Voddiraju’s previous start-up, CVM Solutions, grew from a bootstrapped idea to one of ‘Inc. Magazine’s’ 500/5000 fastest growing private companies in the US.
Voddiraju never envisioned becoming an entrepreneur, and did not originally plan on going into the healthcare payment industry. Instead, he had a few experiences with healthcare that showed him the huge possibility for change.
As a consumer on a high-deductible insurance plan, he realized the health care industry works differently than any other. He had so many questions about billing what’s his responsibility? What’s his out of pocket? The process left him confused and mistrusting of the system.
Voddiraju also invested in a chain of urgent care clinics in Chicago, where he saw the impact of high deductible plans on the revenue of health care providers. Experiencing the issue from both sides showed him the enormous change that the healthcare payment industry needed.
HealthiPASS differs from other players in the healthcare payment industry in that it avoids using paper bills, and prioritizes consumer convenience and transparency in pricing.
For Voddiraju, having an idea and taking it to life, employing hundreds of people and providing their families with stability is incredibly rewarding. However, entrepreneurship is definitely not for the faint hearted. It’s an incredible roller coaster, and you need to have a stomach for risk.
Entrepreneurs should learn to enjoy high highs and very low lows sometimes, and find tremendous joy in the knowledge that come with it, he says.
Six months after starting HealthiPASS, they received an offer from a large publicly traded company interested in acquiring the firm, a good sign of success.
For more information about HealthiPASS, visit the website.
Read the Crain's Chicago article here.
Posted by Samantha Macy