TrueMed, a payment integration platform founded by Calley Means and Justin Mares, aims to transform the way individuals utilize their healthcare savings accounts (HSA) and flexible spending accounts (FSA). Rather than focusing solely on medical expenses, TrueMed enables consumers to use their HSA/FSA funds for purchases related to healthy food, exercise, and supplements, all while complying with regulatory requirements.
Key Takeaway
TrueMed’s payment integration platform empowers individuals to use their HSA/FSA funds for a wider range of health and wellness products. By incentivizing metabolic habits through proper nutrition, exercise, and supplementation, TrueMed aims to revolutionize the healthcare system and promote preventive measures.
Unlocking the Power of HSA/FSA
With an estimated $140 billion currently sitting unused in HSA and FSA accounts, TrueMed recognizes the potential of these savings instruments. By partnering with health and wellness brands and integrating into their payment systems, TrueMed allows consumers to pay for their purchases using HSA/FSA funds seamlessly.
Upon selecting this payment method, consumers are prompted to answer a few health-related questions. TrueMed then asynchronously connects with a healthcare provider who can issue a letter of medical necessity, if necessary. This process ensures compliance and enables individuals to use their HSA/FSA funds for a broader range of health and wellness products.
Changing the Healthcare Paradigm
TrueMed’s long-term goal is to shift the focus of healthcare spending towards preventive measures rather than interventions after individuals fall ill. Co-founder Calley Means emphasizes the importance of using healthcare dollars to incentivize metabolic habits, such as proper nutrition, exercise, sleep, and supplementation, to promote overall health and well-being.
By leveraging telehealth laws that have emerged during the COVID-19 pandemic, TrueMed can collect the necessary information and produce medical notes seamlessly and asynchronously, without requiring a visit to the doctor’s office.
The platform has already gained traction, with $3 billion of gross merchandise volume from businesses like CrossFit, Magic Mind, and Kos. TrueMed has raised $3.5 million in funding from notable investors, including functional medicine pioneer Mark Hyman.
As TrueMed continues to partner with more merchants and attract a larger customer base, it seeks to redirect healthcare dollars towards supporting healthier lifestyles. With the upcoming fourth quarter, during which 80% of Americans will choose their HSA/FSA contributions, TrueMed hopes to inspire individuals to view their HSA/FSA accounts as tools for maintaining and improving their overall health.
Co-founder Calley Means, having personally witnessed the impact of preventable diseases within his family, is committed to honoring his mother’s memory and his physician sister’s expertise in metabolic health by empowering individuals to make healthier choices. Through TrueMed, Means aims to convey the message that food and exercise can be powerful forms of medicine.
