One of the more innovative companies to have emerged in the fintech sector over the last decade has been GreenSky Credit. The company was founded in 2006 by entrepreneur David Zalik. Since then, it has shown that it has what it takes to sustain phenomenal levels of growth. By 2018, GreenSky was worth an estimated $5 billion, with some analysts opining that the company’s rumored IPO could put its publicly traded value at close to $10 billion.
Best loans in the business
The secret behind GreenSky Credit’s success has been the company’s ability to create value through making frictionless loans at the retail level a reality for millions. GreenSky loans are markedly different from the products of any other fintech company currently in operation.
For starters, the company extends loans for big-ticket purchases. These can be elective medical procedures, the complete residing of a home or a large kitchen renovation with an estimated cost in the six figures. Previously, these types of purchases would have required a traditional bank loan, typically a personal or home-equity line of credit. And even those credit facilities often fell short of covering the entire cost of truly expensive goods and services.
By going after a niche that was severely underserved, GreenSky was able to create, overnight, an entire market that had not existed previously. And it was able to sustain and grow this market by offering loan terms that are truly astounding for their type and amount. The typical GreenSky loan involves zero interest and zero payment for the first full year. After that period, higher rates in the low teens kick in. But even these higher rates, which virtually none of the firm’s customers are ever hit with, are drastically better than the typical terms of a credit card.
These excellent loan terms are made possible by the fact that the vast majority of the company’s customers are in the prime borrower category, with FICO scores exceeding 800. The company’s lending partners trip over each other to get these high-performing loans on their books. And the majority of the company’s customers pay off their loans, in full, on short time horizons.
Eric Lefkofsky is a businessman with a philanthropic heart. He is the co-founder of many Chicago based businesses. Eric co-founded Tempus, Echo Global Logistics, Groupon, Mediaocean, InnerWorkings, LightBank and Uptake. He grew up in Southfield Michigan and his father was a structural engineer and his mother was a teacher. Eric graduated with honors from the University of Michigan in 1991. He continued his education at the University of Michigan Law School and earned his Juris Doctor degree in 1993.
In 2018, Eric’s co-founded company Tempus earned a whopping $80 million in funding to continue with cancer research and data collection services. Tempus was founded in 2015 and since its founding it had earned over two hundred million dollars in investments. This vast collection of funding has helped Tempus earn a ‘unicorn’ status in Chicago for being a startup that is valued at more than $1 billion. The newly acquired funding is promoting vast hiring at Tempus where there are already currently four hundred employees. Tempus collects digital data and molecular data to share information with physicians. New technologies developed by Tempus also allow for doctors hand written notes to be scanned and digitized for patient record sharing. Tempus has strong relationships with hospitals, pharmaceutical companies and doctors. These relationships have made this state of the art record sharing company so successful.
In addition to Tempus Eric co-founded the popular bargain and discount site, Groupon. Groupon is another Chicago based company that benefits consumers. Corporations, stores and even travel locations post deals to Groupon. These deals are offered at a fraction of the cost for consumers. Only a certain amount of deals can be sold and once all have been bought there are no more available for purchase until the poster adds more or reposts the deal. Eric is strongly devoted to his co-founded companies and many charities in the Chicago area. He believes in giving back to the community and formed the Lefkofsky foundation to help educational organizations and causes around the world.
InnovaCare Health Inc. is a Fort Lee, NJ firm which offers Medicare Advantage plans and physician services in Puerto Rico. They were founded two decades ago now has over 500,000 clients. About half of their clients qualify for both Medicare and Medicaid. They have partnered with 50 hospital, 193 primary care providers, 410 specialty care providers, and 26 independent practice associations. InnovaCare Health is privately held.
This company is led by Rick Shinto, MD., MBA. He is both the president and chief executive officer. He has been an executive in the healthcare industry for more than 20 years. Other companies he has been a leader at include NAMM California, MMM Healthcare, Aveta Inc., and Medical Pathways Management Company among others. He started out his career as a medical doctor who specialized as a pulmonologist in the greater Los Angeles area.
During his career Dr. Rick Shinto has received a number of awards. A recent one he received on February 26, 2018. This was being named a Top 25 Minority Executive in Healthcare award by Modern Healthcare. This award honors minority executives who are making a positive difference in healthcare policies as well as care delivery models. Another award he won was in 2012 when he was named Entrepreneur of the Year by Ernst & Young.
As the Chief Administrative Officer Penelope Kokkinides is another top executive at InnovaCare Health. She is considered a national expert when it comes to Medicare and Medicaid and she has worked with these programs for more than two decades. Her role is to develop clinical programs at this company. She also manages InnovaCare’s operations and she focuses on creating an efficient organizational structure.
Both Rick Shinto and Penelope Kokkinides were instrumental in an effort to introduce a new and improved payment methods plan. This is called Payment Lan (Learning and Action Network). The goal is to create a new health system model which is focused on quality-based payments rather than the current system which is based on sheer volume. This alternative payment model is designed to encourage hospitals and physicians to provide better care, not just more of it. The goal is to have more than 30% of healthcare payments in the United States to be paid through alternative methods in the near future. In order to measure progress, InnovaCare Health will keep track of results with the LAN Nationwide Data Collection Effort.
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