The "Virtual Wallet" Strategy for Lowering Medical Claims

Dec 9, 2025

Cory Morin, Co-founder of Benji Card, is a fintech entrepreneur transforming healthcare payments with his innovative virtual wallet strategy. He discusses how giving care coordinators instant access to funds can significantly lower medical claim costs. Cory reveals how Benji Card enables immediate payments to providers, leading to substantial discounts for employers. He believes this model could make traditional PPO networks obsolete and predicts a future of tiered zero-dollar benefits in healthcare. Tune in to discover this revolutionary approach to cost containment!

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ANECDOTE

Cold Outreach Sparked The Benji Idea

Cory researched fintech after a cold LinkedIn outreach to Divi's founder inspired him.
That 45-minute call and resources helped him learn card issuing and start Benji Card.

INSIGHT

Claims Dollars Should Be Managed Like P&L

Treat healthcare claim dollars like a P&L line item and actively manage them with financial rails.
Benji Card accelerates payment to providers so pricing becomes competitive and plans capture large savings.

ADVICE

Incentivize Members By Waiving Costs

Waive or significantly reduce member out-of-pocket to incentivize using lower-cost providers.
Use employer savings to fund those waived out-of-pocket benefits and increase utilization.

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"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?

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