Self-Funded

By Spencer SmithBusiness

Self-Funded episodes

October 17, 2023 Making Surgery Simpler (and Cheaper!) - Better Way Medical Group
In this episode of the podcast "Self Funded with Spencer," host Spencer Smith sat down with CJ Brock, the CEO of Better Way Medical Group, to discuss a range of topics related to healthcare innovations and challenges. The conversation covered groundbreaking advancements in heart transplants, the shift of surgical procedures to office settings, and the obstacles faced by healthcare providers.
One of the highlights of the episode was the opening discussion on the revolutionary heart box, a device that keeps the heart alive during transportation. CJ Brock described it as "science fiction to the max." This innovative technology has the potential to increase the success rate of heart transplants by almost 50%, expanding the donor pool and saving more lives, but also costs upwards of $1,000,000!
Better Way Medical Group, founded by hand and wrist surgeons Dr. Chris Bates and Dr. Nathan Leslie, focuses on providing high-quality, low-cost surgical care in the office setting. This approach has not only improved patient care but also increased revenue. By leveraging advances in medicine and anesthesia, procedures can now be performed in a more convenient location, resulting in lower costs and reduced risks of complications.
The podcast delved into the challenges associated with shifting procedures from surgery centers to physician offices. CJ Brock emphasized the importance of embracing change and innovation in healthcare. He highlighted the cost savings achieved through this shift and the positive impact it has had on both physicians and patients. By performing procedures in the office setting, physicians can see more patients, improve their quality of life, and ultimately make more money.
The conversation also touched on the challenges faced by healthcare providers when dealing with payers in the industry. CJ Brock acknowledged that the goal is always to achieve zero revisions, complications, and infections, but he recognized that it is not always realistic. He emphasized the need to reserve surgery for patients who truly need it and explore non-invasive, non-surgical methods for treating underlying conditions.
Throughout the episode, CJ Brock shared his personal journey from being a professional golfer to becoming a healthcare professional. His adaptability and determination were evident as he discussed the importance of problem-solving and embracing change on a daily basis. He quoted a mentor who said, "Life is messy. Change is messy. Organizations have to embrace messy." This mindset allows for incremental improvements and ultimately leads to significant progress over time.
The episode of "Self Funded" featuring CJ Brock and Better Way Medical Group shed light on the innovations and challenges in healthcare. It showcased the potential of groundbreaking technologies like the heart box and highlighted the benefits of shifting procedures to office settings.
The conversation emphasized the importance of considering the impact on patients, physicians, and the healthcare system as a whole when making decisions about healthcare innovations. By embracing change and continuously seeking improvement, healthcare providers can deliver better care, reduce costs, and ultimately improve patient outcomes.
Listen now!
Chapters:
00:00:51 The Revolutionary Heart Box: Expanding Donor Pool
00:07:42 Office-Based Surgery for Hand and Wrist Procedures
00:14:08 Transitioning from Golf to Healthcare: CJ's Journey
00:17:51 Innovative In-Office Hand and Wrist Surgery
00:28:33 Shifting Procedures to Physician Offices
00:33:31 Shift to Physician Offices for Cost Savings
00:39:09 Innovative Solutions for Payer Challenges
00:47:20 Minimally invasive needle treatment for elbow pain
00:52:27 Driving change and innovation in healthcare
58 min
October 10, 2023 Executive Medical Benefits with ArmadaCare - Rachel Rutherford
Executive Medical Benefits with ArmadaCare - Rachel Rutherford

This week's episode features Rachel Rutherford, Sales Director at ArmadCare, where she and host of @SelfFunded with Spencer - Spencer Smith, dive into the world of Executive Benefits.

In today's competitive job market, attracting and retaining top talent is crucial for the success of any organization. Human Resources (HR) directors play a vital role in determining organizational benefits and tailoring them to individual needs. This episode explores the importance of HR in tailoring benefits and attracting top talent.

One key concept highlighted in the episode is the "Zone of Genius." This refers to the intersection of an individual's natural skills and true passions, which leads to career fulfillment and success. By tailoring benefits to cater to the unique needs and aspirations of employees, HR can create an environment where individuals can thrive in their respective zones of genius.

Enhanced benefits, such as ArmadaCare, a supplemental medical reimbursement plan, are discussed as a way to attract and retain top talent. ArmadaCare offers tax advantages, full insurance coverage, and compliance with the Affordable Care Act. While these enhanced benefits may raise questions of fairness to some, they are seen as a valuable tool for caring for key employees and ensuring their well-being.

