In this episode, we dive into the evolving landscape of the healthcare industry with our guest, Aasim Saeed, a physician turned entrepreneur and founder of Amenities. Aasim shares his unique insights into how shifting market loyalty could financially impact healthcare systems, drawing parallels with subscription models like Costco and Amazon Prime. We explore his company's mission to enhance consumer experiences through direct-to-consumer and employer memberships, offering solutions like price transparency and satisfaction guarantees.
Aasim provides a critical analysis of One Medical's business model and its acquisition by Amazon, emphasizing the need for health systems to offer unique value propositions to attract and retain patient loyalty. We also touch on his compelling entrepreneurial journey shaped by his immigrant background, the role of privilege, and the lessons learned from failures.
Additionally, we discuss the current challenges in healthcare, from the slow adoption of new technologies to the industry's conservative nature. Aasim highlights the importance of focusing on improving patient experiences and the potential market shifts due to innovations like GLP-1 medications.
Lastly, we delve into the concept of healthcare consumerism and the need for better strategies to foster loyalty and long-term value in health systems.
Stay tuned as we unpack these critical topics and get inspired by Aasim Saeed's journey and vision for transforming the healthcare experience.
Timestamps:
00:00 Joint med-public policy degree; healthcare consulting career.
06:48 Embrace naivety; learn quickly, figure it out.
13:35 Entrepreneurship requires persistence; success often takes time.
20:28 Consultants-turned-entrepreneurs need creativity and hustle.
22:13 America excels at innovative, unique and creative ideas.
31:32 Healthcare loyalty weak; patients frequent multiple systems.
32:25 Boosting loyalty with health system memberships.
40:12 Healthcare systems struggle with patient lifetime value.
43:06 Skeptic of value-based and preventative care incentives.
50:49 Healthcare systems seek new revenue opportunities.
58:47 Learned self-haircut saves time; it's enjoyable.
59:24 Haircuts cost too much now, unlike 90s.
Quotes, Hooks, & Timestamps:
"Taking the Scenic Tour through Medical School": "And then in medical school, that persisted that interest, because actually did a joint degree in split time between Duke at med school and Harvard at the public policy program at the Kennedy School of Government. And then I taking what I call the scenic tour through medical school because I had to extend it to split time in Durham and Boston."
— Aasim Saeed [00:01:04 → 00:01:26]
The Power of Naivety in Entrepreneurship: "I think there's a sense of naivety that I definitely have of like, it can't be that hard. And you definitely needed that, by the way, at McKinsey, because the example that they taught me, which was actually a really strong entrepreneurial skill set, was to say that I can learn anything in six months."
— Aasim Saeed [00:07:07 → 00:07:22]
"Titans of Industry Confession: No One Knows What They're Doing": "And I think one thing that definitely has proven true to me in this stage of my career is even people that you kind of admire is like titans of industry and amazing kind of executives at these giant companies and big healthcare organizations. No one knows what they're doing. They're just trying to like, repeat the same playbook."
— Aasim Saeed [00:08:07 → 00:08:27]
The Power of Timing and Connections: "And so that's not to say that I didn't bring some characteristics of expertise and background to the table that was compelling to, and I like to think I know what I'm doing, but at the same time, like, I very much acknowledge the luck of the timing of those two different ones because I went through them back to back and I was the same person in both of them."
— Aasim Saeed [00:13:05 → 00:13:21]
Perseverance in Entrepreneurship: "If you stop after one or two knockdowns and then the third one would have been the one where you made it work because of all the skills and luck and luck involved."
— Aasim Saeed [00:14:03 → 00:14:11]
The Creativity of American Innovation: "America gives you this craziness of ideas that, some of which strike and are so interesting and cool that just wouldn't even be acceptably thought of in other places where they do have an engineering mindset."
— Aasim Saeed [00:22:31 → 00:22:41]
The Power of Customer Loyalty: "People are willing to be loyal to things and sign up with their own credit card for that loyalty if you do something better for them."
