Transcript
Bradley Eral (00:00) hey, David got Brad here with medallion. Hey, Brad.
David Pene (00:05) How’s it going doing?
Bradley Eral (00:07) Well, how are you doing?
David Pene (00:08) Good. Thank you very much.
Bradley Eral (00:10) Yeah, appreciate you jumping on and appreciate the flexibility. I had a heck of a week of travel last week. So I appreciate you bearing with me.
David Pene (00:18) No worries.
Bradley Eral (00:20) And where are you calling out of?
David Pene (00:23) I’m in New Zealand at the moment.
Bradley Eral (00:25) Okay. No kidding. Whereabouts.
David Pene (00:27) Auckland, if you know.
Bradley Eral (00:29) Yeah, or like I’ve never been, but know of it. I love skiing. So, there’s a few professional skiers from the Auckland area that I love the wells brothers,
David Pene (00:41) it’s.
Bradley Eral (00:41) high on my list to get out to Auckland. How often are you? I saw on LinkedIn, you’re out of the states? Is that right? Yeah.
David Pene (00:49) I’m back and forth SF and Auckland, New Zealand. Yeah.
Bradley Eral (00:55) Nice. Well, good. I appreciate you making the time and we’ll get some introductions here shortly. But really goal today, David is walk through medallion, give you enough information so you can determine, look, does further discussion make sense based on what you’re trying to accomplish or not? Both of which are perfectly okay. Outcomes. Does that sound like a good use of your time?
David Pene (01:14) Yep. Let’s do it perfect.
Bradley Eral (01:16) So, yeah, by way of introduction, I’m Brett, Erol, director of strategic partnerships here. What that means is work with, you know, candidly many of your peers in the ehr, RCM space as they look to embed credentialing as an offering for, you know, my random reasons that could be, but obviously know your name, know your title but would love to hear just a little bit more about kind of what brought us here in the first place, and we can take it from there.
David Pene (01:37) Cool, man. Yes. So, I’m David, one of the co founders of, carepatron, had a really high level ehr practice management system like AI embedded type of thing. We’re globally like we’re across the world across like different specialties with a high focus into the us makes up like 70 percent of our customers kind of thing. Yep. And we run like we have an RCM platform. We also run it as a service. And so we’re looking to kind of use. We’re looking to streamline credentialing for practices basically.
Bradley Eral (02:22) Yeah, exactly. I appreciate that. And I guess let me ask you this. Like typically, we see, so you’re doing the full and end RCM services as well as, okay, gotcha. So typically, we see credentialing as obviously a key bottleneck in rev collection or the rev cycle. But oftentimes you know, the rev cycle provider is getting blamed for the downstream impacts of, you know, poor upfront experience. So you have denials. And all of a sudden your customers are saying, hey carepatron, what’s going on here? Why do I have denials? You said you’d manage our rev cycle when really the root cause is entirely out of your control. I guess I’m curious what’s kind of are you guys seeing that in the business today? Or what’s driving it from your side?
David Pene (03:00) Honestly, the first implementation for using medallion is just going to be running this pretty much.
Bradley Eral (03:08) There we go. That was going to be my next point is kind of, you know?
David Pene (03:12) That’s exactly what we’re going to be using it for this type of like offering as like an acquisition strategy. Yeah.
Bradley Eral (03:22) Absolutely. We’ve seen that’s kind of the second layer we see of, yeah.
David Pene (03:27) So, whatever that setup is that’s what we want to run.
Bradley Eral (03:31) There we go. Yeah, I’ve seen a lot of success and, you know, good cat, good conversion obviously a much needed service for your providers. And I guess I’m curious on your guys’, side. Do you view in your mind as simple practice a direct competitor? Like I guess, are you seeing some of the similar challenges of stealing providers from, you know, the headways, the Almas of the world kind of aggregators or what’s kind of the driver from your side?
David Pene (03:59) Honestly, it’s you know, yeah, simple practice directly competes with like headways and the Almas mainly because they, their customers are mostly solo practitioners. Yep… it’s probably not as competitive… for us.
Bradley Eral (04:19) Okay, perfect. Yeah.
David Pene (04:21) Yeah. So it’s more just like the style of acquisition?
Bradley Eral (04:24) Yeah, exactly. And then that’s a good segue like what’s your typical obviously behavioral health, but what’s kind of typical practice size for you guys?
David Pene (04:33) We have got solos up to like the 100 100 clinician type of multi location practice as well, nice.
Bradley Eral (04:43) Okay. Like.
David Pene (04:44) Everything in between?
