The Role of Consumer Payments Products in Healthcare with Greg Boulton

Outcomes Rocket
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Automatic TRANSCRIPT

Welcome back to the outcomes. Rocket saul marquez's here. And today i have the privilege of hosting greg. Bolton he's a corporate development executive with experience in the financial technology industry who has spent the last ten years focused on payments and payments products in the healthcare space. We are going to be discussing the impact that the financial industry technology and products can have on improving healthcare delivery knowing all the challenges that exist in how we pay for healthcare. I think today's discussion with greg is going to be a really interesting one. And so with that I wanna i wanna give you a warm. Welcome to the podcast greg. Thanks so much for joining today Absolutely so you have been focused on basically how we pay for things in healthcare. Greg what has been your inspiration to spend the time that you have in the sector. sure So i came to the healthcare space from financial services industry specifically looking at payments products so credit cards data cards prepaid cards and in a lot of respects. The industries have a lot cinemax celebrities. They're obviously very critical industries and services they deliver a critical the lives of our members our customers and inherently complicated products plex but in many ways we sort of felt like the defense industry had maybe made faster inroads into bringing automation and customization to our products in the national services industries coming into healthcare really looking for opportunities to streamline and make participating in engaging in healthcare easier for the members so And that sort of dovetail with the health care industry really getting more deeply into consumer directed health care and focusing on the members decision making and the rule that plays in healthcare and so we really saw those industries coming being well aligned a lot of the financial products in the healthcare space. Not really been around that long. Very first tax advantaged accounts around healthcare. We're in the very late nineties. Really got going early two thousand so one of the things that we did early on was to try and attach a card to assam these tax advantaged products. And make it easier for administrators to move the money and also for the members understand what they're spending and make it reduced amount of paperwork in manual actions required for them to take advantage those tax advantaged accounts. It's interesting in your right there so much that has happened in finance that just sped past healthcare and in i had a. I had an interview several months ago with the chief medical our chief information officer at phillips and he came from citibank all the innovations that they were taking advantage at citibank. Now they're getting leveraged by phillips in that company and so there's a ton that we can learn from the financial industry and so talk to us a little bit about some of those things greg and And maybe how this particular approach can add value to what we're doing in healthcare. Well i think some of the things that we've been engaging with a lot of course as i mentioned automation and debts really almost entirely contingent on standardization through a lot of advantages services. Industry has had compared to health care. There's much higher level of standardization and the bodies that would create maintain both system rules as well as as the legal constructs behind all that allowed enforcement of rules. Were so much stronger in the financial services area than they've been in healthcare so in the initial services we've had visa and mastercard had nachon had a very prescriptive. A central planning operates nash services and that's allowed all of the companies to code robustly to bill very robust infrastructure around a data said and mediation standards. That didn't have a lot of variation in the healthcare space of course do have standards. But they're far looser and there's a lot more variation variation in healthcare plans and there's a lot more variation kind of diversity of approaches across the healthcare space. That makes it all much more difficult to approach but overall approach very much has been as we're going to try and create a consumer product built on a on a mountain of technology at complexity but trying shield that and make it seem as easy to consumers possible. Make that decision point. Essentially you know in the the member of the consumer is at at a point of sale. We want them to go to the wall. No which which carving out trying to keep it as simple as that and healthcare space

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