Sounds dry. But it’s actually about “Acting solely in the interest of plan participants and their beneficiaries” as ERISA requires. This means acting with diligence and prudence to ensure employees and their families get the best benefits at the lowest cost.
Ultimately, breaching your fiduciary duties, particularly when people are sick and need their benefits the most, leads to the source of lawsuits: unsatisfied employees facing an untenable financial burden and deferred care.
Good things happen when employers have a clear focus on participant and beneficiary interests. Having an experienced "patient advocate" advise the benefits committee and monitor performance may be the best investment an employer can make.
Many TPAs, PBMs, and other service providers collect undisclosed fees. These payment schemes are a compliance risk and drive up costs. Find partners who want to create value, not extract it at the expense of your plan and employees.
Yes you can have both. That's what we call The Health Plan Compliance Advantage. Sound compliance leads to strong relationships with transparent and innovative service providers aligned with your goal to deliver high quality benefits and care at an affordable cost.
Compliance used to be a "check the box" exercise.
Not any more. Today, health plan compliance requires a multidisciplinary approach. The highest performing health plans achieve their results by combining:
It doesn't have to be complicated.
It truly is not rocket science. At least when you strip away opaque pricing and unfavorable contract terms. We've developed pragmatic education, consulting services, and tools designed to help health plan fiduciaries, including General Counsel, CFO, HR Leaders, and Benefits Committee, improve compliance and uphold their fiduciary duty as stipulated by ERISA:
What makes us different?
Expertise and Advocacy. We use our professional expertise and (importantly!) personal experience as patients. We're committed to an uncompromised focus on participant and beneficiary interests as our North Star.
Presentations and workshops:
Current state & gap analysis:
Management and controls:
Future state:
You'll receive actionable insights you can put to use right away:
Ideal for employer-sponsored health plan fiduciaries:
Catch-up on back issues of
The Health Plan Compliance Advantage
"As a former CFO, I was happy to find a newsletter focused on the idea of good compliance leading to cost savings and better benefits. Every CFO and health plan benefits committee member should add this newsletter to their reading list."
Provide exceptional healthcare education and consulting services to employers, health plans, advisers, legal, and health tech clients.
Experienced, independent consultants and subject matter experts with diverse healthcare backgrounds covering compliance, strategy, analytics, and technology-enabled services.
We have a first hand, patient-centric perspective focused on delivering high quality, cost effective benefits and care for employees and their beneficiaries.
I’ve worked in healthcare for 30+ years. My focus has been using analytics and digital health to deliver higher quality more cost effective care.
When I became a patient, I saw a whole different side of healthcare. I kept asking myself, “How does anyone, without a healthcare background, manage through this mess without pulling their hair out or depleting their bank account?”
That's why I'm using my professional expertise and newfound personal experiences to help others get the care they need.
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