YouSaid · the spoken record

Annie Lamont

lines on the record: 77
first: 2024-10-31
most recent: 2024-10-31
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Care that's out there? Yes. Yes. Just even in New York City, just go to any doctor and you will find that there's still faxing or handing you a piece of paper and they're not integrated with their own hospital system that they may be affiliated with or have surgical privileges at. It's absolutely insane. My images, I'm still carting around on disks. It's crazy. Now the amazing thing and the problem with HIPAA is you're right. Like you can't do Zoom. You're not supposed to do Zoom, right? Because”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Or in some cases, then the ambulatory side, maybe an Athena, but they are not, this is not their business. You know, their core business is delivering healthcare and they really haven't understood the power of tech. I do think what's changing in the massive inflection point right now with Gen AI, you now have all this unstructured data that is abundant in healthcare, and you now can take that and have the power of that to change workflow, to change and support the doctors and nurses that are delivering care in a way that doesn't require behavior change, but makes their lives easier. And that is going to be a game changer.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“And I would say if you look at most healthcare companies, they just have not focused on that. And they haven't. If you're a hospital system, in general, you've not been forced to be truly efficient. HCA, different story they have. But in most cases, they've implemented EPIC.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Legacy systems. Well, it's a little like banking, as many of those are also working off of Kobal systems but are now finally being reinvented. I would say healthcare, if you actually looked at most people who worked in have worked in healthcare, there's almost like a right brain, left brain disconnect in that you're either tech focused or healthcare focused. And I would say what's happened in the last decade is that you have a younger generation coming into the industry that are just naturally tech focused tech savvy users. A number of technologists that are now interested in healthcare. And so there's been much more reinvention. I mean, I think not to talk about devoted too much, but the reality is the CEO at Eddie Park is a computer science major from Harvard. So that is like a different mentality.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“So what's exciting about devoted is that you're now seeing the impact of all of that, whereas MA plans all over the country are suffering and they're actually excelling in this environment.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Managing network of the care because you cannot as a health plan directly manage the cost of care cost of care is 85% of all health care. And so as a health plan in order to manage care, you actually have to in part own the care. And so devoted medical groups starts with primary paradox virtually wraparound services virtually as well as extending their network so that they can actually impact the quality and cost of care. There really is nobody else effectively doing both being the NMA plan as well as being a source of managing the care. And so they've done that amazingly well. The fact that they have a modern tech stack that no one else has, everybody else is riding off of 30 and 40 year old legacy programs. Even, I mean, if you look at Epic just from the software side, I mean, that was literally based on mumps, you know, from the 1970s.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Fascinating company that's focused on Medicare Advantage and is competing with all legacy companies, United, Humana, Elevants, Anthem. If you look at what devoted is doing, they have redesigned the entire tech stack. They're using Gen AI in their function. They are a combination of a villager Oak Street and an MA plan. Meaning, explain that for the labor. Meaning that they're actually, they have devoted medical group, which started as virtual, but as a”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“All three of those. So, you don't always do all three, but at least two of them really is a mission for us in trying to improve healthcare. And we started Athena was the first cloud-based healthcare company. And we invested in them. And really it was just a rev cycle management company then, which was part of our thinking also around why we did payments and fintech. A lot of overlap in the whole payments world in healthcare. And then it became an EHR electronic health record company seven years later, actually. And so now they have one of the most important EHRs in the country, in that space. But really, it was just a pay doctor's faster, better using technology. And so if you're looking at some of the newer companies, think devoted, which is a”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I would say it started with Athena Health back in Jonathan Bush and the Park brothers there, Todd and Eddie Park, who then founded Castlight actually by Todd and then devoted. So a lot of what we do, or repeat entrepreneurs, once you find a great entrepreneur, you develop a deep relationship with them, their friends, as well as business colleagues, and then you back them over and over again. And so we've done that very successfully over time. But it did start with the whole tech enabled services approach in healthcare started with Athena. And I started with our view that we really just wanted to invest in things that lowered cost, improved outcomes, and patient experience in healthcare, period the end.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“But I think if you looked at the market, so much of the VIT has been driven by the top seven tech companies. So it's a bit of a head fake. You're now seeing rotation, right, in terms of other companies, other companies now benefiting by the markets. Being higher, but I think the reality is right now we just have an overhang from, certainly in my world, I can speak to healthcare and fintech, a number of companies going public and then disappointing or evaluation just being excessive compared to the maturity of the businesses. So I think there's just a hangover from that and people are going to invest in known entities that are already public at this point. And we still have a ways to go. I think for some of those companies, many of those smaller to mid-sized companies being valued in the marketplace and appropriately.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“The reality is it is not an exit to go public. And with biotech, it's just a funding mechanism. It's a public-private world in biotech. The rest of the universe, you really have to be a more mature. You have to be an over billion dollar market cap company to have it make any sense to go public. There used to be companies that have $100 and $200 million market caps that would go public. It's been made much more difficult to be a public company. There are far fewer people that play with those companies if you don't have a large market cap. People don't, the liquidity isn't there. The dollars are so much larger going into these public companies that it's just a very different world than it was 30 years ago. But now we've created in the private markets sort of private-public world. And I would say, while 80% of our exits are through strategics,”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“It's less about Postponing IPOs, although certainly some of the very large companies are doing that in order to realize full value. I would say that the IPO market is not, you know, it is so cyclical. It's just not, for example, it's not friendly right now. And it's hard to get exits. So I would say in these two sectors, a stripe can go public anytime it wants Is when to choose to go public, when it feels like the values there and they're in the best position from a profitability standpoint and growth perspective. The reality is, most companies cannot go public. What has changed dramatically in the last 30 years is that companies could go public much earlier in their life cycle. Now, biotech, which we don't do anymore. We do all technology enabled software and services and healthcare. And that pivot started in 2000 with Athena Health.