Andy NearyI help insurance professionals turn brand awareness into business growth.

SOTSQ - Episode 16: Manage Risk, Not Insurance Part 1

6 Sept 2018 · 1 min

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0:58

Andy Neary introduces a short YouTube mini-series (three episodes) arguing that healthcare budgets should be approached as risk management rather than insurance purchasing. In this first episode he covers the first area — financing risk — contrasting fully insured plans (which cede control to insurers) with partial self-funding (which gives employers more control to contain costs), and briefly urges listeners to evaluate whether self-funding fits their organization.

Chapters

You sick of playing the insurance game? If so, this message is for you. You see, your health care budget is not about insurance, it's about managing risk. In fact, buying insurance is the most expensive way to manage risk. And in these next three episodes, I'm going to share with you the three areas of risk you need to manage to control your health care budget. So let's dive into area number one, financing risk. How are you financing your health care budget? If you're fully insured, you have no control. You've given control to the insurance company and you're going to be forced to play the insurance game every year. However, if your company is willing to take a little risk and self fund a portion of the budget, now you have control and you have the ability to contain costs using the right strategies, which I'll share in episodes two and three. Now, I know self funding isn't for everybody and you should have an in depth analysis done to see if it's the right fit for you. But just know, if you want to address the financing risk inside your health care budget, you need to look to self fund a piece of that budget. All right, till next week, bear down, focus on the target and strike out the status quo.