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Join NABR in partnership with Corp! Magazine for our CEO & Executive Thought Leadership Series, where Jennifer Kluge sits down with C-Suite Leaders to get their insight and expertise.
NABR is a service organization igniting greatness in companies and their people.
00:00:00:00 - 00:00:34:13
Jennifer
Hello everyone, and welcome to another episode of CEO and Executive Thought Leadership. I'm your host, Jennifer Kluge, and today we have a very special guest with us. Steve Grieco is the CEO of MedeAnalytics, and he joined many analytics somewhat recently. Recently in 2021, and has successfully driven the company into new levels of performance and growth through our technology modernization, evolved focus on sales and marketing, and enhancing the customer experience.
00:00:34:15 - 00:00:48:04
Jennifer
Media analytics helps customers measurably reduce healthcare costs and improve reimbursement and care outcomes for health care payers, providers, and employee years. It's a pleasure to have you on the program, Steve.
00:00:48:06 - 00:00:49:24
Steve
Thank you for having me. Great to be here.
00:00:50:02 - 00:01:06:11
Jennifer
Now, I know you are an AI driven health care platform and cloud, and you help customers with better outcomes across the health care market. Can you give our audience an overview of the company and the businesses you serve?
00:01:06:13 - 00:01:39:24
Steve
Sure. So first of all, that has been around for about 30 years, and we were actually one of the founders in the pure play healthcare analytics space, but come full circle to where we are today. As you said, a modern transformation program. We provide an AI powered, ultra modern enterprise platform called Health Fabric that provides data activation, interoperability, analytics and workflow that delivers outcome and really hard dollar ROI across the healthcare ecosystem.
00:01:40:01 - 00:01:48:22
Steve
So it's all payers, providers, employers, and everybody else who participates in the very complex U.S. healthcare ecosystem.
00:01:48:24 - 00:02:09:24
Jennifer
Well said. It is complex and we are going to touch upon that. And your thoughts on that. Let's focus first on you coming in as an as a new or CEO, relatively new. You know, they always tell leaders, you know, what would you do if you were a new CEO walking through the door? Can you walk us through that experience?
00:02:09:24 - 00:02:17:07
Jennifer
How did you show up and what was your methodology for taking the reins and what did you accomplish?
00:02:17:09 - 00:02:47:00
Steve
Like you said, it was late 2021, and I've had the fortune to have to step into many leadership roles. So over your career coming up, the ranks, you kind of develop your your own sort of refined playbook for how you start in a new role. And obviously, that approach focuses on how best to understand the company, the tremendous amount of listening, you know, assessing the talent, understanding the market and really identifying gaps and opportunities in the marketplace.
00:02:47:02 - 00:03:21:14
Steve
But really, what it really gets down to is identifying and building a high performing team. And then this case with healthcare, deep domain expertise, tech expertise and AI expertise. So really once the new team was on board within the first year. And that's pretty good. Not only the executive team, but a few layers down. We made a very collaborative but decisive decision to replatform the company's tech stack with really best in class tooling and really a highly, highly innovative capability and architecture.
00:03:21:16 - 00:03:48:19
Steve
So we branded that health fabric. And really what we did at the same time is the company historically was just in the provider space. We really took that opportunity to expand beyond provider, like you said, across the healthcare ecosystem, with a big focus on some of the new initiatives. You'll hear things like value based care and interoperability. And just to make sure we could serve that market with better outcomes.
00:03:48:21 - 00:03:57:15
Steve
And really, this concept of accretive ROI, that's what analytics should be doing, providing those insights. And that's what we set out to do.
00:03:57:18 - 00:04:23:12
Jennifer
You make it sound easy. Anybody that's built a platform or updated a platform knows that that's a heavy lift. And it's not necessarily fun. But you described it so eloquently, it sounds like it it was easier than it was probably. But I really like how you said really listening, aggressively listening, coming into the role. And so much can be learned.
