Transcript
Noah Laack-Veeder (00:00) howdy. Howdy?
Kyle Bettencourt (00:16) Accept and disinvite. Yeah, accept. And.
Kyle Bettencourt (00:36) Hey, good afternoon, Eric.
Eric Svonavec (00:38) Good afternoon. How are you?
Kyle Bettencourt (00:40) Good, good. How are you doing today? Good. Crazy. What’s your weekend?
Noah Laack-Veeder (00:47) Look like Eric?
Eric Svonavec (00:49) Well, it was going to a blue jackets game and watching our team blow a three goal lead in the third period. So that was fun. Yeah, that.
Noah Laack-Veeder (01:00) That doesn’t feel good. Yeah.
Jeremy Munoz (01:05) That.
Kyle Bettencourt (01:05) Sounds like a rough ending. Was that last night?
Noah Laack-Veeder (01:08) Yep. Oh, man.
Kyle Bettencourt (01:11) I am sorry to hear that.
Eric Svonavec (01:14) It’s all right. It’s not your fault.
Noah Laack-Veeder (01:16) Yeah, no, it is Kyle’s fault. Yeah, I’ll.
Kyle Bettencourt (01:19) take, I’ll own that one. So, yeah.
Noah Laack-Veeder (01:22) Yeah. So, this is where Kyle apologizes. Yeah, yeah.
Eric Svonavec (01:26) It’s like.
Kyle Bettencourt (01:26) Okay. Well, our last customer actually had some money on duke. So we kind of opened up the callback. Oh, man. Everybody saw that game. So that was a great. That was crazy, a great opener there as well.
Eric Svonavec (01:40) Yeah, that was wild. I.
Kyle Bettencourt (01:42) Couldn’t believe I had these group texts blowing up asking if I saw that and had to go check the replays out. I can’t believe the Guy didn’t hold the ball. You had to give it.
Eric Svonavec (01:50) Back, exactly. What are you worried about?
Noah Laack-Veeder (01:52) Passing it there’s. So many options. There’s so many options. Every option. He kind of got fouled it’s like what was he thinking?
Kyle Bettencourt (02:00) Literally.
Noah Laack-Veeder (02:02) Absolute worst decision that could have been made. It’s easy for us to yell at the TV, right? I’m like man, if I would have been that Guy, yeah.
Eric Svonavec (02:10) At these at these 19 year old kids.
Noah Laack-Veeder (02:14) Yeah, come on.
Eric Svonavec (02:15) Idiot.
Noah Laack-Veeder (02:16) Aren’t you aren’t you perfect. You know, come on. Yeah.
Kyle Bettencourt (02:19) I think I had like two points in my fourth grade basketball career. So, I don’t have a whole lot to offer there.
Eric Svonavec (02:26) There’s no reason why you’re doing what you’re doing my friend.
Kyle Bettencourt (02:29) That’s right?
Noah Laack-Veeder (02:30) What about you? Jeremy? Are you a sports Guy?
Jeremy Munoz (02:35) Mainly, the only thing I watch is ufc. I don’t really watch sports anymore.
Noah Laack-Veeder (02:42) I like watch. I did jiu jitsu, for a while, and that made ufc make a lot more sense for me when I was watching it’s so high level. I didn’t know that about you. Yeah, it’s a secret.
Kyle Bettencourt (02:55) Yeah, don’t.
Eric Svonavec (02:57) Don’t piss Noah off.
Noah Laack-Veeder (02:59) Yeah, just don’t grab me.
Kyle Bettencourt (03:04) You.
Jeremy Munoz (03:05) Get a rear naked choke on that one.
Kyle Bettencourt (03:07) Yeah.
Noah Laack-Veeder (03:09) You just, yeah.
Kyle Bettencourt (03:10) Yeah.
Noah Laack-Veeder (03:11) Well, anyways, ufc’s cool. After watching it. I’m like, yeah, okay. These guys are way better fighters than I even thought they were. So.
Kyle Bettencourt (03:19) Yeah, it’s humbling. I did boxing just for the workout for a little bit and quickly realized there’s about 10 guys in that gym that could completely knock me out if they wanted to. That were probably half my age and size. So… put some perspective quickly… but cool. So, I appreciate you guys hopping on here just to kind of chat through some high level pricing and kind of have a I guess value business value discussion for, you know, for you guys with open practice and just kind of seeing how you guys I guess are looking to partner with medallion. And so we didn’t want to get too deep into like the, I guess like business revenue and your business model with your customer on the line. Figured it’d be easier to just kind of have a more direct conversation. But, you know, from a high level, we obviously kind of understand sort of what you guys are looking to do and partner with medallion and leverage medallion to offer credentialing to your customer base. I guess kind of one of the, I don’t know initial questions that Noah and I had were just understanding like how you guys are viewing this from like a high level initiative perspective. There’s like a few ideas I guess that we had in customers. And like a similar, you know, RCM category will kind of leverage medallion in like one, you know, that’s potentially like looking at this as sort of like a customer acquisition costs or product differentiator… or two, you know, potentially leveraging this to, you know, to help out with like the claims now aspect. And, you know, curious just from your guys’ perspective, like how are you kind of envisioning a partnership with medallion? Like where do you think this would drive most value for open practice or have you, I guess, you know, just curious what your thoughts are on that?
