Self-Funded With Spencer

Josh Honaker is a seasoned pediatrician from South Central Kentucky, renowned for his expertise in integrating telehealth and education in pediatric healthcare. He currently serves as the CEO of Parent MD, a platform that embodies his belief in the necessity of Telehealth and education as solutions to common frustrations and disconnects in pediatric healthcare. Dr. Honaker's perspective is shaped by his experiences with time constraints and high patient volumes, which often leave parents feeling frustrated and uninformed. He sees Telehealth and education as vital tools to improve healthcare access and provide parents with reliable information and resources. Honaker envisions Parent MD as a platform that unites Telehealth partners, educational content, and a supportive community to enhance the medical home and provide comprehensive care for children. Join Spencer Smith and Dr. Josh Honaker on this episode of the @SelfFunded with Spencer podcast to delve deeper into this innovative approach to pediatric healthcare. Key Words: Telehealth, Direct Primary Care, DPC, Pediatrics, Pediatrics Telehealth, Parents, Education for Parents, Community for Parents, Resources for Parents, Employee Benefits for Parents, Healthcare, Employee Benefits, Benefits Brokers, Insurance Brokers, Insurance Consultants, Employer-Sponsored Healthcare, Innovations in Healthcare Key Links for Social Self-Funded's Channel - https://www.youtube.com/ @SelfFunded Listen 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 Listen on Spotify for Podcasters - https://podcasters.spotify.com/pod/show/spencer-harlan-smith Follow Spencer on LinkedIn - https://www.linkedin.com/in/spencer-smith-self-funded/ Follow Spencer on Instagram - https://www.instagram.com/selffundedwithspencer/ Chapters: 00:00:00 Virtual Pediatrician Partnership for Holistic Childcare 00:03:57 The Impact of Mentorship on Choosing Pediatrics 00:14:56 Entrepreneurial Pediatric Care: A Unique Approach 00:21:44 Virtual consultations for comprehensive pediatric care 00:28:58 "Comprehensive Digital Resource for New Parents" 00:37:39 Expanding direct-to-consumer model to employers 00:43:48 Future plans for personalized nutrition education 00:46:22 Transforming Healthcare Delivery for Cost-Effective Care 00:52:11 Revolutionizing Healthcare with AI 00:56:11 Advancements in healthcare for optimal human health

How Should Insurance Brokers Get Paid - Jonathan Lopez Jonathan Lopez's career journey is a testament to the power of hard work and continuous learning. From a shoulder injury in the Marine Corps to earning a doctorate in leadership, Lopez has overcome obstacles and embraced opportunities to shape his professional path. Lopez's commitment to helping others extends beyond his career. He is actively involved in fundraising for wells in Tanzania through the Water Boys organization. This philanthropic effort not only builds wells but also ensures their maintenance and management, providing clean water to communities in need. In a recent episode of the podcast "Self Funded," hosted by Spencer Smith, Lopez and Smith delve into the complexities of incentives in the insurance industry. They emphasize the importance of transparency and integrity in navigating this field. Lopez highlights the issue of misaligned incentives and what he refers to as "dark money," shedding light on the need for greater accountability. The conversation also touches on shared savings arrangements and compensation structures for consultants. The evolving landscape of the insurance industry demands a closer examination of who gets paid and how much at each step of the equation. Lopez and Smith recognize the need for more transparency and integrity in the industry, challenging the perception of insurance as a greedy or stagnant field. Comedy emerges as a powerful tool for delivering harsh truths and sparking meaningful conversations. Lopez and Smith discuss the influence of comedy in addressing industry issues and dispelling misconceptions. They highlight the role of comedians like Joe Rogan, who use their platforms to share perspectives and engage audiences through humor. Artificial intelligence (AI) emerges as a game-changer in the insurance industry, particularly in underwriting and prepayment of claims. Lopez emphasizes the benefits of AI in analyzing patterns and resolving issues efficiently. The vast amount