Is your health insurance data being held hostage?

Imagine you decided to remodel your kitchen. The first step is meeting with a designer.

I call this the data collection phase. Here is where a good designer will ask you questions to make sure they are designing a kitchen that meets your needs.

Do you have children? Do you cook at home? Do you entertain?

These are all important questions that will directly impact the design. I have 3 young boys and am about to remodel my kitchen. Guess what, I'm not putting in top of the line cabinets because my 3 boys will beat the crap out of them.

Now, do you think a designer will design a kitchen that meets all of your needs without talking to you first? Probably not, because that designer is flying blind.

They are missing key data elements to do their job effectively.

I've seen too many employers that assume they don't have access to their data because they are not getting it today. If that is you and you have over 50 employees on your health insurance plan, there's an 80% chance your data is being held hostage.

Are you part of the 80%? Watch the video above to find out.

Transcript

I've talked to a lot of prospective clients over the years, and one thing I learned really surprised me, most employers like you don't see any of your health insurance data until the renewal. And if you're lucky to even see it at renewal now for some employers that might be all that's available. But if you're in Illinois and you have at least 50 employees enrolled in your health insurance plans, there's an 80% chance you have a ton of data at your fingertips. Why 80%?Well, that's about how much market share Blue Cross Blue Shield owns in Illinois. And below is the cover page for the Blue Insight Monthly Financial Report. It's a 30 page report full of nuggets that you can use to set a multi-year strategic plan. And part of what I do with a prospective client is show them some low hanging opportunities with their own data. And unfortunately, nine times out of 10,this is the first time they've ever heard of or seen this report. And if you don't have access to your own data, how can you possibly set a strategy that will change the trajectory of your future health insurance renewals? You can't because you're flying blind. So if you're an employer and you're realizing that your data is being held hostage, go do something about it. Ask your broker to furnish a copy of this report, and if you end up getting a copy of this report and you want to know how to interpret it, DMM me and I'll walk you through it.

About the Author

Mike Kroupa, Self-Funding Insurance Expert

I grew up in a house that was constantly under construction and the experience helped me uncover one of my passions, remodeling. After running a successful remodeling business with my brother during college, I decided I wanted to keep this as a hobby. Instead, I took my advisor’s recommendation and started down the actuarial path, which ultimately led me to insurance.

Since then, I have focused my career teaching employers how to better manage their health insurance plans. I found myself frustrated year after year of doing the same thing because it didn’t feel like I was making an impact. Healthcare costs were continuing to increase, and it felt like the only options employers were left with was increasing deductibles, increasing contributions, and switching carriers.

There was a turning point for me in 2020 as I found Health Rosetta, an ecosystem for scaling adoption of practical fixes to our health care system. As my clients started adopting these fixes, I found myself getting passionate about what I was doing for the first time. Then I realized my hobby of remodeling was driving the passion because I was remodeling health plans. Even better, I was having an impact because patients (employees, spouses and children) were getting the best care they ever have and saving a lot of money in the process.

Get in contact with Mike:

Phone: 630.738.1835 Email: mkroupa@gocgo.com LinkedIn: Mike Kroupa

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Is your health insurance data being held hostage?

Transcript

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