KyNetman,
Good to hear from you again. I will share my observation regarding FLCR's HSA program, FWIW.
FLCR could bundle the HSA offering with their core product (storage of emergency medical data). However, they don't have any customers for their core product. Notice that their last quarterly report showed total revenues of $2881. Evidently FLCR has not been able to market their core product successfully. (I have not purchased their core product. Have any of you? Just curious.) I suspect that is also why they have not spent any money to update their fullcircleregistry website. If you have no customers, the website cannot be regarded as a priority.
FLCR's business plan has changed significantly over the past nine months (since the new management took over). They are using their database technologies to pursue other avenues in order to generate a revenue stream. For example, the ENC program is marketed to auto dealers who then include the ENC package with every car they sell. The end user (the auto purchaser) is choosing to purchase a car, not an emergency notification package, but they receive both. The BrightStar Registry allows parents, for a nominal fee, to store important medical and identification records on their children. The low cost helps make this program a winner. The MyClubCard has some real revenue potential as a fundraising program for booster clubs.
FLCR has not thrown in the towel on their core product. They just have to find an effective way to market it. That's where these other programs help out. These programs have the potential for generating a significant revenue stream, but they also allow FLCR to build a large, nationwide database of individuals who are already tied to FLCR through programs other than the core product. They can then market their core product, HSAs, along with other programs and products, to these individuals. In other words, the revenue-generating programs they are developing will eventually provide the means to market their core products and HSAs successfully.
Patience is the key here. It will take a little bit of time for all these programs to mature. And once they mature, it will take a little bit of time for the second tier marketing to begin having a signficant impact.
In addition to their current business model, FLCR is working on some big contracts. From their own PRs, we know they are working to get a contract with state of KY--that contract would involve HSA. They have a contract with the KY Teamsters Union, but there have been some difficulties in getting all the pieces in place. From what has been rumored, they are working on other contracts as well. FLCR's partnership with FreeStore has been hampered by technical difficulties, but once in place, FreeStore may prove to be a successful marketing outlet.
Bottom line, FLCR is developing some creative ways to use their current database technologies and ultimately to market their core product. Some of the programs and contracts they are working on will take some time to develop--longer than most of us thought a couple months ago. But I am still confident it will happen. The management team at FLCR is its strongest asset. Patience, I believe, will be rewarded generously.
I welcome input from others. Other posters here have had more frequent contact with management than I have and could "fill in the gaps" for us.
This part of the ride is not particularly enjoyable, but hang on...
AI