of healthcare data available allows AI to make data-driven decisions, leading to more accurate risk assessment and cost-saving strategies. Chapters 00:03:29 From $20 to Doctorate: Overcoming Obstacles 00:06:46 Climbing Mount Kilimanjaro to Fund Wells 00:09:58 Sustainable well management for clean water access 00:19:48 Misaligned incentives and dark money in insurance 00:28:33 Incentivized cost savings through shared arrangements 00:34:34 Prescription-based Comp for Insurance Consultants 00:40:25 The Power of Comedy in Delivering Truth 00:41:48 AI's Impact on Claim Management in Insurance 00:50:45 Revolutionizing Underwriting with AI Technology 00:59:27 Optimizing Insurance Plans w/ Pre-Underwriting Analysis

In this episode of the podcast Self-Funded with Spencer, hosted by Spencer Smith and featuring Sam Moen, the co-founder of MD Direct, the discussion centered around MD Direct's unique approach to optimizing healthcare and nutrition. MD Direct is a healthcare company that aims to bridge the gap in hospital nutrition and diet, focusing on individual performance and optimizing knowledge to help patients achieve their health goals. One of the key factors that impact MD Direct's approach is the disconnect in healthcare, particularly in musculoskeletal (MSK) and orthopedic care. This category is the largest spending category for employers in healthcare, accounting for a significant portion of healthcare costs. Sam Moen, co-founder of MD Direct, emphasizes the importance of addressing this issue, stating, "Getting good musculoskeletal health is what we think is the most important problem for employers to solve." Orthopedic care alone accounts for 5.76% of the GDP, making it a significant financial burden on both individuals and employers. The prevalence of musculoskeletal injuries, coupled with the high cost of treatment, highlights the need for a more efficient and effective approach to healthcare in this area. MD Direct aims to optimize healthcare visits, reduce leakage, and improve overall efficiency in the healthcare system. They specialize in triaging patients and determining the most appropriate treatment pathway, prioritizing starting with the least critical intervention. By utilizing data from wearables and predictive analytics, MD Direct aims to improve patient care and outcomes. One of the challenges MD Direct faces is the traditional healthcare model, which is not designed for efficiency. Moen acknowledges this, stating, "The traditional healthcare model isn't designed for efficiency. Unfortunately for you and me, the efficiency really is for the physicians. For billing insurance companies." MD Direct aims to disrupt this model by focusing on delivering the best clinical model to patients, with a focus on rapid diagnosis and treatment. Another important aspect of MD Direct's approach is the integration of nutrition and diet into healthcare. Moen highlights the lack of understanding and coaching on nutrition and diet in hospitals, stating, "The hospitals don't understand anything about nutrition and diet. They don't coach you on anything." MD Direct aims to address this gap by creating a connection between health and wellness, providing patients with the necessary information and support to make informed decisions about their nutrition and diet. MD Direct also works closely with employers to create clinical pathways and engage employees when they need it most. Moen emphasizes the importance of financial incentives for employees, stating, "If you can get the financial incentive to the employees, that's a great way to see engagement tick." By designing benefit plans that make it financially beneficial for employees to choose MD Direct's approach, they aim to increase engagement and improve overall health outcomes. Chapters: 00:00:18 Revolutionizing Hospital Nutrition with MD Direct 00:01:23 The Impact of Gluten on Scandinavian Health 00:05:17 The Lizard Brain's Influence on Food Choices 00:07:44 Disparity in MSK and Orthopedic Care 00:08:30 Optimizing MSK and Orthopedic Care Efficiency 00:15:58 The Impact of Unnecessary Surgeries in Healthcare 00:21:28 High-Value Physical Therapy for Efficient Care 00:26:44 Improving Musculoskeletal Health for Employers 00:31:57 Utilizing MD Direct's Services for Employee Incentives 00:40:39 Reducing Unnecessary Surgeries 00:49:25 Wearable Data for Early Health Notifications

