Although healthcare spending makes up nearly 20 percent of the United States’ gross domestic product, according to the Centers for Medicare & Medicaid Services, the way consumers pay for their care is outdated. While working as an insurance advisor, Cory Morin saw it firsthand.
That’s why he founded Benji Card, a financial technology startup in healthcare dedicated to streamlining payments and simplifying healthcare transactions. He is now growing the company in the Master of Business Creation program at the University of Utah’s David Eccles School of Business.
Despite the digital age we live in, things like fax machines and mailing physical checks remain the status quo in healthcare. As price transparency in healthcare becomes more prevalent, people are shopping and negotiating for the best rates through cash-pay or self-pay discounts. Through Benji Card’s free platform, healthcare plans can issue pre-funded, virtual credit cards to their members for approved medical expenses simply, securely, and seamlessly.
Benji Card Visa commercial credit cards are issued by Celtic Bank.
Morin said Benji Card is a “win-win” for everyone: Health plans save money on healthcare spending as well as administrative costs, providers get paid in full in advance or at point of service, and consumers can focus on receiving great care while stressing less about the cost.
As the healthcare landscape shifts towards price transparency and a more empowered consumer, Benji Card is positioning itself to be the payment solution for this future. “With search engines, online reviews, and social media, we live in a complete consumer’s market,” Morin said. “We are constantly comparing products to find the best price and the best quality for all items we purchase. I’ve never understood why we don’t do the same with our healthcare.”
Benji Card launched in June 2023. Since then, the startup has processed nearly $1.5 million worth of healthcare transactions on its cards in over 500 transactions.
Morin credits enrolling in the Master of Business Creation program with the speed of his startup’s success.
“Instead of shooting in the dark, we have been able to be more proactive and more confident,” he said. “Having the mentorship of the faculty, many of whom have been founders and investors themselves, has been invaluable. They have helped us stretch and think in ways we’ve never thought before.”
As a student in the MBC, Morin has also had the opportunity to work with other founders with startups in similar stages.
“I knew going into this program that I would be able to add to my network,” he said. “But I had no idea how close I would get with the other founders. It is definitely the secret weapon of the MBC program. Surrounding yourself with other like-minded people provides a lot of comfort – it’s nice to know there are 25 other founders going through the same things.”
With a community of support, Morin has big plans for Benji Card.
“What drives me every day is sparking change in our complicated healthcare system and to help people pay for their care,” he said. “We want everyone to be able to stress less about the money and focus more on receiving great care. Through Benji Card, we’re doing that – we hope to make a lasting impact.”
Learn more about Benji Card at benjicard.com.
