Episode #513: Navigating HSA and FSA for Fitness-Insights from Sam O'Keefe

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I am super excited to announce that we now have a formal partnership

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with the prospect wizard. And when I say wizard, I

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mean wizard. Obviously, you have a website. This

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allows you to convert your website traffic visitors directly

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into leads. It's not just another chatbot, and it's not AI,

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but it allows a visitor to call, text, or leave a voice mail

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immediately goes to you, your sales team, or anyone else in the club

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instantly. MIT shows a study that if you contact the lead within

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10 minutes, chance of them converting goes up 9 times

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that of the average. We got the Atlanta Clubs on it, Vida

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Fitness, Gold's Gym, Mountainside, City Fitness

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Philly, College Park, become one of the

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next halo companies to deploy the wizard. It's easy to

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use. Go to the prospectwizard.com. Get a free

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30 day trial. Talk to my boy, Dave Gallon. He will get you all set

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up, and let the leads flow based on the

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wizard. Go get them.

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This is Pete Moore on Halo Talks NYC on location LA

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convention center. We're able to course Sam from Flex to come to the show

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and do a podcast with us in person. I'm delighted. You're gonna learn a

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lot, and you're gonna find out there's a huge revenue stream just sitting out there,

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and she's gonna help you capture it. So, Sam, welcome to your first helo

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talks. Thank you very much. So coming from San Fran, she's,

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immersed in the HSA, FSA reimbursement

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process, which is a tidal wave of, a, small

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TAM of a $150,000,000,000 with a b. A lot of

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zeros, you have to turn your iPhone sideways to calculate that. And she is gonna

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tell us what the steps are to get a hold of that and to get

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your members, marketed to properly. So tell us what the

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road map is and, why you decided to get into this in any order

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you'd like. Yeah. Yeah. Absolutely. Well, I feel like you just gave a lot of

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lot of my pitch for me. In the in the podcast now. Thank you very

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much. Right here. Yeah. Here's the website, and sign up tomorrow. Yeah. But I think,

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you know, for for this audience, you know, if you're a,

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gym owner, if you're a fitness program provider, if you're an exercise

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equipment provider, this is a really interesting space. So,

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I guess I'll start with why I got into it, and then we can go

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a little bit more practically into how you can take advantage. So, yeah,

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I'm a lifelong athlete. Played a lot of sports growing up. Played a lot of

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sports in college. Soccer, basketball, and lacrosse. Okay. Yeah.

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Probably lacrosse is my go to, but, Soccer was my I was a goalie

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in soccer Oh, yeah. Back in the day. What position were you? I was left

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midi. Left midi. Okay. Yeah. If you said, like, sweep, I'd, like, come and give

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you a hug. Like, oh, you like my savor. You know? No. No. Defense wasn't

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so much my thing. I always wanted to be a striker, but, I ran too

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much, so they put me at midfield. Alright. Cool. That's good. Yeah. So, you know,

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lifelong athlete, continuing now as an adult. I'm a Crossfitter.

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Always known how important exercise has been to my health.

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And not just my physical health, but my mental health. And what's very cool now

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is that we're starting not only to see people talk about this

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anecdotally, but actually get real research around it. I think for a long

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time, we've known, you know, walking, great for cardiovascular

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conditions, you know, lifting weights, great for osteoporosis,

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osteopenia. But now we're starting to see even more research come out, particularly around

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mental health and the impact that exercise can have. So overall, you know,

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when I thought about starting a business, I was like, what am I personally passionate

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about? What's part of my lifestyle? And where can I make an impact? Yeah. And

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so that's kinda how we landed here. Let me just ask you one, like like,

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business school related question. Like, isn't there enough research done already? Like,

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exercise is, like, the right thing to do? I I just don't like, it's like

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another study came out. Okay. It's gonna tell me exactly what the last study was.

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Like, we know it's good for you. And, like, we still have to, like, pound

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the drum on these people that are trying to prevent us from

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being preventative because it doesn't fit into their business model.

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I think that's what's going on. Well, I won't speak to their business model, but,

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you know, there's such a wide range of exercise, and everyone

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is different. So, you know, depending where you are in your

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journey with exercise, depending on the condition you have, the background you

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have going in, you're gonna see different outcomes, different benefits.

