Jeff Baker: Jon, I’ve added that also. I mean, I’m not mentioning any names. These are public companies. You can go and do your own research, but one company recently hired a new CEO within the past year with the plan to reduce costs and improve yields. There’s another public company out there who’s installing new technology to improve yield by 20% per donation. So that seems to be on the minds of the plasma companies today. As far as competition, it really hasn’t changed. There’s a handful of people that are out there. It’s the same people. We’ve seen one bank leave. We saw a new bank come in. They’ve been in and out of it before. There’s us and the usual suspects we talked about in the past, but no real change from a competitive perspective.
Operator: Thank you. Next question is a follow-up from Gary Prestopino from Barrington Research. Your line is now live.
Gary Prestopino: Yes. Mark you mentioned and I couldn’t write it down quick enough. What was the growth and claims processed and the amount of claims year-over-year and then and that would be for the full year and then for Q4 to Q4.
Mark Newcomer: Yes. For Q4, it was 215% quarter-over-quarter growth and for 2023 we saw you’re talking to I’m sorry Jon, let me just clarify you’re talking claims, right? Sorry, Gary.
Gary Prestopino: Right, patient affordability business, right, that’s where you would have a claim. So what I’m trying to get at, what was the growth, what was the raw number that you processed for the whole year?
Mark Newcomer: I don’t believe we gave the raw number for the entire year. We gave a 122% rise in claim volume for 2023 and we gave a 215% claim volume rise from fourth quarter of ’22 to fourth quarter of ’23.
Gary Prestopino: Okay. That’s good enough growth. I guess the question I would have here is, you’re showing some really good growth here. You obviously have competitors in the market. Why are you winning?
Mark Newcomer: I believe and I’ll let Matt address some of this but from my perspective we’re winning because we’ve put up some disruptive products. We’ve gone — it’s much like, our foray into the plasma market. When we got involved there the market was a bit stagnant. There weren’t a whole lot of people doing anything innovative in that space. And what we did is, we came in with the fresh look tried to make some changes, some new offers and those were received very well. I believe that we’re having the exact same acceptance of our products here in this space. And I believe that we’re going to continue to see this into the future. There’s a lot of excitement from a lot of the players. And I think really, it’s become some of the existing providers just are not taking care of their clients. And I think that always leaves an opening.
Matt Turner: Yes. And I want to add —
Gary Prestopino: I’m sorry. go ahead.
Matt Turner: Yes. So I just kind of want to add in something here that I think is pretty important. A lot of the other players in the space have attempted to diversify their offerings. To the point that they have watered down everything. We were at a conference last week and we had a client tell us. Well, I asked insert name of this competitor to come up and pitch at the same time as we were thinking about bringing you on and we had a very specific need, and you guys came in and you spent an hour talking about the very specific need and you’ve established you were experts in that. They came in and spent seven minutes talking about the need and then try to tell us about all the other stuff they’d love to sell. If you kind of look at the marketing campaign that we’re in now, you’ll notice like the theme is the return of expertise in the market that we’re in.
It has all but left. Everybody is trying to go out and buy another company to kit it up to make themselves look a little better or have a stronger offering and things like that. And look big-box stores serve a purpose, but we’re selling to a niche market that has incredibly specific deliverables and the balance of these brands sometimes hang in the affordability program. We saw when the change health care stuff happened, we had clients that have come on board now that said we immediately saw a 20% loss in rev overnight. And it was because they’re with a big-box provider that wants to sell them all sorts of other things that has no expertise that when something happens, they can move quickly to address their issues. And then, Mark talked about the disruptive offerings.
We brought on some technological stuff that we’re doing at our processors to identify accumulators and maximizers and to save our clients tens of millions of dollars that the other vendors in the space weren’t able to do. So we again took a fresh look dove into something because this is a sole focus for us and an expertise for us and it has certainly led to us getting in the door with some manufacturers that probably would not have looked at us in the past because of our size. And now we’re we’ve been able to demonstrate results over the last two quarters and now they’re starting to move more business our way.
Mark Newcomer: So, I think also we’d like to add, hey Matt, let’s talk also a little bit, just go ahead and address the fact that, we brought pricing transparency, which is a huge event to this business space. And previous to us doing that there was not a whole lot of pricing transparency as a matter of fact. There was a lot of people just being misled. So I think that it’s kind of akin to black box interchange type and Jeff you mentioned this earlier about the black box. I believe that this is — open it up a bit for us to take some new business in.
