super valuable. Who is
going to do what with with this data? And when
m right, most of the clinsions on I'm familiar with,
they don't have time for like coffee breaks, right, So
(31:13):
I think that's that's where technology meets workflows, and workflows
is like the real life coclincians needs to deal with.
So I don't know, maybe just foot for thought.
Speaker 1 (31:27):
No, it's good. I mean thinking about the marketplace a
little bit more, you know, would have been some of
the hurdles to adoption. I mean, you mentioned that psychiatrists
and I think nurse practitioners were an area that you're
moving more heavily into. Why weren't they adopting it previously?
Was that they weren't used to the technology, or or
there was a hurdle in the workflow that had to
(31:50):
be solved.
Speaker 2 (31:53):
To be honest, John, Jonathan, we did. We just didn't support.
Speaker 1 (31:58):
You just say we weren't targeting. Yeah, in terms of
product simple.
Speaker 2 (32:03):
Yeah. We wanted to start from in a way that
the hardest problem first. And what I mean by that is,
h let's tackle first the lengthiest conversations, the most complex
care settings, the most complex workflows, the you know, multiple speakers,
(32:32):
because that's most of the volume. Once we really, you know,
felt like that we've cracked that nut, then I think
it would be easier to do right.
Speaker 1 (32:45):
You could go down. You can go down in terms
of the complexity or acuity a lot easier than it
is to go up.
Speaker 2 (32:51):
Right, Yeah, exactly. And I think like with every new technology,
you have an adoption curve. You have early believers and
the early adopters and the laggers and the majority. Right.
I think one thing that happened in the past probably
two years, is now everyone is an AI expert, right,
(33:14):
Everyone is an AI gurule and using GPT and is
like on the frontier, which is amazing. It's amazing. I
think it was a worldwide market education in the day
thanks to what we saw with the GPT, which is
the killer app of our time. And I think that
(33:37):
really reduced a lot of the like, a lot of
like the I would say, the barriers.
Speaker 1 (33:45):
Yeah, exactly, exactly interesting. So now if we fast forward
in three to five years, I don't know, I don't
know where what the right time frame is. But you know,
if I come back and and and ask you, you know,
I say, of a couple of years from now, you
know what was kind of misunderstood about the marketplace in
twenty twenty five or what what didn't the market see?
Speaker 2 (34:08):
What would you say that the market and us included. Right,
we are not even scratching the surface of what's possible.
We think that the products and the technology that we
have today is a game changer, and it is. It
is a game changer, but the potential is so big.
(34:31):
Healthcare is one of the only industries in the US
that with the introduction of the digital age, the productivity
only declined.
Speaker 1 (34:44):
Yes, thank you to the fax machines, right.
Speaker 2 (34:47):
Only declined. Right, in any other industry, the productivity has
increased with the introduction of technology. And I think that
the technology until now in healthcare did not put clinicians
at the center. It was wrapping the clinicians around the
technology to serve other very important use cases, but not clinicians.
(35:09):
And I think we're getting to a point where clinicians,
because of the demanded supply curve. Whoever manages to win
the hearts and minds of clinicians is winning the market.
And whoever manages to deploy agents to augment and replace
(35:33):
administrative tasks will win the market. So I think we're
not even scratching the surface of what's possible.
Speaker 1 (35:42):
Now, that's well said. So we're at an inflection point
between productivity and technology.
Speaker 2 (35:48):
Yeah, and maybe we're now for the first time ever
at a point where healthcare productivity and healthcare outcomes and
the percentage out of GDP will actually yield in the
results that we expect to see. And in the US
we spend something like twenty percent of GDP on healthcare
(36:11):
and don't have the best outcomes in the world. Let's
face it. Maybe we're at an inflection point where this
is going to flip. That's what That's what kind of
I'm hoping for.
Speaker 1 (36:23):
Well said. So maybe one last question and then we'll
wrap up here, maybe two questions.
Speaker 2 (36:28):
To be fair.
Speaker 1 (36:29):
Uh, is there applications for el eos outside of behavioral
Is that how you're thinking about it in the future.
Is that one of your desires for where the company goes?
