Transcript
Erica Lloyd (00:00) hello? Hey, Mike. How are you? Good to meet you.
Michael Boccadifuoco (00:03) Good. How are you? Nice to meet you as well.
Erica Lloyd (00:06) Good. Where are you located?
Michael Boccadifuoco (00:08) I’m actually out in New York.
Erica Lloyd (00:10) Oh, okay. Where in New York?
Michael Boccadifuoco (00:13) We’re on Nassau county, in long island.
Erica Lloyd (00:16) Oh, cool. All right. I’m in jersey. I’m on the other side of the city.
Michael Boccadifuoco (00:19) All right. Okay. Cool. What part of jersey?
Erica Lloyd (00:22) I’m in Caldwell, which is where the sopranos live. If you’re not familiar.
Michael Boccadifuoco (00:27) Yeah, no, I’m familiar. I grew up. I’m originally from Brooklyn. I grew up in Brooklyn. So just, I work out here, so not too far?
Erica Lloyd (00:34) Do you do the reverse commute?
Michael Boccadifuoco (00:36) I used to, until I moved out, me and my fiance, we moved out here not too long ago. So now we’re out here. Now, the commute’s way better than it is from Brooklyn, but yeah, I’m familiar with the reverse commute. Okay?
Erica Lloyd (00:51) Nice. Well, appreciate you have the interest in medallion.
Erica Lloyd (00:55) Just way of introduction. My name’s Erica Lloyd. I’m an enterprise account executive here at medallion and I was thinking goal for the call today. Thanks so much for sharing some information with my colleague Michael really just to understand what you’re looking for at this point, see if there’s alignment to continue conversations with medallion. I can provide an overview of it and see if there’s a path forward here which could be either like a business value assessment or a product demo depending on what the conversation goes. Does that sound like what you were hoping for today? Yeah.
Michael Boccadifuoco (01:28) That sounds great. I’d love to hear a little bit more about the software that you guys provide and if it’s compatible with us.
Erica Lloyd (01:35) Perfect. Okay. Yeah. My colleague, Mallory should be hopping on in a minute. She’s one of our solutions consultants, and she essentially designs solutions for different companies. So she’ll be joining us in a few minutes here. So appreciate you reaching out. I have some of the notes here, precision health compounding, pharmacy. Are you on the operations team or can you share what your role is there?
Michael Boccadifuoco (02:04) Yeah, sure. So, I’m a pharmacist here. Tech is not my background. Pharmacy is my background. So kind of getting familiar as time goes on, but I’m not heavily involved in operations. I’m more on the compliance end of the pharmacy. So I deal with a lot of the, with our telemedicine partners that we work with, their provider networks, kind of helping them integrate into our system. And aside from the whole provider side, I deal with the pharmacy’s licensure, helping applications and things of that sort on like all levels between like a federal level to like a state board of pharmacy level and other regulatory agencies that were subject to like inspections and audits by, and things of that sort.
Erica Lloyd (02:46) Okay. Gotcha. I know there’s some new laws regarding compliance in the pharmacy space. Is that what’s sparking the kind of like the desire to look at different softwares at this point? Yeah?
Michael Boccadifuoco (03:02) I mean, it’s picked up more so as like telemedicine and telehealth that’s like kind of our primary focus. There’s been a lot of, you know, eyes on that industry, but it’s something that we’ve always done and maintained. We’ve just tried to open our eyes and explore, you know, different systems out there to make that process easier for us. And, you know, I don’t know if I’ve mentioned this in the email, I might have, but we currently use a verification software with another partner, but we’re just trying to, you know, kind of look to see if we could broaden our horizon, a little bit, maybe shift gears, you know, depending on what medallion might be able to offer. Okay?
Erica Lloyd (03:40) I’m going to unpack that a little bit, Mike, but we have a fresh face. Valor, I’ll let you introduce yourself.
Mallory Smith (03:46) Yeah, thanks, Mike. So sorry, if I’m a few minutes late, it’s just been, you know, how calls go.
Michael Boccadifuoco (03:52) No problem. Thank.
Mallory Smith (03:53) You, I’m a solutions consultant here at medallion. I’ve been in the space for roughly 10 years or so we think of provider data management. So I’m just here to support the call from a technical perspective and see if we have an ideal partnership here.
Erica Lloyd (04:05) Cool. Thank you. Pleasure to meet you.
Mallory Smith (04:07) Nice to meet you as well.
Erica Lloyd (04:09) She’s down in Nashville, a southerner, all right?
Erica Lloyd (04:18) Okay. Yeah. I was actually, I was in the city yesterday and I don’t miss having to commute now that I’m fully remote.
Michael Boccadifuoco (04:27) Yeah. The commute is rough. I’ve done many commutes going from Brooklyn to Manhattan, long island to Manhattan. So definitely like working remote is tough. It’s a benefit. I wish I could, but I apologize in advance. If you hear like a lot of commotion there’s a lot of people in the office in the background right now. So if I’m going in and out on mute, I’m not like trying to be rude or anything like that. I just want to make sure that you don’t hear like a bunch of different conversations in the background.
