Aya Care with Chanddeep Madaan | E362

02/11/25 • 40 min

In this episode, Jason Pereira interviews Chanddeep Madaan, the CEO and founder of Aya Care, a health spending account provider in Canada. The discussion focuses on Aya Care's mission to remove financial barriers for accessing health and wellness services. Madan explains how Aya Care uses technology to streamline the process, reducing the hassle of reimbursement, and enabling employees to utilize health spending accounts easily. They also explore the economic impact of traditional insurance versus the flexibility offered by Aya Care's solution.

Episode Highlights:

00:09: Introduction of the episode featuring Chanddeep Madaan, discussing his company Aya Care and its role in health spending account management.
00:46: Chanddeep Madaan expresses gratitude for being invited to the podcast.
00:51: Madan shares the inspiration and mission behind starting Aya Care, highlighting financial barriers in accessing health services in Canada.
02:32: Jason Pereira aims to understand out-of-pocket expenses in existing health plans versus health spending accounts.
02:49: A breakdown of out-of-pocket expenses, including dental, vision, and the non-coverage areas such as fertility and mental health services.
06:32: Benefits of health spending accounts in Canada compared to similar models in the United States.
07:31: Madan critiques bloat in healthcare administration costs and positions Aya Care as a cost-effective alternative.
08:29: Pereira and Madan discuss the feasibility of Aya Care's solution being adopted by traditional insurance companies.
09:17: Aya Care introduces Visa cards for direct health service payments, reducing financial strain on employees.
11:58: Madan outlines different reimbursement experiences between traditional insurance, HSAs, and Aya Care's innovative solution.
15:48: Pereira elaborates on employer attitudes and cost-control mechanisms in traditional vs. new-age health spending.
21:54: Examination of the employee-centric approach fostering healthier and more productive workforces.
25:10: Challenges and technological advancements in health spending account claims adjudication discussed.

Key Points:

Aya Care aims to innovate by removing friction in health spending account processes, contrasting traditional methods.
There is an emphasis on using AI to streamline the claims adjudicating process, making it instant and cost effective.
Madaan focuses on creating customizable spending accounts tailored for specific needs, such as mental health and fertility.

Tweetable Quotes:

"Removing financial barriers to access health and wellness is our mission." - Chanddeep Madaan
"Imagine submitting a claim in an app and getting approved before you close it." - Jason Pereira
"Our process is too seamless, but that’s what innovation is about." - Chanddeep Madaan
"Aligning people towards a common mission has been challenging yet rewarding." - Chanddeep Madaan

Resources Mentioned:

Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor
Podcast Editing
https://ayacare.com/about-us/
https://www.linkedin.com/in/cmadaan/

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

00:09: Introduction of the episode featuring Chanddeep Madaan, discussing his company Aya Care and its role in health spending account management.
00:46: Chanddeep Madaan expresses gratitude for being invited to the podcast.
00:51: Madan shares the inspiration and mission behind starting Aya Care, highlighting financial barriers in accessing health services in Canada.
02:32: Jason Pereira aims to understand out-of-pocket expenses in existing health plans versus health spending accounts.
02:49: A breakdown of out-of-pocket expenses, including dental, vision, and the non-coverage areas such as fertility and mental health services.
06:32: Benefits of health spending accounts in Canada compared to similar models in the United States.
07:31: Madan critiques bloat in healthcare administration costs and positions Aya Care as a cost-effective alternative.
08:29: Pereira and Madan discuss the feasibility of Aya Care's solution being adopted by traditional insurance companies.
09:17: Aya Care introduces Visa cards for direct health service payments, reducing financial strain on employees.
11:58: Madan outlines different reimbursement experiences between traditional insurance, HSAs, and Aya Care's innovative solution.
15:48: Pereira elaborates on employer attitudes and cost-control mechanisms in traditional vs. new-age health spending.
21:54: Examination of the employee-centric approach fostering healthier and more productive workforces.
25:10: Challenges and technological advancements in health spending account claims adjudication discussed.

Key Points:

Aya Care aims to innovate by removing friction in health spending account processes, contrasting traditional methods.
There is an emphasis on using AI to streamline the claims adjudicating process, making it instant and cost effective.
Madaan focuses on creating customizable spending accounts tailored for specific needs, such as mental health and fertility.

Tweetable Quotes:

"Removing financial barriers to access health and wellness is our mission." - Chanddeep Madaan
"Imagine submitting a claim in an app and getting approved before you close it." - Jason Pereira
"Our process is too seamless, but that’s what innovation is about." - Chanddeep Madaan
"Aligning people towards a common mission has been challenging yet rewarding." - Chanddeep Madaan

Resources Mentioned:

Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor
Podcast Editing
https://ayacare.com/about-us/
https://www.linkedin.com/in/cmadaan/

Hosted on Acast. See acast.com/privacy for more information.

