In this episode of the Digital Health Heavyweights podcast, Norm Volsky interviews Spencer Smith, SVP of Sales at Pareto Health. They discuss Spencer's journey in the healthcare industry, the misconceptions surrounding stop-loss insurance, and the benefits of self-funding for mid-sized employers. Spencer shares insights from his time at Plan Sight, the culture at Pareto, and the importance of leadership traits in healthcare. The conversation also touches on the role of brokers, the impact of digital health vendors, and future trends in the industry. Spencer emphasizes the need for trust and transparency in healthcare, as well as the personal growth he has experienced through podcasts.
Takeaways
π Spencer Smith's journey into healthcare began by chance after college.
π Many employers treat stop-loss insurance as a commodity, missing the bigger picture.
π’ Self-funding is not just for large employers; most employees are in self-funded plans.
π Pareto Health offers a unique solution by unbundling healthcare components for employers.
π€ The culture at Pareto is driven by a mission to support small to mid-sized employers.
π§ Effective leadership in healthcare requires empathy, attitude, and self-care.
β Many misconceptions exist about self-funding among mid-sized employers.
πΌ Brokers may have incentives to keep employers fully insured, impacting their advice.
π₯οΈ Digital health vendors play a crucial role in enhancing healthcare solutions.
ποΈ Podcasting has opened new doors for Spencer, enhancing his credibility in the industry.
Chapters
00:00 Introduction to Spencer Smith and Pareto Health
03:18 Common Misconceptions about Stop Loss
07:27 Transition to Pareto Health and Its Mission
11:17 The Role of Captives in Healthcare
13:33 Simplifying Self-Funding for Mid-Size Employers
14:15 Explaining Risk Financing
15:20 Success Stories from Pareto Health
16:23 Memorable Sales Experiences
18:06 Attracting Talent to Pareto Health
19:36 Company Culture at Pareto Health
20:33 Traits of Effective Leaders
24:35 Misconceptions about Healthcare for Mid-Size Employers
25:31 The Role of Brokers and Consultants in Self-Funding
27:46 Understanding When to Stay Fully Insured
30:01 Integrating Digital Health Solutions
31:46 Evaluating Return on Investment in Health Solutions
34:20 The Future of Captives and Primary Care
36:14 Lessons from Podcasting
39:46 The Impact of Personal Branding in Business
48:20 Maintaining Health and Wellness in a Busy Life
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