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And with anything, there's always some potential risk. So we wanna be really

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thoughtful about who we're encouraging to do what activities and

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under what supervision. But overall, yes. Like, fundamentally, this is great for

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you. I mean, even, like, somebody came out with a study. We're we're big

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pickleballers and, like, our our halo Sure. Yeah. Acronym, you know, the o

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in halo is basically, like, for pickleball. Because, like,

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I go to a pickleball court, and there's, like, 40 people. And I'm, like, what

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would these people be doing right now? And they would be sitting on their couch.

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They'd be watching a game show or CNN or CNBC, reading a

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newspaper, and they're all out there at whatever age. It's it's pretty amazing.

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So UnitedHealthcare said, like, we have $5,000,000,000 more in cost due to

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pickleball injuries. And I'm like, yeah. But where's, like, the $10,000,000,000 of, like, mental

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health and, like, longevity and, like, other shit that's gonna happen that's

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not gonna happen now. Like, lower lower blood pressure. And, like, the return on

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investment is, like, yeah. So spend $5,000,000,000 and, like, get, like, a 2 or 3

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x, like, return immediately. Yeah. I don't I don't think we as a you

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know, in in the US, our health care system is really oriented

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around taking care of you once you're sick. And that's how we count that's how

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we've traditionally thought about cost, and what's missing from that

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conversation is exactly as you said. Okay. Well, yes. We're spending all

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this money on fingerball injuries, but I think we can all agree that having people

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get out and exercise 20, 30, 60 minutes a few days a week is

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gonna be beneficial overall. We just don't look at that prevention

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aspect when we think financially. Yeah. I feel like a a number of these

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these studies or, like, these cost related, you

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know, buzzwords. Like, I wanna, like, counteract each one and be like, but you've got

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to think about this this benefit to it. So so what brought

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you directly into the HSA, FSA? Because as as you may know or may not

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know, IRSA as an industry has been trying to get this FIT Act passed,

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which is it's called, like, p h I t or something, physical health

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something. And I said, 1, I don't think it's being marketed properly. 2,

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I feel like we should there should be a way to do this without going

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to Capitol Hill and they try and solve it, and it appears that the

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IRS has created, like, a window for it. Maybe they're, like, trying to, like,

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cap shut the window, like, half closed against some, like, w d 40 on the

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side. Like, so they had some announcement. But, like, where did you see this

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opportunity originally? How did you say, like, I I know how to solve

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it? And then what's happened in the last 60 days? So it's a 3 part

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question. Yeah. 3 part question. So, you know, I originally saw the opportunity. I

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I started the company thinking I was gonna be a digital health founder. We were

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going to provide exercise programs that were covered by

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your health insurance. And in that process, started looking into how

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do I get covered by health insurance? And then how do I get covered by

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HSA FSA? FSA? Because as I learned, getting covered by health insurance, the bar

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is very, very high. Yeah. There's, you know, it's a really enterprise

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y sales process, multiple years. Usually have to do a clinical

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study to validate your specific program, you know, all of these hoops to jump

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through. So I started looking at HSAs and FSAs thinking maybe this is a

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more accessible space. And it turns out it is because, the

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IRS, while they have, you know, an official, like, approved list of

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items think of things you might buy over the counter at CVS or even your

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prescription. You know what to not not to stop you, but the interesting thing is,

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like, I go on DoorDash now and you shop at Walgreens. It actually says HSA

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FSA eligible, which I think is awesome because now it's, like, heightened awareness. It's, like,

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marketing. Yes. HSA FSA, which hasn't happened before. At least I wasn't noticing

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it. On on that side of the business, and we'll we'll probably not get into

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this so much in this conversation, there are some actual, regulations

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around the payments infrastructure that those stores are required to

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have. And so that's a little bit different than what we're gonna talk about for

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fitness providers. It's basically 2 different paths to get

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HSA or FSA qualified. But it's very exciting to see

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companies like DoorDash, I think Instacart, Walgreens, others have rolled this

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out. And what it's really doing is increasing awareness for consumers as to, hey. I

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can spend these dollars not just at the doctor's office. Let me ask you a

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question before we move on to to the to the next set. Yeah. Because I

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wanna understand this. HSA, FSA. Walgreens gets

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approval to sell and have an HSA checkout,

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right, on payment processing. Yeah. Yeah. But do each one of the brands and

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products have to actually get approved directly, or does Walgreens basically get

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those approved on their behalf? Do you know how that works? Yes. I do. So,

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it's actually a little bit of both. Okay. So there's a governing body, called

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Sigis. They're a nonprofit. How do you how do you spell that? Sigis.org,

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and they maintain what's called the eligible product list. So if

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you're a, merchant, and let's say you produce a

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product, you'd like that product to be HSA FSA eligible.

