July 15, 2024

The healthcare industry faces multiple challenges, including the challenge of filling healthcare jobs. The stress of labor shortages could be causing employee burnout and may be impacting patient care, according to the Philips 2024 Future Health Index survey.

Philips (PHG) North America CEO Jeff DiLullo joins Wealth! alongside Yahoo Finance Reporter Anjalee Khemlani to give insight into the current landscape of the labor market within the healthcare sector.

DiLullo elaborates on the process in which many nurses and doctors are feeling burnout, specifically with how they must learn new technologies to process patient information.

He claims Philips helps by simplifying that process: “From Philips’ perspective, interoperability is the name of the game. If you think about the journey that we’re on, you need the technology and the innovation, but it has to be organized in a way. CEOs and CIOs will tell me, ‘don’t kill me by a death by a thousand cuts, orchestrate it for me.’ That’s why we’re proud to lead in our orchestration of that with an informatics platform that can look at extracting from the device, liquidating and organizing that data along the care path to interact with doctors wherever they are, not always in a hospital. “

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino

Video Transcript

The health care industry faces a few major challenges right now.

One of them specifically being staffing issues every month, we see the sector at hundreds of thousands of jobs according to the US Bureau of Labor Statistics.

But still it isn’t enough to keep health care professionals from feeling burned out and it’s now impacting patient care according to Phillips 2024 future health index here.

With the latest on the challenges the health care sector is facing is Jeff de Lulo Phillips, North America, CEO Jeff.

Thank you so much for joining me today.

Uh Listen, this is a big, big issue.

We know that labor shortages are plaguing the industry.

The burnout is real.

What do we know about that?

What does this index tell you?

Yeah.

So first of all, great to be here, Angel Angeli.

And uh I I am really excited to be able to share some of the things because they’re showing the the very visibly the challenge that sits ahead of us.

So for example, in our survey, where we talked to 3000 health care providers across the globe in 14 countries, what they told us was nine out of 10 of them or 92% were dealing with significant health or burnout related issues, particularly mental health was of major concern and eight out of 10 of them.

So they think that’s actually directly impacting patient care.

Well, we know that of course, one of the issues that has been an issue for the industry is that there’s the introduction of a lot more technology.

And of course Phillips, you know this being a health tech company, one of the parts of it is also the, you know, patient electronic records.

And then all the multiple platforms that are trying to fight for space in the health ecosystem are actually burdening these doctors even more.

So as someone who’s part of this ecosystem, how, what’s the solution here?

Because we can’t, we clearly can’t find more bodies for for these jobs.

It the high turnover that we’ve seen the numbers we see coming out of the jobs reports is actually a lot to do with high turnover is especially according to Deloitte, there’s some numbers that show that uh surgical specialties, medical specialties are the highest rate of turnover.

So that is directly in your on your in your area.

So talk to me about that.

What’s what’s the solution here?

Well, so there are a couple things that, that we think are really important in the in the data because we’re also seeing while there’s a high concern about staff burnout and impact on patient care, we see a lot of hospitals, nine out of 10 adopting some type of automation or ability to uh to look at at A I.

Now A I can mean a lot of things in our universe, we look at the world in terms of I have a, a medical record which is the single source of truth.

And our job is to take all the data that we’re producing off those devices and allow that data record to, to fully populate taking manual tasks out of the way.

So I can get a nurse that can scan something instead of typing it in.

Or I can just get a reading right from a monitor and translate it liquidate it immediately to a medical record.

I can then start to inform uh caretakers on a treatment path without actually having to interact and did a lot of manual activities.

That’s a big win for us.

Now, you mentioned that we have a proliferation of technology that’s true.

But fundamentally, at least from Phillip’s perspective, interoperability is the name of the game.

If you think about the journey that we’re on, you need the technology and the innovation, but it has to be organized in a way C CEO S and Cio s will tell me, don’t kill me by a death 5000 cuts orchestrated for me.

That’s why we’re proud to lead in our orchestration of that with an informatics platform that can look at extracting from the device liquidating and organizing that data along the care path to interact with doctors wherever they are not always in a hospital and then intelligent data insights and decision support for them to help make them able to work at the top of their licensure as opposed to having them chase record consolidation and do a lot of manual work to sort the data.

At the same time, we know that it’s not without its problems.

The technology broadly, we saw the problem with the cha change health care attack as a health tech company, you’ve also dealt with some issues, problems with the technology itself, with the machines themselves.

So it isn’t perfect and I know that’s sort of the crux of your point as well.

So with it being imperfect, what kind of roll out should we be expecting of this in the health care space?

Considering that safety privacy um as well as control over patient health information is paramount in this environment.

Yeah.

Well, I think so go back to the idea of, of forming ecosystems, right?

There’s some things we do really well of the device in the informatics level.

But when you wanna move something at scale to let’s say the cloud or to a back back base that allows hospital networks that are consolidating pretty dramatically to really scale across their entire network, to not have disparate pieces.

You’ve got to be able to work in Cooper operation with the Microsoft, the Googles and Aws health to be able to integrate our application based data into these cloud based platforms that provide the backbone for security, particularly cyber security.

All.

So with the dod and the VA we have a high uh high high mandate to be able to do that really well.

So part of our, our, our value proposition is not just the technology on the boxes or even the amount of A I you can do around a specific scan or a or a patient event.

It’s how we can integrate across the entire ecosystem that takes a lot of partnership and also is one of the, one of the other issues I think about is how, you know, telehealth was supposed to solve the health care desert problem.

It it clearly hasn’t, right.

I mean, yes, we have some more pro proliferation than before.

Um the pandemic certainly helped with that.

But if we haven’t been able to solve the basic access problem, what’s the point of all this technology and A I?

Well, depending on what you specifically talk about in terms of telehealth, for example, a point solution will not necessarily solve the problem.

What we try to do is work and partner with hospital networks for patient and uh patient centric care back and provider centric oper uh processes, right?

So if we’re thinking about a deployment of, of, of, of information technology to be able to orchestrate that plow, it can’t just be a kind of a consumer event, you have to integrate with how people work in the, in the entire network all the way back to their supply chain.

So that’s how we see solving that problem is not have a point solution in telehealth.

It’s thinking about uh about delivering uh real virtual care integrated into a hospital’s backbone across their entire network.

So the demand and supply signals for when I need, when I need a doctor’s advisement or when I need to schedule an appointment or when I need to, you know, call a patient that we see something in their record proactively.

Uh We’re doing that because we’re part of that uh that health record that I talked about earlier.

Sounds like we still have some ways to go in a nutshell.

There’s, there’s work to do and we’re learning every day.

Definitely.

Well, thank you so much for the breakdown.

Jeff Delullo Phillips, North America CEO.

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