Erica Lloyd (04:54) All good. Are you in office every day?
Michael Boccadifuoco (04:59) Yeah, yeah, I’m in here every day. So kind of go back and forth like we have like an office space for like, you know, corporate personnel, so to speak. And then the pharmacy location itself is like right down the road from us.
Michael Boccadifuoco (05:12) And then, you know, the, so the operation kind of stems out of that building. But for most of us, that kind of like are behind the desk. We’re we’re all in an office together so to speak.
Erica Lloyd (05:23) Okay. Sounds good. So, yeah, I guess I just want to Mike just unpack that a little bit. You were saying you have a system in place. Can you just give us an idea of like when you say system in place? Like what software it is and what kind of sparking? Yeah. Like, is there any challenges with the current software that’s like, okay, what you’re saying? Shift gears? Like I guess what would make you want to shift gears? Yeah?
Michael Boccadifuoco (05:48) So, we have a system through a partner. It’s through Salesforce. And it kind of, you know, kind of runs verifications for us from a provider standpoint that’s like the main purpose of like what we like look for and use it for is to verify like those state licenses that providers have mpi licenses, Dea licenses, things of that sort. And we… we’re looking to shift gears because… pricing wise, you know, things like pricing wise, just trying to be more competitive and things of that sort and a little bit more flexibility with the growth of the pharmacy that the soft that the partners are kind of not unable, like unable to support to our extent. But also the reason is like, our pharmacy software specifically, they were supposed to kind of build out that feature of verifications and they’re kind of a little bit behind on their schedule. So just kind of like looking to see like what other options are out there. Maybe there’s some newer features that we don’t currently have with our current partner. And, you know, kind of just want to see like what that is about with, some other companies.
Erica Lloyd (06:55) Okay. A couple of questions. Is it, so with Salesforce, is it verifiable that you’re using? Yeah. Okay. Are you, and are you using just the software or using any of the services with it?
Michael Boccadifuoco (07:09) Services, meaning like board certs and things like additional verifications or?
Erica Lloyd (07:15) Like, are they doing any type of like, and I guess I don’t know if you’re doing any type of enrollment but are you doing any type of, like.
Michael Boccadifuoco (07:23) Enrollment? No, we don’t do like any enrollment where we utilize the software to like to provide our outreach and obtain information. That way. We just use it strictly for verification purposes with like the integrations to like state board websites, and things of that sort. The way it typically works is our partners provide us with the list of licensure and all the information in advance. And then we use the software to import data, run those verifications and then kind of keep track of it on our end, on our like on the pharmacy side?
Mallory Smith (07:55) Quick question. Mike, of course, as you have mentioned someone behind you, quick question regarding that. It sounds like you’re performing credentialing for these providers. Do you have an internal committee that’s reviewing those files? Or once you’ve checked the verifications, let’s say that you do found an adverse event, an action, something that occurred, who is reviewing that? What do you do with that information? So.
Michael Boccadifuoco (08:20) It’s it comes through me and other members on the compliance team. We kind of take a look at the provider’s licensure as a whole. One big thing that we look for is disciplinary actions. We kind of look into a lot of kind of mishaps that providers have on their licensures, the nature of those disciplinary actions, what kind of resulted and sparked in those actions? That’s like the biggest thing that we kind of look out for because ideally, you know, as on the pharmacy side, we don’t want to be working with a provider that’s you know, not practicing good faith and things of that sort. So the review of like things of when those situations come up is goes through the compliance team and like myself and other members included. Thank.
Mallory Smith (08:59) You. And is that a team that meets regularly? Is it a scheduled meeting once a month every couple of months? Yeah.
Michael Boccadifuoco (09:06) I mean, like I said, it kind of all depends with like the growth of the pharmacy. So how much that the like our provider network expands with partners that we work with, will kind of spark the need to kind of review and look at those instances. Typically, we kind of look at it on like an every two, like a couple times a month, like every two weeks just to kind of see like out of new providers that we’re kind of onboarding and importing and getting into our system? Like are any of those licenses or doctors coming back with kind of any forms of malpractice or things of that sort? And then kind of looking at it at like a comprehensive state, you know, we try and like be understanding because we’re all health professionals in the field as well. So like we understand when things happen, you know, like there’s things that doctors have on their license when they were, you know, kind of like in their residency as like a student and, you know, they kind of get called for like little things. So like, you know, obviously like we understand like, but like some more egregious things, we kind of take precautions to kind of go through that, those steps and necessarily like reach out to our partners and kind of see like what the issue is there and, you know, kind of take things one step at a time.
Mallory Smith (10:09) Understood. Thank you. And just one final question just to kind of help give me a bigger picture here provider volume, how many files, how many providers do you think you’re reviewing every couple of weeks, when you have to meet or once a month?
