When Dave Chase gave his TED Talk, “Healthcare Stole the American Dream,” CEOs listened. While the story of low-quality care and increasing costs is familiar, what was different was how Dave offered hope by telling stories of employers who challenged the status quo, purchased healthcare differently, and achieved better results. Effectively, he was laying the foundation for the organization he was forming called the Health Rosetta.
More than anything, the Health Rosetta is a roadmap for how healthcare should work. In regard to employer-sponsored healthcare plans, it mandates things like transparency, quality, value, and fiduciary behavior—all elements generally missing from the current system.
When embraced by employers, it helps to significantly reduce costs and improve quality.
To achieve great results, employers need a guide to help them navigate away from the status quo. While change may be challenging, the right advisor can add tremendous value and reduce any stress that comes with doing something new.
So before you jump on board, there’s one question you must ask yourself: When is the best time to transition to a Certified Health Rosetta Advisor?
In this article, we’ll discuss some differences between a traditional broker and a Certified Health Rosetta advisor, as well as questions you can ask yourself to determine if it’s time to make the switch. That way, you will be able to make an educated decision to safeguard the future of your business and the health of your employees.
The Differences Between Standard Benefits Brokers & Certified Health Rosetta Advisors
Not all vendors are created equal, and this is especially the case for benefits brokers versus Certified Health Rosetta Advisors.
Benefits brokers are paid by insurance companies to sell product. Immediately, this creates a conflict of interest. It is very difficult for brokers to act in a fiduciary manner when commissions and significant bonus income influence their behavior.
In contrast, a Certified Health Rosetta Advisor, when hired by an employer to build a custom, high-performance plan, is solely paid by that employer. With this approach, interests are aligned 100%.
As Dave Chase explains, a traditional benefits broker:
- Often retains clients with an insurance carrier regardless of the value the carrier may provide
- Manages your insurance one year at a time
- Believes costs are dependent on the best offer of the insurance carrier
- Isn’t transparent about where your money is going
- Offers limited ways to control underlying costs
- Doesn't talk about their compensation
- Advocates for increased deductibles and copays to lower the employer impact of premium increases
- Blames costs exclusively on employee behavior and poor health
On the other hand, a Certified Health Rosetta Advisor:
- Creates a 3-5 year healthcare plan
- Is transparent about where your money is going
- Talks about their compensation
- Is willing to tie compensation to performance
- Provides risk management to suit your needs
- Never surprises with a “shock” renewal rate
- Gives you control over your costs
- Helps your employees make wise healthcare decisions
- Understands improving benefits is the only way to lower costs
- Provides detailed data-driven analysis and actionable insight
Questions To Ask Your Team To Determine If It’s Time To Make A Switch
If you have been working with the same broker for years, it can be difficult to switch and you may be stuck in a rut. The theme amongst most employers who were able to tame the healthcare cost beast is that they all had a growth mindset. They were okay putting aside fear and preconceived ideas to learn about new ideas and opportunities.
The old saying that “nobody got fired for hiring IBM” did not exist in their minds. They embraced a little uncertainty and were rewarded handsomely for their courage to make changes and improvements.
To determine whether it’s time for you to switch to a Health Rosetta advisor, ask yourself the following questions:
- Does the insurance company pay your broker more when costs go up? Do you even know?
- Does your organization truly invest a proportionate amount of time on managing one of your largest expenses, your healthcare plan—similar to the time you spend on things like marketing, sales, training, R&D, safety or technology?
- Is your plan partially self-funded?
- Do you own and have access to all your medical claims data from every supply chain vendor?
- Can you see and track all component costs associated with your plan, such as every single dollar of broker compensation as well as insurance and administration charges?
- Do employees have access to unbiased quality data regarding providers and effectiveness of treatments?
- Does your plan offer employees a nurse or doctor advocate to help them navigate the system?
- Does your organization offer incentives to employees for making smart healthcare purchasing decisions?
- Do you know the financial impact of introducing concepts such as Transparent/passthrough Pharmacy, Direct Primary Care, Reference Based Reimbursements or Direct Contracting?
- Do you know exactly who is driving the majority of your claims costs on your plan and why?
- Is every single person or entity that interacts with your healthcare plan acting in a fiduciary manner — meaning is every action they take focused on improving quality and lowering costs?
Answering “no” to one or more of these questions is a good indication that it’s time to find an advisor who better suits the needs of your employees and your business.
When Should You Switch To A Certified Health Rosetta Advisor?
When it comes to your company healthcare, you want to feel confident knowing you’re providing your employees with the best care—while saving thousands or millions in the process. And you should be able to do just that!
With a Certified Health Rosetta Advisor, you don’t have to sacrifice quality for cost or vice versa. Your advisor will help reduce your healthcare spend by 20% or more while providing better benefits than 99% of the workforce.
If you would like to learn more about how a Certified Health Rosetta Advisor operates, download our free guide, “6 Key Elements You Must Incorporate Into Your Employee Healthcare Plan.” In this guide, you’ll learn how a Health Rosetta style plan improves quality and saves your business money.