Recruit & Retain with Employee Benefits - Kyle Minick The evolving employer market is placing a greater emphasis on HR policies, benefits, and healthcare transparency. In this episode of the podcast "Self Funded" hosted by Spencer Smith and featuring Kyle Minick, the importance of these factors in talent management strategies was discussed. Traditionally, financial compensation has been the primary focus for employers when it comes to attracting and retaining talent. However, surveys have consistently shown that compensation is not the top priority for employees. Instead, factors such as flexibility and paid time off are often cited as more important. This highlights the need for employers to look beyond monetary rewards and invest in HR policies and benefits that foster a supportive work culture. Creating a sense of value among employees is crucial for retaining them. This can be achieved through leadership that demonstrates emotional attachment and loyalty. Employees want to feel that their employer cares about their success and well-being. HR policies and fringe benefits play a significant role in creating this sense of value. Offering assistance with buying a home or expanding financial futures are examples of how employers can show their commitment to their employees' long-term well-being. The insurance industry is also evolving to offer creative and tangible business solutions. Benefits are a major expense for businesses, and insurance companies are recognizing the need to go beyond traditional coverage. They are now focusing on HR policies, fringe benefits, and talent attraction and retention. Summit, a company specializing in benefits, insurance, and investments, is leading the way in serving businesses of all sizes, with a particular interest in blue-collar companies. They are also taking steps to address the high costs of specialty drugs through new pharmacy initiatives. Chapters: (00:00:08) Podcasts and Education in Employer Market (00:01:24) Creating a Culture of Employee Satisfaction (00:06:05) Creating a Supportive Environment for Employee Retention (00:10:09) Kyle's Journey in the Insurance Industry (00:16:00) Innovative Solutions in the Insurance Industry (00:24:52) Specialized Benefit Solutions for Businesses of All Sizes (00:30:43) Challenges and Solutions for Blue-Collar Companies (00:46:26) Pharmacy Initiatives: Addressing Specialty Drug Costs (00:51:49) Unveiling the Elusive Healthcare Expenses (00:58:08) Disruptive Innovation for Positive Change

The TPA Problem-Solver - Madeline Smith of MADDRS Today's episode features Madeline, CEO and Founder of MADDRS. Madeline Smith is a passionate insurance professional with a diverse background in writing, teaching, coaching, and consulting, and a strong desire to improve differentiation and value in the self-funded plan industry. Madeline sees her role evolving to focus more on teaching, supporting, and consulting behind the scenes, rather than being at the forefront trying to sell and produce. She is a strong advocate for challenging the status quo and finding innovative ways to make a difference in the industry. She criticizes the tendency for some in the industry to cut corners and engage in practices that contradict their claims of being different and radical. Madeline is also the creator of the anthology book - "Whole Lotta $$$ in this MoFo", which is subtitled "An Employer's Guide to Navigating Legalized Larceny Within American Healthcare". I was fortunate to also to a contribute a chapter to this great book. Buy it here - https://www.amazon.com/Whole-Lotta-this-MoFo-Navigating-ebook/dp/B0BLDMZ3NF Join Spencer Smith and Madeline Smith on this episode of the  @SelfFunded  with Spencer podcast to learn more about her unique perspective and commitment to making a positive impact within her own lane. Listen on Spotify - https://open.spotify.com/show/1TjmrMrkIj0qSmlwAIevKA?si=687c57dbe9cb4f39 Apple Podcasts - https://podcasts.apple.com/us/podcast/self-funded-with-spencer/id1566182286 Spencer Website - https://spencerharlansmith.com/ Spencer LinkedIn - https://www.linkedin.com/in/spencer-smith-self-funded/ Madeline LinkedIn - https://www.linkedin.com/in/madeline-smith-dba/ MADDRS LinkedIn - https://www.linkedin.com/company/maddrs/ Chapters: 00:01:23 Embracing Unique Strengths: Differentiating MGUs and Carriers 00:04:16 Evaluating carrier relationships for successful partnerships 00:17:32 Improving Communication for TPAs 00:21:45 Mediating and problem-solving in the insurance industry 00:24:53 Misunderstood challenges faced by TPAs in healthcare 00:32:41 Selecting the Ideal TPA for Clients 00:37:06 Prioritizing projects based on shared values 00:40:16 Unveiling the Hidden Forces: A Raw Industry Perspective 00:44:31 Navigating Healthcare: A Comprehensive Guide 00:49:43 Navigating Careers: A Guidebook for Professionals 00:54:59 Driving positive change in the healthcare system

