Sramana Mitra: You funded these other founders who came up with the concept of Rackspace. That’s how you got involved with Rackspace? Morris Miller: That’s how I got involved, yes. Sramana Mitra: Did you actually take an operational role or were you just an investor in Rackspace? Morris Miller: Part of their deal with me
Torben Nielsen: We actually got covered by Forrester Research back in 2012 on a 17-page research study. The study explored how Regence had managed to crack the transparency code and how we’ve managed to create an integrated experience for members where they could feel more like shoppers. The day that report was published, I went to management
Sramana Mitra: This is a time frame when the Internet is starting to happen. What happens next? Morris Miller: For the year after the sale, you become an indentured service where you have to stay around because the acquirer wants to know that there’s going to be a complete transfer of knowledge. But they don’t
Sramana Mitra: The value proposition is very clear and very compelling. I’ve actually talked to the eClinicalWorks CEO Girish Navani. I don’t know if you know him. Torben Nielsen: I read your article on that. I thought that was very interesting. Sramana Mitra: He talked to me about this problem as well. I’m very much aware
Morris Miller: I got 168 No’s before I finally found an investor to say Yes. I would work Monday through Friday. I’d work the weekend. I’d work the next Monday through Friday and the next weekend. Then, I might take three days off and go to New York to pitch somebody. Back in 1992, the
Sramana Mitra: Great. This is very interesting. What percentage of the health plan market has adopted solutions like this such that consumers can access this facility today? Torben Nielsen: It’s a great question. We do an annual survey here at HealthSparq surveying 1,600 health plan executives. We just completed our second annual survey. What it
Sramana Mitra: The Internet was not yet on the horizon. Morris Miller: The Internet was not there. When I was in Law School, I read an article in the Forbes magazine. It talked about how Steve Jobs had just raised money for NeXT computer. Sramana Mitra: My husband used to run NeXT computer. Morris Miller:
Torben Nielsen: You’ll be surprised, that even though everybody’s insured, at how much variation you see in price within just one block of wherever you live. By going to an in-hospital versus a surgical center that’s right next door, you can save thousands of dollars. That’s exciting because it’s almost the analogy that we like to