Speaker 2 (36:40):
Yeah, absolutely so, And that's already in the works. So
when we think about being able health, we typically think
about the classic it's called mental health care. ALIAS is
already working also in the substance use disorder space and addiction,
intellectual development disabilities and at them long term care, so
(37:02):
home health, skillednessing facilities, the aging population, all these markets
that are outside of the hospital, that are community based,
that are chronic care. That's where Elius is that either
playing or will play in the very near future.
Speaker 1 (37:19):
No, and I could think of some other white spaces
that you did even mention, I don't know, occupational therapy,
those sorts of things.
Speaker 2 (37:24):
Absolutely absolutely yeah.
Speaker 1 (37:27):
So the way I like to wrap these conversations up
is to maybe just ask the guests to focus on
a life lesson that drives them in their day to
day or really informs what their mission is. Is there
something that you share with your colleagues or team about
what drives you day to day?
Speaker 2 (37:43):
To me, it's always go back to my buddies, right,
and it always goes back to faces and people right
the minutes, and once you hear the testimonials like once
you again, like this story about Sarah, like I said
(38:05):
in the room, I listened to her and let's facical.
It was very emotional. And I think our wide alias
is incredibly clear. These are underserved population where innovation does
not trickle down into unserved markets, where innovation does not
(38:25):
really happen there. And we have a really unique place
to be in the driver's seat for this category and
to make an impact. Like what better reason do you
need to wake up in the morning and work on that?
To me, that's the most important calling that you know
(38:45):
we can we can work on No.
Speaker 1 (38:48):
Very well said, that's a powerful mission. Anytime you help people,
and particularly given some of the challenges and the markets
that you participate in, it's got to be very rewarding.
And so I can see how that helps drive you
your day today. So with that will wrap up. That's
Elon Joffe, CEO and co founder of Ilio's Health. Thank
you so much for joining us on our latest episode,
(39:09):
and please make sure to click the follow button on
your favorite podcast app so you never missed a discussion
with the leaders in healthcare innovation. I'm Jonathan Palmer, and
you've been listening to the Vanguards of Healthcare podcast by
Bloomberg Intelligence. Until next time, take care,
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. We're very happy to welcome
Alan Joffey, CEO and co founder of Elio's Health Today.
(00:38):
He brings a really unique perspective to behavioral health technology,
having founded Ilios after working at New Era Capital and
also serving as an officer in the Israeli Air Force.
So welcome to the podcast, Salon.
Speaker 2 (00:52):
Thank you for having me. Jonathan, great to be here.
Speaker 1 (00:54):
Well, let's hear about your foray into entrepreneurship, because we've
had a couple founders on here who have military background.
But I'm so interested to hear your perspective of why
behavioral health behavioral health and what was the problem that
you saw there and what does Ilias do to help
solve that problem.
Speaker 2 (01:12):
Yeah. Absolutely, for us, it was very and when I
say us, it's it's for my two other co founders
and myself. It was and still is a very personal mission. Jonathan,
I served in a kind of combat search and rescue unit.
And I've seen my friends dealing with PTSD from that time,
(01:34):
and I've seen and it's also to too family members
of the other co founders. We've seen what great quality
and timely care can resolve to and how does one's
life develops because of that. And we've also seen the opposite.
(01:55):
And let me tell you something, Jonathan, the opposite is
not pretty right.
Speaker 1 (01:59):
I can only imagine.
Speaker 2 (02:00):
Yeah, And I think we asked a very simple question,
which is why is that, why some therapy works better
for others? Why do we have an access problem? And
I'm talking twenty nineteen, twenty twenty. We started the company
(02:22):
in March twenty twenty. Gu just what the pandemic hits
and everything just got much worse. And we are at
a crisis right now. And the crisis is that demand
for bable health services is skyrocketing through the roof, supply
(02:42):
is actually shrinking. There are less people going into this
profession than before. And the only way we believe the
only way to ben the supply curve is worth technology.
And so when we looked at this this market, the
own technology we could find is the notebook.
Speaker 1 (03:02):
Okay, let's expound upon that.
Speaker 2 (03:05):
Yeah, so think about being able health. The conversation in
be able health is the treatment. That's how you literally
treat people is you talk to them, right. But there
is no quote unquote X ray for be able health.
