Join us for our second Quarterly Update of 2021 as our team shares key takeaways from a rather exciting and intense first quarter in the world of healthcare and health IT. Hear updates on the market and what this means for you and your organization as the industry continues to evolve. Use the timestamps below to jump to different sections of the broadcast:

  • 0:00​ – Introduction
  • 2:10​ – Moving Beyond Covid-19 [John]
  • 6:37​ – A Record Quarter for Digital Health Investment [John]
  • 9:07​ – Exploring New Hype Around Data as an Asset [John]
  • 12:52​ – Interoperability Update Introduction [Brian]
  • 14:05​ – Integration Infrastructure Market Trends Report Overview [Brian]
  • 15:56​ – Integration Infrastructure Market Forecast [Brian]
  • 17:32​ – New Integration Opportunities [Brian]
  • 18:06​ – Pricing Transparency Update [Brian]
  • 19:50​ – Virtual Care Intro and Amazon Care Expansion [Alex]
  • 24:03​ – Assessing the Telehealth Bubble [Alex]
  • 26:05​ – The Opportunity in Behavioral Health [Alex]
  • 27:37​ – AI Research Update – AI in Ops, RPM, and DTx [Jody]
  • 33:58​ – AI for Precision Public Health, SDoH, etc during COVID [Jody]
  • 36:17​ – Introducing Chilmark’s Health IT Map and its ‘Big Stories’ [Jody]
  • 39:22​ – Closing commentary

AI-generated transcript below:

John Moore III: [00:00:06] Good afternoon, everyone, and thank you for joining us for our second quarter update for 2021. Today, we’ll be discussing what has happened in the industry of health care IT in Q1. And then we’ll also be discussing what our team will be covering and keeping track of in the months to come. So a quick little about Chilmark Research before we jump into things: we see it as our mission to help organizations adopt, deploy and utilize modern information technologies to improve the health care experience. Our team is united by a core belief that effective deployment and use of I.T. is essential to modernizing care delivery and improving the care journey. And we see it as our role to help de-obfuscate what is happening, and see through all the noise to determine what the actual signal is around where the market is headed, and what buyers and vendors need to be aware of as the market matures. So the agenda for today’s session: I will give a quick overview of upcoming research that will then be followed by an industry update from John Moore. Next will be Brian Murphy with an interoperability update. Then we’ll hear from Alex Lennox-Miller on virtual care. And we’ll be closing out with Jody Ranck, who’ll be talking about A.I. analytics and social determinants of health. We’ll then end with a brief audience question and answer session, if you have anything that you would like to discuss in more depth with the team.

John Moore III: [00:01:24] So coming up in the next few months, today we actually launched our Integration Infrastructure report. So that is now available, it’s a Market Trends Report. And Brian will be discussing some of those key lessons and key takeaways today. Next month, early May, we will have our Virtual Care Management report coming out, followed by our AI for Operations report in late May or early June. Then we will have Brian releasing the Payer API Adoption Market Trends Report. And Alex is working on robotic process automation and revenue cycle management. And both of those reports are slated for a Q3 release. You can view our full publication agenda at the link below. So without further ado, here is our CEO and founder, John Moore.

John Moore: [00:02:10] Well, everyone, I’m going to touch on three main points in my presentation to you today, really looking beyond COVID as we start to slowly transition, as we see more vaccinations occurring and getting coverage under control, although there are still pockets of it. And then kind of talking to the COVID boom, how it’s fading, digital health as an attractive asset class. And there’s a hell of a lot of funding going into digital health currently, and the rise of data assets strategies among vendors, particularly incumbent vendors in the health space and the opportunity to that. So we’re really seeing the light at the end of the tunnel, the vaccine rollout in the United States. Despite a couple of hiccups, most recently, the J&J hiccup is moving quickly in United States. The big question remains, there’s still some vaccine reluctance in the market and among consumers and whether or not that will prevent us from reaching herd immunity. We are seeing some trends that more people are becoming more comfortable with taking the vaccine. And the actual projections for the number of citizens taking the vaccine has improved compared to, say, a couple of months ago. But the risk is still there. And as everyone knows, in Michigan, it’s kind of a hotbed of COVID spread and they’re seeing alarming rates increase in the rate of COVID and in hospitalizations. We also have to remember that developing countries are still very far behind us in terms of vaccines to those countries having them distributed.

