Every year, four trillion dollars are spent on healthcare, of which, 85% of the transactions are done via paper checks. Mark Hall recognized this inefficiency and founded G8way as the solution. G8way is a company that is leading the transition to electronic healthcare payments with unique solutions that increase cash flow and reduce the costs for health plans, insurance companies, hospital systems, and ACOs.
Hall notes that G8way is unique in the way that it efficiently moves and settles money. One way the company has accomplished this is by accelerating the movement of standard electronic funds from five days to same day settlements. Also, instead of requiring their clients to maintain large, funded balances in external banks, G8way settles directly to the corporate bank accounts of their clients, which eliminates inefficiencies and generates cash flow. Hall notes that “At the end of the day healthcare is a cash flow problem and that is what we [G8way] are looking to solve.”
Prior to G8way, Hall worked as part of the executive team, along with Russell Simmons to launch RushCard, where he learned the importance of a mission driven company. This experience was pivotal for G8way because as Hall states, “instead of selling products and services, companies have a higher purpose or mission that drives the organization and if you can sell to the mission that the company has, you can have success in building a company or brand.” Hall sees G8way’s mission as increasing cash flow in the healthcare ecosystem.
Working at Tigerlabs has been a great working environment for Hall. In addition to being a supportive and affordable environment where it is easy to conduct business, Hall also notes the interesting intersection of businesses that work at Tigerlabs. The proximity to other entrepreneurs has been helpful to G8way because when Hall was looking for a merchant banking relationship, he happened to be sitting next to Esquire Bank, a merchant bank. Hall stated that this direct business relationship helped G8way in the early stages of the company and would not have occurred had it not been for Tigerlabs.