Timestamps

[00:00:20] The size and growth of the US healthcare industry

[00:06:43] Revolutionizing Healthcare Business Model

[00:11:55] Preventing Misdiagnosis and Improving Provider Quality

[00:17:38] Next Gen Benefits: Prioritizing Quality in Healthcare

Best Quotes

[00:04:36] This is what I believe to be the greatest reverse Robinhood in US history, robbing from the poor, the working class in America, and giving to the rich, the insurance companies

[00:08:59] Medical misdiagnosis is a huge problem in the US. 1 in 20 Americans annually, adult Americans, are misdiagnosed in the United States. 1 in 20. That's around 12,000,000 Americans. And 50% of these errors could be harmful

[00:11:01] Only 12% of the original diagnoses that Mayo Clinic reviewed were upheld as totally correct. That's 1 in 10 doctors who are correct

[00:08:41] There is no good price for bad health care." - Leah Bender, CEO of the Leapfrog Group

All Quotes

[00:14:08] % of doctors are responsible for almost 40% of the medical malpractice claims that are paid by the insurance company by the medical malpractice insurance company

[00:09:48] percent of bypass surgeries are misdiagnosed. It should not have happened. And remember, the most expensive claim is the one that should never have happened

[00:01:00] UHC UnitedHealthcare has a 450. $1,000,000,000 market cap 10 times the size of General Motors

[00:05:48] % of employees with below average incomes did not get a recommended test or treatment or a drug because of out of pocket costs

[Unknown] % of original diagnoses were determined to be totally wrong. 1 in 5 doctors were 100% wrong

[00:13:05] % of doctors are below average. Who wants to be seen by doctors that are well down into that bottom half?

[00:01:52] McKinsey Consulting says that they believe there's gonna be a 7.1% growth rate for each of the next 5 years for the US healthcare system

[Unknown] Insurance companies are both very profitable, but also growing at the same time

[00:06:02] Even those with above average income, 18% said that they had skipped a drug or failed to get a recommended treatment or health care

[00:11:01] Only 12% of the original diagnoses that Mayo Clinic reviewed were upheld as totally correct. That's 1 in 10 doctors who are correct

[00:16:29] The Bucha carriers are more concerned about protecting dangerous doctors and unsafe hospitals from their bad quality scores. Then they are protecting their members from those dangerous doctors and unsafe hospitals

[00:18:01] The Buchas force patients to play Russian roulette with their life and their health

[00:04:36] This is what I believe to be the greatest reverse Robinhood in US history, robbing from the poor, the working class in America, and giving to the rich, the insurance companies

[00:08:59] Medical misdiagnosis is a huge problem in the US. 1 in 20 Americans annually, adult Americans, are misdiagnosed in the United States. 1 in 20. That's around 12,000,000 Americans. And 50% of these errors could be harmful

[00:08:41] There is no good price for bad health care

[00:08:41] There is no good price for bad health care." - Leah Bender, CEO of the Leapfrog Group

Blog Post

Article 1: The US Healthcare System – An Industry Worth Trillions

In a recent episode of Disrupt, Nelson Griswold sheds light on some alarming facts about the US healthcare system. According to McKinsey Consulting, the healthcare system is expected to grow at a rate of 7.1% for the next five years, making healthcare a $6 trillion industry by 2027. Currently, the industry is worth a staggering $4.25 trillion, which makes up 18.3% of the gross domestic product. This is a significant increase from 1999, as health care costs have tripled since then. As a result, premiums for health insurance have tripled as well, explaining why insurance companies are growing at an incredible pace, with UnitedHealthcare's share value increasing by 26,100% since 2009.

Here are three tips that you can take away from Nelson Griswold’s discussion on the US healthcare system:

1. Keep an eye on the pace of growth: The 7.1% annual growth rate of health care is concerning, as it is going to make health care a $6 trillion industry by 2027. This exponential growth can have a devastating impact on employee out-of-pocket costs and insurance premiums. Make sure to monitor the pace of growth to stay prepared for any changes that might impact your business.

2. Consider shifting costs: Employers have been forced to shift costs to employees to keep insurance premiums affordable. Since 2010, deductibles have gone up by 92%, while wages have only gone up by 8%. This shift has had a significant impact on employees and their families. Consider how you can shift costs to employees while still maintaining affordability for your business.

3. Stay up to date on trends: As healthcare continues to evolve, it’s essential to stay up to date on trends and potential changes. Make sure you’re aware of new policies, regulations, and technologies that could impact the industry.

If you’re interested in learning more about the US healthcare system and how it affects your business, listen to this episode of Disrupt with Nelson Griswold and his guest to gain insights and evaluate the impact it has on your business.

Quote: "This is what I believe to be the greatest reverse Robinhood in US history, robbing from the poor, the working class in America, and giving to the rich, the insurance companies." - Nelson Griswold

Article 2: The Lucrative Insurance Industry

The insurance industry in the United States is booming, with insurance companies experiencing substantial growth in their share values since 2009. For instance, Elavance (previously known as Anthem) share value has gone up 1460%, while Cigna is up 2049% and Humana is up 1950%. UnitedHealthcare's share value has skyrocketed by 26100%, highlighting the industry's success.

