Chris Labrecque joined Paytient as Chief Customer Officer, bringing decades of employee benefit advisory experience to help scale our partnerships with employers and benefit consultants.
Chris has a gift for listening, building trust, and coming alongside benefit consultants and brokers to help them create meaningful value for their clients. We’re honored to be able to experience this firsthand through our chat on the podcast and our daily work with him.
Get more insights from our conversation with Chris:
The Motivation to Join Paytient’s Mission
“What this company is doing is unique. First of all, they're a leader in a health payment account which doesn't exist anywhere else in the market so that was exciting. But most importantly, they're really close to the end user patient and I say patient without a ‘y’ in the circumstance. So it really excites me to be involved with a super talented group that's moving very fast with lots of technology and doing something in the industry. That's really making a difference.”
Preventing Disease States by Lowering Financial Barriers
“We know that eight to 12% of a group's employees are driving 80 percent of the spend, and you want to try to compress that down as much as you possibly can and keep people from getting into disease states. If you look at the three health bands within a group, you have healthy, unhealthy, but may not know it, and on our way to seriously unhealthy as the third group. So you want to kind of slow that down and the biggest issue we're facing right now is the financial barrier to care. It's very hard for people who are wage compressed who may live in socioeconomically challenged areas to have the access that they need.”
Solving the Employee Retention Problem Through Benefit Solutions
“We found something really interesting about retention when we looked at turnover of the employees that did not use Paytient. It was around 28% when we looked at the turnover for employees that not only activated their card but swiped it repeatedly and we have an over 80% repeat swipe rate we saw a 19%. That's a 30% delta between those two and that's substantial today in this market. You know a lot of employers are coming to us saying anything you do to help me with my retention.”
“With respect to health equity across 89,000 employees, we've seen a 12% activation rate for folks in socioeconomically challenged areas and a 16% swipe rate. So what our data is telling us is that we're reaching the people that need us most, that they're using it repeatedly and as we continue to grow the volume that we have.”
Improving The Future of Care Patterns
“I'm sure there are other things that we're going to learn that are very positive around the utilization patterns, and I think that's a big part of these right care seeking patterns, the biggest challenge that disease management programs have, that health systems have, that employers have, that insurance carriers have, and I think we sit in a really strong position to influence those care seeking patterns to the right provider at the right time for the right price that they can actually afford.”
Listen to the full discussion via the podcast player below or by clicking this link. If you'd like to connect with Chris, you can reach him via LinkedIn or learn more about Paytient at paytient.com.