Transcript
Peter Bosworth (00:00) hello? Hi, hello. How are you?
Leann Duran (00:04) I’m feeling rushed but overall, okay.
Jim Harvey (00:09) Yes. Sorry, I didn’t realize I was muted.
Peter Bosworth (00:13) Oh, no sweat. How are you, Jim?
Jim Harvey (00:14) I’m, good. So, yeah, you know, we’re… still kind of trying to hover and land on where we’re going to be over the next two to three years.
Peter Bosworth (00:30) I think you.
Jim Harvey (00:32) Know when I touched base with Leann earlier today, she had gone through what we have renewals now through September thirtieth and that’s 146 renewals. I don’t know that we would have new license needs there’s the potential for that, but if we just… look at renewals… maybe we… because we’ve got an opportunity, we have some opportunities to non renew some of the physicians who are in some of our lower use states who are part time physicians. I want to be sure that we’re precise when we land on a new contract amount. Could we have, knowing that we’re going to end this month with a true up? What was that? Around 13,000 and some odd?
Peter Bosworth (01:28) It is now 14,009 eight three.
Jim Harvey (01:33) Okay. I’m just wondering if we could have a little more time to evaluate our needs.
Peter Bosworth (01:46) Yeah. And what I think what… I am thinking we could… so the 146 is between now and September thirtieth of this year. And then in the, and, is that correct?
Jim Harvey (02:03) Yes.
Leann Duran (02:04) Wait, did you say the end of this year? Because we did it till nine 30?
Peter Bosworth (02:09) Sorry, nine 30. I meant the end of this contract year. Yeah. And then the, in the email you said annually more like 410 versus the 350, which is a, so an increase of 60. And so what we could do is do a, and… I’ll introduce Jen really quickly. Jen oversees our account management function here at medallion. Hey guys. Sorry. Nice to meet you all.
Jim Harvey (02:43) Nice to meet you.
Peter Bosworth (02:45) Sorry, no sweat. No, Jim oversees telemedicine at concentra and Leann works with Jim and sorry, Leann, I’ll let you introduce yourself too.
Leann Duran (02:55) That’s exactly what I do. I work with Jim, but I’m the admin to the medallion platform. So that would be my connection here.
Peter Bosworth (03:06) Awesome. It’s great to meet you all.
Jim Harvey (03:08) Nice to meet you.
Peter Bosworth (03:10) And maybe and just so really quickly, so we are looking at as a recap kind… of we always like centralized conversation just here in the usage tab. And so we’re the purchase to date number is nine two two four eight consume to date, one, seven, two three one. And the delta being 14 nine eight three. And so what we were discussing just now Jen, is that the, we were trying to back into concentra does primarily license renewals with medallion. There are other new license needs as well. But the bigger kind of component of that is license renewals. And so the 410 that was emailed is a revision of the 350 that they have in the contract each year. And so it’s a net increase of 60 rather than a net increase of 410. Just wanted to call that out. But, yeah, what I was thinking is we would do… you know, we want to understand, we asked like the forecasting exercise, we understand that that’s difficult with how many years out there are in the contract. I think 60 feels like a good estimate of additional need. And so what we could do is like in the order… form, we use a skew called like unallocated spend, which is basically to refill the bucket of spend that you have with medallion. And so that unallocated spend number would be exactly four nine eight three. And so that would function as a way to like true up where you stand with medallion. And then the 60 additional and so sorry. And then in between now and… the end of this current contract year term year would be nine 30 26. And so we would add a line item for the 146 license renewals between now and nine 30 26, and then in the concurrent years after that, add 60 for each year.
Peter Bosworth (05:32) Okay.
Jim Harvey (05:35) And then if we keep growing and we add physicians, and we need to do this again, then it would just be another amendment.
Peter Bosworth (05:48) So it would only be in another amendment. If, after, so nine, once nine 30 comes, or once 10 one comes, rather, we enter year three of the contract. So you have that… you know, your overarching contract to pull from like the bucketed, the spend that was allocated for year three and year four. So we might not necessarily need to do an addendum at all. Okay? So what is?
Jim Harvey (06:20) Consumed volume versus consume? Oh, I see consumed versus purchase. Never mind. I, you know, I have access to this page you do. Okay.
Jim Harvey (06:36) Where do I go for that? Oh.
Peter Bosworth (06:38) Yeah. So just to this account tab. Okay. And then usage.
Jim Harvey (06:45) Okay. Gotcha.
Jim Harvey (06:56) Okay. Scroll back down to purchased… volume, consumed volume.
Jim Harvey (07:18) So if we do like a 410. So the current contract year is… we would be, if we need 146 more roughly doesn’t… that put us at 329 for this year.
Peter Bosworth (07:39) So, I, and this is where there’s kind of two things happening here is like these… the purchased volume versus the consumed volume is a great indication of where you stand until you’ve over consumed past the amount purchase. So like we would need to because you’ve consumed over consumed in year one, we are trying to reconcile that and that would be achieved by a one line item for 14 nine eight three to just even us out. And then… we would add the 146 between now and the end of nine 30 and… then add 60 in each additional year. And I can try to update our proposal really quickly so you can see it… live. Sorry, that might actually take me a second to do but.