Here are three takeaways from Nelson Griswold’s discussion on the growth of the insurance industry:

1. Understand the impact on employee wages: Insurance premiums have tripled since 1999, with employee wages increasing only 30% during the same period, adjusted for inflation. Employers increased their employee compensation packages, but most of these dollars went to the insurance companies rather than the employees. This trend has led to a reverse Robinhood effect, with insurance companies profiting, but employees suffering.

2. Keep an eye on rising premiums: As insurance companies continue to thrive, premiums for different policies keep getting more expensive. With employers increasingly shifting costs to employees, it's essential to stay aware of rising premiums to avoid being caught off guard by unexpected bills.

3. Employee out-of-pocket costs are increasing significantly: With employers shifting costs to employees, employee out-of-pocket costs are going up. Since 2010, deductibles have gone up by 92% while wages increased only by 8% during

Social Post

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Episode Links:

Connect with Nelson Griswold:

• LinkedIn
• Website
• Twitter

Other Materials

These materials help you promote your podcast. Quotes can be used for audio & video grams or quote cards. Blog and social posts will help your website and social media presence.

Timestamps

[00:00:02] Introducing "Disrupt": Transforming Healthcare and Employee Benefits

[00:05:19] Next-generation model for employer-sponsored health care

Best Quotes

[00:01:26] But while we're extremely influential and having a real impact, what we're doing in next gen benefits isn't enough to drive the change we need in benefits and health care

[00:01:50] Look. We're in an era of massive change in employee benefits and health care, regulatory, economic, and structural change

[00:02:14] Health care has become unaffordable for many employees and it's becoming unsustainable for employers

[00:03:32] This isn't just a business or health care issue. It's a moral issue. and we can't ignore it any longer

All Quotes

[00:02:14] Health care has become unaffordable for many employees and it's becoming unsustainable for employers

[00:01:50] Look. We're in an era of massive change in employee benefits and health care, regulatory, economic, and structural change

[00:01:26] But while we're extremely influential and having a real impact, what we're doing in next gen benefits isn't enough to drive the change we need in benefits and health care.

[00:03:32] This isn't just a business or health care issue. It's a moral issue. and we can't ignore it any longer

Blog Post

Article 1: The Need for Disruption in the Healthcare Industry

Episode 1 of Disrupt with Nelson Griswold touched on the dire need for disruption in the healthcare industry. The episode highlighted how employee benefits and health care have become unaffordable for many employees and unsustainable for employers, who can't pay higher wages due to rising premiums. This has become a moral issue that can no longer be ignored.

Here are three tips from the episode on how disruption is crucial in the healthcare industry:

1. Innovation is vital: With the industry in dire need of change, innovative ideas and approaches are necessary to create a sustainable health care system.

2. Collaboration is key: There is a need for collaboration between business leaders and advisers to drive change and disrupt the status quo in the industry.

3. Shine a light on change: Through education and exposure to innovative advisers and business leaders across the US, change can happen, and more employers may start to demand change from the carriers.

In the words of Nelson Griswold, "We're in an era of massive change in employee benefits and health care, regulatory, economic, and structural change. Some of its organic, some of its intentional. All of its driven by out-of-control fraud, waste, and abuse. and misaligned incentives in both health care and employee benefits. We can't ignore it any longer, and we need those that are driving change to shine even brighter."

Don't miss this informative episode of Disrupt by Nelson Griswold, which highlights the changes needed in the healthcare industry and the importance of disrupting the status quo to help bring affordable health care to employees.

Article 2: The Influence of Next Gen Benefits and the Need for Change

In the first episode of Disrupt with Nelson Griswold, Next Gen Benefits was highlighted as one of the most influential industry organizations. Despite their success, Nelson Griswold believes that what Next Gen Benefits is doing isn't enough to drive the change needed in the benefits and health care industry.

Here are three tips from the episode on why disruption and change are needed in the industry:

1. Current system failures: The health care industry's fraud, waste, and abuse, along with misaligned incentives in both health care and employee benefits, have created an unsustainable system.

2. Industry-wide change: Disrupting the industry means shining a light on the innovative advisers and business leaders who are helping drive the needed change.

3. The need for more health care options: The quality of care in the healthcare system is a hit or miss proposition, and employees need more health care options that are affordable and reliable.

Nelson Griswold stated, "The current system is not sustainable, and we need disruptive change in the industry. The insurance carriers have failed to control health care costs for the last 20 years, while premiums and employee out of pocket expenses have tripled. It's a moral issue that we can't ignore any longer."

Listen to Disrupt with Nelson Griswold to learn more about the importance of disruption and driving the needed change in the healthcare industry.

Social Post

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Episode Links:

Connect with Nelson Griswold:

• LinkedIn
• Website
• Twitter

Other Materials

These materials help you promote your podcast. Quotes can be used for audio & video grams or quote cards. Blog and social posts will help your website and social media presence.

You'll meet some of the most innovative & creative healthcare advisers and consultants in the benefits industry and some of the most forward-thinking business leaders who are transforming their healthcare plans to improve the quality of care while reducing the cost.

A little about me. With a background in public policy where I ran think tanks fighting for free markets & limited government, for the past 15 years I've worked in employee healthcare benefits, transforming brokers into consultative advisers. Over the past five years, I've been leading a revolution that puts employers in charge of their second largest operating expense -- healthcare -- to both improve the employees' benefits and reduce the company's costs.

Stay tuned and be sure to listen, subscribe and share!