Michael C. Howe, CEO of The Good Clinic joined Yahoo Finance Live to break down The Good Clinic's move to expand and what is next for the health sector.
ADAM SHAPIRO: Emily, there's a company out there you're going to hear a lot about, The Good Clinic. And we invite into the stream the CEO Michael Howe to talk about how some people go to the doctor, some people go to the med clinic that might be two or three blocks away. What if it was right in your apartment building? So The Good Clinic has one-- is it just one now that's open, but you're bringing seven more to apartment facilities.
MICHAEL HOWE: Yeah.
ADAM SHAPIRO: Tell us how this all works, because it's nurse practitioners who operate them, correct?
MICHAEL HOWE: Yeah. The Good Clinic is a subsidiary of the publicly traded company Mitesco Inc. And it is a system of nurse practitioner-run clinics that use behavioral and technological tools to develop individualized holistic care plans for each of our clients. From the very beginning, the first visit to the clinic, we sit down with the client and help them identify their health care goals. Then with that information in hand, we develop an individualized care plan that will help them reach those goals. So our goal with every client is to help them understand how they can improve the quality of their life.
EMILY MCCORMICK: Michael, one of the things I wanted to ask about is since you were someone who was on the team that grew MinuteClinic, of course now part of CVS Health, how is this offering differentiating itself from what already exists with MinuteClinic?
MICHAEL HOWE: Yeah, I actually led the team that built MinuteClinic into a national brand. But that experience really taught us that there was so much more that we could do with primary care to improve the outcome and improve the experience for patients. And so that learning is the foundation of The Good Clinic.
Because you know, the value of a primary care relationship has been proven by a number of different research studies. The most recent one showed that for every dollar invested in a quality primary care relationship avoids spending about $13 in downstream care. And those principles that that systemic savings is built on is really how The Good Clinic is formed in terms of their care plan.
It's all about easy access to care. It's about early identification of potential issues. And then it's about prevention through patient education. So we are leveraging our learning, but we're taking it to a much better level to create value for the shareholders.
ADAM SHAPIRO: Two-part question here, because I would imagine, are you targeting very large apartment complexes in which to put these? And if someone just has a cold, the sniffles, but they want to go see somebody, is that the kind of client who's going to use The Good Clinic?
MICHAEL HOWE: That is one element. But we're also looking to create a medical home for each of the clients. This is really about long-term relationships. One of the things that the pandemic has really taught us is that the health care system is in need of a significant overhaul, especially in terms of access to primary care and the delivery of primary care.
And that redefinition of the relationship between the provider and the patient is what we're really focusing on. So it is-- yes, it is the acute care needs of the individual on a walk-in basis, but it's more about creating an ongoing relationship with the patient so that we can help them understand how their lifestyle choices and how their day-to-day activities can be used to help improve the quality of life through effective utilization of the health care system.
EMILY MCCORMICK: And what about the relationship with the health insurance companies themselves? Does this cost money for patients out of pocket? Do you actually work with some insurers? Are you in-network for some of these insurance companies?
MICHAEL HOWE: Yeah. Actually, it's been one of the great validations of the concept is that the payers have been embracing the concept of primary care, because they want to see a provider focusing on the individual and minutes of care versus fee-for-service. So the payers are eager to get us into the network, and we've been expanding the payer list that has been supporting us. But we also have payers approaching us asking us to create special programs for their major employers to help people understand this wellness done right and the value of primary care.
We're also seeing significant validation from the consumers who have come into the clinics. You know, if you look at the Google reviews and the testimonials, they're outstanding. It's a straight five-star rating. People are talking about how this is the way they've always dreamed health care to be. This is the kind of relationship they wanted where they could go in and feel the expertise of the provider that's serving them, but also the empathy to really listen to them and to ask questions about how to improve their health, and then the education for how the patient can be part of the health care solutions that they really need.
ADAM SHAPIRO: And there's no extra cost for the house call, because the clinic is in your house, it's in the apartment--
MICHAEL HOWE: Absolutely.
ADAM SHAPIRO: --apartment building. Michael Howe, CEO of The Good Clinic, we wish you all the best. Thank you for joining us today on "Yahoo Finance Live."