Transcript
Nic Schisler (00:00) hey, Paul, how have you been?
Paul Julius (00:02) Good, good.
Nic Schisler (00:06) Does it feel like spring up there yet for you?
Paul Julius (00:08) Today is a very warm day. It’s a nice change. It’s 70 degrees here.
Nic Schisler (00:13) There you go. Going to work?
Paul Julius (00:16) Definitely. We’ll.
Nic Schisler (00:18) give dr barot a minute to join. I have an update for him too, regarding his PR license.
Nic Schisler (00:28) No problem.
Paul Julius (00:33) Assuming a good update.
Nic Schisler (00:35) Yeah, things are progressing nicely. I think our hope is to have everything back out to the board either by end of day today or tomorrow. Okay? Everything looks good. I actually think we have usps scheduled to pick it up tomorrow. And then once we have that, I believe Kyle will be in touch with tracking information for him. Okay? So he should have that before we go into the weekend.
Paul Julius (01:06) He just got pinged on that contract. So, okay.
Nic Schisler (01:15) And then obviously, from there, you know, it’s… we’re a little bit more at the mercy of the board once they have that, my hope is now that we’ve gone about this in a much different manner than we did. The first go around where everything is in one signed sealed document. Hopefully, we’ll have a better outcome than we did the first go around.
Nic Schisler (02:02) How have you been settling into the role there so far?
Paul Julius (02:06) It’s going very well. Good. I’m really enjoying the work here… and… being an ex founder, this is very nice.
Nic Schisler (02:17) Sure. I can understand that. Yeah, were you able to accept the invite to the medallion platform and get into the medallion platform?
Paul Julius (02:26) I was so, thank you.
Nic Schisler (02:27) Okay, good. When the timing’s right? Me, you and probably Kyle can spend some more time going throughout the platform if needed.
Paul Julius (02:35) Okay. Thank you.
Nic Schisler (02:43) Hey, dr. Barote, how are you? Hey?
Dimi Barot (02:46) Guys, I’m sorry, I don’t know what’s going on with my laptop. I tried to join the link. I don’t know if you guys had a similar issue with zoom, so I had to toggle to my smartphone.
Nic Schisler (02:56) No issues. Sorry about that. I was just chatting with Paul a little bit quick live update. I believe we’re scheduled to have your application picked up tomorrow for usps. Okay? So Kyle should be in touch tomorrow at some point regarding tracking information for you. Puerto Rico. Yeah, Puerto Rico. Yes. Okay.
Dimi Barot (03:25) Thank you. That’s.
Nic Schisler (03:26) all that I know right now.
Dimi Barot (03:29) I’m trying to switch back to my laptop.
Dimi Barot (03:38) Oh, here we go. Now, you should see an invite pop through.
Nic Schisler (03:57) Here we go. Oh, that background looks lovely. Can you hear me? I can hear you? Perfect. Okay?
Dimi Barot (04:06) So let’s go, yeah.
Nic Schisler (04:08) Thanks for taking time to reconvene today, you know? So I think as we talked earlier this week and a couple of weeks ago, there are through to 30 renewals that we need to do for you between now and the time of the contract, it technically ends, but obviously the consumption has already kind of taken place what we had in place.
Nic Schisler (04:31) So we need to get something in place for those 30 renewals. The pricing that you see here, we would still honor today from the state licensing renewal standpoint, right? So, the 40 number I think was based off of if you were going to have other providers join… obviously all of these numbers will change if they’re going to be lower, gabby and I understand that. So I think really what gabby and I need to understand is what if anything do you need besides the renewals between now and that time frame in August? So she and I can go back internally and revise the proposal for you essentially?
Paul Julius (05:12) Do you need anything from dr savani?
Dimi Barot (05:16) No, I think right now, and Paul and I had a chance to chat about this earlier as well… since you’ve been intimately… involved with the arima experience inside… medallion. What we want to do is to just continue to observe and track how things… evolve over the coming months to be able to make a decision beyond the end of the current contract term as it relates to new services. As it relates to dr gangl, dr savani, and myself having licensure renewal. We’re more than happy to continue doing that via medallion. And then.