John Moore: [00:04:02] And the thing is, with a pandemic like this, if there are countries where it’s still spreading quite aggressively that creates vectors for new variants, and new variants may be able to dodge the vaccines that we currently have today that may put us back to ground zero once again. So we really have a need for continued vigilance. But with this kind of uplifting in general, at least in the United States, we’re starting to see health systems restarting projects. Funding is starting to flow back into the health I.T. space in limited ways. I wouldn’t say it’s anything robust, but I would say it’s improving and politics are beginning to be looked at. We’re starting to see more RFPs out on the street. I think where the focus will be, at least for the next year, 12 to 18 months for most health care systems, will be on kind of this next wave of omni-channel care, and what I mean by that is delivering care to any channel of preference to the given patient/consumer, telehealth, retail, urgent care, you name it. But how does that given consumer wish to receive their care? And there’s still a lot of work to be done. So we stood up telehealth pretty quick. We didn’t necessarily put these systems around that to support that long term. It was more of a stopgap measure. So how do we interface that in workflows and position workflows, clinical workflow, scheduling, etc., stress tests that need to be done? And secondly, I believe that a lot of funding will go into the systems processes and what have you and the analytics necessary to support the continued transition to value-based care.

John Moore: [00:06:01] As I stated in the last quarterly call we had, there is a trend towards value-based care increasing as organizations realize that that PMPM model is a pretty good model to bank on, because you do have a bit of a newer stream versus more traditional RVU service type of revenue stream, that caught a lot of providers off guard when the pandemic hit and elective surgeries were halted. So looking at funding and how digital health has become such a hot asset class, well, as everyone knows, interest rates are at historic lows. There’s a lot of money in the market today. And investors are looking for a place where various asset classes are attractive to place that money. Certainly PE and venture capital firms are targeting health care. We saw that at the end of 2020 with a pretty dramatic increase over the course of that year. And 2020 nearly a doubling of funding up to I think is 14 billion is what I quoted in the last presentation. Well, in Q1 alone, seven and a half billion has been invested in digital health. That’s a massive number in one quarter. And I did an analysis looking at the top 28 companies that received funding.

John Moore: [00:07:43] Those top 28 represented 65 percent of all funding. And as you see here on this pie chart, this is basically how it was broken up, this is where the money is flowing. Certainly care services that include telehealth are getting the lion’s share, but analytics is certainly getting some healthy funding. Behavioral health has also risen quite a bit, in terms of the need for better behavioral health tools for consumers, and the need by employers to deploy those to payers and to some extent, providers. So that’s increased as well, and that is 12 percent of that total. One of the other things that I looked at when I looked at it, I was looking at various reports from MobiHealth News, StartUp Health, and Rock Health. And one of the other things that became readily apparent, when you look at the funding and what series they were, is that these investments are being made not at the early stages of a company’s growth or startup’s growth. They’re being made in later stages. Stage Series B, Series C, Series E type funding rounds, and that’s really for growth. VC and PE firms are really focusing their funding on those companies. They all have a lot of runway and room for growth in the future.

John Moore: [00:09:07] And lastly, I wanted to talk a little bit more about data as an asset. This is something I’ve been doing personally, some research on looking at the number of companies that are now starting to come into play, who are looking at selling their data assets i.e. patient records–de-identified–to third parties. Allscripts with in on this very early on with its Veradigm, where it set up Veradigm to sell what basically came out of its acquisition of Practice Fusion, because Practice Fusion was funded by selling data to life sciences and payer companies. So what’s happening now is that you’re seeing a whole range of companies now jumping in among the incumbents, health I.T. vendors, the large ones, for example, in addition to Allscripts, you have Cerner planning to do this and made a couple of key acquisitions, an acquisition and an investment, and Health Catalyst is getting into this. Premier has been at this for a while, but they’re all seeking to leverage their clinical data assets. Life sciences is the key market everyone’s targeting because they have an insatiable appetite for real world data. And real world evidence is being used for audit and drug development, as well as surveillance to look at the efficacy, value and safety of the drugs that are in the market today. I’m seeing all these different organizations coming into this market now and looking to sell data into into the life sciences, into a certain set markets, I think what we’re going to see is the market become far more competitive. You have the traditional players like IQvia that have been there for quite a while, but you have, to a certain extent Trinetics, out of Cambridge, Massachusetts, that’s been at this since 2013.