Eric Svonavec (05:08) It’s a good question. I know one of the things that maybe just to throw a question right back at you? Do you guys provide credentialing services or are you just the software that people would be using?
Noah Laack-Veeder (05:26) We do both. But Eric, what do you mean by credentialing services to throw another question right back at you?
Eric Svonavec (05:34) Jeremy, can you answer that question please?
Jeremy Munoz (05:39) Yeah. So I guess at the end of the day, if a provider, a doctor, right? Needs a credentialing service, right? He doesn’t want to do the work. Do you offer those services, right? To put them on caqh, apply to, you know, medicare medicaid, commercial payers to enroll in? I don’t know if you do pcos or even apply for their mpi as well on mpez, but, you know, yeah, more or less those services, yeah.
Noah Laack-Veeder (06:16) I mean, the short answer is yes… we do. And I think kind of thinking about other… customers of your sort of profile. It’s like they had a hypothesis they’re like, well, we think that because these customers have been asking us for credentialing, it’s not our kind of bread and butter in their words. If we were to offer it, could that lead to us having more customers convert to our software? So then they had like a marketing budget that was set aside. And they were saying that was meant towards a broader initiative of customer acquisition. So, what the whole point was is saying, look, we’ve got providers that don’t want to do credentialing themselves. We have like someone on our team who is doing kind of a pilot credentialing service today. And it was like, I think of it as kind of like the equivalent of like an office manager type person who’s like their role was like supporting these providers. And the whole idea was if they give them free credentialing, then they’re going to convert to be a broader customer of theirs. The key distinction there, Jeremy, to your question is there’s always in the most successful partnerships there’s? Always like one more person in the loop between us and that doctor so that they can kind of serve as like the liaison between medallion and the provider. Like we don’t work with like let’s say you had like 100 independent providers that are all part of their own thing. We typically don’t partner with those organization like those providers individually. They would have like some manager kind of overseeing the credentialing of them and using medallion as kind of like the way to do that. So we do offer the services absolutely, but we typically need to have someone in the middle to facilitate the services back and forth. Does that make sense?
Jeremy Munoz (08:29) It does and.
Noah Laack-Veeder (08:31) kind of back to your question around like that is, I think, are you having, I think maybe you mentioned this, are you having like individual doctors today? Like asking you to provide them with credentialing services. Is that where that question’s coming from?
Jeremy Munoz (08:50) I don’t think I’ve personally heard any clients… Eric, is that an ask that you’ve heard? Yeah?
Eric Svonavec (09:00) Not directly. I mean, I’ve gotten the question from my liaisons with different partners that we have that they’re getting hit up. You know, what do we do for credentialing? She’s like, I don’t know Eric, what do you guys do for credentialing? I’m like, I don’t know.
Noah Laack-Veeder (09:16) So, you know,
Eric Svonavec (09:18) there’s just like a lot of like shoulder shrugging going on as far as I’m concerned, and like I said, like we have a very rudimentary function in our product that connects providers with payers with a date. So, right, with some validations to say, hey, you can’t actually build this claim because the date of service is before the credentialing date. Sure. Yeah. So, you know, and.
Noah Laack-Veeder (09:46) So, yeah, with that being said, I think like what Kyle and I are trying to understand and ultimately kind of like where this comes down to is like in any type of relationship we’d have or partnership, like is there a strategic initiative that you all are doing that you want to like start offering credentialing? Like what is kind of what’s the impetus of this?
Eric Svonavec (10:10) No, I don’t think so. I think it’s just a way to keep our system up to date with reality without making people, you know, update it one by one… yeah.
Noah Laack-Veeder (10:31) Yeah.
Eric Svonavec (10:32) I mean, other things might come of that, like people knew that we partnered with, I mean, Jeremy, right? You’ve got a family business that does that. Is that liaison? I think that Noah talked about, right, right? That works with the onesie twosie provider offices to help them onboard a new doctor and, you know, potentially use a software like medallion, right? How does that get updated in the RCM system? You know?