Bradley Eral (04:46) Beautiful. And then I imagine like obviously using this on the customer acquisition side, is this something you’re hearing from frequently from your customer base is, you know, reaching out, seeing if this is something you guys can offer and provide and, you know, frequent pain point for them?
David Pene (05:00) Yep. It is.
Bradley Eral (05:03) Nice. So, let’s do this. My recommendation obviously like look, this is in our wheelhouse, we can talk kind of, what that experience could look like at a later date, as far as like, how do we embed it whether you want to crawl, walk around from an integration standpoint?
Bradley Eral (05:15) But I think if I’m in your shoes, knowing this is going to be from a customer acquisition side, the game is kind of, hey, what’s what would an investment look like? And, you know, what does caq look like, right? So, I think for a next step, what we can do is I can, we can set up for three minutes, walk through, hey, here’s, the typical tranches, cause the way we structure our agreements is essentially you’d purchase an upfront bulk sum of enrollments, we can break out payments quarterly. But it’s you commit to a certain threshold. The more you commit to, the better your unit cost is. So I can give you an idea of like what are those different bucket tiers that could make sense? And I’ll help frame up from your side. Hey, where do we want to start? Where do we want to go? And what would a caq look like?
David Pene (05:56) Perfect. And then are you able to show me a quick demo of like what it, like, what it looks like and… how many payers you support?
Bradley Eral (06:06) Yeah. Let’s do what would make the most sense? You tell me we could do those meetings kind of back to back,
David Pene (06:12) I want to do it right now. Can we do it right now? Oh.
Bradley Eral (06:15) Let’s see we could, I’m going to.
Bradley Eral (06:25) But yes, give me a quick second.
David Pene (06:29) No worries. I appreciate. I, you’re fully on the spot as well, maybe not prepared. I just want a really quick look at sort of what the flow is going to look like.
Bradley Eral (06:38) Yeah, absolutely. I’m going to log in here, but to answer your question, as far as like number of payers we work with essentially, I think we’re up to 1,100 payers stateside. So, just about every payer in the country, we have pre built workflows. Of course, there’s going to be those edge cases where we don’t have workflows. But what makes us unique is because like the level of technology, we do have a team of experts behind the scenes. The output for all our customers is we can actually commit to how fast this work is done via an SLA, and the SLA has teeth. So if we miss it, we financially get fried. So, like where I’m going with this, if it’s a pair we haven’t worked with, our SLA remains unchanged, we just need to, from our side execute. So, let me pull up.
David Pene (07:23) And do you know roughly the spread across states as well?
Bradley Eral (07:28) That’s a good question.
David Pene (07:30) Like, are you guys like concentrated in any particular states or are you kind of like?
Bradley Eral (07:35) I’m sure we, are, we’re in all 50 states. I can tell you that much. I’m sure there’s like, you know, certain pockets, California, for example, definitely a hotspot, you know, the Texas market, of course, but.
David Pene (07:47) Yeah, yeah.
Bradley Eral (07:49) Let me see demo.
David Pene (08:00) Or if you’re able to just like, send a demo after like a video and I can like share it with our team as well.
Bradley Eral (08:09) Yeah. What I’ll do we’ll do that as a follow up as well? I’ll show you just a quick demo now, candidly, like what you’re seeing now is going to be much more pared back depending on what you’re looking for, but most of our ehr, customers are looking for kind of like, hey, just let’s do enrollments, right? You’re using it as a customer acquisition strategy. You don’t need licensing, you don’t need credentialing, you don’t need monitoring your providers? Oh,
David Pene (08:32) sorry, credentialing is what we would try to run it for. I.
Bradley Eral (08:37) Guess when you say credentialing, would that be like direct enrollments with payers or, yes? What do you mean? When you? Okay? Perfect. Yeah.
David Pene (08:44) Yeah, yeah. So.
Bradley Eral (08:46) Exactly. So, yeah, we’ll continue with that nomenclature. So, yeah, you would, oh, geez you would absolutely need credentialing. So basically, what the user interface would look like is let’s go to… a provider. So your providers, we’re going to import all of their data from caqh. It’s going to be a direct import. Typically, it populates, you know, let’s say what we’re going to need from the profile and then what’s missing. We can assign tasks directly to the providers or your team. We can talk about what that workflow would look like, but make it easy for your providers to get the information on the platform that we need. From there, what the user experience looks like for your solo practitioner. It’s going to be kind of like a, you know, hybrid. Obviously, they don’t have admins doing this work for them. So they’ll be doing it themselves for the higher end, you know, kind of the midsize the 100 provider practices. I’m sure. I’ll be an admin doing this work, but all your practices will have to do is request a new enrollment select, you know, the group, the payers they want to enroll with. It’s. Going to be out of Ohio. Let’s select Aetna… and.