Rachel Rutherford emphasizes the importance of considering the impact on both the employer and the employees when making decisions about tailoring benefits. She highlights the significant cost of losing key talent and the subsequent expenses associated with replacing them. Retention tools, such as enhanced benefit packages, can save companies hundreds of thousands of dollars in lost productivity and knowledge.

One interesting approach mentioned in the episode is the idea of incentivizing longevity with the employer. By offering different levels of benefits based on years of service, HR can encourage employees to stay with the company. This approach aligns with the goal of attracting and retaining top talent while also considering the financial implications for the organization.

However, there are tradeoffs involved in balancing different factors when tailoring benefits. Rachel acknowledges that increasing benefit packages for recruitment and retention purposes can become expensive, especially when offering them to all employees. HR professionals need to understand the underlying needs and motivations of employers when they request richer plans or retention strategies. It is essential to learn the question behind the question and provide tailored solutions that meet the specific needs of the organization.

In conclusion, the role of HR in tailoring benefits and attracting top talent is crucial for the success of organizations. By understanding the unique needs and aspirations of employees, HR professionals can create benefit packages that align with individual goals and foster career fulfillment. However, there are tradeoffs and challenges involved in balancing different factors, such as cost and fairness. HR professionals must consider the impact on both the employer and the employees when making decisions about benefits. Ultimately, by tailoring benefits and considering the evolving landscape of healthcare, organizations can attract and retain top talent, driving their success in the long run.

Tune into the full episode now!

Chapters:
00:02:46 Tailoring Benefits to Individual Employee Needs
00:08:38 Finding Fulfillment Through Skills and Passions
00:14:35 The Impact of ArmadaCare on Employee Loyalty
00:16:33 Supplemental Medical Reimbursement Plan for Employees
00:24:51 Tax Advantages for ArmadaCare
00:26:42 Executive Medical Benefits
00:31:58 Factors Considered in ArmadaCare Underwriting
00:42:22 The Crossroads of Healthcare's Uncertain Future
46 min
October 03, 2023 Hooray! Affordable Healthcare Made Simple - Hooray Health - Shane Foss
Today, we're diving into the world of affordable and accessible healthcare benefits for hourly employees. Meet Hooray Health, a game-changer in the industry that aims to bridge the gap between basic healthcare needs and major medical insurance. With their innovative approach and data-driven insights, Hooray Health is revolutionizing the way we think about healthcare. So, let's jump right in and explore their journey!

The Birth of a Vision:

Shane Foss, the CEO and founder of Hooray Health. They recognized the lack of transparency and affordability in urgent care services and saw an opportunity to make a difference. Inspired by the success of their urgent care model and its similarities to direct primary care, they decided to create a bundled or flat rate system for urgent care visits.

Overcoming Challenges and Building a Network:

To make his vision a reality, Shane gathered urgent care doctors for a roundtable discussion. By identifying common issues and pain points, they developed a contract that was met with enthusiasm by the doctors. This contract offered a $25 copay with no balance bill, eliminating the dreaded surprise medical bills that plague so many.

Building a network of providers in major metro areas was no easy task, but Hooray Health persevered. Within six months, they established contracts with over 50% of urgent cares in the United States, covering 85% of the population within 10 miles of a contracted provider. Talk about accessibility!

Scaling Up and Success:

After their initial success, Hooray Health expanded nationally within two years. Today, they boast a high retention rate and have not lost a client in four years. Siemens Energy, a client for five years, is a testament to the trust and satisfaction their services provide.

Understanding the Limitations:

It's important to note that Hooray Health is not major medical insurance. Instead, it serves as a valuable alternative for those who don't have insurance or need additional coverage. While they cover basic healthcare needs, they do have limitations for catastrophic events. However, they can sit underneath a subsidy on the exchange for individuals who weren't offered an employer-sponsored health plan.

Innovation and Collaboration for a Better Future:

Hooray Health's success story goes beyond providing affordable and accessible healthcare benefits. Spencer and Shane emphasize the need for improved access, transparency, and collaboration between the government and the industry. They believe that by working together, we can address the current issues plaguing the healthcare system and pave the way for a brighter future.

Conclusion:

Hooray Health's journey is a testament to the power of innovation and collaboration in the healthcare industry. By focusing on affordability, accessibility, and meaningful benefits, they are filling the gap for hourly employees who deserve quality healthcare without breaking the bank. With their mobile app, provider network, and commitment to doing the right thing for their members, Hooray Health is paving the way for a future where healthcare is truly accessible to all.

So, let's raise a cheer for Hooray Health and their mission to revolutionize healthcare! Together, we can build a system that prioritizes the well-being of every individual, regardless of their employment status or income level.

Here's to a healthier and happier future for all!