Dimi Barot (06:19) maybe we can re… evaluate after let’s just say let’s give it the next quarter to see from a QA and continued… attention to the arima concerns perspective. If we’re comfortable making a commitment longer term. I can’t imagine that any of that would be a surprise to you, Nick, because you’ve been so helpful and instrumental in massaging some stuff behind the scenes. But that’s kind of what Paul and I feel is the right thing to do because I, on the one hand, we want to be partners with medallion for the long term. And on the other hand, there’s still too many things that are too fresh that we need to make sure are buttoned up before we sign a new contract and make a commitment. And then the next thing you know, it’s something that we end up regretting. Sure.
Nic Schisler (07:16) Sure. No, I understand that. And to make sure we’re speaking the same language, this wouldn’t be a new contract. This would be to get you between now and the end of the current term. So if you’re going to have net new providers start and you’re going to want us to handle any new licensing for them, we won’t do any of that work. Unless we have something new in place, we will only handle the 30 renewals that you have upcoming. So if you’re fine with moving forward with that, I’ll let gabby know, you know, obviously we’ll honor, the 150. I’ll bump the 40 down to 30, a few times it by 150. I think that’s like 4,500. That would be the growth amendment that we would put into place and have you sign by Tuesday. Because then that allows us to handle those renewals for you between now. And I think it’s August 20 second. If I’m pretty sure of when the actual two year term is up beyond that, I understand we can’t talk renewal right now. I understand that we can’t talk. Hey, are you going to sign a multi year renewal with us? But I just want to be really clear is that if you, and, hey, maybe in a month from now, you say, hey, listen, we got Puerto Rico, it’s done. You know, we’re happy we got two more providers that are going to happen. They’re going to need 30 new state licenses. We want to do it. Yeah, sure. We can have that conversation at that time and we’ll put something into place if you not a problem. I just want you to know like moving forward though like that’s what we will have to do if we get to that point. Essentially, I just want to be aligned there.
Dimi Barot (08:52) Yeah. So we’re aligned. The question I have for you is with… no, then downside related to the rest of this term, assuming that we don’t hit these particular estimation numbers. Is it in our advantage as a champion for us to be able to say… this looks like a fair pricing proposal for the rest of this term depending upon consumption and let’s reevaluate as it relates to a new contract in… August? Yeah, I.
Nic Schisler (09:32) Think it’s extremely fair pricing. I think it’s extremely preferred pricing. I mean, you can see that the dollar signs that we’re saving you that, you know, otherwise we would be charging that full face value, right? And we’re not, we don’t do this with every customer. You know, we do this with customers where we acknowledge there’s been hiccups. We acknowledge that there’s been rough times and I think we, if we decide to continue to move forward like long term, we also want to make it clear that we value you as a relationship and as a customer which I think, you know, gabby and I do. So what I want us to be careful about though is if… you are going to have more growth as I mentioned between now and August, and you put more in play. If you don’t consume all that, it doesn’t carry over to a renewal contract, it’s a use it or lose it type scenario, right? So that’s where I want us to be really careful and aligned of where, if on paper right now, we have 15 new providers starting. But if you don’t think you’re actually going to get there like let’s be careful with those numbers and readjust. So, I’d rather you be in the position where you’re utilizing consumption, you’re like, hey, we’ve gone through it quickly. We’re going to need more let’s get that in place for rather than you are kind of over utilizing essentially or under utilizing, I should say, and then you have something left over that you can’t use if that makes sense.
Dimi Barot (10:57) Yeah. What are your thoughts Paul?
Paul Julius (11:02) The renewal so effectively… we’re creating a contract for renewals to bridge the gap here, that is.
Nic Schisler (11:11) Correct? Between now and the actual end of the agreement because there’s no consumption left in play and us to actually be able to do that work. So you’re talking about 30 renewals at the 150 dollar price point. And then.
Paul Julius (11:24) Dr Sivani and dr gangal are also on the platform, correct? They are, and do they have renewals in that period that are needed as far?
