Nov 30, 2023
The Financialization of Health Benefits: A Boardroom Imperative
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In episode 419 of Relentless Health Value, Stacey Richter interviews Andreas Mang from Blackstone on the financialization of healthcare benefits for corporate boards and C-suite executives. The discussion highlights the transformation of healthcare benefits into a significant business aspect, emphasizing the importance of C-suite involvement to combat waste and financial exploitation by vendors. Andreas offers practical steps to save companies up to 10% on healthcare costs while improving employee satisfaction, including self-insurance and careful selection of brokers. The episode underscores the need for enhanced purchasing discipline and strategic alignment among company leadership to manage healthcare expenses effectively.
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04:19 Why Andreas starts every conversation with the question, “How’s your healthcare company?”
07:04 Why is it important, as a self-insured employer, to treat your business as a small healthcare company?
08:42 Why is it unnatural for companies to be providing health insurance?
10:13 What can be achieved when there is alignment between employers and insurers?
12:07 What things can a company do to reduce spend by 10%?
13:40 Why is it better to have CFO engagement in the benefits plan throughout the year?
15:51 Why does self-insurance save 5% to 9% for companies automatically?
17:41 “The funding isn’t a healthcare thing; it’s a CFO thing.”
17:54 Why is it vital to have a reliable, trustworthy broker?
24:38 When is the last time your company has RFP’d their health plan?
27:06 Why does changing a health plan feel scary but is necessary?
27:58 What is a dependent eligibility audit?
30:48 Why are employers better together?
34:02 How do employers truly get a flat-fee model with brokers?