Michael Boccadifuoco (10:23) So, we, the disciplinary actions and like those kind of mishaps that’s what’s kind of reviewed a couple of times a month overall.
Michael Boccadifuoco (10:31) We look at our provider network as a whole on a daily basis, not to say that our growth kind of continues on a daily basis. But I would say within like, you know, a couple like a week, we probably get anywhere between like maybe 10 to 15 new providers a week depending on like the partner that we’re working with, you know, if like they’re kind of growing on the same page that we’re growing and things of that sort. Currently, our network kind of is like comfortably sitting at like 1,200 like 1,112 100 or so providers. We do have more like we do have information from more providers than that 1,112 100 number. However a lot of times, what happens is some of our partners will give us a, you know, boatload of providers like a, you know, every single person that they’ve contacted like, you know, work with in the past, however they don’t like actually actively send us prescriptions for some of those providers.
Michael Boccadifuoco (11:24) So we have some of those providers kind of fall into like an inactive status where, yeah, sure. We have their information onboarded, but they’ve never even sent us a prescription to the pharmacy. So, but active network probably like 1,200 and kind of and growing. So, thank.
Mallory Smith (11:38) You. I’m afraid I’m a liar because you said something. And now I have another question.
Michael Boccadifuoco (11:42) No, it’s fine. Okay. Like I have multiple questions. So, yeah, no, keep that’s what the purpose of this call is for, right? So let’s ask them now. Thank you.
Mallory Smith (11:51) So the verification themselves, are you following any standards? Like one we typically see is ncqa level. We’ll also see joint commission standards when it comes to verifying these, the list that you’re doing with your providers, is there like a verification checklist that matches one of those accrediting bodies?
Michael Boccadifuoco (12:09) No, there’s not, because we look at it from the perspective of like as a pharmacist, what do we need on a prescription to verify that, to push that prescription through? And in terms of specifically, when it comes to a provider, what we need on a provider standpoint on a prescription is just their npi and a state license. Being that legally, you technically like in New York, legally, you do not have to have a, the provider state license, like in particular, like the New York state license or their New Jersey state license on the prescription, you just need their npi. But being the fact that a lot of our network and I’d say like almost 100 percent of our network is telemedicine, we need to ensure that there is a patient provider relationship and being that if a patient is licensed in Illinois, right? And a doctor is licensed in Florida, we need to ensure that a doctor holds a license where the patient resides, right? So it doesn’t really, kind of fall under like specific, you know, boards or any additional certifications. We kind of just look for things on like a state level, because from a regulatory standpoint and compliance standpoint for how we need to get prescriptions, verified, that’s where we kind of sit.
Mallory Smith (13:13) Okay. Thank you. I have a better picture now. So, Eric, I’ll pass back to you but I appreciate it. No.
Erica Lloyd (13:18) Problem. Yeah, thank you. I’m just, I had a couple questions. I’m just trying to understand your revenue model like how do you this? That’s probably a very simplistic question, but how do you make, and Mallory may know, but like, how are you making money with these providers?
Michael Boccadifuoco (13:32) So, like I can’t really comment too much in terms of that because it’s not really like I’m not on the tech and the finance side of things. The only thing I can share is like our kind of business is between the partner, right? So, you know, we get the information from our pharmacy partners which are primarily telemedicine platforms, right? And we kind of do all the contracting with them. However when it comes to providers in particular, we need to be responsible and ensure that the providers that we’re working with because at the end of the day, yes, it is a telemedicine platform, but it’s still that singular provider that is sending the pharmacy a prescription. So I like, you know, in terms of like the finances and like the revenue and things like that, that’s more on like a partner side, we kind of like contract with them, which is like out of my realm, but that’s where like kind of stems in with the providers and things of that sort. Okay? And.
Mallory Smith (14:28) And just to make sure I understand that correctly, do they pay you a set amount or do they pay you on a consumption basis for every provider that they send you?
Michael Boccadifuoco (14:36) I don’t know, I don’t know they don’t typically, we’re not getting, we’re not getting reimbursed for providers. It’s just the prescriptions, right? We’re like, so it’s per prescript, we like work on a per prescription order basis and things of that sort. It really, the finances don’t have anything to do with the provider network that they’re providing us essentially like they can give us a 1,000,000 providers. They’re not gonna give us a 1,000,000 dollars. So, like if that makes like sense, you know what I mean? So, but that’s like very like, you know, like just meat and potatoes kind of sort of like basic overview. I don’t really know too much on like the finance side of things. Oh.
Mallory Smith (15:14) Thank you. I think that actually, I think that makes sense just especially if you’re on the compliance team, if you are handling these prescriptions, it sounds like it’s just almost like a nicer feature that you’re offering just to be like listen the reason you should partner with us. We have the additional level of quality. We’re going to verify your providers, npi, number their state license. So not only are we going to verify this prescription. We’re also going to make sure the provider is in good standing with you as well.