Nic Schisler (11:35) As I know, I don’t know the 30 of that breakdown. I don’t know who it is by provider. I just know in total that’s how many we need to.
Paul Julius (11:42) Do, but it covers that, correct?
Nic Schisler (11:44) Okay, correct. Understood. It covers between now and the end of the term. Essentially, I’m.
Dimi Barot (11:49) pretty sure that 30 reflects the three of us, okay?
Nic Schisler (11:51) All right.
Paul Julius (11:52) So, I just wanted to make sure on that and then everything else makes complete sense to me. Okay?
Dimi Barot (12:00) Yeah. So, Nick, what I don’t want to do is I don’t want to lock in preferred pricing for what we’re going to consume with a promise of something that we shouldn’t make a commitment to proceed with when a lot of this is going to be wait and watch. So if it’s a non committal framework.
Dimi Barot (12:25) Where there’s an understanding that we’re going to continue to, you know, observe and kind of evaluate what we’d like to do going forward, then I’m okay with and appreciate the discounted pricing on whatever consumption is forthcoming. But I don’t want to mislead anybody and say, oh, because I don’t want us to be in a position where it’s like, hey, you said we’re going to do this and now you’re not doing this.
Dimi Barot (12:59) Okay. So I’d welcome your guidance. Like I’d love to have the discounted pricing. I think it takes into account the Olive… branch that you guys are extending to us in light of the history. I also don’t want to say, you know, that, hey, yeah, this looks like a good proposal.
Dimi Barot (13:17) And then four months from now, we look back and all we’ve really utilized is renewals and maybe one new provider being licensed nationally. Because realistically… I could tell you by August, we’re absolutely going to have providers with new licenses. I don’t know how many, but we will… how many of them are imlc?
Nic Schisler (13:39) I mean, listen.
Dimi Barot (13:41) I can’t predict I.
Nic Schisler (13:42) Think gabby and I are trying to work with you here and be as fair as possible. And I think from a partnership perspective, if we… can offer you some type of preferred pricing now just as a goodwill faith saying, hey, like we know some things have happened in the past if you’re going to continue to see some growth between now and the August, great like let’s try and help save you, some cash. If we can having the alignment that we know that there might not be a longer term contract after that, right? But my hope and I’m confident that with us seeing the growth with us having more guardrails in place now, with some of the conversations we’ve had with Tristan and team, we’re going to get, we’re going to mitigate the issues that we’ve seen in the past. So when we come time come June, July where we can have more serious conversations about longer term, you know, contract, we can still honor the preferred pricing that you are, would get if we enter something now and go from there essentially. And I think gabby would be totally aligned with that. Okay? So.
Dimi Barot (14:47) What would this contract that needs to be signed by the 30 first actually commit us to? I think.
Nic Schisler (14:53) That’s kind of more up to you at this point. It’s either, hey, Nick, we’re comfortable with just doing the 30 renewals at the one 30 price point, or it’s hey, Nick, we know we’re going to have at least maybe two providers. We know we need the 30 renewals. So you say let’s do two providers and let’s start with. Would they need licensure in all 50 states? Yes. So then maybe you just do that, maybe you do medallion core, two seats, state licensing, 100 renewals, 30, we can remove, we… can remove compact for now. So it’s so it’s a mute factor. And then you can just see that proposal.
Dimi Barot (15:41) I have a quick question why is imlc more expensive than de novo licensing? When actually ironically, it’s a path of less resistance that’s a good?
Nic Schisler (15:54) Question, I think it’s just probably based off of some of the pass through fees et cetera, that medallion is handling?
Dimi Barot (16:01) Yeah. Do you mind looking into that? Because to me, it’s not just a faster way to get providers licensed who are currently licensed in a compact state. It’s also way more economical. Yeah.
Paul Julius (16:14) Well, what I, what I’m seeing here is like, right? The medallion core is that for 15 provider licenses?
Nic Schisler (16:22) That’s right? Yes, right now. Yeah. So the.
Paul Julius (16:24) imlc licensing is for 15, it matches.
Nic Schisler (16:29) That, yep, that’s correct?