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Give me that acronym again. Sigis, sigis.com.

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Or sorry. Dotorg.

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Sigis.org. Okay. Interesting. Thank you. Yeah. So they're a nonprofit. They

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maintain the eligible product list. And,

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brands, if you produce a product, you can

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submit to be considered to be added to the eligible

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product list, the EPL. There's a submission every single month.

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CJIS and their committees review those submissions and make sure that

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the products adhere to the IRS guidelines as to what qualifies

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for HSA, FSA. So and once you're on

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the EPL, then the product is eligible.

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But that does not immediately mean that Walgreens can go ahead and

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accept HSA FSA for that product. So that's, you know,

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how the product becomes eligible. Someone like Walgreens, because

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they're not a health care institution, so they're not a doctor's office, they're not

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a hospital, they're required to have certain payment infrastructure as

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well to verify, that the products they're

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checking out with HSA FSA are in fact eligible. And that they're

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pulling from a valid account directly out of that

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account? Yes. Yeah. So that that they can accept those debit

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cards that that we as consumers get from those providers. So they they need to

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have a payment system called an IIAS. We're getting really into the

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No. No. It's just the acronyms here. Inventory Information Approval

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System. What this is, it's basically part of your POS,

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that instead of just running the transaction, what it's doing

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is verifying at a product level that the SKU

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is on that eligible product list. So you're checking what's in the

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consumer's cart against what is in the eligible product list,

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And then they're verifying that, yes, these 3 items in your cart are

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HSA, FSA eligible. The other 3 are not, and they're gonna

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be able to accept HSA, FSA as a form of payment for part of the

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cart and a credit card for the rest of your cart Got it. And then

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allow you to check out. So it's it's really a multistep process. And,

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building that infrastructure is nontrivial. And that's why I think you see a lot of

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brands only now coming out with that infrastructure.

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The growth in HSAs over the past 5, 7 years has been really significant.

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So there's a lot more market opportunity for these merchants to accept the

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funds. As you said, $150,000,000,000. It's like, okay. We want consumers to

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be able to spend that here. It's worth building that infrastructure. Got it. So so

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talk about I'm not sure we answered all of our questions. But but I think

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We kinda went down No. But we're we're going down the path of, like, okay.

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So I understand the the the ecosystem or, like, how the

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marketplaces, you know, interact and work. I know where the money is. I know

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where the approvals are. Now the approvals for fitness Yeah.

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How did that evolve? Like, that feels like a new new thing. Is that, like,

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90 days or a 120 days? And then how do you fit into that? Yeah.

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So that's that's also been around for a while. I think,

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for a path for, fitness brands is a little bit different.

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So a fitness, program, a fitness, piece of

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equipment, gym membership, they're not going to get on the EPL.

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They do not meet the IRS guidelines of a

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medical product or service. Typically, those,

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goods and services are classified for general wellness, which does not qualify.

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However, the IRS has explicitly carved

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out, that if your doctor,

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recommends a fitness program specifically

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to treat a condition Okay. Uh-huh. In that case, that

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program, that membership, that product can become eligible. And this

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has existed for a long time, but consumers weren't aware of it.

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And so what you'd have to do is, 1, become aware, 2, make an appointment,

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with your doctor, have a conversation, get a letter. It's called a

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letter of medical necessity. Right. Then you'd have to you'd be you'd pay out of

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pocket for this good or service. Then you'd take both of those documents, a

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receipt from the purchase and the letter of medical necessity, and you'd

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submit for reimbursement. Into your into your HR or into your expense?

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FSA provider, or your HSA provider. No. They're

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all outsourced, like but there's, like, here's who you call for your Yeah. Think

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like Fidelity corporate intranet or something. Potentially

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within your corporate Internet, or you could go directly to, Fidelity, HealthEquity,

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Lively. Those are some of the bigger providers. So you would you could do this

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process yourself, but it was really not well known about, as

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you heard. Right. Multiple steps. Probably had multiple steps. Doctor also. They're like, hey.

