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Conversation
Highlights
Welcome to another episode of Category Visionaries — the show that explores GTM stories from tech’s most innovative B2B founders. In today’s episode, we’re speaking with Steven Greene, CEO & Co-Founder of Standard Pracice (previously known as Nibble Health), a B2B healthcare payments platform that’s raised $8.5 Million in funding.
Here are the most interesting points from our conversation:
- Inspired by Personal Experience: Steven shared how a personal healthcare emergency and an unexpected $8,000 medical bill led him to realize the need for more accessible healthcare financing solutions, inspiring the creation of Nibble Health.
- Innovative Healthcare Financing: Standard Practice offers zero-interest, zero-fee financing for medical expenses as an employee benefit, providing a healthcare safety net that removes financial barriers to care.
- Focus on Employers: By partnering with employers, Standard Practice enables companies to offer their workforce flexible healthcare payment options, improving employee retention, productivity, and overall financial wellness.
- Seamless Integration: The platform runs on Visa rails, allowing employees to use their Standard Practice card anywhere Visa is accepted, without the need for complex integrations with healthcare providers or payroll systems.
- Attributable ROI: Steven highlighted how Standard Practice can help employers save significantly on healthcare costs by encouraging employees to switch to high-deductible health plans, demonstrating a clear ROI for the program.
- Long-term Vision: Beyond healthcare financing, Steven envisions Standard Practice evolving into a comprehensive healthcare operating system that helps patients make better care decisions and navigate the healthcare system more effectively.
Actionable
Takeaways
Customer-Centric Product Design:
Build products that directly address significant pain points experienced by users. Steven’s personal experience with a hefty medical bill highlighted a widespread issue and led to the creation of Standard Practice.
Clear ROI Demonstration:
When selling to businesses, especially in crowded markets, clearly demonstrate the financial benefits and ROI of your solution. Use concrete numbers to make your case compelling.
Leverage Existing Infrastructure:
Utilize existing payment infrastructures like Visa rails to simplify product deployment and usage, avoiding complex integrations and making the solution more accessible.
Healthcare Focused Fintech:
Consider how fintech innovations can address specific challenges within the healthcare industry, offering more flexible and consumer-friendly payment options.
Future-Oriented Planning:
Think beyond the initial product offering. Steven’s vision for Standard Practice includes expanding into a broader healthcare operating system, showcasing the importance of long-term strategic planning.
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