Transcript
Taylor Ryan (00:00) hey, Dora. Hey, Taylor. How are you? I’m sorry that I had to, I just moved it last minute. My boss called me and it was going over. So, no.
Dora Tao (00:10) Worries, I mean, it’s Friday afternoon. So, yeah, cool.
Taylor Ryan (00:14) Awesome. Well, how do you think the session went today? Do you feel like that was kind of like closed the loop on a couple things? Yeah.
Dora Tao (00:21) It was super helpful. I think Noah is so knowledgeable. So, I feel like he was really great to have him on the call and answer all our questions. Yeah, it was good. I think that I feel pretty good about the technology side, like the technical side of the house and the platform. I feel like it could be really beneficial. I’m still curious about the five day turnaround time. Like I said, not a bad thing to be curious about that, but that’s just like a lot quicker than I’ve seen before us too. You know, anything that I’ve seen and read it’s a lot faster. So, yeah, but no, from a technical standpoint, I think everything looks really good.
Taylor Ryan (00:57) Okay, good. Yeah. So, I know that you guys were asking about like state by state analysis. So, let me work on that. Let me go back to him and get that information from our analytics team. Totally fair for you to challenge that especially like, you know, you guys are doing this day in day out, so.
Dora Tao (01:15) Yeah. Again, it’s not like a bad thing. I mean, if it’s four to five days, that’s amazing.
Taylor Ryan (01:18) Great. Yeah, of course, but it’s like, yeah, you just want to be realistic. I get it especially going from like three four month turnaround times where you’re at like, is that actually possible, right?
Taylor Ryan (01:28) I get it. Yeah. So let me work on that. And then I think that you had, I’m just pulling up the questions that you’d had. So I’m waiting on a couple responses from the team just on… yeah, sorry. Yeah.
Dora Tao (01:47) I think just, yeah, I’m curious for the fingerprinting and the E notary, like, I think even Noah kind of brought it up like some states are weird and have like really specific guidelines. So, I just want to make sure like that’s obviously a huge selling point, but I want to make sure it actually aligns with like the states that we would need.
Taylor Ryan (02:04) Totally. Yeah. So the, it looks like, so I sent you the, who does the states that don’t accept E notary? But I think that we need to get you the fingerprinting? Yeah.
Dora Tao (02:14) Sorry. Yes.
Taylor Ryan (02:16) Okay. Cool. No, no, I, that’s on me. I need to get that back for you. No.
Dora Tao (02:20) Worries my other question was, sorry, go ahead. No, no, no.
Taylor Ryan (02:24) Go ahead.
Dora Tao (02:25) Okay. You asked about like the offshore teammates piece, and I did check in with our legal team and they were just curious. Do you happen to know where some of the teams are located? Like I?
Taylor Ryan (02:39) Honestly, I don’t know because it’s I think it’s product specific, so I can find out what… I guess, like what are the concerns or like what I guess is the general like center? Yeah.
Dora Tao (02:51) I.
Taylor Ryan (02:51) the.
Dora Tao (02:51) legal team, I just checked in with the legal like from the legal team’s perspective, I think it’s just, you know, they have access to sensitive information obviously of our providers, I’m sure you guys have, you know, compliance pieces in place, but I think that’s one, they didn’t like outrightly say any concerns, but that was one thing that came up. I think from my perspective or just from like an admin perspective is like the timing of communications, I guess, you know, like obviously we’re in the same time zone. It’s easiest for us to communicate. I find even with like east coast time zone people, sometimes, you know, you miss messages, right? Just on the time of day. So, you know, I don’t want it to feel like providers or us are getting messages at like two in the morning and feeling like we need to respond to things. So, yeah, that’s just one.
Taylor Ryan (03:37) Totally. That is a valid concern. And let me double check because like we do, I know that we have teammates here. I know that we have teammates offshore like different locations. I don’t know. I think a lot of the offshore. Yeah, I don’t know which products the offshore teams support, and what locations those people are in. So, let me just find out and get that back to you.
Dora Tao (04:00) Okay. Yeah. I mean, I think it’s like if anyone were to be like a licensing specialist, I think if anyone’s offshore, just let us know, yeah.
Taylor Ryan (04:07) I can do that. Okay. All right. So, let me work on that, and then let me just see. Yeah.
Dora Tao (04:13) And then I think otherwise, just pricing and I think that, that’s it.
