Donovan Ryckis is the award-winning founder and CEO of Ethos Benefits, leading the charge in fiduciary-driven healthcare strategies for employers. A former Securities Advisor, he shifted from investment advising after uncovering inefficiencies in employer healthcare plans—achieving 40% savings for a client without reducing benefits. Alongside his wife and business partner, Chelsea, Donovan applies a fiduciary financial process to help organizations cut costs and improve outcomes.

Brenda Kruse, CFO of Axiom Healthcare Services, brings over 26 years of financial leadership in healthcare and senior living. A licensed CPA, she excels in strategic planning, compliance, and cost management, driving both financial strength and quality care across her organization.

In this episode, Eric, Donovan, and Brenda discuss:

• How employers can apply a fiduciary mindset to healthcare plans under ERISA.
• The importance of data transparency in managing plan costs and pharmacy benefit managers (PBMs).
• Aligning advisor compensation with employer and employee interests.
• Real-world examples of reducing costs while improving employee benefits.

Key Takeaways:

• Many employers don’t realize their healthcare plans carry ERISA fiduciary liability just like retirement plans. Creating a formal benefits committee ensures decisions are documented, consistent, and defensible.
• Data ownership and transparency are critical. Without detailed claims and pharmacy data, employers can’t pinpoint where costs are being driven or negotiate effectively.
• Pharmacy Benefit Managers (PBMs) are often overlooked sources of cost savings. Changing PBMs can reduce plan expenses by up to 50–70% with minimal disruption to employees.
• Aligning broker and consultant incentives with the employer’s goals prevents conflicts of interest and ensures decisions are made in the plan participants’ best interests.

“If we don’t have data, we don’t know where our costs are being spent… 60% of our costs were in pharmacy, and yet our previous broker really wasn’t even trying to change our pharmacy plan at all.” — Brenda Kruse

“Even disclosing fees is only since the CAA of 2021, even still today, companies are doing it very poorly… They say it’s part of their entire book of business, so they can’t calculate it per client—that’s certainly a bad starting point.” — Donovan Ryckis

Connect with Donovan Ryckis & Brenda Kruse:

Website:  https://ethosbenefits.com/ & https://www.axmservices.com/

LinkedIn: https://www.linkedin.com/in/donovanryckis/ / https://www.linkedin.com/in/brenda-kruse-1a90592b/

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

Important clarification from the podcast show dialogue: "If an ERISA plan exceeds 100 participants with an account balance but remains under 120 in perpetuity, then the plan would not require an audit for each subsequent year that it remains under 120 participants with a balance.  Please verify current rules and check with your plan record-keeper, advisor, or CPA to ensure compliance with this requirement." 

The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.