"Why in every other industry can we just check out and know exactly what it's going to cost? Why can't it be the same in healthcare? Why are we still mailing physical checks in 2025?" - Cory Morin
My guest this week is Cory Morin, Co-Founder of Benji Card, who has developed a "virtual wallet" strategy that is revolutionizing how self-funded plans pay for care. Cory joined the show to explain how giving members and care coordinators instant access to funds can drastically lower medical claim costs.
Cory breaks down the mechanics of the Benji Card, a virtual payment solution that acts as the financial rails for modern cost containment. We discuss the strategy behind it: by guaranteeing providers immediate payment via a virtual card, plans can negotiate significant discounts (often cash rates) that aren't available through traditional insurance.
We explore how this "virtual wallet" approach aligns incentives - providers get paid instantly without administrative bloat, and employers save 30-50% on claims. We also dive into Cory's entrepreneurial journey and why he believes this model could eventually make traditional PPO networks obsolete.
Tune in to learn how a virtual wallet strategy can fix the broken economics of healthcare.
Chapters:
(00:00:00) The "Virtual Wallet" Strategy for Lowering Medical Claims
(00:12:16) From Insurance Agent to Fintech Founder
(00:20:59) What is the Benji Card?
(00:26:43) Why Healthcare Needs Virtual Payments
(00:29:40) How Instant Payments Negotiate Lower Rates
(00:38:51) Empowering Care Coordinators with a Virtual Wallet
(00:44:03) The Challenge of Scaling Fintech in Healthcare
(00:49:24) Will Virtual Wallets Replace Networks?
Key Links for Social:
@SelfFunded on YouTube for video versions of the podcast and much more - https://www.youtube.com/@SelfFunded
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Listen on Apple Podcasts - https://podcasts.apple.com/us/podcast/self-funded-with-spencer/id1566182286
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