From Military Service to Employee Benefits - Two Veterans' Journey into Healthcare Transitioning from military service to civilian life can be a daunting task for some veterans. However, with the right support and guidance, veterans can find fulfilling careers in various industries. One such industry is insurance consulting, which offers a unique blend of strategic thinking, problem-solving, and client management. In a recent episode of the podcast @SelfFunded with Spencer, hosted by Spencer Smith and featuring Cliff Favors and Winston Elliott, the topic of veterans transitioning to civilian careers in insurance consulting was explored in depth. Networking and Support: Key Factors for Success One of the key takeaways from the episode was the importance of networking and support for veterans transitioning to civilian life. Cliff Favors and Winston Elliott, both veterans themselves and employees at Lockton, emphasized the value of reaching out to others who have already made the transition. They highlighted the Houston veteran community as an excellent resource for connecting with like-minded individuals and gaining insights into different industries. The Rewards of the Benefits Industry Despite its reputation as a potentially dull field, the benefits industry, particularly insurance consulting, offers rewarding opportunities for veterans. Cliff Favors mentioned that the benefits industry is often misunderstood and under-appreciated. He emphasized that the industry plays a crucial role in solving people problems rather than just crunching numbers. By focusing on the human aspect of business, insurance consultants can make a positive impact on the lives of employees and their families. Lockton: A Trusted Partner in Insurance Consulting Lockton, a privately held insurance broker, stands out as a company that prioritizes its clients' interests. Winston Elliott highlighted the unique advantage of being privately held, as it allows Lockton to focus solely on serving its clients without external pressures from shareholders or private equity firms. The company's commitment to comprehensive support was evident in its approach to medical coding and identifying questionable claims. With a team of medical doctors and coding experts, Lockton goes beyond traditional insurance brokers, acting as trusted advisors to business owners and CFOs. The People Solutions Approach Lockton's people solutions approach sets it apart from other insurance brokers. Rather than simply offering cost-saving solutions, Lockton aims to be a trusted advisor to its clients. By addressing not only healthcare concerns but also broader business challenges such as retention, compensation, and leadership development, Lockton positions itself as a strategic partner in the growth and success of its clients' businesses. Tradeoffs and Challenges While transitioning to a civilian career in insurance consulting can be rewarding, it is not without its challenges. Spencer Smith, the podcast host, highlighted the need for consultants to be proficient in their subject matter. The complexity of the healthcare industry requires consultants to continuously update their knowledge and skills to provide the best solutions for their clients. Additionally, veterans transitioning to civilian life may face the challenge of translating their military experience into relevant skills for the insurance consulting field. However, with the right support and networking opportunities, these challenges can be overcome. In conclusion, veterans transitioning to civilian careers in insurance consulting have a unique set of skills and experiences that can be valuable in this field. By leveraging networking opportunities, seeking support from veteran communities, and aligning with companies like Lockton that prioritize client interests and comprehensive support, veterans can find fulfilling careers in insurance consulting.

