Aya Care with Chanddeep Madaan | E362

Enabling faster access to medical support.

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.

  • 03:39: Discussion on deductibles, premiums, and the complexity of traditional insurance plans.

  • 03:50: Exploration of health spending accounts as an alternative, including tax advantages and flexibility.

  • 04:19: Health spending accounts offer customizable benefits without the need for premiums and provide fixed costs for employers.

  • 05:51: Madan details Aya Care’s distinct approach to spending accounts and its growth in popularity among employers.

  • 06:18: Understanding the combination of traditional plans with health spending accounts for a more flexible solution.

  • 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.

  • 12:47: Improving claim submissions with real-time adjudication and AI technology by Aya Care.

  • 13:54: Madan emphasizes the personalized aspect of health spending accounts to cater to individual needs better.

  • 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.

  • 30:21: Overview of the evolving custom spending accounts service to widen Aya Care’s benefits offering by 2025.

  • 32:00: The discussion about Aya Care’s vision of providing free health spending accounts through interchange fees.

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.

  • The ultimate goal is to offer health spending accounts for free by leveraging interchange fees from a prepaid Visa card system. Fostering a healthier workforce leads to better productivity and satisfaction, aligning with Aya Care’s mission.

Tweetable Quotes:

  • "Removing financial barriers to access health and wellness is our mission." - Chanddeep Madaan

  • "Traditional insurance wants claim processes difficult; our goal is making employees' lives easy." - 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:

Fintech ImpactJason PereiraFintech