Jeremy Munoz (11:08) Yeah. So, I think that there’s definitely added value for billing companies who offer credentialing services. You know, obviously, I can only speak to my experience, but, right? The difficulty is having a means to just centralize everything versus going to different portals to accomplish those tasks, right? To apply to commercial payers, medicare medicaid, then you have caqh to maintain you’re. Just going through so many websites, it’ll be nice to centralize all these services down to, you know, application like medallion. Now, I’ve in terms of our product, you know, we obviously have clients who have internal credentialing teams or departments. I guess I’ll say that… I hear it down the grapevine but it always seems like nobody wants to. They just don’t like what we have in our credential, but they can’t really say what they want, right?
Noah Laack-Veeder (12:18) Yeah, for sure. And.
Jeremy Munoz (12:21) I think part of the goal is if we offer these tools, you know, do we get the dice rolling of what else are they looking for, right? And.
Eric Svonavec (12:32) maybe it’s just, hey, if you guys use medallion for your credentialing, there’s an API that we have with them that will update openpm, right? So, it’s like we just use it as a way to refer business to you. We agree on a rev share and that’s it, right? We just kind of stay out of it at that point. Other than, hey, we’ve got a cool integration that lets you sign into their platform through sso and we keep our system up to date with what’s in their system. Maybe it’s just that simple, yeah.
Noah Laack-Veeder (13:04) That’s interesting. I think Jeremy kind of like the, and Eric too typically like the size of, so let’s say like you guys weren’t in the mix, right? And medallion’s working with a new customer. Our typical like provider minimum count is like around like 100 providers, right? So we’re working with like provider Kyle, maybe you can even speak to kind of like the minimum investment that our customers typically do. Yeah, the reason why we typically partner with an RCM company or billing company or ehr company is that they’re working with individual providers that like can’t buy medallion themselves. But because they’re part of this broader thing, that would be an opportunity. And so that’s the typical customer profile that we’re working with. Okay?
Eric Svonavec (14:03) Gotcha. All right. That makes sense. Yeah. I mean, so like what do you guys think? I mean, right? You know what we do, you know what we have? I mean, like how do you see this relationship working out if at all?
Noah Laack-Veeder (14:18) Yeah. I mean, so I can chime in just from like other customers I’ve seen and Kyle feel free to kind of jump in as well. Yeah. But like I think the best model is you all have… like a provider base, right? And like just generally speaking, like how many providers are you like working with today? Is it like hundreds, thousands, tens of thousands? Yeah.
Eric Svonavec (14:44) It’s tens of thousands. Yeah.
Noah Laack-Veeder (14:47) So, if there’s tens of thousands of providers, like odds are many of them, especially if they’re not part of this provider group model, are going to despise credentialing. So like there, if you said I will offer you credentialing, they will take it.
Eric Svonavec (15:07) If.
Noah Laack-Veeder (15:07) we assume that’s right? Then the next question that Kyle and I like to think about is like, okay, well, what would that mean for you? And if it’s an RCM company, if medallion is offering the services for credentialing, and your business model is somewhere where, and this is kind of where the business model comes in. If your business model is you take a percentage of claims, if they’re able to generate claims earlier, then you’re going to make more revenue because medallion is helping them get credentialed faster, right? So it would be advantageous to invest in the medallion as your organization because it would bring more revenue to you, right? The provider, if they’re a onesie twosie provider, they’re kind of limited in how long credentialing takes and they don’t know how to do it. So they can get delayed for a long time. So, if you do that out across like your tens of thousands of providers, there could be some meaningful revenue acceleration. If that’s part of your business model. The other thing would be, and this is kind of like some show and tell would be, if you’re kind of more of a subscription based service, the question would be, if you offered free credentialing, could you increase your subscription costs, right? But ultimately, the only way a partnership is going to make sense is if the investment that you make in medallion is going to drive revenue for you, right? So, with that being said, could you just help us understand a little bit more about like, how are you guys doing subscription? Are you doing? Yeah.
Eric Svonavec (16:43) I mean, we’re SaaS, yeah. And, you know, we operate every under every pricing model. You could probably think of sure, right? We do per provider, per encounter, per patient, per visit, you know, really, I mean, we just tailor our pricing to whatever works best for that situation. And then we can just do fixed pricing. It’s like, yeah, for you, it’s 100 grand a month and you get unlimited era, claims, real time claim, status, eligibility, et cetera. But, it’s all SaaS, right? It’s all monthly and people commit to a year, three years at a time for discounts.
Noah Laack-Veeder (17:24) So, I think the question would be like, and this is, I mean, I can have a, I think Kyle and I will be aligned in thinking, yes, if you offered free credentialing, they would want it, right?
