Co-founded Definity Health in 1998 to give consumers a “sense of ownership” of the dollars employers spend on their behalf. Debuted health reimbursement accounts, now known as HSAs. Definity proved consumers understood the financial value of choice. Sold to UnitedHealth for $300 million in 2004. Raised $175 million to launch Lemhi Ventures in 2006. Founded Carol, an early attempt at a healthcare retail exchange, where consumers could comparison shop for healthcare packages offered by local providers. Launched in 2008, gained little traction. Regrouped, now applying its technology in places where demand is a bit more concentrated: back-offices of payors, employers and providers. Services mainly help payers and employers with reimbursement redesign, or help doctors link payments to health outcomes they produce. He is CEO. Lemhi has funded six other companies.

To the StarTribune in 2008:

"Everyone talks about how health care is broken ... What's really frustrating for me, working with employers, is that employers are always talking about [health benefits as] their money.  I would be sitting there saying, 'No, no, it's not really your money. It's really a proxy for compensation that you have promised this individual.'"