There's no blood test, there is no data platform or
(03:26):
an AI platform that got replacementstions but help guide linkal
decision making and also help reduce a lot of that
ministreating burden. Mental health has the highest ratio between ours
spent on clinical care and ours spent on ministrty work,
(03:47):
really and it's because be able health has the long
at the lengthiest conversations in healthcare. Primary care six minutes,
be able health sixty.
Speaker 1 (03:57):
Minutes, right right, You get that factor right there.
Speaker 2 (04:01):
Yeah, and you need to document sixty minutes. And guess
what if you're doing substance use, you've have group therapy,
you need to document for twelve people. That's sixty minutes. Okay,
that's a huge problem. And I think the opportunity that
we saw is innovation and AI is not trickling down
(04:25):
into these industries. A lot of money, a lot of funding,
a lot of innovation goes into that cute care market
and the health systems and the hospital, and rightfully so,
there is a huge need there, But there's also a
huge need in what I call the compassionate care market.
We have a health addictions, intellectual development, disabilities, autism, long
(04:50):
term care. That's where our aging parents spend most of
their time, that's where our loved ones spend most of
the time, most of their time, they're not hospitalized. And
we wanted to make an dent in that universe and
to drive some impact.
Speaker 1 (05:08):
So when you recognize the problem and then decided you
wanted to tackle it, what what did you have to build?
Speaker 2 (05:13):
First?
Speaker 1 (05:14):
Well, you know, what was the vision when you started out?
I guess maybe what was the pitch to that first
v venture capitalist of what Elios was going to build
or become. And I don't know if you've stayed true
to that mission since that first meeting or if it's
had some zigs or zags, but i'd love to hear
how how it's kind of built over the last couple
of years.
Speaker 2 (05:34):
Yeah, it's a great question. I think the vision stayed
very much the same. I think maybe how we apply
that vision to reality is always evolving, but the vision
was always we believe that in order to solve this problem.
Clinicians needs to spend one hundred percent of their time
on care and zero percent of their time on admin.
(05:57):
And when the time that you spent on care, we
know that the care that is being provided is the
best care possible for this patient profile. And we believe
that if you tap into the treatment, which is the conversation,
you can a automate a lot of the burden. And
(06:21):
today we reduce the time spent on that burden by
eighty percent. But you also drive quality of care. And
we've actually published multiple period studies, including a randomized control trial,
and we've seen the condition who use elliots their patients
their consumers improve three times faster, meaning their symptom is
(06:47):
reducing three to four times faster. And it's because the
conversation is the treatment which is really unique to be
able health. And if you manage to quantify that, if
you manage to drive clinical insights to the clinician workflow,
and if you build great products that they love, it
changed people lives.
Speaker 1 (07:08):
Fantastic. So maybe let's dive a little bit deeper into
those kind of two buckets of products, and maybe we'll
just start with what I maybe think naively is the
easier one. But the administrative side, So how does how
does elios you know, accelerate the amount of time or
or add to the amount of time that the clinician
can spend on the patient care versus the administrative side, Like,
(07:30):
what's the input and what's the output?
Speaker 2 (07:33):
Yeah, so the input is the conversation. Were running the
background of these treatment therapy conversations no matter the setting,
the length, the number of participants, the condition. We did
not record these conversations, but we analyze them and as
the session ends, we provide eighty percent eighty to ninety
(07:56):
percent of the documentation for that clinic in their EHR,
So we admit them where they are right and they
just need to look at the suggestions, finish the note,
and submit the progress note or the intake. This is
a life changing product for clinicians because all they knew
(08:20):
until now was pajama time and finishing all these notes
during the evenings. And again, think about group sessions, that's
like twelve people use documents for so we are really
reducing the burden tremendously there, which for some people open
up more access. For other people, it's just less burnt
(08:43):
out and they're not leaving their organization that they work for.
And also the clinic of documentation integrity is much much higher.
Speaker 1 (08:54):
And so is that that's just an ambient engine listening
in the background and matching it up with I guess
EHR coding correct.
Speaker 2 (09:02):
We have the largest data sets in the world for
real health conversations. We have built the tech mostly proprietary
in house. Well also the only a company in healthcare
today that is using what is known as multimodel LMS,
(09:22):
so we're not even transcribing the conversation, we're coorring the
audio directly, which leads to better accuracy, lower costs, and
also support. We support more than one hundred languages and
within seconds you get the output in your HR to
find life denote.
