First Dollar - 3x3x3 Challenge with Jason Bornhorst
First Dollar is a technology company that builds healthcare benefits infrastructure. Our Health Wallet platform equips benefit providers to launch tax-advantaged accounts & supplemental benefits.
Transcription:
What is First Dollar?
First Dollar is a technology company that builds healthcare benefits infrastructure. We power spending programs like HSAs and FSAs, our lifestyle accounts and rewards programs for today's leading health plans, PEOs and TPAs. Our partners then distribute First Dollar down to their employer and individual customers.
How is First Dollar different?
Today's options for embedded benefits tend to be old legacy platforms, and it shows. First Dollar is different in three ways. First, we are built on a modern platform. From a full set of APIs to embeddable UI widgets for our partners' mobile apps to white label infrastructure that can be stood up in 30 to 60 days, we give our partners the tools they need to compete and tailor the program to their business. Secondly, First Dollar is built for our partners' team. We give them direct control of the platform so they can resolve member issues immediately and not have a huge runaround with us or the underlying bank. And lastly, First Dollar is designed for humans. We have a top of market member NPS of 72 and a 36% utilization increase compared to peak peers. Partners who distribute First Dollar are much more competitive with today's employers as a result.
Who is a good fit for First Dollar?
You are a good fit for First Dollar if you are a TPA, PEO or health plan who is already distributing healthcare spending benefits or is thinking about starting. Prospects come to us with two problems we can fix. The first is an underperforming benefits business. They're having growth rates in the zero to 10% range, when the industry is growing at about 22%. This is because they have a commodity offering, leaving price is really their only competitive lever. It's difficult to get ahead in that scenario. Companies who move their benefits to First Dollar see an average of about a 300% return on investment. The second major issue is service issues with the existing benefits platform. Whether it's members who are upset with the experience and giving low NPS, or huge customer staffing teams having upset, keeping the program running, or inflated staffing costs, companies who move to First Dollar tend to clean up a lot of these issues.
Transcription:
What is First Dollar?
First Dollar is a technology company that builds healthcare benefits infrastructure. We power spending programs like HSAs and FSAs, our lifestyle accounts and rewards programs for today's leading health plans, PEOs and TPAs. Our partners then distribute First Dollar down to their employer and individual customers.
How is First Dollar different?
Today's options for embedded benefits tend to be old legacy platforms, and it shows. First Dollar is different in three ways. First, we are built on a modern platform. From a full set of APIs to embeddable UI widgets for our partners' mobile apps to white label infrastructure that can be stood up in 30 to 60 days, we give our partners the tools they need to compete and tailor the program to their business. Secondly, First Dollar is built for our partners' team. We give them direct control of the platform so they can resolve member issues immediately and not have a huge runaround with us or the underlying bank. And lastly, First Dollar is designed for humans. We have a top of market member NPS of 72 and a 36% utilization increase compared to peak peers. Partners who distribute First Dollar are much more competitive with today's employers as a result.
Who is a good fit for First Dollar?
You are a good fit for First Dollar if you are a TPA, PEO or health plan who is already distributing healthcare spending benefits or is thinking about starting. Prospects come to us with two problems we can fix. The first is an underperforming benefits business. They're having growth rates in the zero to 10% range, when the industry is growing at about 22%. This is because they have a commodity offering, leaving price is really their only competitive lever. It's difficult to get ahead in that scenario. Companies who move their benefits to First Dollar see an average of about a 300% return on investment. The second major issue is service issues with the existing benefits platform. Whether it's members who are upset with the experience and giving low NPS, or huge customer staffing teams having upset, keeping the program running, or inflated staffing costs, companies who move to First Dollar tend to clean up a lot of these issues.