00:04:23:13 - 00:04:37:18
Jennifer
It's called walk in the Four Corners. Right. So thank you for sharing that. Those are some really good best practices. What are the most critical issues that you're facing right now now that you've been in the seat for a hot minute? Yeah, I have.
00:04:37:18 - 00:05:00:12
Steve
To go back to the complexity in healthcare. It's changing rapidly. Healthcare doesn't move the fastest. And so you've got this Dicom dichotomy of AI, which is really trying to change the world in a in a millisecond. And then all these other macro situations like value based care, it's been fee for service for a really long time, but those shifts are occurring.
00:05:00:14 - 00:05:26:19
Steve
And so really our go to market approach is broad, which makes that sort of journey even more complex. Like I said, we don't just serve payers or providers. So you have all of these big macro issues. So our focus really was we need healthcare domain expertise that understands that ecosystem technology expertise is a big shifts and moving from fee for service AI, so on and so forth.
00:05:26:21 - 00:05:51:04
Steve
And obviously as I mentioned, AI expertise. So we continue hiring and enabling top tier talent with these skill sets to drive innovation and execution that really enable our clients to deliver better outcomes at lower cost. We've all heard the stories about, you know, the rapidly escalating costs in healthcare, which is unsustainable. So that's our mission.
00:05:51:09 - 00:06:22:09
Jennifer
Yeah, that the rising health care costs this year particularly and they there's not much optimism that it's going to come down over the next 2 to 5 years either. So your work is probably pretty critical to many leaders in the space. Let's really talk about AI. You've you've embraced it as your secret sauce within your organization. What do you want from it this year because it's changing so aggressively?
00:06:22:11 - 00:06:30:00
Jennifer
What are your goals related to AI this year, and then what are your future hopes for what it can do, but it's not quite capable of yet?
00:06:30:04 - 00:07:02:15
Steve
Yeah. So clearly AI is the fastest technology cycle that I've seen in my career. But the good news is we have really a good rolling array of highly innovative capabilities, really around predictive insights. You hear the term agenda. I really to improve outcomes and to get back to this hard dollar ROI. It's not just providing the insight, but it's the workflow, the AI to execute the outcome and generate either more revenue, lower cost, better quality.
00:07:02:15 - 00:07:26:00
Steve
These are all the things that are that are key metrics in health care. But longer term, you know, in terms of how fast it's moving today, we expect to see even exponential growth of AI that drives all that levers that produced higher quality and more cost effective, really down to personalized care. AI is going to expand across all aspects of health care.
00:07:26:00 - 00:07:27:15
Steve
In our opinion.
00:07:27:17 - 00:07:31:10
Jennifer
Can you expand on what you mean by personal care and AI related?
00:07:31:10 - 00:08:03:07
Steve
Tal yeah, I mean, really what health care is about is the individual how can the individual do more for themselves even before they see the doctor or, you know, get that surgery or whatever? And then that interaction between the caregiver and that person itself. And then as we know, you know, one of the big issues here facing us now with the baby boomers hitting Medicare and Medicaid, even as you get older, there's a different level of care required at different points in the life cycle.
00:08:03:11 - 00:08:13:10
Steve
So doing more things up and down that cycle on an individualized basis and having better coordination with that particular caregiver at that point in time in life.
00:08:13:12 - 00:08:32:07
Jennifer
Yeah. You know, that's fantastic. You know, they recently said that AI is finding a new way to treat cancer and possibly a cure for cancer. I mean, just imagine that 2 or 3 years from now and what it's capable of at that individual level, it's exciting.
00:08:32:09 - 00:08:33:03
Steve
Absolutely.
00:08:33:06 - 00:09:05:08
Jennifer
Let's stick with health care. Rising costs is an issue. There's many CEOs and leaders listening right now that are getting increases that they just can't handle. And they're looking for alternatives and they're looking for ideas and best practices. What's your assessment of what the fix for health care may be? Or or better yet, give us a 32nd overview of what the issues are and where you feel your company can help with those issues.