Speaker 1 (09:42):
How did you build that that engine around all the
behavioral are the clinical pieces that you know match up
or reference to that EHR you know where you know,
where did that come from? Originally?
Speaker 2 (09:57):
We really believe that ye AI matters, and you know,
these models are improving an unbelievable pace, But really what
drives adoption is not the models. What drivers adoption is
a really great product that meets the Nichian's workflow and
(10:21):
I think that's sometimes what people miss is everyone is
so obsessed with like the models and the new lambs
in which is true for most industries. In healthcare, it's
all about the workflow. If you're not in the workflow,
if you don't and you know, Jonathan, let me give
you an example. Imagine the following situation. A social worker
(10:47):
gets into her car, picks up someone that is without home,
lives on the street, drive them to the pharmacy to
buy minicaise, to drive them to the grocery store to
buy food, and then need to drop them back where
they pick them from. And you need to document this
(11:08):
entire thing. It's not in clinical setting. It's noisy, it's
on the go sometimes in reception desert. Until you don't
see that, until you don't fully understand the workflow, you
can't build a product for this use case, right because
we imagine that everything is sterile. We sit in the
(11:30):
clinic and we talked to one another, you know, one
in front of the of the clinician. It's easy. Life
can be able to help is messy. And that's why
I'm saying workflow matters, and you really need to build
great products for these type of forekflows.
Speaker 1 (11:49):
So we've been focusing a little bit more on the
administrative side of the workflow. Can we talk about the
critical side or the decision making side from the provider?
How does the platform help the clinician be be a
better clinician? I guess at the end of the.
Speaker 2 (12:03):
Day, Yeah, I'd like to say that we allow clinicians
to be the best version of themselves, right. And I'll
give you an example. Just a couple of weeks ago,
I met a clinician that he's using Eliot. Surname is Sarah,
and she described a patient that she as caring for
(12:27):
that as dealing with severe mental illness. And until now
she used to write everything that he said and couldn't
look them in the eyes, and he didn't come for
a session, didn't have a job. And recently she's walking
like around the room, sitting on the floor and from
(12:49):
the floor, looking up into his eyes, making eye contact
and talking to him. And he started to open up
and come to say, found a job. And we also
give Sarah, we quantify the different therapeutic intervention that she's
doing within the session, we reflect it back to her,
(13:12):
and we show her her adherence to evidence based prodocols
because we can quantify that in the conversation is.
Speaker 1 (13:20):
That happening in real time while she's in.
Speaker 2 (13:24):
Post Okay, we found that, you know, real time in
the distracting to distructing. And we don't tell them what
to do. We just show them this is where you were, this,
this is what happened. It was so helpful for her.
Speaker 1 (13:42):
And then maybe how hard is it to stand up
up a new a new community practice. You know, if
I came to Leios and said, oh, I'd love to
adopt the platform, how long does it take?
Speaker 2 (13:54):
You know?
Speaker 1 (13:54):
And I know these are always different depending on the
HR and the size and that sort of thing, but
you know, just generally, how long does it take to
get up in running?
Speaker 2 (14:00):
Actually think that this is one of the aspects that
I'm the most proud of with the work that we do.
We can get an organization up and running. And when
we say an organization, they usually have anywhere between hundreds
two thousands of colintions. Right today, we work with over
two hundred organization tens of thousands of clintions. So we
(14:24):
get them up and running from signature to go live
within around sixty to seventy days. And it's probably the
fastest implementation of AA technology and healthcare across the board.
You know, we're not doing it. It doesn't it's not
a six months twelve months implementation process. We are fully
(14:48):
integrated with all the different dhrs, all the different telehealth
and be able health. And I think another testimonial to
the way we kind of lead these categories. You know,
there's no pilots, there's no trials. I think we have
enough reputation right now in the market and success stories
(15:09):
that people just adopted and the utilization is incredibly high.
Speaker 1 (15:15):
So with no that's a very good place to be.
No pilots. But did you have to do pilots when
you started out? I mean, was there a customer that
really kind of drove a lot of adoption After that
you saw some success.