Jim Harvey (08:44) Yeah, if you want to do that in follow up and then send us sort of in writing what it would look like and a summary explanation. And then I can, we can do follow up via correspondence and then we can meet again via zoom meet if that would be necessary.
Peter Bosworth (09:08) Yeah. Jen, what do you? think I could do it kind of quickly here, but… yeah.
Genevieve Seney (09:15) It sounds like, I mean it sounds like understood what volumes you need to kind of bridge the gap between now and end of contract annual contract term. And so we can update proposal, reshare it with you. If we need to meet again before end of this week, we certainly can to go over any questions you might have. I think as Peter shared, we just need to have something in place by the end of this month.
Jim Harvey (09:39) Okay. So regardless, we’ll have that true up at the end of this month.
Genevieve Seney (09:44) Correct. Yeah, I think based on correct. But also, I think based on how you’re tracking this is why, we like to have something additional in place. So we don’t have to have this conversation again in the next, you know, X amount of weeks or months. Yeah.
Peter Bosworth (10:05) Yeah, because.
Jim Harvey (10:06) We’ll just consume what we consume. If we don’t hit the 410 per year, then that’s fine. But at least we’re we’ve got the coverage, right?
Peter Bosworth (10:20) Correct. So, yeah.
Peter Bosworth (10:31) Yeah. So the 14 nine eight three would be a line item. Okay. Yeah. So maybe like right after this call, I… can share with you this proposal and then you can have a look at it. Let me know if you have any questions. Okay. Does that sound good? Yeah.
Peter Bosworth (11:04) Okay.
Peter Bosworth (11:13) Sorry, I was just putting it together but I think I just want to make sure that we’re like generally… aligned on the idea of like what’s happening here?
Peter Bosworth (11:29) But it sounds like we are.
Jim Harvey (11:33) Yeah, I think so.
Peter Bosworth (11:38) Okay… excellent… Jen. Do you have any thoughts?
Genevieve Seney (11:50) No, nothing for me. Yeah, do you, Peter, do you want to pull up the proposal? Do you have it?
Peter Bosworth (11:56) I do based on what we discussed, so, yeah… so let me just pull this up really quick, yeah.
Genevieve Seney (12:06) Because if we can just go through it live and send it over, that’s probably best.
Peter Bosworth (12:10) All right. So let me center us on.
Peter Bosworth (12:18) All right. So we’ve got the usage tab. So the 14 nine eight three, we discussed adding as a line item and the one four six between now and the end of nine 30. And so what… we’re looking at is the 14 nine eight three as a line item to true us up to get back to net even. And then the 146.
Peter Bosworth (12:46) To bridge the gap between now, sorry, these contract years, I need to change because it gets a little messy and I need to do that manually, but you can, these will mirror the remainder of the contract. So this would be nine from today’s, date to nine 30 26. And then it’s just 60 additional in each year.
Leann Duran (13:09) So, Peter, I have approximately 40 new license in place right now that are being worked. It might be anywhere from 30 to 40. Will that, will that impact, if we true this up, will that, is it going to just, is it going to, I just feel like we’re talking about the renewal part and usage, but I know there was a considerable change from last week’s conversation. So things keep hitting our usage. So, is, will it, is it going to impact anything? The fact that we have 30 to 40 new licenses being worked right now?
Peter Bosworth (13:58) Ah, okay. It will. And so if I look at the usage tab… where I would come to kind of check, that is just, and this is also visible to you by just scrolling down. And so upcoming consumption. These would also be factored in right between now and nine 30 26 term year. So the year the first line item… so these post loq licenses look up, they look like they make up the bulk of the new license activity. Is that what you’re is that aligned with what you think?
Leann Duran (14:42) Yeah, yes. Okay.
Peter Bosworth (14:44) That’s great. Some.
Leann Duran (14:46) Of them may be already hit the usage except it just hasn’t come over to me yet. So, I’m just want to make sure that when we talk about not having the discussion again, that we’re including that, what’s in the works right now?
Peter Bosworth (15:08) Yeah. And we can absolutely include these. These are, these are cheap. These are 100 per, because they’re post loq, so this would be a 2,700 dollar line item. And then these are just five additional renewals. So that’s the 150. And then the loq, one of those is 650.
Peter Bosworth (15:28) So it wouldn’t be a material jump, but I can absolutely add those include those on the in the line items… and that would be you’re smart to put that out. Sorry, that makes a lot of sense.
Peter Bosworth (15:51) So, what I can do is consolidate all of this into the proposal, update the term years, so everything is clean and aligned with your current contract and then get it back to you right… pretty much right now as soon as we hang up. Okay. Awesome. Okay. Well, I will plan on doing that, and then just let me know if you have any questions when you look over it.
Jim Harvey (16:27) Okay, great. Well, thank you.
Genevieve Seney (16:30) Thank you guys. It’s nice meeting you both.
Leann Duran (16:33) Thank you. Likewise take.
Peter Bosworth (16:35) Care. Bye.