189: Using Artificial Intelligence to Lower Your Healthcare Costs – Peter Borans of Advanced Medical Strategies

189: Using Artificial Intelligence to Lower Your Healthcare Costs – Peter Borans of Advanced Medical Strategies

Background on Peter Borans of Advanced Medical Strategies:

Peter Borans is the president of Advanced Medical Strategies (AMS) a company he co-founded in 2003. AMS (Advanced Medical Strategies) is a healthcare IT company focused on providing clients with intelligent clinical insights and financial analytics to identify, analyze and report on the 5% of members responsible for 50% of total medical spend. Their AI-powered Predict Platform combines clinical insights and financial analysis of the costliest and most complex medical diagnoses their clients rely on to guide enterprise-wide initiatives.

Prior to AMS, Peter was EVP of Sierra Atlantic, an Oracle consulting company based out of Boston that was ultimately acquired by Hitachi. At Sierra Atlantic, Peter reported directly to the CEO and was a member of the executive management team, with full P&L responsibility and $25 Million in booked revenue for 2005.

Peter also enjoyed a long career with Back Bay Restaurant Group, rising from Assistant General Manager to becoming a member of the executive committee responsible for growth and strategic direction of the 35 unit, multi-concept Restaurant Company. As the Vice President of IT/IS, he oversaw and directed all aspects of MIS/IT and IS development, strategy, and deployment for a $100 million restaurant corporation. Peter is a 1993 graduate of the Whittemore School of Business & Economics at the University of New Hampshire.

Time-Stamped Show Notes:

[2:34] AMS or Advanced Medical Strategies, which offers intelligent software to insurance carriers. Their whole concept is built around a set of software solutions that address a specific problem within the healthcare payer chain.
[5:11] Peter explains his company further and how they make money.
[10:26] In 2003, Peter got together with his sister to start a consulting company, which led to AMS.
[11:49] It was never planned out to start a business with Peter’s sister.
[13:09] Finding something that you’re passionate about can be cliché but Peter strongly believes in it.
[18:00] At 15 years old, Peter started working as a busboy at a dog track. He eventually became a supervisor in a food service organization, which led him to an event that made him what he is today.
[21:44] Peter left a stable job to join a group of tech guys in growing a small company.
[27:02] He shares the story of how he and his sister started AMS.
[30:24] In his spare time, he spends more time with his family.
[31:35] AMS can be described as a neutral party that presents facts that may highlight some issues.
[34:35] In September 2014, they launched their first product. Their first client paid $19 thousand per year on that particular product.
[38:11] Peter dives into the current healthcare system with its ever-evolving and complex marketplace.
[44:56] The 2009 economic downturn was a scary part of Peter’s entrepreneurship journey. Evolving the business is also a very difficult process for him.
[46:55] Peter explains the transition that their company has to make in order to move forward.
[52:35] Last words of wisdom may be cliché but they are truthful, according to Peter.

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Fabulous 4 Questions:

📖📚 Favorite Books? The Zombie Survival Guide by Max Brooks
🙌😎 Favorite Amazon.com purchase? Great Question. Aren't the all fun when they show up in 2 days.
🌱💸 Favorite Tool that's GROWN your Business? LinkedIn
💭💡 BIGGEST Challenge keeping your Business from GROWING? The industry tends to default to status quo.

Key Point from the Interview:

“I think if you have something that you’re passionate about, or you can understand what motivates and drives you, you can be successful in anything you really want to do. So I don’t think it’s just one individual thing, it’s just how do you feel about what it is that makes you tick and can you apply that into something that gets you excited.”

Resources Mentioned:

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