Speaker 2 (15:28):
Yeah, we had a lot of design partners, right, and
a lot of amazing leaders that we owe a lot
of appreciation to in being early adopters and innovators and
understanding how this can impact their workforce. But we really
believed from day one that it's all about the value
and if we can show the value quickly to the buyer,
(15:51):
to the end user, and honestly also to the patients
and the kind of end consumers. Then we didn't want
to be in that place of you know, there's this
same death by a thousand pilots. We didn't want to
be in that place.
Speaker 1 (16:10):
Yep, now that makes sense. You know, maybe thinking back
to your origin story, starting right before the pandemic or
right during the pandemic, how did that help or hurt
or drive adoption of the platform because I you know,
everybody went virtual. I know, basically everything behavioral went virtual.
Maybe as another question alongside that, you know what percentage
(16:34):
of clinicians are using your platform on a virtual basis
versus in person basis. I'd be curious to hear about
that as well.
Speaker 2 (16:42):
Yeah, pre pandemic be able health volume in terms of
telehealth or VIRTUALI was single digits post pandemic or during
the pandemic obviously close to one hundred percent, and post
pandemic it's one of the only areas in healthcare that
stayed double digits in terms of virtual Most of specialties
(17:06):
went back to around kind of single digits or really
low double digits, and we have a health stayed relatively high,
which makes sense. I mean, again, it's mostly about the conversation,
it makes sense. It's it's a very it's personatural, it's personal,
it's very convenient for the consumer. Frosted I think it
(17:28):
obviously helped right and today it's probably if I'm looking
at our volume, I would say it's probably sixty forty
splits towards in person, sixty being the in person the
in person. Yeah, yeah, interesting, Yeah.
Speaker 1 (17:47):
Very interesting. So if we think about your journey as
a company, you know, you just recently closed another round
of funding. Maybe we'll talk about that in a second,
but you know you also did this series B I
believe back in twenty twenty three. You know what did
that enable you to do from a from a corporate perspective?
And then you know, fast forward to more recently, what
is the newest round of funding really help you do
(18:10):
now or give you opportunities to kind of build out
the platform or I don't know that the sales whatever
it might be.
Speaker 2 (18:18):
Yeah, we're really fortunate, I think to kind of build
them in this category and to have men of ventures
the be around and how grateful to the sea round
and for us, it was always about what additional value
can we unlock for this community? And this time around
(18:43):
it's how can we take elliotts to really become the
AA native operating system for the compassionate care markets be
able health, addictions, autism, long term care right and thinking
about this operating operating system and to end from the
(19:04):
intake through even revenue second management right, all the downstream
impact of that documentation. We're now launching our new compliance product,
which really unlocks clinical documentation integrity for these providers. They
are generating, you know, thousands of notes every every week.
(19:28):
They need to make sure that it's compliant before they
send it to billing. Today, they have a team who
kind of maybe managed to get to five percent of
that volume. We spend one hundredercent of the volume in
real time and tell them where to focus their efforts
so they won't get denails that won't get audited, they
won't get clawbex. And we are taking these products, we're
(19:48):
taking these approaches, and we're applying them across multiple markets,
and the funding is really to support that growth and
to support that expansion. We believe that the type of
innovation and the type of advancements that we see in
the acute side, we also need to see in kind
(20:08):
of the non acute or chronic care side of the
market for most of these Medicaid population, for Medicare and
for us, it's all about how can we increase our
outreach to impact the most amount of lives possible and
(20:30):
we use this funding will allow us to do so.
Speaker 1 (20:33):
So maybe teasing that out a little further. I mean,
there's there's always been a little bit of friction in
the behavioral space and that you know, it's largely a
lot of cash pay right, and so how do you
overcome that friction with with some of those populations like
Medicaid or Medicare that you that you talked about.
Speaker 2 (20:51):
Yeah, So, I think what's sometimes misunderstood is the vast
volume of be able health in our country is served
through these community centers, through these nonprofits, and they have
been in business for decades serving their local communities. They
are doing amazing work, and it's through state reimbursements CMS payments, right.
