Empowering Hospitals with AI-Enhanced IT w/ Spikewell CEO, BK Nayak, PhD | HealthBiz Briefs

BK Nayak, PhD (CEO, Spikewell) discusses how hospitals are grappling with significant IT hurdles and how his company helps hospitals with IT by providing software solutions designed to be adaptable to the specific needs of each hospital.

🎙️⚕️ABOUT CARETALK
CareTalk is a weekly podcast that provides an incisive, no B.S. view of the US healthcare industry. Join co-hosts John Driscoll (Senior Advisor, Walgreens Boots Alliance) and David Williams (President, Health Business Group) as they debate the latest in US healthcare news, business and policy.

🎙️⚕️ABOUT BK NAYAK, PHD
A visionary leader, BK brings over 15 years of experience in technology and innovation to the table. He has a proven track record of building successful businesses, having grown Spikewell, a mobile-first, cloud-first, AI-first software company, from the ground up.

Renowned for his ability to translate cutting-edge ideas into high-impact solutions, BK's inventions have generated billions in revenue. Further solidifying his expertise, BK is a prolific inventor with 21 US patents and 11 more in process, along with a distinguished record of academic publications and international conference presentations.

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Transcript

0:00

Hospitals are facing big IT challenges and they often seem unable to overcome them. In the post -COVID world of tight budgets and difficult staffing, it's getting even harder. Is there hope? Welcome to Health Biz Briefs. I'm David Blams, president of Health Business Group here with BK Nyack, CEO of Spikewell, which provides innovative software solutions to hospitals. Welcome BK. Thank you, David. Thank you. Thank you for having me. Now you hold an impressive number of patents, more than 20. I want to know which invention are you most proud of? So David, one of the innovation I made in optical connectivity solution when I was at Corning Incorporated that disrupted that whole industry and it automated the process and reduced a significant cost. And that has... more than a billion dollar impact for the company for the year, year after year. So that was one of the biggest innovation, invention. And some of the invention I'm writing have filed recently on the healthcare IT area, on the medical device and the IoT side. So it's already filed, but it's a little... I probably next time when we speak, I may talk more about that. That sounds good. And you know, one of the things that inventor learns is how to go from making a billion dollars to your previous employer to owning the company that makes a billion dollars. So that's part of the evolution here. Thank you. BK, a lot of companies say they help hospitals with IT. So how is Spikewell different? So first of all, we understand hospital space very well. It is not what we realize that it is not enough to be good software developer or creating a product. It is about understanding the business flow of the hospital and creating technology which is adaptable by them. So that is what distinguishes us and we bring the, how do we do that? We bring artificial intelligence and machine learning, robotic process automation, those kinds of advanced technology to enable that so that It is not that I am adopting the technology, the technology is adopting to me. It's the reversal going to happen. And that is where the healthcare transformation will happen. Doctors will not say, you know, I don't want to learn that new piece of software. You don't have to, you just seamlessly do. So for instance, a dog world AI is a solution. It is just, it's like a virtual assistant behind the scene. and you have the conversation, it automatically creates the record documents, medical coding, it adds to it, it is an upload to the EHR system, everything. And you just finally make a look at it if something is erroneous or something other than that, it's done behind the scene. That's what we are going after. That it is not only for operational, clinical decision support, you know, vitality study is a whole thing we have where... We have calculators. It will automatically tell you recommend what to do and all kinds of things. So it's unbelievable. Our possibilities are like endless in healthcare for advanced technology. So a lot of doctors and nurses don't really like hospital IT at the moment. You're painting a vision that looks very good. How long until doctors and nurses either love IT or don't even notice that it's there because of what you're seeing with these innovations? So, you know, There has to be a little shift in paradigm in the management level. So for instance, when we implemented SpikeSupport .ai for that automation of ticket creation, the management support is very important. Somebody has to say, and COVID was a great opportunity that time because there was no people. You have to do something about it. But the situation always not have to be a COVID type situation to accept that. When... the right leadership looks at it and they realize, I think, shift will happen. And once a few innovative hospitals are adopted, all of them will follow. So I see there is an avalanche of innovation coming to the hospital happening because the cost is one factor. And also, in spite of we are spending the highest amount of dollars in the world, still, American health care is not at par with many other countries, although we are spending more. So this is going to happen. Well, that's it for the latest Health Biz Brief. If you like what you hear, and I'm sure you do, check out my Health Biz Podcast for a full -length interview with BK about his life and career. BK Nayak, founder and CEO of Spikewell, thanks for joining me today on Health Biz Briefs. Thank you, David. Thank you for having me. It was a great interview. Thank you.