00:09:05:10 - 00:09:23:12
Steve
Yeah, we touched on a few already, but let me just say there's a lot of brilliant people in health care. It's the biggest sector of our economy. And so lots of people have views on this. But I can touch on a few kind of just to kind of lay out the situation. Right. They're clearly rising faster than the rest of the economy.
00:09:23:12 - 00:09:47:05
Steve
So it's an anomaly, right? That's not sustainable. So that's why health care in particular is sticking out, right? There are workforce shortages and burnout. We all have heard the stories and probably have a loved one or friend, somebody who participated in Covid, for example. But that that's burnout still continues. There are real shortages in health care. You know, just in general.
00:09:47:07 - 00:10:15:07
Steve
I mentioned baby boomers aging and driving up public program costs. I think I heard a statistic the other day that 11,000 baby boomers move into Medicare each day. That's just astronomical. New cost. Right? You've all heard about the escalating pharmacy costs. Most viewers listening to this will know about GLP one, for example, but drug costs are really contributing to to this escalation as well.
00:10:15:09 - 00:10:38:00
Steve
And then like I said, there's this complexity, but the complexity is overlaid with a lot of legacy and older systems driving just inefficiencies that need to be updated. That's why I think technology is a big part of of this solution. And of course, I could go on for for longer. Like I said, there's many views on this. So so what do I think happens?
00:10:38:05 - 00:11:03:23
Steve
I think all these factors and more will lead to some big transformation. There's lots of bills and ideas we've heard about the big beautiful Bill and of the things right. I happen to be an optimist and believe that many of the discussions that are happening right now are solid transformation type ideas like value based care, you know, very simple, better quality at lower cost transparency and coverage.
00:11:03:23 - 00:11:28:15
Steve
We know what that means for inflation everywhere, right? And everybody knows what they're shopping for and knows what needs to happen. I think good things happen. Interoperability initiatives that gets back to technology. These are things that can be accomplished. And of course, I so in my view, I sense the right consensus on what is needed is building. And I'm very optimistic that improvements are gaining steam.
00:11:28:17 - 00:11:36:24
Steve
There's certainly much more to be done. We could talk about it for a long time, but it can be done. And I believe it will be improved and it's on its way.
00:11:37:01 - 00:12:05:20
Jennifer
Well, we need more optimistic people like you, Steve, that have the brains to sort it out. And I too agree with you. There is some epiphany that will happen between technology and commerce to solve some of these issues. I guess we all just need to be patient. Well, while companies like yours are sorting it out, you know, you you've been a leader, as you mentioned, most of your career.
00:12:05:22 - 00:12:31:19
Jennifer
And there has been monumental moments, I would imagine. Can you share a monumental moment that might help other leaders listening today? And other CEOs either say, oh, yeah, that happened to me too. I'm not alone, or it's it's a lesson that you can share. So other CEOs don't make the same mistakes, or there was an opportunity that they can learn from.
00:12:31:19 - 00:12:35:14
Jennifer
What would have been some of your monumental moments in your career?
00:12:35:16 - 00:12:57:12
Steve
Yeah, I don't think I've mentioned just one, but one word I will mention to kind of define what what my journey has been like. It's been eclectic, so I've really been fortunate to be able to hold many diverse, functional roles to leading to where I am today. So it just wasn't one thing, right? I've worked domestically, I've worked internationally for over ten years.
00:12:57:14 - 00:13:22:05
Steve
I've run hardware businesses, software businesses, services businesses, tech enabled businesses, balance sheet businesses, and I could go on and on. So what became monumental for me is the breadth and diversity of my experience in education. I'm always learning, but generally there are very few things that I see today that I have not seen before because of that experience.
00:13:22:07 - 00:13:52:17
Steve
That helps with decisiveness and decision making. It served me well. So based on my experience, I would tell others that being diversified can be very rewarding, exciting, fun, but also challenging. But I can tell you one thing you'll be well prepared for many different situations that you might find yourself in, which I think is a good sort of profile for somebody who wants to be a CEO.