(21:20):
I think it's a very overlooked kind of aspect of
our healthcare system that is doing incredibly incredible work. And
I think where we see most of the cache is
I think probably in the private practice and of those areas, right,
But at the grand scheme of things, most of the
(21:43):
volume is not there. Maybe in the you know, bigger cities,
in the more popular areas or affluent areas, you'll see
more of that private practice in cash pay, but the
vast volume in our country is community based.
Speaker 1 (22:04):
Interesting. Yeah, I think I live in New York City,
and so my view of the world might be a
little bit different than the reality out out in the
rest of the United States.
Speaker 2 (22:12):
Right, we have a lot of for example, customers in
New York too, and you know also in very i
would say challenging neighborhoods, and they do amazing work there.
Speaker 1 (22:29):
So if you think about some of these investments that
you're going to make with this new capital, I mean,
if you think about a product roadback, which one of
the I guess items on your roadmap are you most
excited about? Like, where do you think you're going to
see the most you know, bending of the cost curve
or clinical outcomes? You know what gets you really excited?
Speaker 2 (22:49):
Yeah, I think we in the past kind of four
years managed to show I think tremendously impact with clinicians,
and this year we're expanding that footprint to additional clinicians
that we didn't manage to serve until now, for example, psychiatrists,
(23:09):
there's practitioners. That's something that we've unlocked, and I'm really
really excited about that because it's a huge portion of
the market. But I'm really also excited about our ability
to deploy what we call a genetic workflows also to
(23:30):
the back office and tow it's it's all goes back
Jonathan to one hundred percent care of zero percent admin. Right,
how can we alleviate the burden from clinicians from the
back office? Exactly? Exactly, because put yourself in the clinician
shoes for a second. You're meeting in client back to back,
(23:53):
back to back, submitting these notes, but they go through
quality review and then two weeks later they tell you, hey, Jonathan,
I don't know if you remember that you saw a
long two weeks ago, but something in your documentation is wrong.
Can you fix that? At this point, it's too late.
You'll probably see tens of people by now, and it's
(24:17):
really difficult to remember what happened there and what I
need to fix and like, so it's more of your
day as a clinician. Right. If we can stop that
upstream and to make sure that what you produce is
fully compliant. Make sure that once it gets to audit,
(24:37):
it's fully compliant. We've just freed more time for you
to focus on care and I'm really excited about that.
Speaker 1 (24:46):
And so maybe from a technology perspective, you know, you
guys have implemented a lot of different models into your workflow.
If you look out a couple of years, you know,
what do you think, do you see anything that's going
to be paradigm changing From a tech analogy perspective, the
advancements in gen AI or any of the other language
models or multimodi models. Is there anything that fundamentally is
(25:08):
going to change your business in the future.
Speaker 2 (25:11):
I think multimodel is another revolution that people don't fully
grasp yet. I think we are probably one of the
only A companies to fully implement that at scale, and
you see huge impact in terms of costs, in terms
(25:31):
of accuracy, in terms of supporting diverse population. So I
think the general population is playing more with multimodel. And
you've seen how we you know, people create videos and
music and photos and all of that. I think people
(25:53):
have yet to understand the implications about healthcare because, for example,
this multimodels also allows you to stream video, right, so
think about I don't know dermatology or anything that has
to do with with images as the medium of care.
(26:13):
And now you can stream all your video real time
and get support, diagnosis, documentation and whatever based on this
video stream. I think that's going to unlock a lot
of possibilities. We're using that mostly on the audio side,
So I'm really excited about this, and I'm really excited mostly.
(26:36):
I think where AI is going to go next and
is going next and it's going to change healthcare is
a what we call agentic workflows. I think the new
interface for clinicians is no interface. EHRs are going to
(26:58):
be some thing like a cloud provider that sits in
the back and is that the infrastructure layer. But I
think the front end is going to be an a
an AI native application layer, and clinicians are going to
are gonna spend ninety percent of their time on that
application layer, and that application layer is going to go
(27:19):
back and perform actions for you on the HR on
the system of record. But just like something like Elios
in a way remove the keyboard. Where Elios goes next,
and I think where AI goes next is we're going
to remove the mouse good analogy, and I think and
(27:42):
I think that's going to change clinicians life tremendously.
