In this episode, Derek Flanzraich discusses his journey as an entrepreneur and how he is using his new company, Ness, to democratize access to health, in part by using credit cards to incentivize healthy behaviors.
Derek Flanzraich initially started as the CEO and Founder of Greatist, a company that later became the the leading health and wellness media company for Millennials. He is currently the CEO and Founder of Ness, a credit card company that rewards people for making healthy choices.
When he started digging deeper into (some of the many problem with health care in this country!) he states, "There's just no denying that no matter how friendly you make health and wellness, it still is very expensive and hard to afford for most people. And I was hit sort of smack in the face with this about a year and a half ago, which was about a year and a half after I sold my last company . . . Why is it that health insurance, which seems like it should care about your long term health, actually doesn't?"
Derek talks about learning how using credit cards to incentivize healthy behavior can lead to very positive outcomes. He discovered that the current system has a disincentive for health plans to actually care about your long term health and that leads to the health inequity and tragic outcomes we have. He and some friends started to work on a big, audacious idea: Could you create a health insurance plan that would stick with people long enough that you could actually justify investing in their long term health in the short term? They landed on a credit card (to start) as the best way to build a relationship with people to eventually offer them long term health insurance.
In this episode, you will learn:
1. How does Ness, plan to use a credit card to incentivize health and wellness?
2. Why recruiters are critical for entrepreneurs just starting out.
3. What are the implications of health insurance plans that don't care about long-term health?
4. How does the credit card rewards system for Ness work?
Click here to download transcript.
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