Michael Boccadifuoco (15:39) Yeah, that’s like a, that’s like a big key and that’s like kind of what we emphasized. And also, the other part of it too is that you don’t know if these partners are kind of vetting the physicians that they’re onboarding, right? You know, like that’s. Also, the other thing that big thing too is like, you know, a telemedicine partner could say like, yeah, I want to have a bunch of providers and have them send a bunch of prescriptions for our patients, right? But are they doing the proper vetting on their end? Like we don’t know that. So it’s our responsibility as like the last kind of line of defense between the patient getting the prescription that was written. So it’s our responsibility at the end of the day to kind of make sure we’re doing the right thing.
Mallory Smith (16:14) I love that. I’m sure you’ve heard this joke before, but what do they call, the lowest member of a graduating class doctor?
Michael Boccadifuoco (16:23) That’s funny.
Mallory Smith (16:25) Okay. No, I appreciate the clarity there.
Erica Lloyd (16:29) Yeah, we’re not trying to. Yeah, we’re not trying to be nosy. Mike, I think we’re.
Michael Boccadifuoco (16:32) no, it’s fine. The.
Erica Lloyd (16:33) The reason is so madaket. So we’re an end to end provider data management. So it’s all software and services, is how is our revenue model companies? And typically, when they’re purchasing, we’re… doing a business value assessment and saying, okay, here’s… the, because obviously, you probably anytime you’re making a purchase, you’re probably gonna have to do some kind of Roi case. So we were asking and saying, okay, we either work with, we work with folks that are like a third party and they’re making money because they’re acquiring customers and that’s how they’re making money. And that’s how we can tag… our Roi or to provide a group where it’s a straight, hey, you see a provider, they bill a 1,000 dollars a day, if you can work with medallion and do it faster. That’s where you’re gonna collect extra revenue. So that was kind of where we were getting at there. Why don’t, I had a couple other questions and I wanna make sure we have, you have an overview. You’re talking about verifiable, we’ve done quite a bit of displacements with verifiable. One of the main things is, you know, access to reporting and data and things like that you were talking about. Do you know when your verifiable contract is up for renewal? Oh, I think you’re muted. Oh.
Michael Boccadifuoco (17:45) I’m sorry, I apologize. I don’t know for sure. I’d probably have to get back to you just because although I’m primarily the person that kind of deals with the software and like that the whole realm, I just wasn’t involved in those like contractual conversations. So I could kind of get back to you like when I have a concrete date of what that, when that day ends?
Erica Lloyd (18:08) Yeah, just because it could be an iterative approach, but typically a cutover, we like to make sure we have at least like eight or so weeks for a cutover if you were to displace them and move over to medallion.
Michael Boccadifuoco (18:21) So,
Erica Lloyd (18:21) want to just give ourselves a little leeway there. And then the other thing is you said you’re looking at cost efficiencies, yeah, how do you know what? And I don’t know if this is kind of in your realm. Do you know what you’re paying for that for verifiable today?
Michael Boccadifuoco (18:39) To be honest, I don’t I can tell you the reason why we’re looking into some other like options. So to speak, right, is from a cost perspective, I’ll say is because we frequently kind of find ourselves in like a provider capacity like a monitoring capacity with whatever the contract was for… that’s like kind of the reason why we want to like kind of shift gears and see if there’s you know, other partners out there.
Michael Boccadifuoco (19:09) But like I said, the most frequent issue is that we were running into capacities because, and I’ve explained this to anyone whether you’re a verification software or just anybody like kind of learning like hearing about the industry to scale the growth is very hard and it comes in like spurts like you can go three months with not having new business, and then all of a sudden a new account can pop up and boom here comes their provider network and they have like 2,500 providers, each of them having 50 state licenses, right? So it kind of just depends there’s no concrete time to say, like, yeah, like every three months we could expect to see like, you know, like another couple of partners come on and like kind of navigating that with like, you know, whatever we had for our contract and how it was placed out was a little bit difficult. So like I unfortunately can’t tell you the concrete numbers. I don’t know what they are because that’s on like the finance side, but like I said, it kind of surrounded the monitoring and the capacities for our like limits of providers and monitorings.
Erica Lloyd (20:15) Okay. I guess I just, I want to make sure I understand that. So you capacity like the software didn’t have the capacity to.
Michael Boccadifuoco (20:25) It’s not, it’s not the software, it’s whatever we, whatever the contract was signed for, we were going over and weren’t able to. We’re not able to adjust our contract to kind of fit the means of like our growth and things of that sort.
Erica Lloyd (20:42) Okay. So they, so they were doing some kind of level of services for you?
Michael Boccadifuoco (20:46) Yes, yes. Okay.
Erica Lloyd (20:47) Gotcha. All right. I just want to make sure I understood that portion of it. Okay. Why don’t I just give you kind of an overview of medallion. You can tell us, it sounds like they were, probably would need to do a little bit more discovery, but I think there’s just let me make sure I’m sharing the right screen here.
Mallory Smith (21:06) You are, yes.
