Wolters Kluwer: UpToDate’s Value Proposition & Retention

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I know it counts for some number of medical training hours each year.

Yes, every state and institution is a little different. Typically, when physicians need to earn CME, they attend conferences, which requires taking time off. Some enjoy doing that, taking their families on vacation and offsetting it. But most busy physicians don't have time. With each topic search, when they have a clinical question within UpToDate, they type in the question, review the content, and apply it. That's what gave us the credentialing capability with each topic search. So the app now allows access to UpToDate from anywhere and provides data on who's using the product. Instead of being IP authenticated and anyone utilizing it without us knowing, by integrating it within the EMR, we connect unique identifiers to know who's doing what. With anything, I think 85% of data comes from healthcare. We're gaining that data, and nowadays, UpToDate was essentially your AI before AI reached its current state.

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One other topic I'd love to hear your thoughts on is how pricing has evolved for UpToDate? I imagine you would do a multi-year contract with your customers. Was there a price escalation clause, maybe due to inflation or a bit more than inflation? When it comes to contract renewals, what was the directive? Was there a yearly price increase, or was it more like, we're selling to more doctors, so we're not increasing the price because we're increasing the number of doctors? I want to hear your thoughts on how this evolved over the past 10 years when you were there?

Yes, that's a great question and one we got asked all the time. UpToDate was the most expensive; it was the Cadillac. I say Cadillac in terms of it being a great car. It was a trusted resource. It was 100% subscriber-funded. The data we provided wasn't influenced by any medical device or pharmaceutical company.

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No one was paying you to promote a specific drug?

Yes, correct. It was 100% subscriber-funded and written through an editorial process by physicians aiming to educate other physicians. Regarding pricing, we increased it by over 300%. I was brought on to have those discussions because we shifted from an inpatient-outpatient pricing model to a price-per-head model. Any and everyone at the hospital could use the platform, but we only charged for clinicians within our 21 covered specialties at the time. I think we may be up to 23 or 24 now. So for example, orthopedic physicians could use UpToDate, but we didn't charge orthopedics, if that makes sense?

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