Paul Julius (16:30) Imlcs. And then the continuation states are, the much cheaper 85 dollar rate.
Nic Schisler (16:38) Yeah.
Dimi Barot (16:38) Broke, but I don’t.
Nic Schisler (16:40) know if you will need that.
Paul Julius (16:43) Yeah. So you get that original imlc license and then expanding to the other states, it’s 85 dollars. So there’s it’s like big like an upfront cost, but then razor blades after that, and I also.
Nic Schisler (16:56) don’t think in the next 12 minutes, you have to sit here and tell me these are my numbers. If you and Paul need to take some time this afternoon and say, hey, listen, let us reconvene and get back to you and shoot gabby and I today or tomorrow. We can turn around an updated pricing pretty quick that’s not a big deal for us.
Dimi Barot (17:14) Well, my point is that, for the, this contract through August, if we were to sign it, we are now committed to… paying for those projected estimate volumes… prior to the completion of this term. And then if we don’t consume them… but let me stop there, are we committed?
Nic Schisler (17:42) If you don’t consume, you would be committed. That is correct. That’s why I think I’m trying to tell you that’s why I’ve reiterated saying, hey, like don’t over commit, right? I don’t that’s where I’m trying to be a good partner here and saying, hey, like I would rather you do something that, you know, you’re going to utilize and us be in the position in June where you’re saying, hey, listen, we know we’re going to have this, we need this, let’s do it and then you utilize it. So if it’s going to be, even if you know, between now and June, you’re going to bring on just two providers. Then that’s what I’m saying we change the number from 15 to two and maybe you don’t even do 100 licenses, maybe you do 25 to start, right? And if you need more, then we can always have the conversation again essentially. But.
Dimi Barot (18:28) We would essentially prepay, correct? Yeah, Paul, I don’t know how you feel to me. I appreciate the… goodwill and the discount, but I still want to be very careful about committing when we still need to kind of wait… and watch, sure.
Nic Schisler (18:51) And that’s fair. I think waiting for.
Paul Julius (18:55) Puerto Rico makes sense. And then Nick… I think there’s probably that range of one to three providers in that four month range that we’re talking about is very much a possibility. So maybe we re, approach once Puerto Rico’s done… that’s fair.
Nic Schisler (19:15) I think the only thing that it comes down to then it’s just the 30 renewals that we would update the proposal to and send that to you at the 130 dollar discount price, which I think is like 3,900 if my math is correct.
Nic Schisler (19:28) So gabby and I can do that and we can send it to you and we at least have that in place because we know we have renewals we have to do.
Paul Julius (19:34) Just make sure it’s all set for I, it’s a guaranteed it’s dr barot, dr zavani, dr gongel, so we would just make sure all of those are locked in. Yeah, that’s correct at this pricing. Yeah.
Nic Schisler (19:47) Yeah, that’s not a problem. And then again, like I’m happy to continue the conversation, say, let’s get Puerto Rico finalized. That’s fine.
Dimi Barot (19:54) I’d like to keep tracking this. And in parallel, you know, the anchor will be the QA process that’s happening internally at medallion, of course.
Nic Schisler (20:02) And I totally respect that, right?
Nic Schisler (20:04) I mean, I again, I think this is where I’m trying to be a good partner to you as, you know, over the year two years, we’ve gotten to know each other where, I would rather you, I would rather us be in a position where let’s lock in with the work that we know that we are going to do 100 percent, yeah, get through Puerto Rico, make sure that it goes as smooth as it can with everything that we can control. And then go ahead.
Paul Julius (20:31) Paul, sorry to interrupt. Not having looked at the platform are dr gangl and dr savani. Are they currently being licensed in?
Dimi Barot (20:39) Puerto Rico? Yeah. Oh no, no, not yet not.
Nic Schisler (20:42) Yet. No, it’s just dr baroud, at this time. Do we?
Paul Julius (20:46) Need them in the next month or two because we should discuss that because then that goes over the new to the new patient.
Dimi Barot (20:53) The problem is Paul, that’s one more place to be licensed and we have no idea how long Puerto Rico is going to take to process my licensure, it could be a week. It could be six months, okay?