Chapters:
00:00:00 Hooray Health: Affordable and Accessible Healthcare
00:05:39 Opportunity in Urgent Care
00:11:55 Scaling a Direct Primary Care Model
00:18:07 Success in Implementation and Client Management
00:24:53 High Deductible Pregnancy Coverage
00:31:04 Affordable Alternative to Major Medical Insurance
00:37:22 Expanding Access to Affordable Healthcare
00:44:00 The Future of Healthcare
51 min
September 26, 2023 Benefits Decision Support - Simplifying Employee Choice with Brite
Welcome to Episode 112 of Self-Funded with SPencer, featuring Landon Fielding of Brite!
Navigating the world of employee benefits can often feel like an overwhelming and confusing task. From understanding different plans to making informed decisions, employees are often left feeling lost and uninformed. This is where Brite Benefits comes in. Co-Founded by Landon Fielding, a seasoned benefits consultant, Brite Benefits is a revolutionary benefits education platform designed to simplify the complex world of employee benefits.
Catering to the Broker's Book of Business:
One of the standout features of Brite Benefits is its software specifically catered to the broker's book of business. Whether you are a small company with just two employees or a large enterprise with 156,000 employees, Brite Benefits can handle benefits education for companies of all sizes. This flexibility ensures that every employee receives the necessary information to make informed decisions about their benefits.
Integrations and Decision Tools:
Brite Benefits goes beyond just providing education. It offers integrations for ACA plans, making it easy to import standardized plans and rate sheets. Additionally, its decision tools can handle robust RBP style programs, ensuring that employees have access to the most suitable options for their specific needs. This data-driven approach helps brokers drive their benefit strategies effectively.
Empowering Brokers and HR Teams:
Brite Benefits aims to empower brokers and HR teams by providing them with the necessary tools to drive their benefit strategies. The platform offers feedback from employee surveys, allowing brokers to identify solutions and make informed decisions. By involving spouses in the benefits process, Brite Benefits improves communication and understanding, leading to better decision-making.
Driving Engagement and Participation:
One of the biggest challenges in the benefits industry is low participation and engagement. Brite Benefits addresses this issue by providing an engaging and user-friendly platform. Users can access Brite Benefits through a magic link, eliminating the need to download apps or provide user information. The platform offers an overview of available benefits and provides embedded decision tools to recommend suitable options. By simplifying the benefits selection process, Brite Benefits encourages users to engage and make informed decisions.
Conclusion:
Brite Benefits is revolutionizing the traditional benefits guide experience by providing a digital platform that is easy to access, navigate, and understand. By offering integrations, decision tools, and ongoing communication, Brite Benefits ensures that employees have the necessary information to make informed decisions about their benefits. The platform's focus on education and empowerment benefits both brokers and employees, leading to cost savings and increased engagement.
With Brite Benefits, the confusing world of employee benefits becomes simplified, empowering employees to make the best choices for their health and well-being.
So, why not embrace the power of Brite Benefits and transform your employee benefits experience today?
Chapters:
00:00:00 Benefits education platform
00:05:27 Career in Insurance and Benefits Consulting
00:11:18 Revolutionizing Employee Benefits
00:17:18 Challenges in the Benefits Broker Market
00:22:53 Starting a Healthcare Software Company
00:28:54 Brite Benefits: Revolutionizing Benefit Guides
00:34:31 Driving Participation in Benefits
00:40:24 Benefits education and software suite
00:46:40 The Future of the Insurance Industry
Links:
@SelfFunded Channel - https://www.youtube.com/@SelfFunded
Website - https://britebenefits.com/
Brite Linkedin - https://www.linkedin.com/company/getbritehr/
Landon LinkedIN - https://www.linkedin.com/in/landon-fielding-970808b4/
51 min
September 19, 2023 Generic Drugs at Cost with ZERO Markup - ScriptCo
Generic Drugs at Cost with ZERO Markup - ScriptCo
In this episode of our podcast, host Spencer Smith welcomes Zach Zeller, the founders of Scriptco. They are on a mission to disrupt the traditional healthcare system by offering transparent medication pricing and emphasizing the importance of affordable generics. Join us as we explore their journey, the benefits of Scriptco, and the potential for change in the healthcare industry.
Unveiling the Dark Underbelly of Pharmacy Benefit Managers (PBMs):
Zach Zeller discovered a startling truth about pharmacy benefit managers (PBMs) and their impact on consumers and pharmacies. He realized that copays were significantly higher than the actual cost of drugs, leading he and his co-founder to believe there was an opportunity to disrupt the marketplace. With this newfound knowledge, they spun off their three pharmacies and founded Scriptco in September 2019.
Scriptco's Unique Business Model:
Unlike traditional pharmacy services, Scriptco's business model focuses on monetizing the service, not the medication itself. Consumers can become members of Scriptco for $140 a year and quote their medications to see potential savings. On the business-to-business side, Scriptco charges $3 per member per month or $10 per utilizing member per month.
Transparency and Seamless User Experience:
Scriptco aims to provide transparency by disclosing the actual cost of drugs, determined by what they bought it for. They work with one manufacturer and 30 wholesalers, ensuring their inventory updates the quote tool in real time. This means that Scriptco's pricing is reflected in real time for partners utilizing their data, such as EMR companies and other platforms. By handling all fulfillment under one roof, Scriptco ensures a seamless user experience.
The Power of Generics and Cost Savings:
Scriptco differentiates itself from traditional PBMs by focusing solely on the fulfillment side of the pharmacy business. By utilizing Scriptco alongside generic medications, total spend on generics can be reduced by 25% to 30%. This is a significant cost-saving potential, especially considering that generics make up 92% of the market. Many low-cost medications have hidden costs built into their pricing due to PBM contracts, copay requirements, and retail pharmacy margins. Scriptco aims to eliminate these hidden costs and provide affordable options.
The Ethical Obligation and Potential for Change:
Spencer Smith and Zach Zeller feel an ethical obligation to shed light on Scriptco and its cost-saving potential. They believe that more people should be aware of the pricing issues in the healthcare system. With Scriptco, they have already saved one CEO $417 per life per year after all expenses. The potential for significant cost savings and a more transparent healthcare system is within reach.
Conclusion:
In this podcast episode, we explored the challenges and opportunities within the healthcare and pharmacy industry with Spencer Smith and Zach Zeller, the founders of Scriptco. Their mission to disrupt the traditional healthcare system by offering transparent medication pricing and focusing on affordable generics is commendable. Scriptco's unique business model, emphasis on transparency, and seamless user experience set them apart from traditional PBMs. By utilizing Scriptco alongside generic medications, significant cost savings are possible. It's time to bring transparency and affordability to the forefront of the healthcare system, and Scriptco is leading the way.
Chapters:
00:00:00 Zach Zeller: From Track Star to Medical Sales
00:05:24 Transitioning into Retail Pharmacy
00:11:25 Scriptco: Transparent Medication Pricing
00:17:09 The Untapped Potential of Generic Medications
00:22:55 Challenges of Robotic Drug Fulfillment
00:28:53 Scriptco: Member Experience
00:34:26 Scriptco: Direct-to-Consumer Pharmacy Model
00:40:24 Challenges in Working with PBMs
00:46:18 The future of healthcare
58 min
September 12, 2023 From Tragedy to Triumph: The Journey of Writing 'Wounds'
From Tragedy to Triumph: The Journey of Writing 'Wounds'

