WEBVTT - Arrowsight's Aronson: Remote Video Auditing for Health (Audio)

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<v Speaker 1>H broadcasting live to New York, Gloomberg A leaven Rio

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<v Speaker 1>to Washington, d C, Bloomberg to Boston, Bluemberg, Dwell unders

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<v Speaker 1>to San Francisco, Bloomberg nine to the countries US at

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<v Speaker 1>JAM General one, nine ten, and around the globe the

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<v Speaker 1>Bloomberg Radio plus Dathen Bloomberg got gone. This is taking

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<v Speaker 1>stock coming up on taking stock, will take stock of

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<v Speaker 1>using video and motion sensor technology and the food manufacturing

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<v Speaker 1>as well as the healthcare and the quick service restaurant industries,

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<v Speaker 1>all designed to improve efficiency. We're gonna he's speaking with

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<v Speaker 1>Adam Arroon Aaronson. He's the CEO of Aerosite phim. He

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<v Speaker 1>was a currency trader back in the day at the

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<v Speaker 1>old CS First Boston. What an interesting journey to where

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<v Speaker 1>he is now with his company. I'm really excited about

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<v Speaker 1>this one, really excited about the guy in the news

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<v Speaker 1>room now, that's Charlie Pellett. He's got a Bloomberg business

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<v Speaker 1>flash and I thank you, Kathleen, thank you him. We've

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<v Speaker 1>got the down SMP lower naz Stack is higher. Stocks

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<v Speaker 1>fluctuating as investors look past increased stimulus by the Bank

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<v Speaker 1>of England to tomorrow morning's Jobs report for clues about

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<v Speaker 1>the strength of the economy, as what was the Fed's

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<v Speaker 1>next move. Bank of England governor Big News there Mark

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<v Speaker 1>Kearney unveiling an exceptional package of stimulus, including the bank's

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<v Speaker 1>first interest rate cut in seven years, as policymakers slash

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<v Speaker 1>growth forecast by the most ever after Britain's decision to

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<v Speaker 1>leave the European Union. And at the news conference this morning,

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<v Speaker 1>Carney took questions about a number of topics, including the

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<v Speaker 1>economy post Brexit. Well, look, this is the this is

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<v Speaker 1>the appropriate response to the economic conditions in which we

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<v Speaker 1>find ourselves. This is this is a response which will

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<v Speaker 1>make this process of negotiation transition ultimately Brexit. It's it's

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<v Speaker 1>going to support it. It's going to make it more

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<v Speaker 1>likely to be a success, not just in the longer term,

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<v Speaker 1>but in the nearer term. It's going to help with adjustment.

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<v Speaker 1>See World Entertainment shares. They are tumbling almost fourteen percent

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<v Speaker 1>after the company reported lower theme park attendants in Orlando.

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<v Speaker 1>It also cut its earnings outlook for the year. Target

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<v Speaker 1>has resumed selling Amazon's tablets and e readers on its website,

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<v Speaker 1>plans to bring them back to its stores marking aid

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<v Speaker 1>de tent between one of the world's largest brick and

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<v Speaker 1>mortar retailers and its chief online retailer. Target shares are

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<v Speaker 1>down two tents of one percent. SMP five hundred index

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<v Speaker 1>down a point, now dropping point one percent down, Industrials

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<v Speaker 1>down twenty two A dropped there of point one percent.

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<v Speaker 1>We've got gold up three ten an ounce the thirteen

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<v Speaker 1>sixty three, a gain of two tenths of one percent

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<v Speaker 1>to thirty two on Wall Street. Now, let's take a

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<v Speaker 1>look at the other stories making news. Thank you Charlie

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<v Speaker 1>from the Bloomberg News room. I'm Ramy in essen Cio.

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<v Speaker 1>After a bumpy road, Donald Trump's campaign is trying to

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<v Speaker 1>get back on message. Bloomberg's Michael Barr explains, Trump's campaign

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<v Speaker 1>chairman is playing down a rift between the Republican nominee

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<v Speaker 1>and how Speaker Paul Ryan. Paul Afford acknowledged there is

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<v Speaker 1>a conflict within the Trump campaign. Trump's running mate Mike

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<v Speaker 1>Pence endorsed Ryan a day after Trump declined to do so.