Taylor Ryan (04:21) Okay. Cool. Yeah. So I’ll send this over in a written response, but like the way that we price is by SKU. So like when we think about your, and I can, I’ll put together once I make sure that, I have a couple questions on like, the numbers that’s just what I want to clarify today.
Taylor Ryan (04:39) But like we price based on a per provider count or a per license count. So like when you were asking questions earlier today about like do you need a license or do you need a seat for every provider? No, you only need a seat for the providers that are going to have licenses go through medallion. And so that’s one of the things that I need to, I need your help with. Yeah. And then like the other things are, so like for you guys, the skews that you would need are medallion core, which is the number of providers that are going to be utilizing medallion in some shape or form for licenses. Okay. That, that’s one of the counts that we need. The other thing that I had had in my notes, but I don’t even remember if we decided whether or not you wanted this or not was caqh management. Do you want help with? Okay? That’s what I thought.
Dora Tao (05:32) No, yeah. And.
Taylor Ryan (05:33) Then, yeah, cause I know that we, you talked about like the most providers that’s not really relevant for you guys. Okay. So then the only other things that the only other like skews would be state licenses, which is like a per license count. And I think last time we did some math live and we came to the 100 160 licenses. Yeah, what we came to. So that’s the number I had in there. And then I wanted to, I had 100 licensed state license renewals in here. But then today we talked about it and you were like we’re you’re going to handle all renewals, but I think last time we spoke, we were maybe going to handle some renewals. So where are you guys at on that?
Dora Tao (06:12) Yeah, I think right now, let’s focus on just net new licenses but no renewal. So, yeah, just the 160.
Taylor Ryan (06:20) Okay. For your knowledge, just for your fyi, like the cost for license renewals through us is much cheaper than the per license. Yeah, that makes sense. Yeah. Okay.
Taylor Ryan (06:37) Sorry. I think that I,
Dora Tao (06:42) okay. Sorry, I’m back. Sorry.
Taylor Ryan (06:43) Can you hear me? Oh yeah.
Dora Tao (06:45) It’s me, I’m having a lot of internet issues. Oh, no, yeah.
Taylor Ryan (06:49) I hear you. Okay, cool. So we’ll take out the renewals piece there. Yeah. So then I guess the question I have for you is… what number feels good in terms of, so like all of the, we can assume or what number feels good with how many providers would actually need to go through medallion?
Dora Tao (07:14) Yeah. Let me like try doing something really quick to see if this gives me a number. Okay? Like… as an example, this calendar year, we’ve done, we’ve had like 36 different providers that we needed to go through for non imlc stuff, some people like six licenses, some people just one offs. And then if we’re trying to onboard like, I feel like we’re trying to onboard maybe like five to 10 a month. And then I think we said maybe like 50 percent would be on MLC. So yeah, maybe we can say like I’m trying to think how many more months, nine five… somewhere between like 60 to 70? I feel like maybe feels right?
Taylor Ryan (08:06) 60 to 70. So like 36 new providers non imlc were this year and you think it’s going to be an additional 60 or 60 total?
Dora Tao (08:13) No, 60 total, 60 total. 60. Okay. Let’s just start with that.
Taylor Ryan (08:18) Okay. So we’re talking 60 providers that are on the medallion platform for the purpose of licensing non imlc. We think that this coming year, we’re looking at 160 new licenses total. Yeah. And then, so looking at like, because what we’ll do is present like a multi year option. Do you think the growth will look the same in years two and three? Or what does that look like?
Dora Tao (08:50) I mean, ideally, I think it’s more, but maybe we’ll just keep it. Yeah, I think it’s I mean, yeah. Oh, go ahead.
Taylor Ryan (08:58) I was just going to say we can stay conservative but we can always add, yeah.
Dora Tao (09:01) I was going to say let’s stay conservative for now because I think it’s like one of those things where like we, you know, I’m not sure if we’re growing our customer base like in the same state, which would make it easier if we’re like trying to expand to new states. Obviously, that’s like a good question. Always. So, yeah. Okay. Really quickly when you say that there’s like the core price and then the state. So is it something where it’s like as an example, like annually, this person will cost like 300 dollars to use our platform. And then per license, the fee is like 500 dollars. And then plus like all the licensing fees, is it something like that price wise when you’re putting it down?