Nic Schisler (21:06) So go ahead, no, you’re fine. I’m fine. You know, kind of just pulse checking, having to connect, you know, monthly and over the next couple of weeks and as we get into, you know, mid may when you’re like, hey, listen, we’re in a good spot. Puerto Rico’s done. We have two providers coming on. We’ll need 100 license and we revisit, then obviously, we’ve put this pricing in front of you, right? So, now, you know, but I can go back to gabby and say, hey, listen, they’re going to do the 30 renewals and we’re going to do it at the one 30 price point and then we can send you the updated proposal and then that will be that for now.
Dimi Barot (21:44) That’s fair. I like that idea. Okay?
Nic Schisler (21:46) All right. Let me connect with her and then we’ll just shoot you over the updated link and you should receive that as well, too. Okay?
Dimi Barot (21:54) Appreciate it. Yeah, of course. We’re grateful as well. We look forward to what I want Nick. I think what you guys want which is something that binds us long term. It’s just that I told you the other day once bitten twice shy, and it’s like when you’re bitten 17 times, you got to be really careful. I completely.
Nic Schisler (22:14) Understand that. And I think gabby does as well. I think we want nothing more than to have July, you know, come around and tune as much different, right? And we’re having bigger conversations about where we go the next couple of years together. Obviously, I think the Puerto Rico opportunity here is a really good opportunity for us to prove ourselves right? And I think we’re already doing that with some of the resources that we’re putting into it and ensuring that everything is delivered as soundly as it can be to the point where it then kind of gets out of our control where it’s with the board and we’re just following up essentially, right? So let me connect with gabby. We’ll be in touch with the updated proposal. From there. I probably will have it over to you by the end of the day and then let’s just be in touch sometime next week, but you should be able to sign it via the link that comes through. Just let us know if you have issues. If you get it.
Dimi Barot (23:11) To reflect what we talked about, I can sign it on the spot or Paul, can, the other thing I might ask you to do if you can, is I believe that there are some medallion. They’re not huge but some medallion invoices that are pass.
Nic Schisler (23:24) Through fees.
Dimi Barot (23:25) Yeah, yes. Would you mind just auditing those and making sure that there isn’t any duplication and there isn’t anything that we’re being invoiced for that in light of the stuff that’s happened that’s just like double invoiced. Let me ask.
Nic Schisler (23:37) The finance team about that, and we’ll provide you an update on that as well too.
Nic Schisler (23:42) Okay. Heads up. I’ll be out of the office the week of April sixth, just so, you know, I’m in the office the next week, but it’s spring break here. We’re not going anywhere, so I’ll be around if something’s going on with PR, you need to reach out, just text me. Okay? I.
Dimi Barot (23:58) appreciate that. And then once you tell me that you’ve had a chance to carefully review and audit whatever the existing pass through fees are, where there’s a balance due, then just give me the thumbs up. I imagine there will probably be a little bit of adjustment because I saw some of the things and I was like that shouldn’t be passed through to us. But once you give me the thumbs up, we’ll go ahead and knock it out. Sounds good?
Nic Schisler (24:19) That’s fine. I’ll ask the team right now. When I get off, I’ll drop them an update just saying, can we ensure that there’s nothing on there that’s being double charged with some of the stuff we have going on from Puerto? Rico? And then once they give me the thumbs up, I’ll drop you a note and we’ll go from there. I’m not too worried. I’ve kind of kept them up to date about some of the conversations we’re having anyhow yeah.
Dimi Barot (24:38) To give you an example, like a concrete example, the money orders that have gone out on multiple applications. Obviously, none of them has been cashed, but they’ve been invoiced. Got it.
Nic Schisler (24:54) Okay. Can you do me a favor? Nevermind? I don’t need you to do it. I’ll connect with Kyle. You’re good, don’t worry about that. Okay? All right. Thank you both. We’ll be in touch soon. Let me know if you need anything. Okay? Talk soon. Thank you. Yeah, of course. Talk to you soon. Bye.