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“The great entrepreneur And I would say that's flipped in this world There are obviously many more entrepreneurs, but there's also a lot more money in the industry. And so you really have to differentiate yourself. And I think that's where this service model came in of support that is how in part you differentiate yourself. And yes, it's relationships and great advice, but it's also the wraparound of talent, which is huge, like recruiting and understanding that you're providing someone. Go to market advice at times, exit, you know, really understanding the process in terms of exiting companies, introduce introductions, which is the importance of being deep in these two sectors as you know the customers. We know the customers intimately. We have great relationships with them broadly. And so we can help make the introductions as well as many of those customers end up being buyers of the companies. And so just understand.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that, first of all, that we should talk about the difference between a world where. Everything there was more, there was less capital and more entrepreneurs in the early days. So the supply demand balance was such that there was a lot more power, I would say, with the money than with the entrepreneurs.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Very different I think the Jedi Knights means that it's just a group of individual maybe a firm, but it's a group of individuals that are sort of all out for themselves, just investing directly with entrepreneurs with no real overlap between anyone else and the firm and that entrepreneur. Whereas now I would say like OKCFT is very much a team based approach. Where we support the entrepreneur in a myriad of ways. Whatever they need, we will supply as a firm.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“The reality is it became a far more competitive world. You really needed to be deep in a specialty to differentiate yourself and you needed to have things like tech support, talent support is enormous because it is all about people. We have five individuals that are just singly focused on talent and attracting talent for our companies and also introducing us to repeat entrepreneurs we haven't invested in before.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. I have an obligation to those LPs in that firm. But the reality is there is no relationship. We started OKHCFT because we had two practices obviously in healthcare and fintech. Andrea Adams and myself launched the firm in 10 years ago and really wanted to focus on sort of the new model of investing that wasn't just Jedi Knights from 25 years ago where it was just you're a good advisor and you don't have a talent function and you're not the model really changed to becoming a service entity to entrepreneurs to support entrepreneurs and it was always partnering with entrepreneurs in the past but”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“There is no relationship. Oak and vessel partners is wound down effectively. Mm hmm. I'm still there until the last company is exited. Just waiting for”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, a lot of hardware, as I said, a number of disk drive companies, PC. I mean, we did actually invest in Compaq during that period. And so it was more PC hardware telecom related”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that was the other thing. There wasn't any real competition ad oak, and in terms of the market, it was a new burgeoning area and you didn't have to be a PhD. You could hire PhDs to help you analyze these things.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Think my interest, as I said, and we'd found a genzyme just intellectually interested in the area, but worked on some software companies back then, and then decided I really needed my own hook. Like the reality is in every career, you know, you should need to create your own expertise and your own special lane. And that was going to be my lane. I wanted to differentiate myself from all the other engineers at Oak and do my own thing.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Study at Stanford. I was a political science major, so of course that prepared me for my life with my husband ultimately, but I did have an interest in politics.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“What would you do on the press? No, I should have been a humbio major, but I wasn't. I had no idea how interested I was in the topic, but I became fascinated by it and educated myself and wished it would have been nice to have had the internet back then.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Not an iOmega fan. I remember that one. Yeah, they had done Seagates for the original Seagate Shoe Gart. And so I said, Want to create my own space. I want to create my own expertise in an area that I could fundamentally be interested in. And that ended up being biotech. And so focused on life science is the first 15 years of my career and back companies like Alexia and Cephalon, Al Kermes, a whole host of companies.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“So, when I joined Oak, which was really just a couple of years out of Stanford, We were founding Genzyme the year that I joined, one of the also very first biotech companies. And there was only one public software company at that point, and I wasn't really interested in one of the 300 disk drive companies that were being created.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Certainly, those two seem extraordinary people, and I extrapolated that to most entrepreneurs. I quickly learned they were two extraordinary individuals, but it just got me hooked. I thought if I could just learn and be with people like this and not be the entrepreneur, but be the person that supported, helped, edited therapist, whatever was required. I just wanted to spend the rest of my life with people who envisioned the world as it should be.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, very early on, I got out of Stanford when Silicon Valley was really at the very beginning of Silicon Valley and joined something called Hambrechton Quist, which was a boutique investment bank venture firm sort of legendary at that time. I think I was the 50th employee, and really fell in love with Venture from day one and working with entrepreneurs. Carrie Steve Jobs bags on the Apple IPO roadshow my first three months there. The first three months, we also took Genentech Public. So I worked with two of the greatest entrepreneurs ever. I didn't know that at that time. That was my next question.”
2024-10-31 · Masters in Business · Challenging the Status Quo of Healthcare Investment with Annie Lamont · IDENTIFIED FROM THE TRANSCRIPT · source