Eric Svonavec (17:36) But who’s doing the work? Like? Cause we don’t have people doing that work today, right? We’re mostly like in the blind of what people are doing, I don’t doubt what you’re saying. We came out tomorrow and mark it on our website. Hey, we provide credentialing services. People would use it.
Noah Laack-Veeder (17:55) Yeah. We, I mean, the other customer of similar size like, they, I can’t speak to like why they decided but like, they piloted and they were like, we think that if we offer credentialing, like customers will want it and they’ll expand. And then because of that, they already had like a liaison team like an office manager type role where it’s like we’re going to just be the liaison between and the issue that they ran into is like we don’t know how to do this.
Eric Svonavec (18:25) Yeah, that would be us. If we started tomorrow, we’d have no clue but.
Noah Laack-Veeder (18:30) Then, but they’re like, it’s okay that we don’t know how to do this because I can tell medallion what we want and the medallion do the work, right? So, like, so then they’re like, okay, let’s say we had, they had, I think 300 providers. They’re like, we don’t know what we’re doing. We’re kind of learning as we’re going. And then they’re like there’s got to be a more efficient way to do this. And then here came us, right? And we’re like we can do this for you just going to kind of tell us who needs what you work with them, if we have gaps, like you reach back out to them, but they have like a resource in the middle. So like the investment would probably be, you know, whatever our minimum investment would be plus either like having someone in your organization function, and do you have like an implementation manager like account manager for those people? Yeah, I mean, we definitely, we do.
Kyle Bettencourt (19:25) Yeah, you.
Eric Svonavec (19:26) Know that person’s overworked yeah.
Noah Laack-Veeder (19:31) And they’re like, hey, you want to do credentialing too? They’re like I put in my two weeks, but yeah, it could be, but it’s also could be a strategic role like look, if you’re like, okay, for sure, I have to spend, you know, 50 K with medallion. I have to hire one person, but that’s driving tens of millions of dollars in revenue, then it’s like, yeah, it’s a no brainer, right? It’s just, it’s just, how do we make, that leap? And then, Kyle, kind of, why don’t you just talk about like the minimum investments that organizations typically do? Yeah.
Kyle Bettencourt (20:02) We have a minimum spend that, is 50 K like Noah mentioned there. So, yeah.
Eric Svonavec (20:08) The reason we 50 K, what?
Kyle Bettencourt (20:11) 50,000 a year is the minimum spend.
Noah Laack-Veeder (20:14) Yeah, yeah.
Kyle Bettencourt (20:19) And, yeah.
Eric Svonavec (20:20) And how would we get to that point?
Noah Laack-Veeder (20:23) It’s like, how would you get to the 50 K investment? Yeah.
Eric Svonavec (20:26) Like, what are we, what are we paying? Are we paying per provider per credential per what?
Kyle Bettencourt (20:33) Yeah, go.
Noah Laack-Veeder (20:34) Ahead, Kyle.
Kyle Bettencourt (20:36) It’s from a high level. It’s it’s kind of both, right? So you would license providers that you want managed in the medallion platform. But then there’s also a volume component for the amount of like enrollment applications that we’re submitting. So, I think like what’s nice is that, you know, if you guys are experiencing, you know, a high volume for whatever reason, you’re acquiring some more providers and kind of pay as you go, use it as a like a utility almost if you will. So if you’re expecting like a high influx, of enrollment applications for a certain month, you can, you know, you can kind of pay it then… but yeah, it’s sort of a combo of your provider group and then just your expected volume, of payer, enrollments. Okay. Gotcha. No, I don’t know if there’s anything else that you’d add.
Noah Laack-Veeder (21:25) There, no, I would just say like where an organization like yours can have… some efficiencies is because you have such a large provider network, we have very… because we’re we have these economies of scale, like the bigger the investment you do, the lower the unit costs would be.
Eric Svonavec (21:46) So, it’s.
Noah Laack-Veeder (21:48) like if, again, if you have this like broader thing where you’re like if I offered free credentialing, that would lead to X revenue. It’s like some organizations have seen estimates of XX Roi. And so they’re like, well, we want to just get as much as we can because that makes the most sense and the unit costs can get pretty aggressive. So they’re not the organization we work with are typically not doing the minimum investment because they’re looking for those units… being as low as possible.
Eric Svonavec (22:25) Can I ask how much of what the middle person is expected to do or is able to do, how much of that could be replaced by technology?
Noah Laack-Veeder (22:36) I mean, that’s a good question. I think that’s kind of medallion’s strategic… question right now.
