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About the Guest:
Founder & CEO of AdviNOW
James Bates is an accomplished CEO, entrepreneur, and board member who has created and led high-growth results for several technology companies. Presently, Bates is CEO and Founder of AdviNow Medical, the world’s first Artificial Intelligence and Augmented Reality driven patient journey platform that nearly eliminates the administrative burden of physicians and reduces the cost of healthcare by 65%.
James conceptualized the idea, wrote the fundamental patents, raised the capital, recruited the team, and launched the company. Previously, James was an officer at Freescale / NXP responsible for the ~$1 billion revenues Analog and Sensor Group the world leader in self driving vehicle technologies. Earlier in his career, James founded the Asia Pacific region for Silicon Labs where he was responsible for driving growth that eclipsed $500M in just 3 short years.
James serves on multiple boards and advisory boards. Among them is Position Universal a market leader in fleet tracking hardware and software systems where James serves as a fiduciary board member. OptionAgent.ai is a market leading volatility predicting AI that automatically trading hedge fund that delivers above market returns where he is a general partner. James also serves on the advisory board for Arizona State Universities College of Nursing and Health Innovation.
James earned his Master of Science degree in Electrical Engineering, from Brigham Young University. He is fluent in Japanese, lived in Tokyo for twelve years, holds nine patents, has written for publications and been a speaker at many conferences. He resides in the Paradise Valley, Arizona, and enjoys family, sports, and particularly hiking.
About the Episode:
For episode 77 of Entrepreneur Rx, John Shufeldt interviews long-time friend James Bates. James is the CEO and founder of AdviNOW Medical, the world’s first artificial intelligence and augmented reality driven patient journey platform that nearly eliminates the administrative burden for physicians and reduces the cost of healthcare.
In this interview, James shares his personal drive to always choose the hardest thing to do which pushed him both personally and educationally. James’ determination and resilience led him from electrical engineering to the peak of the tech world, but it wasn’t until he delved into the healthcare industry that he found a problem he was passionate about solving. It shocked him to discover the inefficiency and low profitability in medical practices, with doctors spending the majority of their time on administrative tasks rather than patient care. This revelation led him to create AdviNOW.
James then talks about how while AI is the future of healthcare, adoption and implementation can be slow. Despite this, he explains the exciting future of AdviNOW. James also provides advice for those interested in entering the healthcare startup space, emphasizing the need to choose a real problem to solve, raise more money than anticipated, and remain resilient in the face of challenges.
Entrepreneur Rx Episode 77:
Today’s healthcare experience is defined by high costs, inefficiency, and long wait times—all of which limit access to care. Our technology uses Artificial Intelligence and Augmented Reality to transform this reality. AdviNOW Medical is made up of 5 different components.
1) Digital Front Door. Using your own device patients are guided through self-administered steps to collect required registration data that integrates into any EMR.
2) Ai Triage and Guidance. the patient engages with a chatbot until all the information a physician needs is collected and the patient journey is defined.
3) Decision Support and Scribe. The one-page summary gives the provider everything they need to diagnose and treat the patient. Once the provider selects the diagnosis and example plan, the AI scribes the complete note and enters the discrete information almost any EMR.
4) Post Visit Follow up and Chronic Care Management. – The AI engages with the patient through text messages and connects with devices to collect vitals and creates a closed loop back to the provider.
5) Augmented Reality Medical Measurements – Lower Level Medical staff are empowered to collect vitals, images and sounds that a provider can review at a later time to enable all to work at the top of their license.
- Learn from Jame’s mindset of deciding to take difficult paths.
- Discover the pivotal role of AI in reducing administrative burdens on physicians.
- Dive into the realm of AI-powered healthcare platform advancements.
- Glean knowledge about AI’s impact in lessening workloads for health practitioners.
- Expose the stumbling blocks one might encounter during AI integration in healthcare systems.
- Gain insights on becoming a healthcare entrepreneur.
- Check out AdviNOW Medical’s website to learn more about their platform and solutions.
- Connect with James Bates on LinkedIn to stay updated on his latest ventures and insights.
- Follow AdviNOW on LinkedIn for the most current news on the company.
- Contact James Bates at firstname.lastname@example.org to discover how AdviNOW can help your business.
00:00:04 – Introduction,
James Bates, CEO and founder of AdviNow Medical, is interviewed about his entrepreneurial journey and his work in the healthcare industry.
00:00:57 – James’ Background and Achievements,
James Bates discusses his experience as a CEO, entrepreneur, and board member of high growth tech companies. He shares his achievements in creating and leading successful companies in the tech industry.
00:06:18 – Choosing the Hardest Path,
James Bates explains his mindset of always choosing the hardest thing to do in order to challenge himself and grow. He credits his upbringing and the expectations set by his parents for instilling this mindset.
00:09:57 – Impacting Healthcare,
James Bates talks about his decision to enter the healthcare industry and his realization of the administrative burden on physicians. He shares his motivation behind creating AdviNOW Medical, an AI and augmented reality-driven patient journey platform.
00:12:43 – Self-Driving Cars,
James Bates discusses his involvement in the development of self-driving vehicle technologies. He shares his experience working with companies like General Motors, Daimler, and Toyota, and the role his company played in enabling advancements in autonomous driving.
00:14:30 – The Need for AdviNOW,
James Bates explains the motivation behind creating AdviNOW, which aims to address the issue of physicians wasting time on documentation and administrative work that doesn’t require their medical expertise. The goal was to create an AI platform that could collect necessary information, provide transparency, and improve physician efficiency.
00:15:57 – Overcoming Physician Resistance,
Initially, physicians were hesitant to embrace AI due to fears of being replaced or having their work devalued. However, the pandemic and increased regulatory requirements have changed their perspective. Physicians now see AI as a way to alleviate burnout, improve patient care, and focus on the aspects of their work they enjoy.
00:19:36 – Enhancing the Doctor-Patient Interaction,
The use of AI in healthcare allows physicians to spend more quality time with patients, fostering better communication and understanding. By offloading administrative tasks and providing accurate information, AI technology enables physicians to focus on building relationships and addressing patient concerns.
00:21:26 – The Slow Adoption Process,
Despite widespread agreement that AI is the future of healthcare, the adoption process remains slow. James Bates highlights the challenges of getting large hospital systems and committees to approve and implement new technologies. The slow pace of adoption may prevent many patients from benefiting from advancements in healthcare.
00:23:09 – The Exciting Future of AdviNOW,
AdviNOW expects significant growth and adoption in the coming years, with potential opportunities for acquisition. The goal is to leverage the
00:28:08 – Choosing the Right Problem,
James Bates advises entrepreneurs in the healthcare industry to choose their problems carefully in order to create successful products that benefit all stakeholders.
00:28:32 – Raising Sufficient Funds,
Bates shares his personal experience of investing $10 million into his healthcare venture, emphasizing the importance of being prepared to raise more money than initially expected.
00:29:16 – Resilience and Perseverance,
Bates encourages entrepreneurs not to get discouraged in the face of challenges and to maintain resilience and determination in pursuing their goals in the healthcare startup business.
00:29:39 – Overcoming Setbacks,
The conversation references the TV show “Silicon Valley” as a representation of the ups and downs experienced in the startup world, highlighting the importance of bouncing back from failures.
00:30:20 – Automating Medical Visits with AI,
Bates invites listeners to explore AdviNOW, a platform that utilizes artificial intelligence to automate medical visits and increase profitability for healthcare providers.