Tom has been in the employee benefits field for about 35 years and was initially skeptical of Paytient.
“To be frank, I was not a believer of Paytient. Right off the bat, I was very skeptical. I was very aggressive in my conversations with Brian, the founder, and he convinced me that it was something worth looking at for a specific employer, and they've not disappointed.”
He vividly remembers an employee meeting where he had to explain their deductible would be doubling, where there were scowls on the hundred employees' faces. We came in, to support Tom and explained how we could be a means to fund that additional deductible. Employees were so relieved knowing they could afford that deductible was clear that, as Tom remembers it, “Paytient received a standing ovation.”
That eye-opening experience for Tom made him realize the value Paytient brings to the table.
Watch our full interview with Tom below, and check out some of the highlights from our discussion.
The Standing Ovation
Paytient had called on me for multiple years. I worked with Brian on and off on other endeavors, and frankly, it was a function of one of my large employers getting a renewal from their insurance carrier, and there was a need to raise the deductible, frankly doubled the deductible in order to meet the budget. And ironically enough, we doubled their deductible.
They saved about $50 per employee per month, and we layered Paytient as a solution for that, so the CFO was quite happy with the cost savings.
I vividly remember these employee meetings where I was the guy that had to get up and explain this doubling of the deductible; there were a lot of scowls on the hundred employees' faces. The Paytient representative came in right after me and explained how Paytient would be a means to fund that additional deductible. And literally, the Paytient employee got a standing ovation.
So that was quite an eye-opening experience for me. And it made me realize the value Paytient brings to the table.
Million dollar benchmark
I have one specific consortium of schools that has 12 school districts. They've had Paytient for about four years now, and they're embarking on their million-dollar benchmark in terms of funding health care expenses and or veterinarian expenses to the tune of $1,000,000.
Proactive Care is a win-win
I routinely get feedback from my employees that they were able to get health care that they otherwise would have postponed and, frankly, would have probably created higher costs, just a higher claim for that employer. But now that they're going to seek that care, they end up saving money for themselves as well as their employer. And this is an opportunity to lessen the burden on the employees.
So I feel like it's been a win-win.
The membership that wins groups
Frankly, as a broker, it's a differentiator. One of the things I hate a lot about being a broker is prospecting, going out, and pursuing new clients. Ironically enough, my partnership with Paytient has allowed employers to reach out to me. I've won groups I otherwise wouldn't have a shot at because of my partnership with Paytient.
I have opportunities right now. I'm working on a 400 life group that actually approached me because of my partnership with Paytient. So it's been a very eye-opening experience for me.
The Future is Bright
There's no doubt that there's a bright future for Paytient. They're the best of breed in the space they're in.
There's a lot of pressure from employers. With inflation, where it is, wage inflation, where it is, employers are going to have to continue to skinny down their health plans, and Paytient is a vehicle for them to do that and lessen the burden on their employees. So I firmly believe Paytient has an amazing, bright future.
We love to hear this kind of feedback from our brokers. These words tell us our mission is alive and well. Whether you are looking to ease plan design changes or trying to ensure equal access to care across your employee population, better access to affordable care is possible when you give employees time without interest or fees to meet their out of pocket cost obligations. If this resonates with you, let’s talk!