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You could write me this, and they're like, I never heard of this before, probably.

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Doctors, sometimes rodent for things like orthopedic footwear,

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glasses, like, things like that, but not fitness. That

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was, you know, not something that consumers knew they could bring to the doctor.

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But the guidelines, you know, if you have a condition

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for which exercise is a valid treatment,

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you you can qualify. And so where we come in is we really

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streamline that whole process. We put it directly

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into the checkout flow for the merchant. So instead of having to

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go make a separate appointment, pay out of pocket, Flex comes in.

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We partner with merchants. We sit as a payment option in

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the checkout flow. And we're going to, you know, do an asynchronous

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telehealth visit, get you the necessary documentation if you qualify

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Right. And process that HSA FSA payment. Okay. I have a

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question. Yeah. That was a lot of know? So everybody know I'm raising my

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hand. I love raising my hand because I just show it's, like, more formal and,

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like, feel like you're, like, the teacher now and the students who are, like, flipping

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it around. The one thing you hit on that's interesting is, like, there's a

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certain condition, and I am getting a medic letter of medical necessity for that certain

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condition. I think what's happening from what I could tell is, like, it's like

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getting a marijuana license. Like, oh, you have stress. Okay. Here's a here's a license.

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They're just, like, dishing them out. Right? Mhmm. Mhmm. So if you're saying, like, okay.

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You have something that is is chronic pain or or something, I'm gonna

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recommend you do Pilates. I'm gonna recommend you do yoga. I'm

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gonna recommend you do a barre class. I recommend you do a higher dose in

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infrared sauna thing. Yep. So does the condition

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once I have the once I get a medical necessity, let's say they tighten this

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up a little. Right? They say I got chronic back pain, which I don't, by

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the way. So I don't even use I'm not using myself as an example. I

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don't think I'm that old. Just soul cycle yesterday. So

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do I have to have that chronic condition and then say, like, okay. These are

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the products out of this category that you could buy? Or right now,

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it's like you can buy basically anything in the HSA, FSA store or

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what's available because I have this letter of letter of medical

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necessity that that allows me to use it for, like, this entire Category.

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Category. Yeah. That is I will say, I think that's a bit of a gray

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area right now. So when you get the letter good question. Alright? It it is

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a good question. When you get the letter from your doctor Yeah.

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What we do at Flex is, you know, the doctor

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is getting your condition, and they're writing the letter for the very

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specific product or service. That's what okay. That's what I wanna understand. Got it. Got

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it. Got it. And in that way, we we make sure we're asking the consumer

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questions that are directly relevant for that product or service. So it's

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not like a general intake form. It's very specific, you know,

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if you're doing let's just take orthopedic footwear. We work with one of those

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companies. You know, you have to have one of a dozen conditions

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in order to qualify to make that purchase with your HSA FSA. FSA. If

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you're just, I wanna wear comfortable shoes, that's not going to, you know, meet

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that threshold. Guys.

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This is Pete Moore. I wanna let you in on a little secret. There's this

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company called Promotion Vault, and what they do is they give out rewards

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from retailers that allow you to incentivize your

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members without having to do zero down and 1 month

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free or giving away shakes or giving away t shirts. What

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you want to do is build a rewards program that lasts, that

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people value, and that doesn't discount your own products and services.

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So here's the deal. There's something called rewards vault. The rewards

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vault is going to allow a member to set up their own profile.

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They are going to answer questions. You are gonna get those answers. You're gonna be

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able to target those members, and you're gonna reward them inside your

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club, inside your spa, and outside of the club and outside

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of the spa to get them to become loyal, to get them to pay

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their monthly dues, and to be rewarded properly for

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the actions. A lot of companies are cutting back on rewards. You shouldn't

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be. Promotion Vault's your answer. Trust me. This is real.

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Now do you provide so your team right now, I

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I would state, and you can correct me, like, you're a fintech company,

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basically, focused on HSA, FSA, $150,000,000,000

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category to partner with business, bricks and mortar

286
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providers to start, and basically match

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those up with either the members or prospective members and and and

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tie that into a match. Yeah. We we think of ourselves as a

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fintech company with a telehealth offering. Okay. That's why it's okay. So

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telehealth is basically, like they're they're not necessarily full time doctors,

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but they're they're certified approved. And you know, hey. I'm gonna go in. I'm

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gonna do this evaluation. Yep. And it's gonna come out the other

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side, and you're gonna say, hey. I run this company, and that's, like, real. And

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and it's, like, been done properly. And it's, like, the doctor's names on it. It.