Erica Lloyd (21:07) Okay. So I think, I guess just understand, like let me just give you an overview. So these are the different products used that we have. We are a combination of purpose built automation and hands on experts to do the licensing, credentialing and provider enrollment which you’re not doing that portion of it. And so it’s both the software and the services. And because of that, we’re able to contractually commit to slas, and that is going to be for credentialing payer enrollment. We do have the ongoing monitoring, which obviously, you’re not going to have an soa for that, but we do it’s software and services. It would be obviously displacement of your incumbent software verifiable… so, these are the main products used and typically the outcomes that folks are looking to drive and tell me if this is, if we’re in line and I don’t know if we’re again, this is like traditional model. Typically people are looking to accelerate revenue, reduce the operational costs, accelerate provider productivity. This is not necessarily a straight line with how your business model is working. But these are typically some of the outcomes that you’re looking for. Did any of these kind of resonate with how you’re thinking about this a software move?
Michael Boccadifuoco (22:32) Yeah. I mean kind… of just off the rip. The big one is like growing the provider network like that. I don’t know like from a finance perspective, I’m sure that there’s definitely some sort of like, you know, things that like our team would be interested in, but for the purposes of like kind of what the compliance side of the pharmacy in our business is like looking at it’s really just like the managing the growth of the provider network with the ability to monitor and verify licensure? Okay?
Erica Lloyd (23:06) And are you doing any type of reporting? Yeah.
Michael Boccadifuoco (23:09) So, I mean, we just, we utilize the software to run reports for us to kind of just, you know, give us like turnaround of like active providers, active licensure, expired licensure, but no other reporting outside of like just strictly provider reporting. Okay? And,
Erica Lloyd (23:29) so, what do you, the type of report? Are you having to, are you just saying like, okay, is this provider compliant with our network? Or is there anything else that you’re reporting out on?
Michael Boccadifuoco (23:40) Yeah, no, just looking like overall look at the provider and their licensure. Are they compliant? Like do we have everything that we need on our end? For them to be actively prescribing prescriptions for patients that we serve? Yeah. Okay.
Erica Lloyd (23:55) So it’s really just the provider data management and compliance. Yeah. Would anything else be, do you think anything else would be in scope based on that?
Michael Boccadifuoco (24:05) At this time, I don’t want to say, yes, maybe something in the future, but right now, it would kind of just be the highlight of just provider management and monitoring. Yeah.
Mallory Smith (24:19) Absolutely. And Mike, I actually just have like an operations question. So let’s say your partner sends you. Do they send you multiple prescriptions for one provider? Yep? So you will verify them, run the verifications, the first prescription that you get, you’ll then review it with your compliance team. You’ll let them know how often do you go through and re, verify those providers? Do you know, how do you know that you’ve already verified this provider or not? So?
Michael Boccadifuoco (24:48) We don’t we don’t run a verification of licensure per prescription that we get. We have a very high volume of prescriptions. So to add like an extra step for provider verification in our workflow, like in terms of like running a real primary source, like real time verification of that licensure, like as you’re verifying the script, we don’t do that. We kind of keep our licenses and verifying on a monthly monitoring basis, right? So we kind of look at things like over the course of every month and verify that. And then if there’s instances where we have like providers that we don’t want to kind of verify prescriptions or put prescriptions through for our pharmacy software, not our verification software. Pharmacy software in particular has the ability to like, we could archive a provider’s profile. So that way somebody on our data entry team isn’t selecting that profile to push a prescription through. That’s kind of like what it sends through. So monitoring is monthly. And then the verifications are like every once a month.
Mallory Smith (25:47) Okay. Thank you. And when you were describing that, is that almost double data entry? Sometimes if you’re monitoring the verifiable instance, and then you have to go to the pharmacy software and have to have you explored apis between the two before.
Michael Boccadifuoco (26:01) Apis and like integrations, is that what you’re referring to? Sorry, I’m like I’m not a tech background person but like we have, and that was the whole thing was that our pharmacy software partner that we use, they were kind of supposed to build out that integration. So that way we didn’t necessarily have to rely on an outside partner and software to run those verifications for us because prior to having, you know, our current verification partner, I used to do everything like old school and literally just go on a state board website and find all the verifications and then just kind of populate the up to date information into the provider’s profile within our pharmacy software and then just set a reminder like, okay, like in June, I’m going to look through all the June expiration date for the licenses and kind of clean it up that way. So, okay, thank you. Yeah, no problem. Erica.
Mallory Smith (26:56) I’m thinking from like a scoping perspective, core seats, pre app verifications. I wouldn’t even say we would need to pursue ncqa level credentialing. It sounds like it’s just license number and pi number and then ongoing monitoring. I think that would be pretty comprehensive what they need.
Erica Lloyd (27:16) That sounds good. Thanks for that. Mal. And then I guess for, is the executive sponsor on this? I was just doing some LinkedIn digging. Is it Lisa? It looks like she’s VP of compliance or would it be Connor longo?