Noah Laack-Veeder (22:49) I’ll kind of, I mean, I’ll stay there, but like ultimately, you’re what you’re asking is what happens when we can have kind of that liaison on the medallion side, it’s a very interesting proposition.
Eric Svonavec (23:04) Yeah. Like could we code something, could we introduce an agentic workflow with our AI tools, right? Like, what could we do to not need to hire someone to manage this on our end? But there’s robots or there’s applications running keeping, you know, syncing things, you know, that’s kind of where I’m at right now, no.
Noah Laack-Veeder (23:30) 100 percent. I mean, what I’ll say is that’s… all rising and it’s going to be continuing to rise. Medallion’s typical value proposition though is like most organizations have to have a one fte managing 40 providers.
Eric Svonavec (23:46) We.
Noah Laack-Veeder (23:47) can get that to like 500 to a 1,000 to one using our current stack of automation and AI.
Eric Svonavec (23:53) So, we’re.
Noah Laack-Veeder (23:55) already creating extreme efficiencies from that for that office manager, if you wanted to pilot on 500 providers or… like that’s the level that like one resource could handle themselves without having that deep knowledge of credentialing.
Eric Svonavec (24:22) Okay. Yeah. I mean, that’s that’ll be something that we have to think about… you know, is that, I mean, it seems like it would just kind of be just a different line of business for us that historically we’ve never really gotten into and, you know, maybe it makes sense for us to start looking at, yeah.
Noah Laack-Veeder (24:45) I mean, Eric and Jeremy, let me ask you this question, like if you all of a sudden could offer free credentialing or credentialing services to your customers, like what would that mean?
Eric Svonavec (25:04) I don’t think that’s a deal maker or deal breaker. I don’t get that sense like I talk to my salespeople, I don’t hear that come up as a, yeah man. If you guys did credentialing, man, I’d sign tomorrow. I think it’s just people have their way of doing that and they don’t expect that. So it doesn’t really, you know, none of our competitors do it. Yeah, it’s not even like a thing that comes up now. It might be like a whoa, you guys will take care of my credentialing for me like shoot, I didn’t even think you could do that. I don’t know, right? To answer your question. I don’t know what kind of difference maker that is, but it could set us apart, right? It could be that difference maker that if we did could win us a big deal.
Noah Laack-Veeder (26:02) Jeremy, anything you’d add to that… yeah.
Jeremy Munoz (26:07) It’s I wouldn’t think a provider would see in my mind a provider, yeah… a provider would have already somebody under a contract doing their credentialing or they attempt to do it on their own. And typically, I would say… I would like to say most if not all billing companies do credentialing, it kind of just comes hand in hand as part of the billing… services.
Eric Svonavec (26:43) Okay. That’s interesting. I would say that that’s a key customer for us, our billing companies.
Jeremy Munoz (26:53) And from… and from what I’ve seen so far, most large clients at least have an internal team doing their credentialing. And yeah, I wouldn’t peg a provider asking, you know, a revenue cycle software like us if we do credentialing, it normally doesn’t you know?
Jeremy Munoz (27:26) And I haven’t heard a scenario of somebody asking either?
Eric Svonavec (27:30) Yeah, I’m chatting with one of our sales guys and he says they do get questions about this in the sales process they.
Noah Laack-Veeder (27:38) Do Eric?
Eric Svonavec (27:39) They do. Yeah, I’m trying to get some more info about specifics.
Jeremy Munoz (27:43) So, it just doesn’t come our way huh.
Eric Svonavec (27:47) Which is surprising because sales is not usually shy about coming our way about things they want.
Noah Laack-Veeder (27:56) Well, it is new, like you said, I mean, like this could just be something that they just haven’t thought of, you know, yeah.
Eric Svonavec (28:02) Right.
Noah Laack-Veeder (28:03) Like an ehr company, thinking of doing credentialing was like the first one.
Eric Svonavec (28:14) how long have you guys been around?
Noah Laack-Veeder (28:16) I think about six years now. Okay. How long have you guys been around?
Eric Svonavec (28:23) We just celebrated our twentieth. Okay. Yeah.
Kyle Bettencourt (28:29) I was going to say like one thing I would add for like some of the bigger clients is like a lot of the folks that we’ll work with directly, you know, oftentimes kind of our value add to them is that we can actually do it better than current industry standards, right? When it comes to the turnaround times when it comes to employee resource allocation, things like that. So, there’s definitely like an education aspect to those larger clients that are doing credentialing, fine, but they’re doing it fine by today’s, standards, right? So, it’s like what is that value? If you could do it with, you know, one employee instead of five or 10 and you can do it 60 days faster to accelerate your provider revenue when you’re onboarding providers. So there’s definitely an aspect to like educating some of the larger provider groups when it comes to like what the value would be with medallion.