Taylor Ryan (09:36) Yeah. So like the way the pricing would work is for every provider that you can think is going to like get, you know, how we were showing, the view today of like this is the provider’s information and like whoever, you know, whether it’s the provider or like Janessa goes in and fills it all out for them. So like you can think of that person that needs a provider seat in medallion that’s licensed as like a medallion core seat. So that’s like the one SKU and then the other SKU is the number of licenses. So like that are actually being processed through the platform. So the medallion core piece like does have to exist but just for the providers that are actually going to be utilizing the and.
Dora Tao (10:29) Then there’s like a per license like processing fee, basically. Yeah.
Taylor Ryan (10:33) And so I was actually, that was the other question I wanted to ask. So the current provider that you guys are using, or the current platform you’re using? Do they include pass through fees or do you guys incur those yourselves for licensing?
Dora Tao (10:47) What do you mean by that? Sorry, maybe I just don’t know what pass through fees are. Yeah.
Taylor Ryan (10:52) So, like for my understanding, like the licenses themselves, like to get the licenses?
Dora Tao (10:59) Oh, it costs money.
Taylor Ryan (11:00) Yes, each state has like a cost for the license. So like, is that, how are you guys managing that right now? Does your current, yeah.
Dora Tao (11:10) The vendor pays for everything and then they invoice us. So basically, they’ll be like, okay, California, it costs us like California state board. We paid 600 dollars. It costs 400 dollars to verify some stuff. It costs 300 dollars to do this. And then we have our processing fee for us doing the work, right? Like they’re like, basically, yeah. So that’s why I’m curious if that’s what your model is as well. Yeah.
Taylor Ryan (11:34) And, you know what? That’s a good question? I actually don’t even know like I don’t so like the cost that you’re going to see from us is going to be minus the pass through fees, like whatever fees come from the state boards themselves. Okay? So let me double check on like how that actually works? Okay? Yeah.
Dora Tao (11:53) I’m curious how you guys, it’s like if we asked for like pure example of like two providers, one provider needed two licenses, one provider needed, one license, like what would be the cost?
Taylor Ryan (12:03) Yeah. Let me find that out. Okay. And then, yeah. So like those are the only two things. And then the only other question I had for you was, are there going to be any Dea CSR licenses that?
Dora Tao (12:17) You need, there are no CSR potentially… Dea, but let’s I don’t think we need to include that in the pricing Dea we use like, I feel like it’s like one a year if that because it’s just for onsite people.
Dora Tao (12:32) So, yeah, it’s super rare and like, I can only, we’ve only had to do it like once or twice so far. Okay? And we only have, I think one of your questions is we only have MDS and dos. So it’s just physicians.
Taylor Ryan (12:48) Okay, perfect. Okay. Well, I think that my numbers are good then. Okay, let’s see any other questions that you had? No, I obviously have those other things to follow up on, but yeah, just.
Dora Tao (13:02) The follow ups and then, yeah, if you can send over like just pricing and stuff that would be helpful. I did talk to our VP and he’s you know, I think maybe once we have the pricing and like I can share more information with him about where we are with medallion because I think like truthfully from a platform perspective, like it looks great and I think we’re excited, but I just want to make sure obviously like it matches our budget like, you know, we’re offering too much, you know, all those things.
Dora Tao (13:29) And so I think he wants to be looped into the conversation after that, you know, I take a look at that at least with him but he is excited and I think he’d be down to meet. I know you mentioned that on one.
Taylor Ryan (13:40) Of your emails. Yeah, of course, I think it’s when we like get through these conversations. My boss is like, okay, well, if I’m honest, like usually if we haven’t like if we don’t engage someone like from an executive standpoint, from our end, then I feel like things get lost in translation. Yeah. And so, yeah, I feel like usually once pricing starts to come up, that’s when it makes sense to engage, you know, my leadership with your leadership. So that totally makes sense. Yeah. Okay. Cool. Can I ask like, do you have an idea? Like do you have a budget plan today? Like that you’re trying to stay within or like it just helps me when I go and ask my finance team for discounting because like the first thing they’re going to ask is like, okay, do they have a budget that we’re trying to meet?
Taylor Ryan (14:27) Or like, you know, what are their hard requirements and like what are the things that they’re up against is like what they ask me?