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<v Speaker 1>And if we talked about Trump and Ryan on a

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<v Speaker 1>d c S Good Morning America, of course he's gonna

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<v Speaker 1>work with full Ryan. Of course He's tried to brust

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<v Speaker 1>the party together with full ran man Off. It says

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<v Speaker 1>the campaign has had a rule of not getting involved

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<v Speaker 1>in primaries. Michael Barr Bloomberg Radio, President Obama is assessing

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<v Speaker 1>what's working and what is not in the fight against

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<v Speaker 1>Islamic State. This is the U. S. Military ramps up

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<v Speaker 1>its engagement in Libya. After meeting with military and national

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<v Speaker 1>security advisors at the Pentagon, Mr Obama plans to take

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<v Speaker 1>questions during a news conference that scheduled for four fifteen

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<v Speaker 1>pm Wall Street Time, and you can hear that right

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<v Speaker 1>here on Bloomberg Radio. Police in London say the woman

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<v Speaker 1>killed in a knife attack was American. Metropolitan Police Assistant

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<v Speaker 1>Commissioner Mark Rowley says a nineteen year old Norwegian of

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<v Speaker 1>Somali origin has been arrested. I emphasize that so far

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<v Speaker 1>we have found no evidence of radicalization that would suggest

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<v Speaker 1>that the man in custody is in any way terrorism.

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<v Speaker 1>Five other people were wounded in that attack, and the

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<v Speaker 1>grandson of late mob boss John Gotti was arrested today

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<v Speaker 1>on drug charges in Queens. The two year old was

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<v Speaker 1>arrested as his grandfather's old Howard Beach home, where he

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<v Speaker 1>lives with his father Peter Gotty. More than five hundred

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<v Speaker 1>oxy Cotown pills and fifty thousand dollars in cash were

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<v Speaker 1>seized from the home Global News twenty four hours a

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<v Speaker 1>Dave Howard by more than journalists and analysts in more

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<v Speaker 1>than one twenty countries. I'm Rainy and Essentio. This is Bloomberg, Charlie,

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<v Speaker 1>and we thank you and again recapping little change for

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<v Speaker 1>stocks with the SMP five index down a point. Now

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<v Speaker 1>to SWO. I'm Charlie Pelleton. That's a Bloomberg business flash.

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<v Speaker 1>Now on Bloomberg Radio, we take stock of small business.

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<v Speaker 1>Small businesses want more streamlining and less red take small businesses,

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<v Speaker 1>yes and the no. But maybe there's so many people

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<v Speaker 1>that have ideas and it has to be more than that.

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<v Speaker 1>It has to be making it real. Bloomberg take stop

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<v Speaker 1>small business in focus on Bloomberg Radio, super bugs, food recalls,

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<v Speaker 1>patient safety. What are some of the ways that technology

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<v Speaker 1>is being employed to deal with these issues that affect

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<v Speaker 1>all people and all circumstances. Well, that's why we have

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<v Speaker 1>Adam Aaronson. He is the chief executive of Arrow Site.

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<v Speaker 1>They're based in Mount Kisco, New York. He joins us

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<v Speaker 1>in the studio for more information. Adam, thank you very

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<v Speaker 1>much for being with us. Thank you for having me

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<v Speaker 1>tell us a little bit about arrow Site in the

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<v Speaker 1>context as I described of super bugs and patient safety

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<v Speaker 1>and the technology that you're using to try to improve

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<v Speaker 1>outcomes and also make sure that the food that we

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<v Speaker 1>eat doesn't make us ill. Great. Well, let me just

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<v Speaker 1>give you a very kind of pointing example. In the

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<v Speaker 1>operating rooms. Uh So, we have partnered with a terrific

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<v Speaker 1>company called north Wale Health Systems, big chain of hospitals

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<v Speaker 1>here in the New York area and their outdoor and

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<v Speaker 1>a seizure provider, North American Partners and Anesthesia, and over

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<v Speaker 1>the last few years we install cameras in all of

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<v Speaker 1>the operating rooms in several hospitals and uh basically we're

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<v Speaker 1>monitoring each and every one of those rooms once every

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<v Speaker 1>two minutes for a confluence of risk management, patient safety

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<v Speaker 1>measures as well as efficiency measures. So basically we are

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<v Speaker 1>collecting information, providing real time feedback to mobile devices and

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<v Speaker 1>plasma boards, uh, telling basically staff and managers how they're

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<v Speaker 1>performing for safety and efficiencies. And these results were recently

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<v Speaker 1>published in the British Medical Journal, which were just incredible.

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<v Speaker 1>So Northwell was able to achieve ninety percent compliance on

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<v Speaker 1>key safety measures that are around preventing wrong site surgeries,

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<v Speaker 1>retained foreign bodies, surgical site infections, and at the same

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<v Speaker 1>time they improve their efficiencies the time between cases by

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<v Speaker 1>fifteen to So it's been a terrific kind of big

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<v Speaker 1>step forward in healthcare using this technology. How did you

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<v Speaker 1>go from treating currencies at c S first bust into

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<v Speaker 1>becoming a tech entrepreneur. I know, with this particular you

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<v Speaker 1>may maybe do some businesses in between, right, this one

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<v Speaker 1>this had a lot to do with a hospital acquired infection.

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<v Speaker 1>Both your mother and your sister acquired apparently very bad ones.