In this episode of the podcast @SelfFunded with Spencer, hosted by Spencer Smith and featuring Paul Pruitt, the topic of addressing high medication costs in healthcare was discussed. The episode shed light on the challenges faced by individuals and employers due to the financial burden of expensive medications and explored potential solutions to alleviate this issue. Paul Pruitt, CGO of SHARx, shared his personal experience of spending $1.8M on annually on medication for his family. This staggering amount highlights the significant impact that high medication costs can have on individuals and their loved ones. SHARx aims to address this problem by offering a medication procurement optimization platform that simplifies the process of accessing expensive medications not covered by traditional health insurance. One of the key factors discussed in the episode is the importance of personalized healthcare. Pharmacogenomics, which involves studying how an individual's genetic makeup affects their response to medications, was highlighted as a potential solution. By understanding a patient's genetic profile, healthcare providers can optimize their treatment plans and avoid prescribing medications that may have negative effects or provide no benefit. This personalized approach can lead to better health outcomes and potentially reduce medication costs. However, implementing pharmacogenomics in healthcare comes with its own set of challenges. The episode emphasized the need for an appetite for this approach and ensuring that it doesn't compete against other priorities in the healthcare industry. Balancing the adoption of new tech and approaches with existing practices and systems is a tradeoff that needs to be considered. Another aspect discussed in the episode is the role of patient assistance programs (PAPs) in helping uninsured or underinsured individuals access free or discounted medications. PAPs provide financial assistance to eligible patients, making medications more affordable and accessible. Exploring alternative sources for medications, such as sourcing from countries like Canada where prices are more affordable, was also mentioned as a potential solution. The episode highlighted the challenges faced by employers in providing affordable healthcare benefits to their employees. The high cost of medication is a pressing issue that affects both employers and employees. Solutions like those offered by SHARx aim to alleviate this burden by providing medications at zero out-of-pocket cost and offering a more sustainable approach to healthcare coverage. The current healthcare system in the United States was also discussed as a contributing factor to high medication costs. The supply chain from manufacturers to wholesalers, pharmacies, and patients is often manipulated and broken, leading to inflated prices. The pay-to-play mentality and rebates between different players in the supply chain further complicate the issue. Patients rarely benefit from these rebates, and the cost savings are not passed on to them. In conclusion, addressing high medication costs in healthcare requires a multi-faceted approach. Personalized healthcare through pharmacogenomics, patient assistance programs, and exploring alternative medication sources are potential solutions. However, implementing these solutions comes with challenges and tradeoffs. Chapters: 00:01:23 The Potential of Pharmacogenomics in Healthcare 00:08:07 The Financial Strain of High Medication Expenses 00:10:04 Healthcare Solutions for Expensive Medications 00:18:23 Understanding Individual Healthcare Experiences 00:20:50 A Convenient Alternative for Affordable Medication 00:27:03 Accessing Free or Discounted Medications through PAPs 00:33:13 Affordable Medication Sourcing from Abroad 00:43:29 The Delicate Balance of Medication Cost 00:51:00 Timing and Players in Solution Deployment

Pharmacogenetics: Personalized Medicine for the Future In a this episode of the podcast "Self Funded" hosted by Spencer Smith, entrepreneur Nick Glimcher shared his journey from the world of commercial real estate to the healthcare industry. Glimcher's story highlights the importance of adaptability and seizing opportunities in different industries. He emphasizes the link between powerlifting and entrepreneurship, both requiring consistent effort and commitment for success. One of the key challenges in the healthcare industry, as discussed in the episode, is the complex landscape of insurance companies and payment issues. These challenges can be daunting and hinder the delivery of quality care. However, Glimcher believes that precision medicine holds the key to overcoming these challenges and revolutionizing healthcare. Precision medicine is an innovative approach that provides detailed and targeted care based on an individual's genetic makeup. Glimcher explains that precision medicine is the future of healthcare, with pharmacogenetics playing a crucial role in personalizing treatment plans. Pharmacogenetics is the science of determining which drugs work for an individual and which do not. While the science has been