“Revenue cycle is really about solving two problems: generating an accurate receipt and then jumping through the fifty hoops to get paid.” says Dr. Michael Gao, CEO of Smarter Technologies. In this episode of Vanguards of Health Care, Gao joins Bloomberg Intelligence analyst Jonathan Palmer to explain how AI is transforming hospital revenue cycle management (RCM). He walks through Smarter’s approach to clinical intelligence and automation, why AI works best as a first pass with human supervision, and how smarter workflows can lift margins for hospitals operating on razor-thin economics. The conversation also explores Smarter’s formation with New Mountain Capital and Gao’s mission to reduce the trillion-dollar burden of health care administration.

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“Our mission is to create both strategic and financial returns by backing scalable technologies that can transform how biopharma operates.” Bill Taranto, president and general partner of the Merck Global Health Innovation Fund, joins Bloomberg Intelligence analyst Jonathan Palmer to break down how Merck’s $600 million evergreen venture arm invests at the intersection of biotech and health tech. Taranto explains why GHI focuses on pharma services across drug development, supply chain, patient access and real-world evidence, how ecosystem investing and private equity drive scale, and why AI and data are reshaping the future of pharma operations.

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“We were a very valuable deep-science company that had the wrong business strategy,” Zymeworks CEO Ken Galbraith tells Bloomberg Intelligence analyst Sam Fazeli on this episode of the Vanguards of Health Care podcast. In discussing the company’s strategic reset, Galbraith explains how Zymeworks shifted from a platform-heavy biotech to a partnership-driven model that balances innovation with capital discipline. The conversation covers zanidatamab’s path to market, lessons from partnering with Jazz and BeOne, the value of asymmetric antibody design and why retaining upside through milestones and royalties could reshape long-term value creation.

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