Picture this: a healthcare system that doesn't discriminate based on income, geography, or social status. A system where everyone, regardless of their background, has equal access to quality medical care. Unfortunately, the reality we face today is far from this ideal. Healthcare disparities, soaring costs, and a lack of access have created a chasm that separates those who can afford care from those who cannot.
In this episode, Shawn Nason interviews Dr. YiDing Yu setting out on a crucial mission—to explore the intricacies of bridging the divide in healthcare. They discuss the core issues in healthcare, including misaligned incentives between patients, providers, and payers, and the need to empower patients and improve the payment system. Dr. YiDing Yu emphasizes the importance of making incremental changes and leveraging technology, such as artificial intelligence, to streamline processes like prior authorizations.
In This Episode
[02:10] YiDing’s journey as a serial entrepreneur
[04:01] The brokenness of the healthcare industry
[06:24] The challenge of making change in healthcare
[07:11] Magic wand: Empowering patients to make choices
[10:54] The starting block to transform payment
[12:04] Challenges in changing health insurance and payment
[14:40] Using technology to streamline prior authorizations
[18:22] Some of Dr. YiDing’s favorite innovations
[22:22] Bridging the divide in healthcare
[24:41] Disjointed revenue cycle
[28:59] Empowering women in healthcare
[31:14] The pipeline and supply of talented women
[32:08] The combustion questions
What We Learned From YiDing Yu
Misaligned incentives between patients, providers, and payers are a foundational problem in the healthcare system.
Empowering patients and giving them more agency in their healthcare decisions is crucial for transforming the system.
Bridging the divide in healthcare includes addressing challenges providers face in getting paid and battling insurance providers for reimbursement rates and denials.
The role of women in healthcare is important, and there is a need for mentoring, sponsoring, and promoting women to higher leadership positions.
Women should be encouraged to advocate for themselves in the healthcare industry.
Notable Quotes
[07:19] - “We have to allow patients to have more agency, more autonomy, more decision-making capacity.”
[08:42] - “Building patient loyalty doesn't necessarily generate more revenue. So it's hard to find the economic incentives to do that.”
[19:57] - “You don't have to have a master's degree in machine learning and all this crazy AI to make a profound difference to patients' lives and improve access to care.”
[31:29] - “It doesn't matter what your role is or where you are. You have the ability to change how leadership looks at your organization.”
Our Guest
Dr. YiDing Yu is a distinguished physician, acclaimed entrepreneur, and prominent healthcare innovator. As the Chief Medical Officer and Chief Product Officer at Olive, a transformative healthcare automation company, she leads product development and rapid expansion. Previously, she served as the Chief Medical Officer at Verata Health before its acquisition by Olive. She holds a magna cum laude BA in Economics from Harvard University and is renowned for her groundbreaking work, including accolades from prestigious organizations. YiDing is an international keynote speaker, captivating audiences worldwide.
Resources & Links
YiDing Yu
LinkedIn: https://www.linkedin.com/in/yidingyu/
Shawn Nason
LinkedIn: https://www.linkedin.com/in/nasonshawn/
Instagram: https://www.instagram.com/manonfiresocial/
Twitter: https://twitter.com/manonfiresocial
Website: https://shawnnason.com/
MOFI: https://www.mofi.co/
The Combustion Chronicles Podcast
Website: https://shawnnason.com/combustion-chronicles-episodes/
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