295
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Right? Yes. They're liability. The doctor signs the letter And it's not a liability. Like,

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they're they're patient. Exactly. Yeah. It's That's what I wanna know. It's a clinical

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decision. So we do not set any type of quotas for our

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doctors, or any type of guarantee for our partners that

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says you're a 100% of the time, these patients are going to qualify

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because that's not the guidelines that the IRS provide. Good. Good.

301
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But, you know, when we think about the average you know, the American

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customer base, you know, 30% are obese. How, you

303
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know, the the prevalence of a variety of cardiovascular conditions

304
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is huge. How many are diabetic or prediabetic? And that's even before we get

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into, the mental health challenges, which we're now seeing

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exercise be able to address. So the reality is around fitness and

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exercise, we see a very large percent of

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consumers having a condition that does qualify them. And that's where

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we wanna bridge that gap. We wanna make it easier because exercise truly is

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such you know, it's such a beneficial thing to do for your health.

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We we wanna make that easier for people. Got it. What I wanna talk about

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is take me through and sometimes I'll ask people about, like, how does your business

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work? And right? And I'll just, like, I'll get lost. But and and but the

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way you talk and the way I talk, we're we're team players here. Like, we're

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unprofessional. Okay. Tell me exactly how do I get to the goal, okay, from here.

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So I'm gonna put this up. This this halo talks is gonna go up. Yeah.

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You're gonna have your information. We're gonna have show notes in there. It's gonna say

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contact Flex to do this, and here's how the process works. So take us through

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the process, how long it takes, and what the counterparty

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of the bricks and mortar or brand need to do in order to do

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to work with you. Yeah. Absolutely. So you can always go to our website

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withflex.com. Learn more. We have a contact us or you

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can schedule directly to get time with us. You can email

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me, sam@withflex.com. K. We'll get on a call. First thing

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we're gonna do is learn more about your business. What is the product or services

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offering? We you know, there's a lot of activity

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in the wellness space. Some of it is definitely beneficial. Some of

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it is definitely more on the experimental side. So we wanna make sure that, you

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know, you have a product that we can confidently recommend that this is

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gonna be good for people's health and that our clinical team feels

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confident recommending that. So we're gonna have a short conversation about your product.

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And then, I'm gonna ask about your payment infrastructure.

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How do you collect payment from members? What services are you using?

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The ideal flow is that you use our API, and we actually

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integrate directly into that checkout process. So we're not

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just looking to talk to brick and mortar here. We're looking actually to partner with,

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platforms. Think like, you know, your your Mariana Tech, your

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Mindbody. Are you are you connected to those groups already? We are talking to a

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lot of those groups already. So so it's a sidebar here, but we'll do it

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on air. We'll give you the list of those people and and get that fast

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track because the less work that a bricks and mortar

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location or or a franchisor or franchisee needs to do is gonna be, hey.

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It's already on there. Just hit the switch. 100%. Good. So we'll do that. We've,

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you know, we started the business actually working with my own CrossFit gym in San

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Francisco, and they have been incredibly, patient,

346
00:21:05,020 --> 00:21:08,700
shout out to CrossFit Potrero Hill, with a whole separate

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system, for their members to check out. We also offer a reimbursement

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flow. So if for some reason, you know, we can't integrate into your system or

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you don't have the team to do that, members can still check out

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with their regular credit card, and then you can send them to us to get

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that letter and to help facilitate the reimbursement from their provider. Okay.

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So, ideally, I'm on Mariana Tech. We're Yeah. We're good friends with them. Shannon and

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Cruz, shout out to them. I am,

354
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Barry's Boot Camp. Yeah. They're on Mariana Tech. They

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now work with Flex. Flex is now part of the checkout.

