KALEIDOSCOPE Podcast EP 12: Innovative Strategies to Manage Healthcare Costs

KALEIDOSCOPE brings you unique new perspectives on the world of insurance through discussions with industry leaders, influencers, and idealists.

In this episode of Kaleidoscope, we discuss new and innovative strategies that will forever change how you view the future of managing health care costs.

Joining us is Hugh O’Toole, CEO of Innovu. Working with advisors and employers, Innovu provides data-driven consulting designed to bring greater transparency, quantifiable savings, and carrier accountability. Innovu works to remove the silos often found in organizations and refocus efforts to bring a more holistic approach to human capital risk management. 

Key Takeaways:  

  • The payor, whether that be the employee, the employer, or the plan sponsor, has consistently been on the back side of an entire value stream. Innovu works with great advisors and consultants to fight the good fight and capture client data, leverage technology, get in front of risk, and identify fraud, waste, and abuse.
  • Innovation is powerful, but it also must be accountable. There is a basic problem in the industry that third party administrators and carriers believe they own the plan data. In reality, the plan sponsor is the owner. It is not a favor to receive your plan data, it is carriers’ and TPAs’ obligation to provide that information to you.
  • Many people think this industry is “normal” and things will never change, regardless of the disruption. On the contrary, the new normal is change.
  • Advisors must invest in their futures. Invest in understanding a fiduciary process so your clients can achieve the greatest level of transparency possible. Instead of just delivering renewals, seek to bend the health care cost curve, reduce liabilities, and enable clients to increase benefits in other places.

This episode is hosted by Frank Pennachio and Susan Toussaint of ReSource Pro’s Growth Solutions Practice. We provide insurance agencies and carriers with consulting and training services, enabling them to elevate sales conversations, compete more effectively in the marketplace, and grow organically. To learn more, visit the Growth Solutions website or reach out to Susan Toussaint.  

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