commercially viable since 2010, its widespread usage has been limited due to applicability issues. To address this issue, Glimcher's company, Blue Genes, has developed a software tool called The Blue Genes Solution. This tool aims to make pharmacogenetic data actionable in clinical settings. By integrating with pharmacy benefit managers (PBMs) and electronic medical records (EMRs), Blue Genes simplifies the interpretation of pharmacogenetic reports and provides instantaneous notifications to healthcare providers, ensuring that prescriptions are genetically efficacious. Cost mitigation in healthcare is a pressing issue that requires innovative solutions, such as precision medicine, and bipartisan support. Glimcher highlights the importance of government involvement in pushing for coverage determinations and legislation related to pharmacogenetics. He believes that there is bipartisan support for healthcare reform because humanity and caring are not political issues but fundamental aspects of being human. The episode also touches on the challenges faced by healthcare providers in adopting technology. Healthcare has been the last sector to embrace technological advancements, despite its critical role in keeping people alive and healthy. Glimcher emphasizes the need to make it easy for providers to integrate new technologies ethically, as they are motivated to provide the best care for their patients. In conclusion, the episode of "Self Funded" featuring Nick Glimcher sheds light on the intersection of entrepreneurship, healthcare challenges, and precision medicine innovations. Glimcher's entrepreneurial journey and insights highlight the importance of adaptability and consistent effort in achieving success. The challenges in the healthcare industry, particularly with insurance companies and payment issues, can be overcome through precision medicine and the integration of pharmacogenetic data. The efforts of companies like Blue Genes are aimed at improving clinical outcomes and mitigating the rising costs in healthcare. With bipartisan support and a focus on humanity and caring, the future of healthcare looks promising. Chapters: 00:01:22 Nick Glimcher's Journey of Adaptability and Opportunity 00:04:41 The Importance of Consistent Effort in Powerlifting 00:08:13 Insurance Payment Challenges in Healthcare 00:12:08 Pharmacogenetics: Personalized Medicine 00:18:00 Overcoming Limitations of Pharmacogenetic Testing 00:27:42 Genetic Makeup's Impact on Drug Effectiveness 00:32:07 Transforming Healthcare with Niche Data Analysis 00:46:02 Precision Medicine for Cost Mitigation in Healthcare

In this episode of the podcast "Self Funded with Spencer," host Spencer Smith sat down with CJ Brock, the CEO of Better Way Medical Group, to discuss a range of topics related to healthcare innovations and challenges. The conversation covered groundbreaking advancements in heart transplants, the shift of surgical procedures to office settings, and the obstacles faced by healthcare providers. One of the highlights of the episode was the opening discussion on the revolutionary heart box, a device that keeps the heart alive during transportation. CJ Brock described it as "science fiction to the max." This innovative technology has the potential to increase the success rate of heart transplants by almost 50%, expanding the donor pool and saving more lives, but also costs upwards of $1,000,000! Better Way Medical Group, founded by hand and wrist surgeons Dr. Chris Bates and Dr. Nathan Leslie, focuses on providing high-quality, low-cost surgical care in the office setting. This approach has not only improved patient care but also increased revenue. By leveraging advances in medicine and anesthesia, procedures can now be performed in a more convenient location, resulting in lower costs and reduced risks of complications. The podcast delved into the challenges associated with shifting procedures from surgery centers to physician offices. CJ Brock emphasized the importance of embracing change and innovation in healthcare. He highlighted the cost savings achieved through this shift and the positive impact it has had on both physicians and patients. By performing procedures in the office setting, physicians can see more patients, improve their quality of life, and ultimately make more money. The conversation also touched on the challenges faced by healthcare providers when dealing with payers in the industry. CJ Brock acknowledged that the goal is always to achieve zero revisions, complications, and infections, but he recognized that it is not always realistic. He emphasized the need to reserve surgery for patients who truly need it and explore non-invasive, non-surgical methods for treating underlying conditions. Throughout the episode, CJ Brock shared his personal journey from being a professional golfer to becoming a healthcare professional. His adaptability and determination were evident as he discussed the importance of problem-solving and embracing change on a daily basis. He quoted a mentor who said, "Life is messy. Change is messy. Organizations have to