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If I buy a 10 pack or if I buy a membership in the at

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Barrie's, I would be able to use my HSA FSA card as a

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payment processing Yep. As a form of payment. Yep. And

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nothing else would need to be done on behalf of Barry's. They're getting their payment

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right directly from you, I guess, through the payment merchant account Yep. Which is going

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directly into Mariana Tech software, plugging that

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into the MRM, membership man relationship management system, and it ends up in

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your bank account, minus whatever fees there are for transactions. Right? Exactly. So so,

364
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basically, the the setup here is there's, like, there's no user interface that

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they need to, like, relearn. They don't have to train the rest of their team

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on, like, how this works. They have to, like, just like, hey. Here's an hour

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of, like, what we're doing, why we're doing it, and how it benefits everyone. And

368
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there's there's there's no, like, technology integration or or custom

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built. That's why we're looking to partner with people that provide these

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gym management platforms because that's gonna make it the easiest for the brick

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and mortar. Then it's just, you know, turning on an app in their system, and

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they offer it. We do have materials to help train, like, on-site staff

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to answer questions. Because ultimately, that they're the front lines. They're

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who the customer is gonna go to when they have a question about this. We

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want them to understand why someone may or may not qualify for

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this form of payment. If they don't qualify, they're just gonna buy that gym

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pass as they normally would with their credit card. So, it's a

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pretty straightforward process. We try to make it as easy as possible for the merchants.

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Amazing. And I've just got 2 2 other

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questions. And if you wanna think of a quote that you wanna to to share

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with us, if you have got any good quotes, So just think about that. You

382
00:23:10,930 --> 00:23:13,330
your quote do you gotta you'll find out? I don't know if I have a

383
00:23:13,330 --> 00:23:16,690
good quote. Take a take take take take 10 10, 15 seconds because I'm gonna

384
00:23:16,690 --> 00:23:20,385
ask you another question. There's a $150,000,000,000 in the HSA,

385
00:23:20,385 --> 00:23:23,985
FSA accounts. That's, like, accrued historical. Mhmm. How

386
00:23:23,985 --> 00:23:27,360
much is the annual amount of

387
00:23:27,360 --> 00:23:31,200
HSA, FSA buildup? And what is the maximum or

388
00:23:31,200 --> 00:23:34,885
what's the average amount that a member because I I'm an

389
00:23:34,885 --> 00:23:38,325
employee of my own company. I don't have an HSA FSA account. Maybe I should.

390
00:23:38,325 --> 00:23:41,525
I have no idea. But did you have a person at Google who have, like,

391
00:23:41,525 --> 00:23:45,320
$6,000 in their HSA and $3,000 in their flexible spending account? Or, like,

392
00:23:45,320 --> 00:23:49,160
what what's the Yeah. What's the average account balance? Amount of, like,

393
00:23:49,160 --> 00:23:52,475
money that's in their account? Forget about historical. Like, what do I get each year?

394
00:23:52,715 --> 00:23:56,315
Yeah. So each year, there's contribution limits, and those limits are indexed to

395
00:23:56,315 --> 00:23:59,914
inflation. So recently, they've gone up a lot. So depending on the type

396
00:23:59,914 --> 00:24:03,649
of account, if it's FSA individual or HSA family, you

397
00:24:03,649 --> 00:24:06,470
can contribute, in 2024 between $48,000

398
00:24:07,490 --> 00:24:11,245
about to these accounts. Both of them? You usually

399
00:24:11,245 --> 00:24:14,845
only have, 1 you can only contribute to 1 per

400
00:24:14,845 --> 00:24:18,559
calendar year. Oh, okay. Interesting. Gotcha. Depends on your

401
00:24:18,559 --> 00:24:22,320
health insurance and and your benefits from your employer. Got it.

402
00:24:22,399 --> 00:24:26,080
But yeah. So you that's what you'll have. But those HSA dollars, they

403
00:24:26,080 --> 00:24:29,525
stay with you year over year. So they But those accrue, but the the

404
00:24:29,525 --> 00:24:32,805
FSA is, like, use it or lose it. Correct. Yeah. So we see a lot

405
00:24:32,805 --> 00:24:36,309
of FSA activity in, like, q4. Yeah. Yeah. Yeah. It's a great time. You know,

406
00:24:36,309 --> 00:24:39,850
if you're a fitness brand, you're thinking about advertising an annual pack.

407
00:24:40,710 --> 00:24:43,510
You know, getting That's such a great idea. Getting people set for the new year.