Michael Boccadifuoco (27:30) Yeah, Lisa’s my direct boss. So she like kind of all things between verifications, like things on this realm and compliance go through her. So Lisa would be the correct person. Okay?
Erica Lloyd (27:44) So, she’s like the executive sponsor on the platform. So let us know when, if you want us to include her on the next conversation. Yeah.
Michael Boccadifuoco (27:53) She’s actually traveling right now at the moment with work a lot of like our, she’s a part of our leadership team here. So a lot of our leadership team is actually traveling this week. So I was kind of using this time to kind of like explore some options and meet with some people and, you know, but definitely like for next call, I’ll see if she’s available to kind of get a look.
Erica Lloyd (28:12) Okay. Sounds good. What else or can you share? Like what other softwares you’re looking at this point?
Michael Boccadifuoco (28:19) Honestly, you guys have been the first, yeah, potential partner that we’ve that I’ve spoken to just trying to take things one step at a time. Like I said, I don’t want to like kind of dive too deep because I just don’t know, kind of like when our contract is up and things of that sort. I’m just kind of like getting the consensus of what has been discussed amongst the leadership team and like financial team and things of that sort and kind of just looking to explore some different options. Okay? I.
Erica Lloyd (28:47) Guess in that vein, when you’re saying you’re looking to explore, can you just give us like, okay here’s? It sounds like it may or may not have been mapped out but like, okay, in order for us to make a move like, you know, you’re saying that you need this API built out or sorry, you need like some of these integrations built out that haven’t been built out and verifiable like magic wand, what would be okay? This is what we’re looking for in a software. Can you like give us like any type of criteria there?
Michael Boccadifuoco (29:16) Yeah. I mean, I, it’s going to stem from like those kind of three pillars, well four, I should say which would be to kind of look at licenses as a whole, mpis and deas as a whole for monitoring also with the ability to kind of have reporting for disciplinary actions for us to take a look of like any instances of that. I know, the big, like I said, I don’t know the concrete financials but I know the big thing would be like competitive pricing. You know, our network, is consistently growing. So kind of looking to see like where we could go if, you know, like as our, because it’s with the assumption that our business is going to grow. We’re going to take on more partners and that’s going to in turn have our provider network grow. So just having like kind of seamless transitions when those instances come of like, you know, being able to kind of frequently import data, and have verifications as our network expands, that’s like the kind of main center focus in addition to like those aspects kind of sending back towards financing. I’m sure, you know, like if I don’t know if how your like your breakdown works, like if you guys do like a per provider per monitoring basis and like pricing and things of that sort, I guess I don’t I personally, I don’t know kind of what our contract is, for what we currently utilize, but I think they, our team just kind of wants to see some what other opportunities partners out there kind of in like how they kind of go about things, you know, being that we’re kind of looking to kind of expand and continuously grow.
Erica Lloyd (30:53) Yeah. Well, congrats on the growth it’s.
Michael Boccadifuoco (30:55) exciting. Thank you.
Erica Lloyd (30:57) Appreciate it. Yeah. So it’s a consumption based model. So exactly, so we don’t charge for admin users. We charge based on the number of providers that you have number of seats and then consumption based model. So, however like the number of licenses you’d want us to complete for us, the amount of ongoing monitoring. And essentially, we would do like a full package of that you can utilize across typically, we’re doing three year agreements, and then you can utilize that throughout the course of the three years. Obviously, you probably don’t want to be changing softwares and services all the, you know, very frequently ripping and replacing things.
Erica Lloyd (31:34) Okay? So I think also… we’re there’s a lot of like we have a lot of good things here. I think also just understanding the key metrics you’re looking to improve upon like certain KPIs. I’m sure any of these projects have KPIs tied to them… any of the KPIs from either a revenue perspective or it sounds like that’s not necessarily the world but any of those type of KPIs that we can think about of like, okay, this was successful or this was not as successful. So that we’re making sure we’re kind of speaking the same language. Yeah.
Michael Boccadifuoco (32:10) I think just like turnaround time for monitorings, would be big in the event that we get a prescription from a partner for a doctor that we already don’t have onboarded, how quickly can we, you know, get their information kind of put into the software and verified for us to get a script out the door as fast as we can with like having the proper review and like compliant like overlook of the prescription not just like kind of rushing to just like verify the script, but to make sure we’re doing everything that we need to do on our end in like those one off instances, I should say they don’t happen too frequently because like I said, we try to get all our information in advance however it doesn’t typically work that way. That would be perfect world which the world is not perfect. But that would like kind of be like a big thing that we would love?
Erica Lloyd (32:58) To see… yeah, that’s… a big one is getting all, getting the providers ready. Do you know what that number is today? Like what the, how quickly what the turnaround time it looks like today?