Previous Episode

April with Ben Borodach | E361

In this episode, Jason Pereira interviews Ben Borodach, co-founder and CEO of April, a FinTech company focused on integrating tax calculations into financial apps to help users make smarter financial decisions. Ben discusses his entrepreneurial journey, challenges faced when building April, and the importance of simplifying tax processes for consumers. The conversation delves into how April's technology leverages data to create a more efficient and seamless tax filing experience. It also touches on the potential for positive disruption in the financial industry by embedding tax-related services in financial apps.

Episode Highlights:

00:09: Introduction to the podcast and guest Ben Borodach of April.
00:55: Ben discusses his background and the creation of April.
01:46: His experience at Deloitte and the shift to financial tech.
02:33: Ventures into finance, technology, and company incubations.
03:25: The unbundling and re-bundling of financial services.
04:12: Tax as a neglected yet critical financial record-keeping tool.
04:53: Using tax data for better financial outcomes for consumers.
05:39: Identifying and acting upon the opportunity in tax technology.
06:26: Choosing technology as the path for building April.
07:10: Challenges in turning tax law into accessible code.
07:50: Creating a user-friendly tax engine.
13:09: Initial reactions from financial institutions to April's concept.
14:41: Addressing the question of core competencies in tax services.
16:05: Room for improvement in the tax filing user experience.
17:41: April's better, faster, and cheaper approach to tax filing.
19:19: Overview of the process and partner interactions with April.
22:09: April's goal to embed in major financial interactions.
23:40: Wish for improved technology partnership with the US government.
24:23: The biggest challenge faced: building the tax engine.
25:24: Excitement about contributing positively to the American economy.

Key Points:

Embedding tax services within financial apps can simplify tax processes and leverage financial data. A technology-first approach is crucial for creating scalable, efficient tax solutions.
Partnering with financial institutions presents both an opportunity and a challenge for Fintech innovations.
There is significant room for improvement in the tax filing experience, aiming for user-friendly, real-time processes.
April is positioned to reshape financial interactions by making tax services a core component of financial apps.

Tweetable Quotes:

"Nobody was really doing a great job of everything altogether." - Ben Borodach
"The tax code is more of an expression of our collective social fabric than just a taxation law." - Ben Borodach
"Our incentives are aligned with delivering a great efficient tax experience." - Ben Borodach
"We're part of the American story, contributing positively to its economy." - Ben Borodach

Resources Mentioned:

Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor
Podcast Editing
https://www.linkedin.com/in/benborodach/
https://www.getapril.com/

Hosted on Acast. See acast.com/privacy for more information.

Next Episode

TaxStatus with Kevin Knull | E363

In this episode Jason Pereira talks with Kevin Knull, President of TaxStatus, about the innovations TaxStatus is bringing to the field through its seamless data integration with the IRS. Kevin discusses how the company sources taxpayer data, with the consent of the taxpayer, to help clients make well informed financial decisions. He highlights the broader applications and benefits including financial advising, loan origination, and identity verification. The episode also covers the importance of identity security and Kevin's vision for enhancing the quality of financial advice using comprehensive insights derived from IRS data.

Episode Highlights:

00:08: Jason Pereira welcomes Kevin Knull, president of TaxStatus, to discuss the role of his company in gathering IRS data to improve financial advising.
01:23: Kevin talks about the foundation of TaxStatus, which was formed to address the challenges in obtaining taxpayer data from the IRS efficiently.
04:41: Kevin Knull outlines the process of tying into the IRS, emphasizing the crucial step of obtaining taxpayer consent for data access.
06:20: Kevin shares the extent of data pulled down from the IRS, offering a comprehensive picture of a taxpayer’s financial activities over the past decade.
07:26: Jason expresses his amazement at the granular level of financial data available through TaxStatus.
09:39: Kevin elaborates on various real-world use cases where this data proves beneficial, including lending, credit checks, financial advising, and more.
12:42: Introduces the benefits of report generation that summarizes a taxpayer's financial data, facilitating better financial advice.
15:06: Covers the importance of ongoing monitoring to prevent identity theft and fraudulent activities with real-time IRS updates.
20:17: The discussion moves to the necessity of biometric authentication for addressing identity verification concerns in the financial landscape.

Key Points:

The consent-driven model of TaxStatus offers comprehensive access to IRS data, which can critically enhance financial advising and decision-making.
Real-time monitoring by TaxStatus helps alert taxpayers and advisors about potential fraud and unexpected changes in tax records.
Empowering financial professionals with complete data from the IRS facilitates more accurate and holistic tax and financial planning.
The integration of biometric authentication may become essential in addressing modern identity security challenges in financial sectors.

Tweetable Quotes:

"Empowering decision-making with full transparency — that's the power of TaxStatus." – Kevin Knull
"A treasure trove of financial insights is available at your fingertips with TaxStatus, guiding you to informed decisions." – Jason Pereira
"Financial advisors should render advice on all available data, not just the easy-to-obtain." – Kevin Knull
"Identity theft is an inevitability; vigilance and best practices are your best defence." – Jason Pereira

Resources Mentioned: