Exciting stuff to report about my new company, Sherpaa

First, I’m super happy to say that Cheryl Swirnow (Greenhill) has joined me as a co-founder of Sherpaa. Cheryl was head of HR at The Barbarian Group so she knows pretty much everything to know about health insurance for companies. Prior to that, she worked at Quintessentially, a 24/7 global concierge service. So she pretty much knows everything about making things happen. She’s awesome and I’m honored to be working with her on building Sherpaa.

In the past four months, we’ve learned a ton about companies and health. We’re universally seeing that most companies are overinsured and spending way too much on health insurance. Here are some numbers to back that up. Seventy-five percent of all-comers will spend less than $2,000 on medical expenses per year. Ninety-six percent will spend less than $10,000 per year. These stats are for all-comers, not the typical tech and creative companies we’re focusing on here in NYC. Therefore, it just makes sense for these kinds of companies to have a high deductible health plan with a deductible of at least $2,000. 

And then here’s the kicker. We’re recommending that companies then give their employees a debit card with $2,000 loaded on it (that’s a health reimbursement account). At the end of the year, whatever the employee doesn’t spend gets rolled back into the company. Essentially, it’s the poor man’s version of self-insurance.

But by doing this we’re finding that we can save companies up to $4,000 per year per employee. And that, my friends, is wonderful news. It’s extremely frightening to peer in to the backend of healthcare and realize there is just so much unnecessary waste.

And then…on top of saving companies a ton of money, we then give each of their employees 24/7 access to our doctors. So when any of their employees have a health issue, they contact us via email or phone and we then do everything we can to solve their problem. About 70% of the time, we’re solving the problem over email. For the other 30%, we personally connect them with one of our carefully chosen specialists here in NYC. Or sometimes we send them to the urgent care center or the ER. It’s basically like having a 24/7 doctor on your side who’s trying to save you as much hassle as possible. 

So, to sum it all up, we analyze your company’s health strategy, secure the best health insurance plan for your company, and then give you 24/7 access to our group of doctors. We save companies a ton of money and offer them an amazing service.

We’re off to a great start and signing up multiple companies a week. I can’t wait to report more good news.

Played golf with my pops today— one of my favorite things in the world to do. I used to shoot even par almost all of the time. But now I play once or twice a year. I shot 37 on the back nine with three birdies. I still have it in me. It just takes 9 holes to get it back.

So the first person to guess how these photos are connected wins a huge, huge prize.

Update: Infoneer-Pulse wins the huge, huge prize. Both were shot by my good friend, Noah Kalina. I’ve known Noah since way back in 2003 or so and it’s been amazing to witness his success. And he’ll be the first to tell you that I wouldn’t be anything without that photo he took of me!

It’s a little wonky, but here is the state of primary care in America. From the WSJ

Dr. Hammond’s practice roughly broke even last year, with a profit of $29,261. The practice distributes its profit as bonuses to staff. Dr. Hammond says the practice operates on such a thin cash cushion that if a doctor or one of Westminster’s two physician assistants were gone for more than two months, it wouldn’t be able to make its payroll. Also, the clinic hasn’t been able to pay off around $86,000 in long-term debt, though it didn’t borrow to pay for its recent upgrades, including around $100,000 it spent to install the electronic medical records. “Any day, the bottom can drop out,” he says. “We could be bankrupt next month.”

Last year, the clinic took in $2,115,101 in total revenue and barely inched into the black. In 2010, the practice lost money.