Michael Boccadifuoco (33:13) So, I mean verifications are run in a couple minutes, you know, but we have instances like if that state board’s website is down, then there’s nothing that we could really kind of do. Fortunately, we don’t kind of run into that issue. But ideally, if we get a prescription, you know, we try and take care of those right away. It’s like a couple minutes like turnaround time to make sure that we have like all the information like being that we, if we have all the information in advance, we can verify the provider’s info within a couple minutes and kind of get it out the door. Like probably like under a minute, I would say just to kind of like if we have everything in like a like, if we have all the information we need, we could kind of look at it and make sure everything’s verified in under a minute and kind of get it out, get the prescription verified and out the door.
Erica Lloyd (33:58) That’s a, that’s a tough metric to improve.
Michael Boccadifuoco (34:01) Yeah. So like it’s more for like over like overall like looks of like, you know, like, for those providers that send us prescription like if I shouldn’t say cause that’s like real time, like what we take care of, but more so for like providers that, they don’t send us their information in advance but there’s no prescriptions like kind of waiting for them, like in our queue, how quickly can we get those kind of imported and verified? So like the import of like putting the light like extrapolating the data, getting the data from our partners and then putting it in a format that’s acceptable for our software that is very time consuming and usually takes like a very long time because we have to kind of reformat everything and, you know, like label things a certain way and there’s certain information, certain things have to be filled out. And then by the time that it’s imported into one system verified and then has to be kind of essentially copied back into our pharmacy software. That is a very like time consuming process. And especially when we onboard new partners that can take days, weeks, even months depending on how large the network is. So it would be like a harder like a better kind of thing to like KPI for that would be like new partner onboarding, more specifically… kind of like when we get the information of the partner’s list of providers, how fast can we get their information imported and kind of verified in bulk and then creating like their profiles? Like so, you know, like if we could do that in all like all within like a week or like a couple days or something like that because right now it’s very tedious and time consuming to, you know, kind of extrapolate all that like it’s like you’re taking information from one place, putting it to something else and then having to just recopy the same information and more into another place. So, I don’t know if you guys like have integrated with like pharmacy softwares or like provider softwares or things of that sort. Like if there’s a, we’re able to kind of extrapolate like data that’s been verified and kind of like maybe even give it to like our pharmacy software partner and then have like in a specific format. Like I don’t know if that’s something that you guys are able to do that’s like kind of one thing that we kind of run into trouble with.
Erica Lloyd (36:23) Do you know mal with that? No?
Mallory Smith (36:26) Not typically with pharmacy softwares, we of course, work with pharmacists, but I don’t think we’ve run into that specific situation before.
Michael Boccadifuoco (36:35) Yeah. I like that would be something that we’d be very interested in terms of like if we can get information from our telemedicine partners, right? With like all the licenses and things that we need and import it in whatever format it needs to be, have a software run the verifications and then be able to kind of export that data in a means that’s like, you know, digestible for our pharmacy software. So that way we could just even if it’s just like in the form of like an excel file where we could just have all the information that we need, give it to our pharmacy software partner and like be like, okay, like these profiles can be created if that, if there’s like a process to do that, that’s something that we’d be very interested in because we don’t currently have that ability now, yeah.
Mallory Smith (37:16) I think it’s a great call out. We do currently offer that with our ncqa level credentialing. So, since you’re not quite needing ncqa level that’s where I have to go back internally and see, but just to give an example, we will have, we work with a lot of third parties. Now, I would call yourself a third party in this instance, just because you’re kind of like verifying just for that quality component. And with those third parties, the customer a, not our customer necessarily, they will create an API that they’ll basically send us a request that we need to perform the credentialing to ncqa standards, verify all the elements we’ll then push it into the billing software that is our actual customer so that it’s being updated, they know if they’ve been credentialed or not, if the ongoing monitoring is set up. So we have run into that. I’m just not necessarily sure if you’re open to talk about ncqa level credentialing that’s absolutely fine. But with the level of non complexity that you’re currently doing just with the name and npi and state license. We don’t currently have a solution for that yet. Okay?
Erica Lloyd (38:24) Yeah. I guess based on this, I think we’ll have to take some things back internally to see. But I guess just hearing more about the solution, what is your thoughts Mike?
Michael Boccadifuoco (38:38) Yeah. I mean, it sounds interesting. I’d love to talk again… and maybe see a little bit more about the software in particular, if that’s an option, I think kind of like after speaking, I feel like you kind of understand like kind of what the purpose is like what we’re looking at and what we’re looking to kind of utilize the software for, and how it would benefit us. And then, you know, I’m sure it seems like there’s a lot of other features that medallion offers in terms of, you know, like from a revenue standpoint, and you know, definitely like from a tech side which I’m sure, you know, going back to when I take this information back to our team, they’d definitely be very interested in because we’re trying to integration is like the big thing especially with like our partners are trying to get everybody to integrate into things that we’ve built out on the pharmacy side. So I definitely think that like that would be a great place to start is to kind of like see if we could like meet again, take a look at the software, kind of see what we need. And then the additional features that you guys offer if it’s something that would pique the interest of our team. And if it’s compatible with like kind of where we stand right now?
Erica Lloyd (39:46) Yeah. Let’s that sounds good. Why don’t, we take this back internally?
