KALEIDOSCOPE Podcast EP 01: Workers Compensation

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

In this Episode, Joe Paduda, Principal of Health Strategy Associates, is an industry veteran and nationally recognized expert on manage care in group health and workers’ compensation. With over 25 years of experience, Joe has the ability to take complex topics and data and turn them into actionable knowledge. In addition to his consulting practice, Joe also writes for his blog Managed Care Matters, where he takes on the insurance industry, shares his perspective, and speaks his mind.  

“The biggest problem that I see in this business is very few people in senior and executive positions know anything about health care. There is a lack of understanding the impacts of provider consolidation, changes in Medicare, physical medicine reimbursement codes, and decisions relative to drug pricing coming out of Washington. We need to understand that we are less than 1% of total US medical spend, and if you don’t understand anything about the thing that drives your business then that is something you need to pay much more attention to.” – Joe Paduda 

Today on the Kaleidoscope Podcast:  

  • Where the “bodies are buried” and what the real dangers are within workers’ compensation  
  • The adverse effects of company leadership overlooking workers’ compensation 
  • What disruptions will cause a wakeup call in the industry  
  • Current call outs and challenges with quality of care 
  • Success stories around PBM and worker’s compensation  
  • Mental health within workers compensation  
  • Joe’s perspective on what’s working, what broken, and what needs to be disrupted  

Key Takeaways:  

  • Workers’ compensation rates have been declining for many years, frequency is down on average 3.5% per year over the last 31 years. Workers’ compensation profits for insurance companies are still at record highs. Why is this? Because workers’ compensation is almost always a non-issue for executives.  
  • Mental health will rise to the forefront of workers compensation over the next few years. There is an opportunity for this profession to step up and begin to break down barriers for injured employees.  
  • People in this business need to understand health care on a deeper level. If you don’t know what quality is, then you can’t define weather it is good or bad.  

Connect with today’s guest Joe Paduda 

Connect with Kaleidoscope co-host Frank Pennachio  

Connect with Kaleidoscope co-host Susan Toussaint  

This episode was brought to you by…… 

ReSource Pro’s Growth Solutions practice, a consulting and training organization for insurance industry professionals. Our business objective is to provide agencies and carriers with the necessary technical and sales insights to elevate sales conversations, compete more effectively, and grow organically.  

Connect, Learn, Share 

Thank you for joining us on this week’s episode of Kaleidoscope. For more resources, visit the Growth Solutions website, or reach out to Susan Toussaint at susan@resourcepro.com. Subscribe on your preferred podcast platform so you never miss an episode. Love what your learning? Review the Kaleidoscope Podcast and share your favorite episodes with friends and colleagues!