Ad break

Everyone in this market is optimizing for the wrong thing. Consumers want the most weight loss for the cheapest price, and up to 40% of what they're losing is muscle.

My guests this week are Nicholas Syhler, a former cardiologist who left his residency to work upstream of the heart attacks he was treating, and Paul Elsass, an exercise physiologist who spent years in startup land before landing on the one root cause nobody had solved. 

Their company, Embla, runs a coach-first GLP-1 program out of Copenhagen with peer-reviewed data on almost 5,000 patients showing 55% less medication and the same weight loss outcomes seen in clinical trials.

We get into why the drug was never designed to shut off hunger, why members can sit on a quarter milligram of semaglutide for months instead of escalating every 30 days, and the claims data suggesting aggressive dosing is quietly driving up MSK spend. We also cover why they built the model around self-funded employers rather than direct-to-consumer, what one bundled price under $500 a month actually includes, and their plan to move from weight loss into full cardiometabolic care with deprescribing as the goal.

If you're evaluating a GLP-1 strategy for 2027, this one reframes the question. Tune in.

"We were seeing four to six pounds per week. That's way too much. It should be one to two." — Nicholas Syhler

Thank you to our 2026 sponsors!

ParetoHealth: ParetoHealth empowers midsize employers with a long-term solution to reduce volatility and lower overall health benefits costs. Visit https://www.paretohealth.com/fully-insured-vs-self-funding-with-paretohealth-spencer-podcast/?utm_source=youtube&utm_medium=referral&utm_campaign=SelfFundedwSpencer to learn more.

Samaritan Fund: A program that connects those who need help to the support they need. We are proud to offer the Samaritan Fund Program. Visit SamaritanFundProgram.com to learn more.

Vālenz Health: We're Vālenz Health, your partner in improving health literacy, reducing plan spend, and delivering high-value healthcare. Visit ValenzHealth.com to learn more.

Imagine360: Imagine360 helps self-funded employers save on healthcare with smarter health plans. Cut expenses by 20-30% with custom solutions. Contact us today at Imagine360.com.

Chapters:

(00:00:00) Intro: Meet Embla
(00:01:30) From Cardiology Residency to Quitting Medicine
(00:05:56) Reading the First Line on the Label
(00:07:07) Losing Weight Too Fast: The Muscle Problem
(00:08:34) Why "Eat Less, Move More" Fails
(00:12:43) Coach First, Clinician Second
(00:14:19) A Quarter Milligram for Four Months
(00:16:52) Semaglutide vs. Tirzepatide
(00:19:29) The MSK Claims Nobody Saw Coming
(00:22:17) Why Self-Funded Employers, Not Consumers
(00:25:09) Where the Name Embla Comes From
(00:27:28) One Price, Everything Included
(00:30:42) Learning About PBMs the Hard Way
(00:34:43) Deprescribing and Cardiometabolic Care
(00:42:30) Why America Makes This Harder
(00:46:30) The Three Behavioral Levers
(00:49:27) How the Program Actually Rolls Out
(00:54:14) Diet, Fasting, and Food Quality
(00:57:10) The Moonshot
(01:00:59) Closing Thoughts

Key Links for Social:

@SelfFunded on YouTube for video versions of the podcast and much more - https://www.youtube.com/@SelfFunded

Listen/watch on Spotify - https://open.spotify.com/show/1TjmrMrkIj0qSmlwAIevKA?si=068a389925474f02

Listen on Apple Podcasts - https://podcasts.apple.com/us/podcast/self-funded-with-spencer/id1566182286

Follow Spencer on LinkedIn - https://www.linkedin.com/in/spencer-smith-self-funded/

Follow Spencer on Instagram - https://www.instagram.com/selffundedwithspencer/