Jeremy Munoz (29:19) But.
Kyle Bettencourt (29:20) I don’t know if that would necessarily resonate with the clients that you’re working with or not.
Eric Svonavec (29:25) Yeah, no, that makes sense. So, he just said that we actually do for anytime we get the question in the onboarding process or in the sales process that we recommend there’s a consultant that we hey, if you have credentialing questions here’s, the company we recommend for your credentialing concerns. So, are you guys thinking like maybe there’s an introduction there that can be made? And maybe he’s your target for selling your software, and then we just integrate at that point into our software?
Noah Laack-Veeder (30:05) Yeah, because the integration piece is like totally doable based on the.
Eric Svonavec (30:10) Oh, for sure.
Noah Laack-Veeder (30:11) So, I think where Kyle and I are at is just like, okay, how would a partnership make sense? And if you think the sales individual would be the best or like a go to market person, marketing has been a persona we’ve worked with. So, I mean, yeah, I think, maybe, I mean, if they’re getting questions about it and they’re referring it to someone already, it sounds like there might be an established partnership already. I’m just not sure.
Eric Svonavec (30:39) Eric, are you more?
Noah Laack-Veeder (30:41) So that… what’s the questions that sales get is that, do we have credentialing tools or?
Eric Svonavec (30:48) No, the question is, can you help me with my credentialing? Okay? Is the question… and Mike’s like, yeah, here, talk to this Guy. I’ll help you with your credentialing?
Noah Laack-Veeder (31:00) Just give them my email and I can have a call.
Eric Svonavec (31:03) Exactly. But right? You don’t want those phone calls, right? You’re like, no, I’m not working with some rando client. It’s like you want to work with a company who provides those services or someone that’s able to like, I mean, honestly if we had a credentialing department, right? It’s like we’d be a perfect fit, But,
Noah Laack-Veeder (31:29) that’s kind of like where we can fit because you can say you have a credentialing department that.
Eric Svonavec (31:35) Is like without actually having a label.
Noah Laack-Veeder (31:37) Yeah, it’s like one. Yeah, you white label medallion. It’s like, yeah, we, yeah, you’ll have a resource to reach out to, but they’re just, you know, using medallion to do the credentialing sure.
Eric Svonavec (31:48) So, it would be someone on our staff that is familiar with your software that can use it. Yeah.
Noah Laack-Veeder (31:55) And again, it’s not like they need to be an expert in credentialing.
Eric Svonavec (31:59) Right. Our.
Noah Laack-Veeder (32:00) Platform is pretty self explanatory, it’s kind of like they’re just, they’re like we don’t have like because our model is such like we’re typically working with large provider groups. So, we don’t have a support model that’s going to be like enough for a single provider. But if you have like one person in the middle managing so much, it becomes more attractive. But again, to your question, we want to ask the salesperson is okay. So if you’re doing, if you could offer this, like what is that going to mean? Is that going to mean more deals are closed for your org?
Eric Svonavec (32:31) And.
Noah Laack-Veeder (32:32) that’s I think where the decision would be made as to whether or not the minimum investment is worth it.
Eric Svonavec (32:38) Yeah. But.
Noah Laack-Veeder (32:39) Yeah. And so that’s what we’re trying to get to because yes, absolutely. We think we can integrate, absolutely. We think we can give services to your customers and delight them. It’s just like how is that going to help your organization? You know?
Eric Svonavec (32:51) Yeah. I think if, I mean, for me, it would be a separate stream of revenue. I don’t think we would make it part of a, you get free credentialing, if you sign on with us. I mean, we’re not, I mean, from a SaaS perspective, we’re definitely not the cheapest, but, you know, 350 bucks a month per doc, you know, is usually what we go for. I don’t see that 50 K a year being able to give it away.
Noah Laack-Veeder (33:20) No, yeah. I mean, yeah, that makes sense. There has to be some model that makes sense exactly.
Eric Svonavec (33:25) Yeah, it’s like, hey, you want credentialing? It’s an extra 100 bucks a month and none of your staff has to worry about it anymore. It’s like that might be worth it. Yeah, I mean.
Noah Laack-Veeder (33:34) And that’s what’s like what’s the typical customer profile? Like do you work with provider groups?
Eric Svonavec (33:40) You name it? I mean, we’ve got gigantic enterprise clients that I’m probably not allowed to tell you, but you would recognize their name immediately. Yeah. And then we have solo chiropractors in, you know, wherever bfe Ohio. So, like we will work with everybody now for those small clients, same idea as you guys, right? Like we don’t have the support model or capacity to help those people. But we’re building AI tools and all kinds of stuff to not require them to work through a reseller or something like that.
