In this episode, we discuss challenges in consumer-directed benefits, designing tools that work for consumers and admins, and more! Tune in to hear the insights of Jason Bornhorst, the CEO & co-founder of First Dollar. This episode is sponsored by First Dollar.
Summary
First Dollar CEO Discusses Challenges in Consumer-Directed Benefits
Introduction
In this episode, Jason Borst, the CEO and co-founder of First Dollar, discusses the difficulties associated with consumer-directed benefits and emphasizes the importance of creating tools that work for both consumers and admins.
Low Utilization Rates
Borst notes that utilization rates for healthcare spending benefits are typically very low, with up to 50% of accounts remaining unused. First Dollar aims to combat this by providing easy-to-use digital tools that meet user expectations. Their platform simplifies the process and provides multilingual education to ensure that all consumers can access and understand their benefits.
Streamlining Healthcare Spending Programs
First Dollar specializes in helping health plans, third-party administrators (TPAs), and financial institutions create healthcare spending programs that are easier to understand and access. Through their Health Wallet feature, customers can easily administer their benefits, and employers can consolidate vendors and information in one place. The platform has seen an improvement in utilization rates by 36%, and customers typically report reduced staff and improved outcomes.
Improving ROI with First Dollar
Borst explains that First Dollar offers an average ROI of 200-300% by managing healthcare spending benefits for organizations. Their long-term goal is to develop a single card that consolidates all healthcare payments, from benefits to claims.
This episode was sponsored by First Dollar, a company dedicated to making healthcare spending benefits more accessible and user-friendly for all consumers. Tune in for more insight from Jason Borst, co-founder and CEO of First Dollar.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to podcasts@beckershealthcare.com
This episode aired on 04/13/2023 and can be listened here.
Subscribe to Beckers Healthcare Podcast here.