John Moore: [00:11:19] But now you have these other companies jumping into the game and there’s a lot of different business models now being proposed out there, whether or not royalties are shared with hospital systems or not, whether the data’s licensed or it’s provided as a service, basically answering specific questions that the pharma company may have, et cetera. So there is a heavy services component here as well to this. But I think the competitive differentiator that’s going forward will be– is the data consistently normalized and curated, what’s the data value and how many patient lines are represented in a given database? Typically what we’re looking at is tens of millions of lives and most of these databases that are now looking to sell into the life sciences market. What are the services components that wrap around that to help life sciences companies achieve the highest value from their use of that data? And lastly, it’ll be pricing and governance. What’s the pricing models for these? What do I get for what I pay? And how’s the governance being handled with regards to the data? Those are going to be really how this market separates out in the future, and it’s something we’ll be tracking quite closely. Thank you so much.

Brian Murphy: [00:12:53] Thank you, John. This is Brian Murphy, I do our interoperability coverage here. I’m going to touch on some of the points that John made towards the end of this presentation, just so you know that there is some continuity here. We’ve got a brand new market trends report just out today called Integration Infrastructure. It has a different format than all of our past market trends reports. It’s delivered presentation style rather than our traditional long narrative. But it has the essence of our past market trends reports. We go out, we survey the market, we isolate some functional categories that we think highlight the major differences between what different vendors are selling. We assign Harvey Balls to every vendor in every category, and then we produce a Chilmark Bearing, and this report does that. What is different about this, is that the discussion of the industry trends is a lot more concise, more graphical. We think it’s going to be easier to use, but we’re interested in your impressions as well. So any comments, complaints, compliments, feedback? Please reach out. And in connection to this report, we’re putting together a webinar. And if you or your company is interested in being in it, I’m asking you to reach out.

Brian Murphy: [00:14:05] So this report looks at the offerings from what ended up as three different groups of vendors, EHR vendors, vendors who are seen as health care integration vendors. And for the first time in one of our reports, the public cloud vendors, the three major ones who in the last two years or so have been loudly proclaiming their health care bona fides, mostly around their FHIR support, which is great and wonderful.

Brian Murphy: [00:14:34] But it’s still kind of a small part of the total health care integration picture. This slide right here kind of summarizes how the vendors are delivering integration to the market broadly; most combine these two different approaches in the sense that they have software tools and they also deliver effectively, what is integration as a managed service. The managed service type vendors usually deliver computable data or the ability to do transactions with a designated set of providers and payers, they build integrations that are consumed by applications that are inside some health care enterprise. They also deliver these integrations and these offerings, these managed service offerings are extremely popular with ISVs and with digital health vendors. The software vendors, for the most part, have products for programmers and analysts to build integrations. And I’d put the public cloud vendors squarely in this category. This slide gives you an idea of the characteristics of each approach, as I said. But it’s getting harder and harder to find a pure play in the sense that most do some combination of both. If there is a trend here, it’s that this right hand side, the managed service approach, is becoming more dominant over time.

Brian Murphy: [00:15:56] We put together a forecast of spending on integration products and services by different categories of health care enterprises. Overall, we’re projecting a compound annual growth rate of 14 percent over the next five years. What did jump out here is that the growth in spending by what we would consider nontraditional buyers is probably going to be faster than what we would consider traditional buyers, such as providers and payers. Interestingly, when you kind of break down what the public cloud vendors are doing in this market, it really looks like they’re heavily focused on clinical research, life sciences, digital health.