Michael Boccadifuoco (39:53) And.
Erica Lloyd (39:53) I think it would be great to have if you wanted to wrap lupin Lisa or, and, or someone from the financial team as well. They’re usually always involved. I know these are like team sports, yeah.
Michael Boccadifuoco (40:07) They.
Erica Lloyd (40:07) may have like a unique perspective also on like what they’re looking for in this because the integrations are great, but it’s like making since medallion’s a software and a service, some kind of transformational change like this. There’s usually a little bit more that is trying to be accomplished with something like this. So I just want to make sure we’re not missing anything, if that makes sense. Yeah.
Michael Boccadifuoco (40:29) No, that’d be great. I know to kind of get everybody in the same place at the same time is a little bit difficult but… definitely like within the next couple of weeks, I know there is a lot of traveling like wrapping up the end of this quarter with like our leadership team, but I’ll definitely like speak to Lisa. I’m thinking maybe if like if you know, if it all works out, we have, our EVP of tech and finance who kind of like oversees like all of like kind of similar things that we kind of spoke about. And he would definitely like kind of tie into this conversation. I feel so I could definitely like kind of go back to them and see if like they’re aligned to kind of learn more.
Erica Lloyd (41:10) Yeah, that would be great. Cause I think making sure we’re tagging to the right thing here, is probably going to be critical and that we understand. Like if we’re saying like we want from like a cost perspective, like from both the value and a cost perspective where we are today and where we’d like to be. So I think those are probably going to be critical components too. So if you’re able to wrangle the team, I know it’s not easy but that’ll be a good.
Erica Lloyd (41:39) I think that’ll probably be a good next step cause I think, yeah… just thinking about our conversation, I think that would be a great next step.
Michael Boccadifuoco (41:49) Yeah, no, that sounds good. I could let me know like whatever time I could kind of see when the team is free next week, sometime or even if it’s not to meet next week, but, or, you know, I know you said you want to like discuss some things internally, kind of see like what you have to kind of plan out. So maybe if you want to take the time and do that and then let us know. I don’t think this is like a super urgent like we need to kind of rush into it quick. But just something like I said, just kind of want to get ahead of the ball here and see what.
Erica Lloyd (42:22) Is in Malibu, you need to hop? You can… just on the hills that I know we’re over time when you’re saying timeline, it’s not super. Do you know when you want to have a solution identified by, yeah, your pace? It, it’s.
Michael Boccadifuoco (42:38) not super urgent but obviously, like, you know, I know you said like we wouldn’t if we were to kind of dissociate, we would need like eight weeks to kind of get on board. I think we have like we have like some time. Like I said, I don’t know exactly what like the deal is with our current partner and like the contract when that’s coming due. So, I mean, yeah… I like, you know, there’s no like concrete like we need to have it done by this time, I would say but obviously, like, you know, everything sooner than later.
Michael Boccadifuoco (43:06) You would love you would love it. But yeah, one one thing at a time, they would be able to like have an answer for that as well. Like, you know, I could ask them if there’s like any. Is there anything I guess I’ll ask that now? Because I feel bad we’re over time but really quick. Is there anything like concrete questions that you would like me to go back to like my team and kind of ask just so that way I can give you more information that’s going to help you all? Yeah.
Erica Lloyd (43:30) And I can send it as a fast follow up, I think one like understanding timeline but, the budget.
Erica Lloyd (43:37) And then I think just like those overarching more of like, hey, we’re trying to grow our provider network by X from like, this is what’s in our pipeline of. So, yeah, thanks Molly. This is what’s in our pipeline from like a revenue perspective. So like, we need a software to help us with this because I think what we’re I think what we’re trying to solve for right now may be like a smaller scope than what we typically would do would handle when companies are looking at us because it is just like, you know, it is a software and a service, not just the software. So, but I think there is something here. Like I think it sounds like there might may be, some conversations and why they, why you’ve kind of been tasked with this. And it’s again, I just want to make sure we’re not missing it.
Michael Boccadifuoco (44:18) Yeah. And I apologize like on my end, if I think it’s just because I just generally don’t have like complete oversight as to like what those kind of conversations and amongst leadership like, you know, entail like they’re above my head. So like I said, if it’s just kind of like answers in regards to timeline budget, and then like kind of what our pipeline looks like. That’s something I could definitely like get answers by while you kind of discuss. And yeah, we could kind of go from there. Yeah.
Erica Lloyd (44:45) Let’s see if we can wrangle someone in who is like kind of spearheading this and executive sponsor because they always have, they always have an additional perspective on like what they’re looking for. So let’s see if we can do that as a next step also. But yeah, I’ll take this and then I’ll follow up with you over email if that works.
Michael Boccadifuoco (45:02) Okay. Yeah, that sounds great. Thank you so much. I appreciate it.
Erica Lloyd (45:06) Yeah, of course. Great to meet you. Thanks Mike.
Michael Boccadifuoco (45:08) Nice to meet. You. Have a good one. Okay?