Summary
First Dollar CEO Jason Bornhorst discusses challenges in consumer-directed benefits
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.
Sponsored by First Dollar
This episode is sponsored by First Dollar.
Challenges in consumer-directed benefits
Jason Borst is the co-founder and CEO of First Dollar, a company which provides infrastructure for healthcare spending benefits such as HSAs, FSAs, HRAs, etc. He discussed some of the challenges associated with consumer directed benefits, such as low utilization and difficulty accessing them, which can lead to care avoidance, frustration, and NPS erosion. He also explained how First Dollar meets user expectations by providing easy-to-use digital tools and features that make accessing these benefits easier.
First Dollar’s technology platform
“I would argue that the health plan itself is becoming somewhat of a commodity while what differentiates First Dollar from a consumer standpoint is its abstraction of benefits, access and education,” says Jason Bornhorst. “We have a Health Wallet which helps to improve economics for our customers like TPAs and financial institutions by being highly embeddable, white labelable software, embeddable UI widgets, or a full developer platform. Benefits such as HSAs typically are distributed by way of one’s employer and we strive to unlock those use cases. Organizations adopting our platform can expect a reduction in manual tasks, cost savings, increased member utilization and satisfaction, and improved health outcomes.”
First Dollar’s goal
First Dollar is a healthcare technology company that focuses on providing benefits and payment solutions to members. Their main goal is to make it easier for members to access their healthcare benefits by providing an easy-to-use platform. They also strive to reduce administrative costs for employers and health plans. By leveraging their technology, employers and health plans can increase their ROI significantly, boost their core business, and provide a revenue stream for partners. In the future, they envision a world where consumers have simplified access to health benefits through a single card that can be used for all healthcare expenses.
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.
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