embrace messy." This mindset allows for incremental improvements and ultimately leads to significant progress over time. The episode of "Self Funded" featuring CJ Brock and Better Way Medical Group shed light on the innovations and challenges in healthcare. It showcased the potential of groundbreaking technologies like the heart box and highlighted the benefits of shifting procedures to office settings. The conversation emphasized the importance of considering the impact on patients, physicians, and the healthcare system as a whole when making decisions about healthcare innovations. By embracing change and continuously seeking improvement, healthcare providers can deliver better care, reduce costs, and ultimately improve patient outcomes. Listen now! Chapters: 00:00:51 The Revolutionary Heart Box: Expanding Donor Pool 00:07:42 Office-Based Surgery for Hand and Wrist Procedures 00:14:08 Transitioning from Golf to Healthcare: CJ's Journey 00:17:51 Innovative In-Office Hand and Wrist Surgery 00:28:33 Shifting Procedures to Physician Offices 00:33:31 Shift to Physician Offices for Cost Savings 00:39:09 Innovative Solutions for Payer Challenges 00:47:20 Minimally invasive needle treatment for elbow pain 00:52:27 Driving change and innovation in healthcare

Executive Medical Benefits with ArmadaCare - Rachel Rutherford This week's episode features Rachel Rutherford, Sales Director at ArmadCare, where she and host of @SelfFunded with Spencer - Spencer Smith, dive into the world of Executive Benefits. In today's competitive job market, attracting and retaining top talent is crucial for the success of any organization. Human Resources (HR) directors play a vital role in determining organizational benefits and tailoring them to individual needs. This episode explores the importance of HR in tailoring benefits and attracting top talent. One key concept highlighted in the episode is the "Zone of Genius." This refers to the intersection of an individual's natural skills and true passions, which leads to career fulfillment and success. By tailoring benefits to cater to the unique needs and aspirations of employees, HR can create an environment where individuals can thrive in their respective zones of genius. Enhanced benefits, such as ArmadaCare, a supplemental medical reimbursement plan, are discussed as a way to attract and retain top talent. ArmadaCare offers tax advantages, full insurance coverage, and compliance with the Affordable Care Act. While these enhanced benefits may raise questions of fairness to some, they are seen as a valuable tool for caring for key employees and ensuring their well-being. Rachel Rutherford emphasizes the importance of considering the impact on both the employer and the employees when making decisions about tailoring benefits. She highlights the significant cost of losing key talent and the subsequent expenses associated with replacing them. Retention tools, such as enhanced benefit packages, can save companies hundreds of thousands of dollars in lost productivity and knowledge. One interesting approach mentioned in the episode is the idea of incentivizing longevity with the employer. By offering different levels of benefits based on years of service, HR can encourage employees to stay with the company. This approach aligns with the goal of attracting and retaining top talent while also considering the financial implications for the organization. However, there are tradeoffs involved in balancing different factors when tailoring benefits. Rachel acknowledges that increasing benefit packages for recruitment and retention purposes can become expensive, especially when offering them to all employees. HR professionals need to understand the underlying needs and motivations of employers when they request richer plans or retention strategies. It is essential to learn the question behind the question and provide tailored solutions that meet the specific needs of the organization. In conclusion, the role of HR in tailoring benefits and attracting top talent is crucial for the success of organizations. By understanding the unique needs and aspirations of employees, HR professionals can create benefit packages that align with individual goals and foster career fulfillment. However, there are tradeoffs and challenges involved in balancing different factors, such as cost and fairness. HR professionals must consider the impact on both the employer and the employees when making decisions about benefits. Ultimately, by tailoring benefits and considering the evolving landscape of healthcare, organizations can attract and retain top talent, driving their success in the long run. Tune into the full episode now! Chapters: 00:02:46 Tailoring Benefits to Individual Employee Needs 00:08:38 Finding Fulfillment Through Skills and Passions 00:14:35 The Impact of ArmadaCare on Employee Loyalty 00:16:33 Supplemental Medical Reimbursement Plan for Employees 00:24:51 Tax Advantages for ArmadaCare 00:26:42 Executive Medical Benefits 00:31:58 Factors Considered in ArmadaCare Underwriting 00:42:22 The Crossroads of Healthcare's Uncertain Future