Brian Murphy: [00:16:38] The thing that I think is interesting about this is this combination of buyer and seller–the seller being the public cloud vendor and the buyer being critical research, life science, digital health–has probably more challenges when it comes to dealing with health care data generally, as well as dealing with the range of organizations and application sources that are important here. So it’s hard to see them making the kind of impact that they want to make without the help of the traditional health care integration vendors and the EHR vendors. But the bottom line is that we expect this to be a pretty healthy and growing market. And just as a note, there’s a lot packed into this forecast. And if anybody wants to discuss it in more detail, I’d be happy to do that. Just reach out.

Brian Murphy: [00:17:27] Where are the new opportunities coming from? A lot of people point to the 21st Century Cures Act as something that’s going to open up the data spigots. I’m not entirely sure that it’s quite that simple, but if 21st century Cures did nothing, it established that API-based access is kind of here to stay and it’s only going to grow. We’d like to change that. And as John mentioned, a lot of money is being invested in new digital health companies, all of whom are going to need some kind of access to patient data and are probably going to want to conduct transactions with different health care players.

Brian Murphy: [00:18:04] Just by way of illustration, I want to talk briefly about one element of the patient experience, member experience, where I think the integration products and services that we talk about in this report can can make a big difference in price. Transparency is all of a sudden a hot topic, this is the ability of a consumer to kind of understand how much something is going to cost before the care is delivered. It’s definitely, you know, a place where the average consumer could use some technology-based help. You know, it’s important if people had a better idea of how much how much things were going to cost, they would at least have the opportunity to pick and choose, and in some way arrest the growth in health care costs. At least that’s the idea. Both providers and payers are beginning and will continue to make pricing disclosures over the next couple of years. That will help.

Brian Murphy: [00:19:06] Before I turn it over to Alex, I just wanted to show you an example of a disclosure. This is an actual disclosure from a large health system. Not terribly useful to the average consumer who probably can’t read XML. It’s also probably not terribly useful to the average person who can read XML. So it’s fairly plain from something like this that, you know, in the hands of skilled programmers, creative product managers, there’s a lot more that the industry can do to make this kind of information more palatable and more valuable to people. So with that, I’m going to turn it over to Alex.

Alex Lennox-Miller: [00:19:49] Thanks, Brian, and thanks for everybody listening. As John said at the at the beginning, my focus recently has been pretty exclusively on virtual care. And so most of what I’m going to talk about today is focused on that. The biggest news, obviously, in the last week or so is Amazon.

Alex Lennox-Miller: [00:20:08] Amazon has announced Amazon Care. Their internal–previously internal–employee-focused health system will be expanding nationally and eventually available to outside employers. We wrote a little bit about this when the news first broke, but since then, a lot of people have come up asking me different questions and wanting a little bit more clarity. So I thought I’d go into that a little bit for you guys today. And first thing to make clear, I think–and this shouldn’t be really news to anybody–Amazon has been slowly growing their investment and their stake in health care for quite a long time now, going all the way back to the purchase of Whole Foods. And honestly, even earlier than that, in 2017. It’s important to make a distinction between Amazon Care–which is their employee health offering, targeting at the moment, self-insured employers, probably payers also–and the health services infrastructure of AWS. We’re going to be talking about Amazon Care as it is a largely virtual-first primary care system. The biggest value of it is their integration with the captive practice Care Medical in Washington state that has enabled them to go beyond just offering telehealth, beyond just offering remote appointments, and to be able to offer a much more comprehensive health care experience.

Alex Lennox-Miller: [00:21:42] Care Medical has filed for expansion in a number of states, and so it seems likely that the expansion of Amazon Care will come along with an expansion of that captive practice. For what it offers, that’s pretty impressive, but there are a lot of things that Amazon Care is kind of lacking, especially if you’re talking about a comprehensive, employer focused program. There are a lot of things that those employers expect and that offer the most value that currently it looks like Amazon Care doesn’t have, in particular in the areas of remote health, remote monitoring and behavioral health. When you compare the Amazon Care offerings with the most competitive biggest competitors that they’ll have, they’re missing some stuff. And it’s interesting.