Noah Laack-Veeder (34:16) Yeah, that makes sense. So, what do you think makes sense to be, is this individual like the leader of sales that you’re talking to like who’s.
Eric Svonavec (34:25) the, yeah, I guess like let me, you know, were either of you guys at the show? I don’t think so. We were.
Noah Laack-Veeder (34:33) Not, no, okay.
Eric Svonavec (34:36) So, I was traveling with our president Rylan, and I mean, he’s aware that we’ve been talking. So I kind of want to run this by him just like, hey, this is how we think it’s going to work. Is this something that we’re interested in? And if he’s like, no, we don’t want to get into that business, then maybe that’s just what it is, but, you know, it’s like, hey, this could actually be an additional revenue stream for us and, you know, maybe get his thoughts. I’m definitely more comfortable with like what would happen here? Yeah, at.
Noah Laack-Veeder (35:14) Least, you know, what is possible and sort of what the angles would be. Yeah.
Eric Svonavec (35:19) Exactly.
Noah Laack-Veeder (35:22) Yeah. Well, it could be a collaborative conversation, right? Right? Because this is kind of a, it’s not, it’s like it’s a profile we work with, but obviously, like our top like revenue is through just contacting with provider groups directly. So, there’s kind of an expectation we’d have to have like more collaborative business agreement conversation. So, it’s just pretty natural to this type of partnership.
Noah Laack-Veeder (35:55) So, do you want us to kind of like, do you want us to more or less kind of ghost write an email for you? Eric include some information about medallion? Like how can we best be best helpful? Yeah.
Eric Svonavec (36:06) I mean, make a pitch, right? Exactly that it’s like, hey, here’s why we think we should partner up here’s. How you could make money using us here’s? How you could increase your sales using us and I can speak to the integrations and all that kind of stuff with the people that would be interested. But yeah, like I need to get other people’s opinion on this to know for sure. So that would be helpful. Yeah, yeah.
Kyle Bettencourt (36:37) We can definitely put some of that information together? And.
Noah Laack-Veeder (36:40) Just out of.
Kyle Bettencourt (36:41) Curiosity from like a, I don’t know, just growth and scale perspective. Do you have an idea of how many providers that you guys bring in annually new providers? Yeah, let’s see.
Eric Svonavec (36:58) We have this whole fancy bi dashboard that is somewhere… nope. Nope.
Eric Svonavec (37:20) Yeah. I could probably get that for you… but, yeah, I mean, we’re double digit growth every year and we literally have not missed a year where we haven’t done double digit growth, which is pretty crazy. Wow. I mean.
Noah Laack-Veeder (37:39) Yeah. That’s that’s incredible. That’s awesome.
Eric Svonavec (37:43) Yeah. No, is.
Noah Laack-Veeder (37:44) It, is it like, I guess like directionally, is it like thousands of providers a year or like tens of thousands of providers a year? Like we’re it’s.
Eric Svonavec (37:51) yeah. I mean, it would be, it would be thousands. It would not be tens of thousands. Okay? I mean, if I had, if I had to say right now, the last time I saw something, I mean, we’re at like probably like 24,000 providers in total across like 3,000 customers. Okay?
Noah Laack-Veeder (38:11) Yeah. That, that helps for sure. And.
Eric Svonavec (38:14) Right. So you add one or two every year? Yeah, that’s probably what it is.
Noah Laack-Veeder (38:19) Yeah.
Kyle Bettencourt (38:21) One or 2000. And from, I mean, payer enrollment perspective, I’d imagine all payers across the country. You guys are those providers are operating with or are you guys regional to any degree or is it really just across the country?
Noah Laack-Veeder (38:34) No.
Eric Svonavec (38:35) We’re we’re in all 50 states? Okay. Yeah, we don’t discriminate.
Noah Laack-Veeder (38:38) Yeah. I mean, just kind of like apple or is it apple in the sky? No pie in the sky? Like with this level of volume right there, you’re there’s a very large segment of providers that are having to be enrolled with multiple health plans. And like Jeremy, as you’ve kind of mentioned like our whole business strategy at medallion is working with provider groups because their internal teams just haven’t caught up with modern technology. So that’s kind of like where we sit in. So there is like a very… decent size that I feel we could impact just from like our current icp and we can write that up. But it’s it’d be interesting to kind of get their perspective. On average. It’s like when we reach out to customers, I mean, most of them are telling us that credentialing is a pain point because they’re saying that their turnaround times are 120 days when medallion can do it in around 50. So it’s sizable decreases in time.
Jeremy Munoz (39:49) Do you have any statistics on like reduced labor time?