00:13:52:21 - 00:14:18:06
Jennifer
As well, said, you know, many of the Ivy League schools have that philosophy, too. You take two different disciplines and emerging together to create something new, or maybe an application that was in this industry, this industry hasn't thought about, so matching those up and creating moments just based off of diversity of thought and diversity of of experience.
00:14:18:06 - 00:14:44:20
Jennifer
So. Well said. It's one of the best practices out there. Let's talk about future CEOs and those that want to take the seat. Maybe their chief operating officer or their CFO right now, and they have aspirations for the big chair. What advice would you give them for a successful career as a great leader? And maybe you can touch upon what a good culture looks like to you.
00:14:44:22 - 00:15:12:08
Steve
Sure. Well, I'm going to stay on my same talk track. I mean, get as much diverse experience as possible before you decide to sort of plant that stake in the ground and set off on your chosen career path. Right? That eclectic experience has been invaluable for me and really kind of taught me to adapt quickly. As you mentioned, see patterns across industries, take stretch assignments, and this is a really big one.
00:15:12:08 - 00:15:39:06
Steve
Learn best practices from other cultures. There's lots of good thinking outside the U.S. and really lead with confidence and unfamiliar territory. It's good to be uncomfortable in certain roles. It helps you sort of see the world from a different light. And for future CEOs, I'd say embrace challenging and diverse roles. Stay curious. I'm always looking for the next innovation, the next person I need.
00:15:39:08 - 00:16:02:12
Steve
Seek roles that you really like and feel energized. I wake up every day super excited. Learn from those above you. It's great to have a great mentor, and I've had many that I could pull out and kind of make them blush on this call. But even more importantly, what I think I've been able to do well, especially in the international roles, is learn from those all around you, up and down, right?
00:16:02:14 - 00:16:21:17
Steve
It's really good to know what happens every day and at the front lines. And and that's valuable when you are making decisions and then build teams with talent that challenge you and elevate you. And I've always been able to do that, and I'm super proud of the executive team that we've built at many analytics.
00:16:21:21 - 00:16:37:05
Jennifer
Well, I think that's the underlining theme of everything we've been talking about today is curiosity and finding unique experiences and being curious and listening. That might be your secret sauce. Deep.
00:16:37:10 - 00:16:40:09
Steve
Lots and lots of good learnings along the way. For sure.
00:16:40:09 - 00:16:52:18
Jennifer
Let's let's shift gears a little bit. You can talk related to the culture of the company or for you personally, are there any daily rituals that keep you? Were the team motivated and focused?
00:16:52:23 - 00:17:17:19
Steve
Well, it's communication, right? I can't even count how many times a day we talk, whether it's a phone call, the teens, a chat, a text, those sorts of like, we don't do social media yet, but, you know, stay tuned. Who knows what happens. But, you know, you know, for me personally, I'm a very curious person. So my ritual every day is I wake up, I catch up on the global news.
00:17:17:19 - 00:17:44:20
Steve
Obviously, because of my background, I still watch the BBC and and and just global events, right. Business news and global events every morning I read everything I can, as much as I can until I actually start to have meetings. And then from a physical, how my mind and body feels. The one thing that I love. I've always been involved in sports and I like to maintain my fitness, so being able to run and and I'm a weightlifter, I've been doing since early childhood.
00:17:44:20 - 00:17:53:05
Steve
So that's kind of my cadence physical fitness, mind fitness and reading and learning as much as I can, especially globally.
00:17:53:09 - 00:18:19:23
Jennifer
You know, I would challenge everyone listening today to download the BBC on their phones. The news is so different, so different. That's one of the habits that I have to as well. Steve, this I listen to the BBC and the perspective and world insights and the things that are important. It makes our news look a little silly sometimes a lot.
00:18:20:01 - 00:18:20:14
Jennifer
Yeah.