Alex Lennox-Miller: [00:22:31] Unfortunately for Amazon, they’re moving forward with this in a really uncertain time, despite the fact that we’ve seen that major growth of telehealth in 2020. There are a lot of things that were unique to that, that drove that, that are potentially changing. In particular, reciprocal provider licensing, which is something that I think most people expected to continue past the expiration of the public health emergency, past the pandemic, really haven’t seen much action there. And other telehealth networks, other providers are now asking their providers and their patients to prepare for an environment where providers are back to state-by-state licensing.

Alex Lennox-Miller: [00:23:12] The other big issue is that it’s not clear whether or not Amazon is really ready for the challenges, the costs of rolling out, supporting and running what is essentially a nationwide primary care network. That’s a really significant task. It’s a lot of money. It’s a lot of difficulty. We’ll see how they do with it. But that is, I think, the biggest cost difference between, for example, what Amazon is offering and what other similar providers in the employer space are offering. That in-person, what John called omni-channel health care experience, is really key to the value that they’re offering with Amazon Care, and that is a real challenge. It’s also the case that when we’ve looked at how employer telehealth focused offerings have done in the past, they’ve been really challenged despite the fact that we saw that major boom in 2020, what we’ve seen in the second half of 2020 and the beginning of 2021, is that telehealth market really starting to level off and drop, going back toward that 20, 25 percent volume that we predicted way back in April from the height that it was showing in the middle of the pandemic. And that’s borne out, as we’ve seen reporting, of 2020 results from vendors in the space.

Alex Lennox-Miller: [00:24:34] Amwell, for example, isn’t quite in the same market. Teledoc shows pretty similar results. Total visits went up, but their subscription revenue really didn’t. It didn’t grow at nearly the same pace. People aren’t necessarily buying into the solution more, they’re just using it more. For a provider like Amwell, that’s pretty good news for their business. Marketing, mainly to providers and provider organizations, is going to be driven by use and uptake. For a vendor like Teladoc that really requires those subscribers–that long term annuity that John was talking about at the beginning of the call–this is really troubling news. And since Amazon is planning to move into this space, it’s potentially bad news for Amazon as well. We saw that money come in, in 2020, those major investments come in and telehealth led the way. They were the biggest recipient. They got the lion’s share of that gold. But now they’re going to have to show results and with use dropping off with those heights from mid 2020, going back towards what’s still a very impressive baseline but is much lower than what it was. It’ll be interesting to see how investors respond to that.

Alex Lennox-Miller: [00:25:54] The virtual care report has given me some really interesting views of what’s most important in this space and telehealth, to me, really isn’t it. By looking at that, I think we can see where the sector’s ploys for the biggest growth long-term in that virtual care space are. It’s not telehealth, really. It’s going to be that remote monitoring, it’s going to be that asynchronous health and that asynchronous coaching.

Alex Lennox-Miller: [00:26:21] But the biggest space, the space that I see the most potential growth in, is in behavioral health because of that really outsize effect that behavioral health has both in long-term care, in chronic health management and comorbidities. And because the simple fact of the matter is that over the last year, a vast majority of Americans have really needed help in a behavioral health context. And hopefully they’ll be able to get it as these behavioral health apps roll out and start to get a little bit more traction. These are really valuable to health systems and providers who want to provide behavioral health services but don’t have the resources immediately on hand. They’re immensely valuable to employers and payers, they really address a broad swath of the market. And I think as we go forward, behavioral health is really going to be the biggest growth space in this digital health, or omni-channel health care, spectrum. So hopefully that was interesting. If there’s anything there that you’d like to discuss, please feel free to get in touch with me. Otherwise, I’m going to pass it off to Dr. Jody Ranck.