— Aasim Saeed [00:32:57 → 00:33:03]
Amenity Health: Revolutionizing Healthcare Consumerism
How One Entrepreneur is Shifting Healthcare from Volume to Value
In episode #15 of the Vivek Podcast, we were joined by Aasim Saeed, a physician turned entrepreneur. Aasim’s unique journey spans across medicine, public policy, McKinsey consulting, and executive roles in large health systems. Aasim is now focused on transforming the healthcare industry through his company, Amenities Health. This episode covered the complexity of healthcare costs, the elusive metric of quality, the importance of patient experience, and the paradigm shift that Amenities Health aims to bring to the sector.
Spotlight on Aasim Saeed: From Physician to Entrepreneur
Aasim’s journey to entrepreneurship wasn’t direct. Growing up with physician parents, Aasim seemed destined for a medical career. However, his interests branched out during his college years at Rice University, where he majored in political science. He then attended medical school at Duke University while simultaneously pursuing a public policy degree from Harvard.
Working in health policy at the Mayor's office in Houston and exploring healthcare systems globally with McKinsey, Aasim discovered a passion for problem-solving beyond clinical settings. His experiences culminated in an entrepreneurial spirit, which he leveraged at Baylor Scott & White, leading a well-funded innovation team. These experiences helped shape the vision for Amenities Health.
The Problem with Current Healthcare Models
Aasim candidly discusses the pitfalls of the current healthcare system, from its crippling costs to ambiguous quality metrics. He argues that healthcare costs are a "feature, not a bug," with many stakeholders benefitting financially from the status quo. Consequently, there's minimal incentive to curb costs, rendering price reform a monumental challenge.
Quality in healthcare is another gray area. For providers and payers, quality metrics are often operationally driven (e.g., 30-day readmission rates), whereas patients equate quality with less tangible experiences like ease of parking or appointment booking. This discrepancy makes it challenging to align stakeholders on unified quality measures.
Unveiling Amenities Health: A Consumer-Centric Healthcare Model
The crux of Amenities Health is enhancing patient experience, drawing parallels to subscription services like Costco or Amazon Prime. The company focuses on creating white-label, direct-to-consumer, and employer memberships for health systems, aiming to improve patient loyalty and financial outcomes.
Aasim discusses why patient experience is often overlooked by traditional healthcare executives who do not see immediate financial benefits. However, he believes a significant shift can be achieved if health systems start competing not just on clinical outcomes but on patient experience metrics.
Innovative Membership Models
Amenities Health aims to simplify the patient journey through innovative membership models. These memberships offer features like transparent pricing, satisfaction guarantees, same-day specialist consults, and extended doctor appointments. Aasim remarks that health systems often operate like holding companies managing hospitals and clinics without integrating them into a unified brand experience.
By focusing on patient-centric services and leveraging localized research, Amenities Health tailors its solutions to meet specific market needs, enhancing the overall patient experience while maintaining the brand's integrity.
The Role of Technology and Partnerships
Technology plays a pivotal role in Amenities Health’s strategy. The company integrates digital platforms to reduce friction in patient interactions, collaborating with established healthcare providers like UPMC and Baylor Scott & White. These collaborations aim to co-build membership experiences, seamlessly blending technology with healthcare delivery.
Moreover, Amenities Health partners with companies like Goodbill for specific membership features, ensuring a comprehensive suite of services that cater to modern healthcare consumers.
Challenges and the Future of Healthcare Consumerism
A significant challenge in integrating new technology in healthcare is the industry's conservative nature and slow adoption rates. Aasim reflects on the need for hands-on involvement in startups, contrasting this with the unrealistic expectations of traditional executives venturing into entrepreneurial roles.
Despite these challenges, Aasim is optimistic about the future of healthcare consumerism. He envisions a healthcare landscape where removing barriers to care can unlock significant untapped patient volume. This shift, fueled by consumer-friendly policies and services, could revolutionize how healthcare systems operate, much like how Amazon Prime transformed e-commerce.
Conclusion
Aasim Saeed’s journey from physician to entrepreneur is a testament to the power of innovative thinking in transforming traditional industries. Amenities Health represents a bold step towards a consumer-centric healthcare model, focused on enhancing patient experiences and loyalty. As healthcare continues to evolve, companies like Amenities Health could play a crucial role in redefining the industry's future.
For more insights into healthcare consumerism and to explore membership models that could revolutionize patient care, visit amenitieshealth.com.