MedPlus Corporation has amplified its marketing development with the announcement of four new alliances. The Colorado Springs health finance company is known for providing financing for elective surgeries to patients at point of use through its own private label MedPlus Benefits credit card. While this service continues, MedPlus intends to market its card through providers of high deductible health insurance policies.
Insurance companies and preferred provider organizations will be able to issue the MedPlus credit card each time a high deductible policy is sold. It is planned for the card to function as both the insured’s ID and an access platform to pay for all deductibles and co-pays.
“We’ve decided to launch the program in Texas this fall prior to a national roll-out a few months later,” explained Tim DeHerrera, MedPlus President. “To start this campaign we have just signed letters of intent for alliances with four health care organizations.”
The first alliance will be with the Employee Benefit Administrators and Benefit Management Administrators of San Antonio, Texas. These “third party administrators” currently provide services to over 100,000 insurance policy holders and they have advised MedPlus that this number is expected to grow to over 200,000 by the end of next year. “These figures are further swelled when one adds the 100,000 insured of Houstons Vanguard Healthcare of Texas,” said Ron Thomas, Vice President of Marketing at MedPlus. Vanguard Healthcare is a statewide health care agency specializing in home infusion therapy.
Another Houston firm, Preferred Access, LTD, has signed and could bring a further 30,000 credit card holders to the MedPlus customer base this year with a potential of 200,000 by the end of 1998. “We’ve also signed with Vencor Hospital Management Corporation of Costa Mesa, California,” continued DeHerrera. “Vencor manages 210 hospitals across the country but our letter at first covers 27 hospitals and 14 Outpatient Surgery Centers in Texas as well as 12,800 physicians.”
Market analyst, Jeffery Stone of Stone Asset Management, Inc., said, “With these four letters of intent, MedPlus Corporation is beginning a phase of its overall business plan that will orient the company toward a dramatic increase in earnings and total revenue by the end of 1997. If their strategy is brought to fruition, pro forma projections are accelerated by more than a year.”Details