>> THAT SHAKING THINGS UP
HEALTH CARE STARTUP GARNER
HEALTH ANNOUNCING TODAY, IT'S
RAISED 12.5 MILLION DOLLARS IN
A SERIES A FUNDING ROUND
GARNER ANALYZES MEDICAL
INSURANCE CLAIMS DATA TO
IDENTIFY THE HIGHEST QUALITY
DOCTORS IN A USER CITY
OR NEIGHBORHOOD, THEN PARTNERS
WITH LOCAL EMPLOYERS TO GUIDE
THEIR EMPLOYEES TO THE
BEST DOCTORS. JOINING US NOW
FOR HIS FIRST INTERVIEW
FOLLOWING THE ANNOUNCEMENT KNIK
RIVER FOUNDER
AND CEO.
>> GARNER HEALTH NICK WELCOME
WELCOME CONGRATULATIONS ON THIS
ROUND OUT YOUR
PLATFORM OFF GREAT DIFFERENTLY
THAN SIMILAR ONLINE PROP
PLATFORMS LIKE ZOCDOC FOR
EXAMPLE.
>> SHERIFF THANKS FOR HAVING
YEAH I THINK THE
KEY DIFFERENTIATOR FOR US IS
THAT WE HELP PEOPLE FIND
DOCTORS BASED ON REAL DATA
RATHER THAN REVIEWS OR WORD OF
MOUTH AND THE OTHER PART IS
THAT IF YOU'RE AT A
COMPANY WITH GARNER AND USE OUR
TOOL YOU ACTUALLY GET FUNDS
THAT PAY YOUR OUT OF POCKET
MEDICAL BILLS AND THE WAY IT
WORKS IS THAT WE FOUND USING
OUR DATA THAT THE HIGHEST
QUALITY DOCTORS ACT ACTUALLY
LOWER MEDICAL SPEND OVER TIME
LOWER US AND SO BASICALLY THE
EMPLOYEES CAN USE OUR TOOLS AND
THEY GET HIGH QUALITY CARE
DURING LAWYERS LOWER THEIR
HEALTH BENEFIT COSTS AND THEN
WE HELP SHARE SOME OF THAT
SAVINGS BACK WITH THE EMPLOYEES
CREATING A WIN-WIN FOR BOTH
SIDES. WHAT'S SO
INTERESTING METRIC.
>> COMPANY IS YOU GUYS DO WORK
HAND IN HAND LIKE YOU MENTIONED
WITH COMPANIES AND EMPLOYERS
INTEGRATING INTO ITS EXISTING
BELIEVE WHATEVER IT MIGHT BE
FOR THE EMPLOYER AT
THE TIME. SO WHAT ADVANTAGES DO
YOU FEEL MAKE THIS BUSINESS
STRATEGY HAS.
>> YEAH, IT'S GOOD QUESTION I
THINK FOR US EMPLOYERS ARE
INCREASINGLY WAKING UP IN
2021 TO REALITY OF A WEAK
ECONOMY WEAK REVENUE AND RISING
HEALTH CARE COSTS AND
WHAT THEY'RE NOT LOOKING TO DO
IS REALLY CHANGE EVERYTHING
THAT THEY'RE DOING IS THEY
DON'T WANT TO CHANGE THEIR
CARRIER CHANGE
THEIR PLAN. BUT WHAT THEY
REALLY NEED TO DO IS REALLY GET
MORE VALUE OUT OF THEIR HEALTH,
YOUR BENEFITS AND SO THAT'S
REALLY WHERE WE COME IN AS WE
CHANGE THE ACTUAL INCENTIVES
AND HEALTH CARE AND DRIVE MORE
VALUE HIGH QUALITY AND
HIGH VALUE FOR THE FOR THE
EMPLOYERS AND THE EMPLOYEES SO
WE THINK
THAT STRATEGY OF SITTING IN THE
MIDDLE NOT UPSETTING EVERYTHING
THAT THEY'RE DOING BUT ACTUALLY
HELPING OF ALL THAT IS A BETTER
ONE GOING FORWARD.
>> I'M SURE A LOT OF VIEWERS AT
HOME OR WHEREVER THEY'RE
WATCHING ARE WONDERING IS
GARNER HEALTH ONLY AVAILABLE TO
EMPLOYEES FROM
THERE IN HOYER OR IS IT COULD
BE DO PLAN ON EXPANDING TO
MAYBE FREELANCE WORKERS OR
PEOPLE WHO MAY JUST BE IN
BETWEEN JOBS.
>> SURE SO RIGHT NOW WE WORK
WITH COMPANIES ALL THE WAY DOWN
TO 20 UP TO SEVERAL 1000
EMPLOYEES. AND THEY'RE
EXPANDING RAPIDLY WE'VE REALLY
BEEN FOCUSED ON THE EMPLOYER
AND
EMPLOYEE SEGMENT. YOU CAN
OBVIOUSLY ANYBODY CAN GO TO GET
GARNER DOT COM AND SEE WHAT
WE'RE DOING BUT IF THEY'RE
REALLY INTERESTED IN BECOMING A
USER AND GETTING THOSE
CLEAR FINANCIAL INCENTIVES THEY
HAVE TO DO IT EITHER FROM THEIR
EMPLOYER, THEIR HEALTH PLAN
ASSOCIATION UNION, A WHOLE LOT
OF OTHER THINGS THAT CAN THAT
WE CAN WORK
WITH SO ANYWHERE WHERE THEY GET
HEALTH INSURANCE IS THE PLACE
THAT THAT THEY CAN COME TO GET
GOVERNOR.
>> THANK YOU FOR THAT NIC WHAT
ADJUSTMENTS HAVE YOU HAD TO
MAKE SINCE THE CORONAVIRUS
PANDEMIC IN ANY OF THESE
CHANGES PERMANENT.
>> WE FOUND IS THAT REALLY
THERE HASN'T BEEN A MASSIVE
CHANGE
WE'VE SEEN
A LOT MORE OBVIOUSLY INQUIRIES
ON CORONAVIRUS AND RELATED
ISSUES AND MENTAL HEALTH AND
PERHAPS YOU ARE ON ALERT.
THE SURGERIES AND SO WE SPEND A
BUNCH
OF TIME REALLY IMPROVING AND
MAKING SURE WE'RE ON ON THE
CUTTING EDGE ON THAT BUT
OVERALL IT'S REALLY INCREASING
THE FOCUS I THINK ON EVERYONE
ON THEIR ON HEALTH CARE AND
HEALTH WE'VE SEEN YOU KNOW
GREATER ADOPTION AS A RESULT
AND WE THINK TOOLS THAT ARE
CROSS-PLATFORM DIGITAL AND
PHONE WILL ACTUALLY CONTINUE TO
PERSIST EVEN POST COVID.
>> YOU TOUCHED ON THIS A MOMENT
AGO AND I WAS HOPING TO EXPAND
A LITTLE BIT IT SIMPLE PLEASE
USE GARNER TO CHOOSE THEIR
NEXT STOP THERE. THEN YOU
MENTIONED THE EMPLOYER WILL PAY
FOR THE EMPLOYEES OUT OF POCKET
COSTS HOW DOES YOUR COMPANY
GENERATE REVENUE WITH THIS KIND
OF ARRANGEMENT.
>> SURE THAT THE
REAL KEY TO EVERYTHING IS THAT
IS THAT HIGHEST THE HIGHEST
QUALITY DOCTORS ACTUALLY KEEP
PEOPLE HEALTHIER AND THUS LOWER
THEIR MEDICAL EXPENSES BY
KEEPING THEM HEALTHY AND THAT
GENERATES A TON OF SAVINGS FOR
THE EMPLOYERS SURE
THE ONES COVERING ALL THE
MEDICAL BILLS AND IN AT LEAST
THE EMPLOYER WORLD AND SO
WE CHARGE A SMALL SUBSCRIPTION
FEE TO EMPLOYERS AS A RESULT OF
THIS BUT THE VAST MAJORITY OF
SORT OF THE IMPACT COMES FROM
THE EMPLOYER SAVING THE MONEY
AND THEN PASSING THAT SAVINGS
ALONG TO THEIR EMPLOYEES TO
LOWER THEIR MEDICAL BILLS.
>> GARNER HELP SERVES OVER
10,000 MEMBERS AND MORE
THAN 30 STATES WHAT'S NEXT FOR
YOUR COMPANY HERE IN EXPECIALLY
WITH THIS NEW FUNDING ROUND.
>> ITS 2021 IS REALLY EXCITING
YEAR. I THINK FOR US AND A LOT
OF FOLKS IN HEALTH
CARE WORLD BECAUSE I THINK AS I
AS
I MENTIONED YOU KNOW THE WORLD
IS REALLY WAKING UP TO HEALTH
CARE BENEFITS ARE GOING TO RISE
BY 8.10 OR 12% THIS YEAR
DEPENDING ON WHERE YOU ARE IN
THIS COUNTRY. AND THE ECONOMY
IS STILL WEAK AND YOU KNOW FOR
US IT'S REALLY ABOUT USING
THESE FUNDS TO CONTINUE TO GET
THE WORD OUT AND GO
TURNER AND REALLY BUILD OUT OUR
DATA SCIENCE AND ENGINEERING
RESOURCES TO BE ABLE TO ON
BOARD ON BOARD MORE MORE
EMPLOYERS AND MORE USERS.