Solving Healthcare Costs, with Dave Chase
Are you concerned about ballooning healthcare costs? You should be! It’s an expense that’s risen far faster than inflation, and paying more than you need to is a money leak that prevents you from making the forward traction towards your financial goals that you deserve.
In this episode, we’re talking with Dave Chase about how community-owned health plans are revolutionizing a stagnant industry that’s failed to develop.
So, if you want to learn how to save 20—40% in healthcare costs while improving access to high quality, trustworthy, local, affordable care, with a solution-oriented look at transforming the industry, and your life with it… tune in below!
Table of contents
Where Profit Maximization Fits into the Cash Flow System
Minimizing your health care costs, so more of the money you make is yours to keep, is just one part of a bigger journey to building time and money freedom. No matter how big your business grows and how much money you make, if it’s all leaking out between your fingers, you’ll never be free of just working harder and harder to make more money.
That’s why we have created the 3-step Business Owner’s Cash Flow System, your roadmap to take you from just surviving, to a life of significance, purpose and financial freedom.
The first step is keeping more of the money you make by fixing money leaks, becoming more efficient and profitable. Then, you’ll protect your money with insurance, legal protection, and Privatized Banking. Finally, you’ll put your money to work, increasing your income with cash-flowing assets.
Minimizing health care costs happens right here in The Money Finder step of your financial foundation. When you find, recover, and keep more of the money you’re making, you put more gas into your cash flow machine. And that accelerates your time and money freedom.
You’re in the Healthcare Business
…regardless of whether you like it or not. If you’re a business owner, healthcare should be a part of your business model. It’s the last area to modernize inside businesses. However, the health of your employees directly affects their work, so it’s an essential element of running a business.
The rising healthcare costs, thanks to health insurance, leave individuals and businesses alike feeling downtrodden. However, insurance is not the only solution for health and wellbeing. The common misperception is that solving healthcare seems as difficult as solving Middle East peace. That is only true if you believe and work with those desperately focused on preserving the status quo. The distinction lies between care and insurance.
Are Healthcare Costs Legitimate?
Health care isn’t expensive. What’s expensive are price-gouging hospitals, profiteering PBMs, bloated carriers, inappropriate treatment, and outright fraud. Only $0.08 of every $1 ostensibly spent on healthcare goes to physicians ($0.27 for all).
As a result, medical practices are shutting down, while mega-carriers are making record-breaking profits.
The solution is to rethink care. How can employers provide care in a way that is cost effective for everyone?
In the era of high deductible health plans, there are large and fast-growing markets in the direct contracting (employer to provider) and cash pay markets. Because the underlying costs of care haven’t changed (i.e., clinician pay and medical supplies), there is no good reason for hyper-inflating prices.
Organizations like Pacific Steel put this insight into action. Four years ago, they were spending over $8 million on health benefits (for 750 employees). Last year, they closed out at under $3.5M while benefits improved. All because they reimagined health care.
Health Insurance vs. Healthcare Costs
So what’s the difference between health insurance and healthcare?
Healthcare centers on predictable items you can budget. These are the things we know most people will require or experience in a lifetime. They’ll have a particular amount of checkups, surgeries, and ailments.
When we think of healthcare in this way, health insurance becomes coverage for the unpredictable. Rare cancers, diseases, or surgeries that aren’t as likely to occur.
As an employer, this insight can help you provide better benefits for more people while reducing spending. Having “in-house” care allows employees to focus on regular and preventative care, keeping themselves healthy. Additionally, it keeps healthcare costs low. This is how Pacific Steel reduced their largest cost and provided better benefits.
Direct Contracting Healthcare
Healthcare costs have inflated faster than nearly any industry, while costs have remained level. Had this spending tracked regular inflation, the average baby boomer could have a $1 million nest egg. Instead, they’ve unknowingly funneled that money into Wall Street, in what is one of the biggest wealth transfer in history.
Instead, more than half the workforce is functionally uninsured, because they can’t afford their deductibles. And typical solutions from the healthcare industry have been little more than cost-shifting or distracting. The stress that this creates for workers can negatively affect their health and work performance, trapping them in a vicious cycle.
Direct contracting seems to be one of the most viable solutions to this rising cost. Thousands of medical practices are already cutting out the middleman this way. By creating a direct contract with local employers, not only do the medical practices keep more of the cost for themselves, it’s cheaper for employers to offer benefits.
With direct contracting, you’re creating a win-win scenario for everyone involved. Thus, medical practices can stay open and thrive, employers can reduce costs by cutting out the middleman, and employees can get more bang for their buck.
Regular check-ups, surgery alternatives (like physical therapy), and mental health care are among the benefits of direct contracting. Practices like these can also improve day-to-day health and reduce the likelihood of more serious conditions. In addition, direct primary care meets the most common needs of the average person. Companies can then insure more costly occurrences themselves.
The overarching theme is wise leaders have said “enough” and are working with the right folks to apply the insights above. They are typically spending 20-40% less per capita than the status quo with superior health benefits.
About Dave Chase
Chase leads the vision for Health Rosetta, which is to empower community-owned health plans. Health Rosetta’s blueprint and platform powers the health plans of your dreams: high quality, trustworthy, local, affordable care — that you thought had disappeared forever — from caregivers we know & trust. They free up compassionate, well-trained, community-based caregivers to rediscover love in medicine so they can fulfill their calling: serving patients not just in disease, but toward their fullest health.
A trusted & sacred caregiver-patient bond grows through transparency & openness that equips and empowers patients wherever they can best achieve their unique health goals — at home or any setting best optimizing their well-being. By avoiding the 50% wasted healthcare costs, we can ensure our caregivers have the independence & resources to address the psychosocial and medical issues their patients face. Human-centered health plans restore health, hope & well-being.
Through best-selling books & The Resident (on FOX), Chase highlights the tremendous successes & opportunities with Health Rosetta-type health plans. The books, TED talk, and TV/film are reaching over 10 million people to inform, enrage, empower and activate a broad grassroots movement designed to restore hope, health & well-being to our communities. Chase received the Health Value Awards’ Lifetime Achievement for Health Benefits Innovation at the 2020 World Health Care Congress.
Chase co-founded Avado, which WebMD/Medscape acquired and integrated into their system. He also founded Microsoft’s $2B, 28,000 partner healthcare ecosystem.
Outside of work, Chase is an oxygen-fueled mountain athlete and volunteer high school track & cross country coach. Once upon a time, Chase was a PAC-12 800 Meter & 4×400 competitor. Devotion to faith, family, and friends underpin a desire to be a servant leader to the 4 million lives (& growing) stewarded through the Health Rosetta community.
Find Out More About Health Rosetta
Learn more at Health Rosetta.
Get a copy of Dave Chase’s book, Relocalizing Health: The Future of Health Care is Local, Open, and Independent.
You can find and follow Dave with the handle @chasedave on all social media outlets.
And if you’re ready to think differently about your healthcare, you can find a benefits consultant to begin implementing these ideas in your business.
Find Out Your Next Step to Time and Money Freedom
Do you want to use Privatized Banking, alternative investments, or cash flow strategies to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We would love to help you.
Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/.
By the way, to find out more about how Privatized Banking gives you the most safety, liquidity, and growth … plus gives you the ability to have your money do 2 things at the same time, boosting your investment returns.
Go to https://privatizedbankingsecrets.com/freeguide to learn more.
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