408
00:24:43,510 --> 00:24:47,265
People have dollars to spend in q 4, and, it's

409
00:24:47,345 --> 00:24:50,644
we see a lot of activity and spend at that time.

410
00:24:51,345 --> 00:24:55,090
And then, from a standpoint of so I just want the average

411
00:24:55,090 --> 00:24:58,290
health club operator now to listen up. Like, maybe sit up in your seat, like,

412
00:24:58,290 --> 00:25:01,745
just raise your eyebrows for a second. If you're selling a

413
00:25:01,745 --> 00:25:05,585
membership for $50, okay, that's $600 out of

414
00:25:05,585 --> 00:25:09,265
somebody's $4,000 account at the low end of this. Right? So it's only

415
00:25:09,265 --> 00:25:13,010
15% of their HSA. Now that the

416
00:25:13,010 --> 00:25:16,370
behavior and the psychology of this HSA account is that that money's in there. I

417
00:25:16,370 --> 00:25:19,385
gotta spend it. Okay? So at the end of the year, like you're saying, or

418
00:25:19,385 --> 00:25:23,045
a black black Monday or Black Friday sale, Saturday, Monday,

419
00:25:23,105 --> 00:25:26,919
right, that could all be related to saying, like, here's

420
00:25:26,919 --> 00:25:30,299
a 44 pack paid in full, and that'll be $24100.

421
00:25:31,080 --> 00:25:34,804
Mhmm. Right? And and, basically, somebody could potentially use that and and get their

422
00:25:34,804 --> 00:25:38,485
whole family on account for a year. So there's a big amount of money here,

423
00:25:38,485 --> 00:25:42,245
and it's a fraction of what your membership is Yeah. Which is really key. I

424
00:25:42,245 --> 00:25:46,060
mean, it's gonna depend on other medical expenses that the consumers had that

425
00:25:46,060 --> 00:25:49,900
year. But, you know, in December, I get texts. I get calls.

426
00:25:49,900 --> 00:25:53,395
People just saying, hey. I just bought a year's worth of contacts because Yeah. No.

427
00:25:53,395 --> 00:25:56,595
I remember that. I what can I buy? Oh, I'm gonna buy 8 pairs of

428
00:25:56,595 --> 00:26:00,240
prescription sunglasses because that's the only thing I know I can spend this money on.

429
00:26:00,240 --> 00:26:03,679
I'd much prefer to spend it at Berries, at Soul Cycle, at

430
00:26:03,679 --> 00:26:06,100
CrossFit, at any of these locations. Awesome.

431
00:26:09,375 --> 00:26:12,995
This is Pete Moore. Here's the last tip for you of the podcast.

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00:26:13,455 --> 00:26:17,295
We are partnered up with a company called Higher Dose, higher dose

433
00:26:17,295 --> 00:26:20,740
dot com. They are the leader in workout

434
00:26:20,740 --> 00:26:24,419
recovery products, infrared technology, LED

435
00:26:24,419 --> 00:26:27,945
light masks, neck enhancers, and other

436
00:26:27,945 --> 00:26:31,725
products such as PMF mats and sauna blankets.

437
00:26:32,185 --> 00:26:35,690
If you have not gotten on the workout recovery train

438
00:26:35,690 --> 00:26:39,530
yet, your time and your stop is now. You gotta

439
00:26:39,530 --> 00:26:43,290
get these products in there before these workout recovery and spas end

440
00:26:43,290 --> 00:26:47,035
up saturating your market. Having your members walk out of the club and

441
00:26:47,035 --> 00:26:50,475
going into one of their locations for $200 per

442
00:26:50,475 --> 00:26:53,960
month where they're paying 39 to you, Let's become an

443
00:26:53,960 --> 00:26:57,640
expert in workout recovery if we are already an authority in

444
00:26:57,640 --> 00:27:01,320
workouts. Higher dose, check it out. There's a

445
00:27:01,320 --> 00:27:04,935
wholesale code, and we look forward to helping

446
00:27:04,935 --> 00:27:08,615
you augment your products and services to meet the demands of

447
00:27:08,615 --> 00:27:12,360
your members. And, hey, let's get people happy, healthy,

448
00:27:12,500 --> 00:27:16,200
and sweaty, and the recovery should be just as good as the workout.