00:18:20:16 - 00:18:26:15
Steve
I won't comment on the news. The U.S., but I think it's good to get other perspectives.
00:18:26:15 - 00:18:43:05
Jennifer
I it really is. It really is. As far as your culture goes there, do you want to spend a little bit of time talking about your culture? Are there any tools or books or speakers that you've had come into the company and speak to the culture that you all have?
00:18:43:09 - 00:19:02:21
Steve
You know, we we really haven't gone outside with somebody formally coming in. I would just say, you know, I'm fortunate or we're fortunate because we have a very diverse, all different kinds of backgrounds and very established and seasoned team. So we kind of learn from one another. It's almost like we get that from each other each and every day.
00:19:02:23 - 00:19:22:20
Steve
There's something somebody says that I'm like, wow, I didn't know you had that experience. That's fantastic. So we haven't done it on a formal basis. We've really done it through the diverse city of hires and quality of talent. But you know, for me personally as well, I would just say, look, even the books I've read, the diversity has been part of my life.
00:19:22:20 - 00:19:50:00
Steve
I have a legal education. So all the cases and books and people I had to listen to along the way, I've been really great in the lasting impact on me. It wasn't really any one book or person. I think it gets back to my eclectic view. Get information, learning mentors from multiple sources as best you can, right? I wouldn't put too much of a big wager on any one point of view or one person, so I always have that in the back of my mind.
00:19:50:02 - 00:20:10:16
Steve
You know, take every input you can, but, you know, maybe balance out decision making with a, with a sort of wider breadth of of you. And I think the broader the better. So in general, I would just say it's not just one person or book, but, you know, on something like this just to show you sort of my strong family ties.
00:20:10:16 - 00:20:21:21
Steve
If there was one person in my life who really was instrumental in who I am today, and I'll say he was the smartest and wisest person, the person that I ever met, it certainly would be my father.
00:20:22:00 - 00:20:49:11
Jennifer
That's wonderful. That's wonderful. I really appreciate you sharing that. Before we conclude, you know, you have done an amazing job leaving the company, said award winning culture. I know you've been a best and brightest company worker for many years. Is there anything that you would like to brag about the company, if you had a moment, a little brand point that you'd like to share about the company before we adjourn?
00:20:49:15 - 00:21:20:22
Steve
Well, again, getting back to our culture, I think we're a humble company, so I'm not sure I've heard the word brag. You know, in our daily dialog what I would just say it's a super fast paced, super energetic, super communicative, highly talented, very diverse group of motivated people. And when you're in health care, what's really great about that dynamic is everybody has their personal story on why they want health care to succeed.
00:21:20:22 - 00:21:47:02
Steve
It's a lot different than a lot of other industries, right? Everyone's had a loved one or somebody, you know, that was dear to them. That that had this health issue, that health issues. So, you know, with that sort of Northstar and what I just described, it's a really compelling mission. We're on and we're super determined. And I would use the word relentless to achieve some of the goals that I've laid out here earlier today.
00:21:47:04 - 00:22:00:02
Steve
We absolutely want healthcare to succeed, and we will always be optimistic about a how we can help and about what the final or improving outcome will be in health care, that's for sure.
00:22:00:04 - 00:22:21:06
Jennifer
Well, on behalf of all of us, thank you for that hard work and thank you for that commitment. And really thank your team for us, for all the hard work that they're doing on that mission. It's a very important one and effects everybody. Congratulations on your impressive journey and keep shining bright. Thank you for being on the program.
00:22:21:06 - 00:22:21:24
Jennifer
State.
00:22:22:01 - 00:22:36:01
Steve
My pleasure and thank you for recognizing medi analytics. We appreciate the work you do and recognizing excellence in talent and culture I think is a really important thing. So pleasure to be here.
00:22:36:03 - 00:22:43:13
Jennifer
Thank you. That wraps today's program. Everyone. Have a great, wonderful day and we'll see you next time. Thank you Steve.
00:22:43:15 - 00:22:44:00
Steve
Thank you.