David Pene (10:00) Sorry, our customers would be, would have, would be doing this, yes, exactly like they’d get some portal or would they get their own account in medallion?
Bradley Eral (10:10) Yeah. So they would have their own account in medallion. Essentially, it’d be a parent child relationship. You guys would have a roll up view of all your customers. Each customer would have their own visibility as well as with the provider themselves. Okay practice would be doing essentially is click the few buttons I just showed you next and then kick off the enrollment. So I need a line of business here. Let’s do commercial, but then they’ll hit kick off enrollment. From there, our team takes over the workflow. Again, it’s an end to end service. So we’re doing, you know, automating all, the payer submission, the follow up, the output being getting that work with your providers, what your providers will have throughout every step of the way is like first off, they can see what payers, let’s see and… forgive me, this demo. Org might not be the best setup, but they’ll essentially have visibility into every pair that they’re enrolled with what’s the status of those enrollments themselves, right? So they can have complete visibility like, hey, it’s submitted, it’s a follow up. It’s completed. So what that helps with is obviously, it’s answers they want, but reduces escalations as well. So your team’s not getting hammered with, hey carepatron, what’s the status of this? What’s the status of this? They, they can solve that.
David Pene (11:24) Basically. So.
Bradley Eral (11:25) What I’ll do, I’ll perfect in my technical counterpart. Him and I will put together a more detailed demo with a little more of a tailored interface to what we’d expect for, you know, a relationship like this. And then from a next steps perspective, let’s block off. I… want to be mindful of your time. Of course, I think within 30 minutes, we could answer any questions based on the demo we send. And then also just review kind of those initial tranches from a commercial standpoint. Does that sound like a good use of your time yep?
David Pene (11:59) Yep. Sounds good. And just off the top of your head, can you just give me like, well, what’s the first tranche sort of look like? Yeah.
Bradley Eral (12:05) I can pull up right now at the high end, it’s about let’s say 180 in enrollment, 180 dollars per enrollment. And then at the low end can get down, I’ve seen it go as low as 100 dollars in enrollment. Obviously like, what informs that is the volume you commit to. So typically let’s say 100 dollars to 180 per enrollment.
David Pene (12:27) Yep. Cool. And that, and for the enrollment, you’re meaning that’s on a per payer basis.
Bradley Eral (12:32) Exactly. Yeah. So, like what we typically see on, the customer acquisition side is, you know, maybe a bundle of one free enrollment, two free enrollments, seen it go as high as three free enrollments, but that’s kind of the marketing campaign. And depending on where it is like it aligns pretty well with what we see of, you know, what other options, you could deploy outside of free credentialing from a cost perspective? Yeah, cool.
David Pene (12:58) Cool. Awesome. Appreciate it. Sorry, it was like 100 to one ad and then… yeah.
Bradley Eral (13:06) 100 to one, 100 to one ad. There’s a platform fee as well. That’s baseline is 100 dollars per provider that gives them kind of the access.
David Pene (13:15) 100 dollars per provider. And is that a per month cost or is that like a one off sort of like set up?
Bradley Eral (13:21) Yeah, that’s the annual expense.
David Pene (13:24) An annual expense. Yeah, a platform fee of 100 dollars per provider?
Bradley Eral (13:30) Yeah, per year exactly. And then volume and I’ll walk through this in our follow up, but volume can help bring that up a little bit as well. So, let’s see here. How go ahead.
David Pene (13:41) No, no, no, sorry. You carry on. Carry on.
Bradley Eral (13:44) How does your schedule look? I can do as early as this week or we could shoot for next week. But for that follow up, 30 minutes should be plenty. We can walk through again.
David Pene (13:55) Next week, would be better. Appreciate that. Cool bear.
Bradley Eral (14:01) With me, how does just?
David Pene (14:04) Do same time next week? If it’s easier?
Bradley Eral (14:21) Second, there we go. Could you do 30 minutes prior to this? What would that be? Two P. M. Pacific Time? My, I can’t get you to Auckland time unfortunately.
David Pene (14:39) No worries. Yeah, that time works.
Bradley Eral (14:41) Okay, perfect. I’ll send over an invite, 30 minutes should be plenty. And if any questions come up before then or if like anything else would be helpful to cover during that discussion? Just let me know.
David Pene (14:51) Easy. Appreciate it. Brett. Yeah.
Bradley Eral (14:54) Really appreciate you looking forward to connecting next week and if you’re traveling back, safe travels.
David Pene (14:59) Awesome man. Thanks man.
Bradley Eral (15:00) Thanks, David. Cheers.