449
00:27:19,175 --> 00:27:22,615
So look. You're an entrepreneur. I've been an entrepreneur several

450
00:27:22,615 --> 00:27:26,455
times. It's a bumpy ride. You know? I make progress one day. I win

451
00:27:26,455 --> 00:27:28,615
one day. I lose one day. You know? I mean, it's an up and down

452
00:27:28,615 --> 00:27:32,200
bounce. So how do you kinda keep yourself you know, given that you're an athlete

453
00:27:32,200 --> 00:27:35,080
and, you know, like, hey. We're gonna go on streaks, that we're not gonna go

454
00:27:35,080 --> 00:27:37,565
on streaks. We gotta take a time out every once in a while. I gotta

455
00:27:37,565 --> 00:27:41,165
kinda, you know, reassess my team and my playbook. So what you know, is there,

456
00:27:41,165 --> 00:27:45,005
like, a quote or something that you remind yourself, like, keep moving forward. You know?

457
00:27:45,005 --> 00:27:47,550
And, like, I know I'm going the right direction. Maybe I don't see it, but

458
00:27:47,550 --> 00:27:51,390
I know it's happening. Or I I'm honestly having a hard time coming up with

459
00:27:51,390 --> 00:27:55,070
the quote. The thing that comes to mind is that prioritizing moving every day. And

460
00:27:55,070 --> 00:27:58,865
and that's why I got into this business is that, you know, as an

461
00:27:58,865 --> 00:28:02,705
entrepreneur, there's always a longer list of things you need to do than

462
00:28:02,705 --> 00:28:06,304
what's possible in the day. But taking a step back to get

463
00:28:06,304 --> 00:28:09,720
outside, to move, to lift something,

464
00:28:10,500 --> 00:28:13,320
all of those things helped clear my mind, helped me refocus,

465
00:28:13,940 --> 00:28:17,534
reprioritize, and also manage stress. You know? There are a lot of up and downs

466
00:28:17,534 --> 00:28:20,895
in this journey, and I think that's the best thing, that I can do for

467
00:28:20,895 --> 00:28:24,735
myself and my team to show up every day as my my best

468
00:28:24,735 --> 00:28:28,480
self. Awesome. So, officially, welcome to the Halo

469
00:28:28,480 --> 00:28:31,280
sector. You can use that term as much as you want. It's royalty free for

470
00:28:31,280 --> 00:28:35,105
a reason. They're gonna call this whole thing in 5 years, like, the Halo, you

471
00:28:35,105 --> 00:28:38,705
know, event. I mean, that's what I'm hoping it is. It's happening. And we're happy

472
00:28:38,705 --> 00:28:41,904
to make introductions on the API side as well as on the on the brand

473
00:28:41,904 --> 00:28:45,390
side. I think everybody needs to know that 2024, this has to be one of

474
00:28:45,390 --> 00:28:48,929
your top three priorities. Okay? You gotta figure out how to do Ozempic

475
00:28:49,230 --> 00:28:53,005
weight loss reversal group exercise programs. You need to embrace HSA,

476
00:28:53,005 --> 00:28:56,764
FSA, and you need to get your shit together and get artificial intelligence, but

477
00:28:56,764 --> 00:29:00,350
have intelligence to actually use the artificial intelligence. So find out everything you can about

478
00:29:00,350 --> 00:29:03,870
your member, find out what's in their HSA account, and then help them get

479
00:29:03,870 --> 00:29:07,550
results. And then they're gonna stay longer, and that money is gonna be coming out

480
00:29:07,550 --> 00:29:11,245
of a pretax spot. So focus on this. Thanks for coming to

481
00:29:11,245 --> 00:29:14,285
the industry in general. So you need people like you that are that are ahead

482
00:29:14,285 --> 00:29:17,320
of the curve and actually do the work and figure out, like, what's a special

483
00:29:17,320 --> 00:29:20,440
sauce and how does this business model work. So thank you for doing that. Mhmm.

484
00:29:20,440 --> 00:29:23,000
And, you know, you can take some shots on goal at me at some point

485
00:29:23,000 --> 00:29:26,485
even though you're a midfielder. We'll set up a time. Yeah. We'll we'll do it

486
00:29:26,565 --> 00:29:29,045
you can do it from, like, half field. I'm a save most of them. Alright.

487
00:29:29,045 --> 00:29:31,705
Great. Thanks for coming on Go Halo. Thanks for having me. Awesome.