Speaker 1 (27:47):
So what do you think the timeframe for that is
and when when do we see that in in actuality
or or maybe it's maybe another way to say is
when when do you think it's common?
Speaker 2 (27:57):
I think faster than people realize. You know, I can
only speak to ours, to elliots. We have kind of
a working product in alpha in those stages that can
work across multiple environments. I know other companies are going
(28:21):
down this rabbit hole. I think one thing that the
past probably two years I've learned taught us is this
technology is moving at a rapid pace. And you know
how sometimes people say that nothing happens for decades, and
(28:41):
then decades happened in days, right, see change right. I
think that's what we're seeing right now.
Speaker 1 (28:49):
M So, one of the things you mentioned in the
discussion of multimodels is you talked about video and you
talked about I guess voice and ambient and it just
piqued my interest because we had another company on on
the podcast who is doing digital biomarkers, and I wonder
from your perspective, how much value that might add to
a clinician's workflow, you know, in the behavioral market. And
(29:10):
this company was working on, you know, using digital biomarkers
for dementia, for other you know, Alzheimer's, whole host of things, depression,
burn out, all those sorts of things that you mentioned.
I'd love to get your insight into just where you
see those applications maybe.
Speaker 2 (29:26):
Going yeah, I'll start with a disclaimer saying I'm not
a clinician, right, so thank that with a grain of salt.
I think you know, when I approach these type of questions,
I'm really trying to think about the jobs to be
done or the problem to be solved. Right, I'm a clinician,
(29:48):
what are the jobs to be done that I need
to do? Or I'm in a provide organization, what are
the problems to be sold? And how can I solve
these problems? Whether it's an access problem, whether it's a
quality of care problem them, whether it's you know, revenue
cycle problem. So hypothetically, one can argue that a lot
(30:10):
of care needs to happen between visits and not only
during visits. And then the question becomes, how can we
get data on what happened on what happens in our
life between visits that a provider or a healthcare entity
(30:31):
can impact. And so I think remote patient monitoring is
maybe one approach to that because we can get data
on what happens once a patient leaves the clinic, and
then you'll need to You'll probably stumble into another challenge,
(30:52):
which is, let's say we have all these data, and
let's say that this data is super valuable. Who is
going to do what with with this data? And when
m right, most of the clinsions on I'm familiar with,
they don't have time for like coffee breaks, right, So
(31:13):
I think that's that's where technology meets workflows, and workflows
is like the real life coclincians needs to deal with.
So I don't know, maybe just foot for thought.
Speaker 1 (31:27):
No, it's good. I mean thinking about the marketplace a
little bit more, you know, would have been some of
the hurdles to adoption. I mean, you mentioned that psychiatrists
and I think nurse practitioners were an area that you're
moving more heavily into. Why weren't they adopting it previously?
Was that they weren't used to the technology, or or
there was a hurdle in the workflow that had to
(31:50):
be solved.
Speaker 2 (31:53):
To be honest, John, Jonathan, we did. We just didn't support.
Speaker 1 (31:58):
You just say we weren't targeting. Yeah, in terms of
product simple.
Speaker 2 (32:03):
Yeah. We wanted to start from in a way that
the hardest problem first. And what I mean by that is,
h let's tackle first the lengthiest conversations, the most complex
care settings, the most complex workflows, the you know, multiple speakers,
(32:32):
because that's most of the volume. Once we really, you know,
felt like that we've cracked that nut, then I think
it would be easier to do right.
Speaker 1 (32:45):
You could go down. You can go down in terms
of the complexity or acuity a lot easier than it
is to go up.
Speaker 2 (32:51):
Right, Yeah, exactly. And I think like with every new technology,
you have an adoption curve. You have early believers and
the early adopters and the laggers and the majority. Right.
I think one thing that happened in the past probably
two years, is now everyone is an AI expert, right,
(33:14):
Everyone is an AI gurule and using GPT and is
like on the frontier, which is amazing. It's amazing. I
think it was a worldwide market education in the day
thanks to what we saw with the GPT, which is
the killer app of our time. And I think that
(33:37):
really reduced a lot of the like, a lot of
like the I would say, the barriers.
