Welcome to the SMB Tech Innovators podcast, powered by Gusto, where we explore the intersection of financial services and vertical SaaS strategy and discuss how software combats the rising complexity of running a business. As the healthcare industry navigates an era of unprecedented technological advancement, Andrea Kowalski, Founding Member of Chief and Former SVP of Products at Tebra, discusses the intricacies of innovating in a sector that affects everyone’s lives on the first episode of 2024. From her initial aspirations in the medical field to leading the charge in healthcare technology, Andrea’s journey offers valuable lessons and predictions for the future of healthcare.
Podcast highlights:
- An overview of Tebra, the healthcare software platform.
- Trends in healthcare: independent providers and consolidation in health systems.
- The importance of end-to-end platforms in healthcare.
- A discussion of patient experience and outcomes in healthcare technology.
- Challenges and lessons created from merging two companies to form Tebra.
- Strategies for integrating different teams and technologies in a merged company.
- Embedded fintech opportunities in healthcare.
- Ethical implications of aggregating and analyzing patient data.
- Advice for new healthcare tech innovators and future trends.
The Future of Healthcare Technology
Andrea Kowalski, former Senior Vice President of Product at Tebra, a healthcare practice management and marketing platform, recently discussed the ever-evolving healthcare technology landscape on the SMB Tech Innovators Podcast. As a former software engineer and one of Forbes’ most influential women in healthcare, Andrea offers valuable insights into the healthcare industry’s endless possibilities. She encourages entrepreneurs and innovators to address challenges and seize opportunities, regardless of their size. She is a leading expert in the dynamic nature of the industry and the critical role that technology plays in healthcare technology.
Andrea’s journey is a testament to the power of passion and expertise. She started pursuing a medical career but found her true calling in engineering and software development while in college. Moving from the financial industry to healthcare, Andrea discovered that her unique skill set could contribute to building innovative products for the healthcare sector. With eight years of experience at Athena Health and later joining Kareo, which merged with PatientPop to become Tebra, Andrea has been a driving force in improving healthcare experiences for both providers and patients.
The Role of Tebra in Healthcare Innovation
Tebra operates as an all-in-one software platform dedicated to supporting small independent practices. Catering to practices with one to twenty providers, Tebra covers a spectrum of services, from establishing an online presence and marketing to patient engagement, scheduling, practice management, electronic health records (EHR), and billing. The platform’s overarching goal is to alleviate operational burdens for these practices, allowing them to focus more on delivering quality care and improving patient outcomes.
A significant moment in Tebra’s journey was the merging of PatientPop and Kareo, which led to a rebranding process. Andrea highlighted the importance of providing a seamless platform experience, acknowledging that customers require time to adjust. The transition process was made smoother by adopting a phased approach of becoming a “Kareo, PatientPop, and Tebra company” before eventually becoming Tebra. The focus was on refreshing the brand in the product experience to reassure customers about the interconnectedness of the products.
Independent Providers and End-to-End Solutions
The trends in healthcare showcase a dichotomy between the increased consolidation of large health systems and the persistence of independent providers. Tebra specifically targets the latter, acknowledging the unique challenges these practices face in managing regulatory requirements, complexities with payers, and changing reimbursement details. The Tebra platform simplifies the buying experience for independent providers, fostering shared data and reducing operational load.
The burden of operational complexities weighs heavily on the shoulders of independent providers. Tebra’s end-to-end solution is a much-needed support system, significantly lessening this load. By consolidating various functions, the platform frees up time and resources for providers to direct their energies toward what matters most – patient care. This shift from a fragmented operational model to a cohesive, integrated one is not just a convenience but a strategic imperative for the sustainability and growth of independent practices.
The Healthcare Technology Marketplace Dynamics
Exploring the marketplace dynamics, Andrea discusses the significance of helping patients discover healthcare providers. She draws parallels with other vertical SaaS platforms, noting the commonality of successful companies incorporating marketplace features. The ability to facilitate the discovery of providers adds substantial value to the platform, especially for small businesses seeking visibility. Andrea predicts a continued focus on enhancing the end consumer’s (patient) experience, staying attuned to dynamic shifts in how users search for healthcare information online.
Embedded Fintech in Healthcare
Embedded Fintech in healthcare is gaining momentum, and Andrea believes there is a significant opportunity for further integration. Currently, payments are the focus, but she believes that other Fintech products could be integrated into central platforms like Tebra. As the industry evolves, Andrea suggests that platforms may expand into additional Fintech products that align with their core offerings. However, she highlights the importance of strategic decision-making between building and partnering to ensure a seamless user experience.
Ethical Implications of Data Aggregation
In today’s world, where data-driven decision-making is becoming increasingly important, ethical data utilization in healthcare technology is not an option. Implementing stringent data security measures and transparent data practices to protect patient information while unlocking insights that can help improve care delivery is essential. Andrea strongly advocates leveraging advanced technologies such as AI to derive actionable insights from healthcare data while maintaining a steadfast commitment to patient privacy and confidentiality.
Advice for Healthcare Technology Innovators
For aspiring founders venturing into healthcare technology, Andrea advocates for seizing the multitude of opportunities within the industry. Whether addressing significant challenges or solving minute tasks, innovation is key. Andrea stresses the importance of prioritizing the end consumer – the patients – and adapting technology to meet their evolving expectations. The changing landscape of consumer expectations in healthcare presents an exciting avenue for innovation and improvement in the overall healthcare journey.
Healthcare is experiencing a technological revolution, and the role of innovators like Andrea Kowalski is becoming increasingly important. Tebra’s journey, from rebranding to envisioning the integration of Fintech, demonstrates the dynamism of healthcare technology. It is evident that as we navigate this landscape, there will be more opportunities for those willing to innovate, keeping patients at the center of technological advancements in healthcare.
Listen to Leading the charge in health technology with Andrea Kowalski and connect with Andrea Kowalski on LinkedIn.