Jody Ranck: [00:27:37] Thank you, Alex. And I’m Jody Ranck. I cover the A.I. Analytics and the social determinants of health space for Chilmark. For the past quarter or so, I’ve been working on my next large report that’s going to be focused on A.I. and operations, which really digs into the automation of the back office and addressing the administrative burden in health care and looking at deeper dives into about 10 vendors in that space. In the middle of last year when we first decided to do this report, you know, there’s a lot of speculation about the A.I. analytics market in this area and how we might be seeing a bit of a slowdown in this area because of the pandemic. But in fact, we saw from the research we’ve been doing, we’re seeing that a lot of CFOs and CIOs realized they had to sort of innovate out of this tight financial spot they were put in due to the pandemic. And they’re cutting these costs in administrative or cutting administrative costs. There are sufficient solutions in the market that are AI based that could address that need.

Jody Ranck: [00:28:58] So we’re actually seeing some interesting dynamics in that market due to COVID and beyond and in additional areas where, I think it’s driving it, is AI and its place in that overall digital transformation, even though we’re in the early days of the applications of A.I. in health care, and there are a lot of perceptions of the risk, especially in the clinical areas, clinical decision support and so on. But in these administrative areas there, it’s viewed as less risky, but higher return in addressing some of the financial implications of the administrative costs of health care. So in addition to that, or as part of that, I’ve done a number of briefs, blog posts on everything related from remote patient monitoring, the revenue cycle management, prior authorizations and so forth, up to some recent research on digital therapeutics and digital twins and the A.I. implications in those latter two areas.

Jody Ranck: [00:30:10] In addition, following on our reports last fall on social determinants of health that focused on vendors that were integrating data on community partnerships into the point of care for providers, we did a two-part webinar series on social determinants, initially with users of the solutions, and then more recently with a handful of vendors in that space. And looking at where that market is at the moment and what’s being offered on that sort of data related to community partnerships, and why the more interesting moments in the market in the last month or two has been a pretty massive investment in Unite Us, which I think caught many of us by surprise, given the magnitude of the investment and basically how, you know, it’s a rather difficult market.

Jody Ranck: [00:31:06] And then when you’re dealing with these social determinants, growth can be slower on many fronts. And so such a massive investment caught many of us by surprise. And more recently I’ve been looking at, what did we actually learn about the maturity of A.I. solutions and their effects during the pandemic up to this point in time, because it’s been about a year. We’re often confronted with a great deal of hype about A.I. plus, on the other hand, lots of growing concerns about the issues of bias. And a number of cases have come out with, you know, sort of a discovery bias, and some of the algorithms or training data sets and so forth that could actually cause harm. So I’ve continued to cover that throughout the year. But one of the most interesting aspects of the last year was the role that A.I. played is playing in therapeutics and vaccine development. And I think that’s where we see the really some of the promise of A.I. being demonstrated already. And a good example is the vaccines we’re getting right now in the speed to market. Normally, vaccines like this would take a five-to-seven year timeframe, and we got them in less than a year.

Jody Ranck: [00:32:34] And one of the critical components of the vaccine development process is the design of the epitopes for vaccines, which historically that itself would take one to two years. But now with some of the A.I. tools used by vaccine developers, that task that took a year or two can be done in seconds or minutes at most. And so we’re seeing these some really interesting applications in the biopharma world, as well as having the ability to sort through very large libraries of small molecules and finding drugs that may already be in existence, that could have applications to COVID. And then as the year grew on, we saw better modeling of the epidemic as we got more data available in virology and so forth, and then linking this to also that public health or economics of the lockdowns and so forth. So a lot of epidemiological labs bridging the epidemiology and economics to model the effects of the overall pandemic.

Jody Ranck: [00:33:49] So this second quarter research, I will be finishing up our A.I. and operations report and releasing that. If you know of any companies that have robust solutions in A.I. and operations that we haven’t already spoken to, I’m still happy to talk to a couple more vendors for inclusion in that report. So please feel free to reach out to me.

Jody Ranck: [00:34:15] And I’m also keeping my eyes open to new developments in the social determinants of health area. And if there are any crossover areas with A.I. and in particular, I’m quite interested in looking at some of the data issues around social determinants, especially where we have anywhere from 63 to 80 percent of the data in health care in unstructured data. What are some of the tools out there in A.I. that could address that to make some of the analytics around social determinants more robust. And another area that I’m quite interested in is this bridging the gap from public health to health I.T., where we’ve seen a major challenge in kind of failing of the system, where there’s only about five percent of our overall health care budget that has gone into public health. And the effects of that have been quite apparent over the last year, that our public health system is quite weak and that we need to develop better surveillance tools, then communications, engagement and a number of different technology applications there, including some using A.I. for precision public health that could developments in the testing room with the A.I. realm. We can do better targeting the next time there’s an outbreak and not have to shut down entire countries and states and so forth.