Speaker 1 (33:45):
Yeah, exactly, exactly interesting. So now if we fast forward
in three to five years, I don't know, I don't
know where what the right time frame is. But you know,
if I come back and and and ask you, you know,
I say, of a couple of years from now, you
know what was kind of misunderstood about the marketplace in
twenty twenty five or what what didn't the market see?
Speaker 2 (34:08):
What would you say that the market and us included. Right,
we are not even scratching the surface of what's possible.
We think that the products and the technology that we
have today is a game changer, and it is. It
is a game changer, but the potential is so big.
(34:31):
Healthcare is one of the only industries in the US
that with the introduction of the digital age, the productivity
only declined.
Speaker 1 (34:44):
Yes, thank you to the fax machines, right.
Speaker 2 (34:47):
Only declined. Right, in any other industry, the productivity has
increased with the introduction of technology. And I think that
the technology until now in healthcare did not put clinicians
at the center. It was wrapping the clinicians around the
technology to serve other very important use cases, but not clinicians.
(35:09):
And I think we're getting to a point where clinicians,
because of the demanded supply curve. Whoever manages to win
the hearts and minds of clinicians is winning the market.
And whoever manages to deploy agents to augment and replace
(35:33):
administrative tasks will win the market. So I think we're
not even scratching the surface of what's possible.
Speaker 1 (35:42):
Now, that's well said. So we're at an inflection point
between productivity and technology.
Speaker 2 (35:48):
Yeah, and maybe we're now for the first time ever
at a point where healthcare productivity and healthcare outcomes and
the percentage out of GDP will actually yield in the
results that we expect to see. And in the US
we spend something like twenty percent of GDP on healthcare
(36:11):
and don't have the best outcomes in the world. Let's
face it. Maybe we're at an inflection point where this
is going to flip. That's what That's what kind of
I'm hoping for.
Speaker 1 (36:23):
Well said. So maybe one last question and then we'll
wrap up here, maybe two questions.
Speaker 2 (36:28):
To be fair.
Speaker 1 (36:29):
Uh, is there applications for el eos outside of behavioral
Is that how you're thinking about it in the future.
Is that one of your desires for where the company goes?
Speaker 2 (36:40):
Yeah, absolutely so, And that's already in the works. So
when we think about being able health, we typically think
about the classic it's called mental health care. ALIAS is
already working also in the substance use disorder space and addiction,
intellectual development disabilities and at them long term care, so
(37:02):
home health, skillednessing facilities, the aging population, all these markets
that are outside of the hospital, that are community based,
that are chronic care. That's where Elius is that either
playing or will play in the very near future.
Speaker 1 (37:19):
No, and I could think of some other white spaces
that you did even mention, I don't know, occupational therapy,
those sorts of things.
Speaker 2 (37:24):
Absolutely absolutely yeah.
Speaker 1 (37:27):
So the way I like to wrap these conversations up
is to maybe just ask the guests to focus on
a life lesson that drives them in their day to
day or really informs what their mission is. Is there
something that you share with your colleagues or team about
what drives you day to day?
Speaker 2 (37:43):
To me, it's always go back to my buddies, right,
and it always goes back to faces and people right
the minutes, and once you hear the testimonials like once
you again, like this story about Sarah, like I said
(38:05):
in the room, I listened to her and let's facical.
It was very emotional. And I think our wide alias
is incredibly clear. These are underserved population where innovation does
not trickle down into unserved markets, where innovation does not
(38:25):
really happen there. And we have a really unique place
to be in the driver's seat for this category and
to make an impact. Like what better reason do you
need to wake up in the morning and work on that?
To me, that's the most important calling that you know
(38:45):
we can we can work on No.
Speaker 1 (38:48):
Very well said, that's a powerful mission. Anytime you help people,
and particularly given some of the challenges and the markets
that you participate in, it's got to be very rewarding.
And so I can see how that helps drive you
your day today. So with that will wrap up. That's
Elon Joffe, CEO and co founder of Ilio's Health. Thank
you so much for joining us on our latest episode,
(39:09):
and please make sure to click the follow button on
your favorite podcast app so you never missed a discussion
with the leaders in healthcare innovation. I'm Jonathan Palmer, and
you've been listening to the Vanguards of Healthcare podcast by
Bloomberg Intelligence. Until next time, take care,
Host
Jonathan Palmer
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