Dora Tao (14:34) Yeah. Give me one second. Let me follow. I can tell you that basically it’d… be like, on average, we have been spending like almost 20,000 a month on licensing and, you know, that’s inclusive of like all the different fees that we talk with. So, yeah, that’s you know, a lot and so we’re definitely looking for a solution that will expedite things but probably not go over that.
Taylor Ryan (15:13) Okay. That’s what I was gonna ask like when you guys are thinking about this because a lot of this, a lot of these conversations then get into like an Roi, right? So, like when we do these turnaround time analyses, we’re like, okay, how many days is that saving you and how much revenue is that accelerating for you guys? And so I’d like to get an idea of like, what are you paying right now? Because that’s where everyone on your team is going to anchor, you know, like, yeah.
Dora Tao (15:37) I think, yeah, I think this is from this is what I was seeing earlier but yeah, about like 20 K a month is what I’ve seen as the numbers?
Taylor Ryan (15:45) And do you feel like your team like sees value in like, you know, would there be a world in which, and like, I have no idea what the pricing is actually gonna work out to be. So, I’m just, this is just me asking why I have your time, like if the pricing is more, but like you’re saving 30 days? Like is, you know, like is the team, is that something that would like be shut down immediately or like, is that time savings really valuable? Yeah.
Dora Tao (16:12) I don’t think it would be, I don’t think it’s like a hard no, necessarily, I think the time savings is valuable, but I think we obviously have to see the results to feel like that it’s valuable for our time. So, yeah, I don’t think it’s like an automatic. No. I mean, it also depends on like how much higher and like what the process looks like. I think the other maybe question to take back is also around… like refunds if that makes sense. So, for example, like we’ve had some cases where like we asked vendalia or, you know, we asked a vendor to start a license. And then halfway you guys are working on it halfway through the physician, like resigns or something and like leaves Imogen or the physician, like you guys already sent them the packet and they’re like, I don’t want to do fingerprinting and you’re like, okay, so I’m curious. Yeah, if you guys have like contract policies around that, and that might be a little granular, but just something to think about too, like, you know, if it started you refund like 50 percent of the processing fee and, you know, at that point, you probably haven’t really paid the state board obviously, but it’s more about the processing fee.
Taylor Ryan (17:15) Yeah, that’s a good point. Let me find out. I think it probably depends on the situation. Yeah. Like at any,
Dora Tao (17:22) time, it could be, yeah.
Taylor Ryan (17:23) Totally. Let me find out because like it is a little different than your current where like you guys are paying month to month and we do like annual agreements and so like, okay, that.
Dora Tao (17:33) Was going to be my next question. So, your contracts are like an annual, okay?
Taylor Ryan (17:36) Yes. So our contracts are annual. It doesn’t mean you have to pay annually, but it does like our annual commitments exactly. And we actually have like terms in the contract that like not exactly what you were just asking but we do have language in our contract that basically like if we don’t meet, if we’re missing slas that we agreed to, then you get credits back.
Taylor Ryan (18:01) Like there is a mechanism in there that allows for that. So let me talk to the team and see like in that, in your scenario, what that looks like. But just know that like we’re very focused on making sure that we’re hitting our deliverables so that, you know, and if not, then we hold ourselves on the line there. So, okay, cool. The only other thing I wanted to ask is like what does timeline look like? How quickly are we trying to? I know when we like first engaged, it was more exploratory, but now that we’re further down the line like, you know, how quickly are.
Dora Tao (18:31) we trying to… ready to make a jump as soon as possible. So that was.
Taylor Ryan (18:38) the vibe that I got today. So I just wanted to make sure that I wasn’t yeah, yeah, I.
Dora Tao (18:42) Think we’re ready to make a change and start fresh on our side when. Okay, great.
Taylor Ryan (18:48) Well, let me work on this, you and I will, I’ll ping you. I’ll just email you with availability for next week, and then you and I can just run through the pricing really quick. And if all checks out, assuming that like it’s not completely out of budget, then we can, you know, figure out next steps from there. Perfect.
Dora Tao (19:08) That sounds great sound.
Taylor Ryan (19:09) Good. Okay. Yeah, that’s perfect. All right. Sounds good. Well, let me work on the rest of the follow up for you, but yeah, sounds good. Okay?
Dora Tao (19:16) Thanks, Taylor. Have a great weekend.
Taylor Ryan (19:18) Yeah, you too. Thanks, Dora.