Jody Ranck: [00:35:51] And another area that I’ve been following very closely since I’ve been covering A.I. for Chilmark is the issue of A.I. ethics, developments around explainability to providers and end users, and these bias and privacy issues as they emerge and any interesting solutions that have emerged to address these as well. We’re also currently engaged in developing a new type of offering from Chilmark Research, and I’m leading this effort to create our first health I.T. trend map. So one of the challenges is when you’re an analyst firm, is we issue a lot of reports. So how can we make the totality of all of our research much more usable in in a visual format without having to read through all of these reports to mine the insights for your firm?

Jody Ranck: [00:36:51] So we decided to create this health I.T. trend map that would look at all the domains we cover– from virtual care with Alex, and population health, and Brian’s work around interoperability and data usage to A.I. and FinTech and even digital therapeutics–and look at the main drivers across all of these domains and how they’re driving certain smaller trends and some bigger trends within the overall health care space. So from this map, we’re looking at the big drivers being consumerization, bending the cost curve, omni-channel care, this public health/health I.T. convergence, democratization of data and digital transformation.

Jody Ranck: [00:37:40] And then some of the big stories that emerge from these drivers are: platformification or the entrance of the larger platform economies such as Amazon, Microsoft and Google into the health care space, and how’s that playing out, the caregiving economy and uncompensated care by families for relatives and tools that can help alleviate that burden, how the home is becoming a health platform with this adoption of virtual care, remote patient monitoring and so forth, growing politicization of data and controversies over big tech and their usage of our data across the economy, but in particular here in health care, and then the rise of the cloud in health care, changing business models for hospitals, the role of private equity and venture capital in transforming the market, and payer-provider convergence. These are just some of the bigger stories that emerge alongside dozens and dozens of smaller trends, so we are going to be presenting this map or releasing this map, hopefully by the end of this quarter. And we hope that will be a useful tool for you, whether it’s forecasting or strategy work and just sort of understanding the overall market and all of our research and how they might come together in interesting ways. And that’s my work. If you have any questions, I’d be happy to answer in our final segment here.

John Moore III: [00:39:20] Thank you, everyone. Thanks for those great presentations and thank you everyone that did join us today. Was there anything that we should just kind of review as a team?

Brian Murphy: [00:39:31] Yeah, the protocol, I guess, which we completely missed here in our rush to kind of get ready is, we’re supposed to invent questions. I think everybody knows that contrived questions. And I apologize on behalf of everyone here for not having done that.

John Moore: [00:39:48] And what I was going to say is, I think I hope that those that listened in on this call can kind of see it, that there’s a trend here in terms of our research and a broader trend in the industry, and that is platforms, virtual care, omni-channel care and analytics. And we can’t do analytics in A.I. without getting the data. You can’t get the data without integration infrastructures. So I think those are really the key thematic areas that everyone should keep track of. And just remember that I said in my presentation that there was seven and a half million dollars invested in Q1, just so everyone knows. I mean, in my conversations with various financial firms, with BMC firms, they’re out raising new rounds. And those rounds–they’re having no problem getting more money. So there’s still a lot of dry powder in the sidelines that is just waiting to invest in the right opportunities in digital health and health care. So I think there’s plenty more coming. And the important thing for our clients is to really begin to understand how these acquisitions will play out in their particular markets. And basically, where is the money flowing to? What areas seem to be getting the most interest from investors? And then try to understand why. There’s definitely some very clear signals as to how the funding is going, and that portends how this market may evolve over the next three to five years.

John Moore III: [00:41:44] Ok, I guess with that we can wrap for today. Thank you, everyone, for those great presentations and have a great rest of your day.