Noah Laack-Veeder (39:53) Oh, absolutely. Yeah. The biggest one I would use Jeremy is like organization, I had a conversation, Kyle and I had a conversation earlier today and they were saying that one full time resource is managing 20 providers, right? And so if, when we say that we can do a 500 to one ratio like that’s almost a 20 X reduction in.
Jeremy Munoz (40:22) That’s massive, that’s for sure. Yeah.
Noah Laack-Veeder (40:25) And in a lot of organizations like that, the meaning like, the value props. And again, that was an extreme example, Jeremy, like there’s organizations that can usually like good organizations can do around 100 to one. But even with that, I mean, we’re looking at a either like a five X reduction or like a five X capacity. So if they’re growing and they have growing plans, they’re usually like, well, the only way we can grow is if we hire people and with medallion, they can maintain their current resource allocation and then do more. So, yes, that’s a key value prop for us is either cost reduction or costs, real allocation in terms of resources.
Kyle Bettencourt (41:13) Yeah, I would say just to, I guess kind of Healthstream the main value drivers, right? It’s just revenue acceleration, just reducing the overall turnaround times to credentialing and payer enrollment. Another big piece of that acceleration is claims denials, reductions related to credentialing errors, that’s another big one for our customers. And then again just that opex consolidation from ftes, other softwares, and just employee time that’s dedicated to chasing around paperwork and managing this stuff. And then kind of the last aspect that’s a little harder to quantify would just be overall like provider abrasion. I’m actually finding it’s coming up pretty quickly more and more often on a lot of the calls with these provider groups where they’re just looking for less administrative work for their providers to manage with the re, credentialing easier onboarding. So they’re not sitting around for three months waiting for their enrollment to be completed so they can start working… anything else. Just kind of credentialing related, that could be a pain for those providers is kind of another big value driver.
Jeremy Munoz (42:22) I mean, I would assume that for those providers because it’s the same experience for us that they’re wanting constant updates of what’s going on, right? It’s weekly monthly, right? You name it. Yep. And it’s you know, it’s just somebody trying to track down information. Well here’s the updates, but I assume they would go to your dashboards and see that information real time. Yeah. And.
Kyle Bettencourt (42:47) That’s one of the great things, right? Is they’ll get a medallion account where they can see just their current status with everything. Then we also have pretty extensive reporting and analytics tools that can, you know, auto generate reports for like your internal team or their executives, they could see like what their provider onboarding status is on, you know, weekly daily basis.
Jeremy Munoz (43:10) Yeah, I would say probably those are the top two pain points, the management piece, and then the communication piece with providers. Yeah, those are definitely the two pain points. Yep. Okay. Cool. Well, this.
Kyle Bettencourt (43:29) Has been super helpful. So, Noah and I will kind of break after this and we’ll kind of come up with our initial value thesis for you guys on where we think we can help. And yeah, we’ll get that over. And then who’s the, I guess just curious the contact that you would send this over to, would it be your president that would kind of make the call if this is worth exploring further? Yeah.
Eric Svonavec (44:00) I would say that’s accurate. Okay. All right. So, from 2024, the end of 24 to the end of 25, we went from 19,700 providers to 24,200 providers. Wow… that is bigger than I thought actually, it’s.
Jeremy Munoz (44:25) pretty cool.
Kyle Bettencourt (44:26) 24 to 25. So, 5,000 providers in a year? Yeah?
Eric Svonavec (44:31) That is 33 percent growth or 25 percent growth crazy that.
Kyle Bettencourt (44:38) Is a lot of growth.
Jeremy Munoz (44:41) Are.
Kyle Bettencourt (44:42) you guys kind of same trajectory this year, you think? Or is that an exceptional growth year?
Eric Svonavec (44:50) Yeah, that’s I would say it was about the same amount the year before that.
Eric Svonavec (44:55) So, yeah, the last two years have been significant… but yeah, as far as trajectories, I don’t know. I don’t you know, I don’t look at those pipelines. I’m not entirely sure.
Kyle Bettencourt (45:11) Cool. Well, no, I think, yeah, I think we got all the info that we need to just kind of get an initial pass through business case either for you guys, Noah, is there anything else that you can think of that we’re missing here? I don’t.
Jeremy Munoz (45:23) think so. I think this is just a, really good conversation. So, I appreciate you guys. Yeah.
Kyle Bettencourt (45:30) All right. We appreciate your time and interest. And yeah, hopefully this will maybe work out and we can keep the conversation going.
Eric Svonavec (45:38) Sounds good. Thanks guys. All right.
Kyle Bettencourt (45:40) Thank you. Both. Appreciate it. All right. Take care.