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<v Speaker 1>Just just in a nutshell, How do you get from

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<v Speaker 1>here from there to here? Okay? Yeah, So you know,

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<v Speaker 1>as as I had sort of a career on Wall

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<v Speaker 1>Street during the nineties, Um, it's sort of hit me, uh,

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<v Speaker 1>sort of towards the late nineties that, um, you know,

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<v Speaker 1>virtually no businesses were using video data to improve worker

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<v Speaker 1>performance the way that sports seems it. And so I said,

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<v Speaker 1>you know, there's got to be a good business here.

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<v Speaker 1>And I was kind of looking to get out of

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<v Speaker 1>the financial world and into more of an operating career,

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<v Speaker 1>and the first industry we focused on was really the

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<v Speaker 1>food manufacturing sector, so the meat industry. And I was

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<v Speaker 1>home on a holiday. UM back in the early two thousand's,

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<v Speaker 1>I showed my father up in Boston, who's a physician

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<v Speaker 1>still practicing today. I showed him some of the work

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<v Speaker 1>we were doing on reducing UH pathogens and and improving

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<v Speaker 1>things in food safety arena, and he said, you must

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<v Speaker 1>bring this to healthcare. So I said, I will try,

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<v Speaker 1>and we collaborated and absolutely made no progress in the

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<v Speaker 1>mid two thousands. I mean we got nowhere. Nobody would

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<v Speaker 1>even do a pilot free pilots and so um, we

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<v Speaker 1>kind of put it to the side. I continued to

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<v Speaker 1>do the work in the food industry. UM, and then

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<v Speaker 1>within a year, both my mother and my sister had

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<v Speaker 1>hospital acquired infections and it was like a thunderbolt moment,

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<v Speaker 1>and so I said, Okay, we're gonna get personal about

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<v Speaker 1>this and UH. Instead of trying to go after kind

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<v Speaker 1>of big health systems and big cities, we started in

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<v Speaker 1>two thousand and six out in a tiny little surgery

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<v Speaker 1>center and making Georgia and that was what sort of

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<v Speaker 1>led the way and opened the doors into Northwell Health,

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<v Speaker 1>which really pioneered everything that we've done in healthcare since

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<v Speaker 1>two thousand and eight. Financing, were you able to go

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<v Speaker 1>I believed to maybe non traditional source of financing at

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<v Speaker 1>the very beginning, a family office. Yeah. No, that's that's

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<v Speaker 1>another UM sort of big lesson learned and something I

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<v Speaker 1>can share with people that ever, you know, decided to

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<v Speaker 1>get into these types of businesses if you can come

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<v Speaker 1>up with your kind of own investment sources. In this case,

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<v Speaker 1>were not only had a big family office out of Chicago,

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<v Speaker 1>but we had a kind of a great network of

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<v Speaker 1>individual high net worth investors from the food industry and

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<v Speaker 1>and now many from the healthcare industry, and they open

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<v Speaker 1>a lot of doors and give you incredible insights on

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<v Speaker 1>on how to kind of pursue opportunities. So where are

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<v Speaker 1>you now? What's next? Um? You I imagine you expect

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<v Speaker 1>to scale this, hope to scale this. Where are you

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<v Speaker 1>in your traduction trajectory? Yeah? So the food industry is

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<v Speaker 1>very mature for us. We provide services today to approximately

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<v Speaker 1>half of all the UH meat production in the United States.

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<v Speaker 1>UH from you know, beef to pork to chicken, UH

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<v Speaker 1>to turkey and Bay. Basically we've had a real eye

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<v Speaker 1>on the healthcare industry as an emerging market. UM basically

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<v Speaker 1>on the back of the Affordable Care Act penalty systems

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<v Speaker 1>for reimbursements. And this has all to do with a

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<v Speaker 1>scoring system which basically combines hospital acquired infections and patient satisfaction.

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<v Speaker 1>So if you're ranking in the lowest quartile of hospitals

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<v Speaker 1>in the country starting now, UH, they're they're paying two

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<v Speaker 1>percent penalties on federal reimbursements, which is millions of dollars.

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<v Speaker 1>So the work that we did in the and the

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<v Speaker 1>operating rooms is now being extended hospital wide UH to

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<v Speaker 1>solve the same exact issues, reducing infections in this case

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<v Speaker 1>and improving patient flow. Okay, so in a nutshell, you

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<v Speaker 1>see a very potentially large market here, very large market. Aerosite. Well,

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<v Speaker 1>good luck at am Arenson. He is the CEO of Aerosite.

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<v Speaker 1>The founder will look forward to having you back as

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<v Speaker 1>this all progresses. This is taking stock. This is Bloomberg

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<v Speaker 1>coming upon taking Stock. If you happen to live in

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<v Speaker 1>the Northern Mariana Islands and you want to buy a gun,

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<v Speaker 1>you're gonna have to pay a tax of one thousand

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<v Speaker 1>dollars per gun. Could this end up being the law

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<v Speaker 1>for land that's next