In this week's episode of the podcast "Self Funded" with Spencer, hosted by Spencer Smith, performance coach Ryan Miller shares his unique coaching approach that combines psychology, self-perception, and personal branding.
Ryan's coaching journey began with a focus on sales, but it quickly evolved to encompass a deeper understanding of human behavior and the importance of self-perception in achieving success.
Ryan believes that influence, relationship building, and understanding oneself are crucial for success. His coaching aims to help individuals uncover their potential and overcome self-destructive behaviors. He emphasizes the importance of personal branding and authenticity in achieving both professional and personal fulfillment.
One of the key aspects of his coaching approach is his focus on psychology and human behavior. He believes that understanding how individuals see themselves and their true potential is essential for unlocking their success.
Ryan states, "My coaching today is about seeing inside of other people what they can't see inside of themselves, bringing those things to the surface, and then helping them leverage those tools to go get whatever they want."
This coaching approach goes beyond traditional sales techniques and methodologies. While he acknowledges the importance of process and execution, he believes that human behavior and self-perception are the driving forces behind success.
He explains, "Sales is a fraction of a percent of what I do to help people be successful as it relates to generating revenue or achieving a goal. Human behavior and psychology, rooted in how we see ourselves and who we really are, is what drives us to be able to execute, to achieve, to be successful."
In his upcoming memoir, 'Wounds', Miller shares his personal experiences and challenges, including surviving the Vegas mass shooting in 2017. He believes that healing past wounds and understanding one's own story is crucial for personal growth and success. He says, "I had all these unhealed wounds in my life... all of these were just compounding on top of each other, and they were creating a version of me that I didn't love."
Personal branding is another important aspect of Miller's coaching approach. He emphasizes the importance of authenticity and self-discovery in building a unique personal brand.
He explains, "There is no worse position in life to be than living as somebody other than yourself." He believes that understanding one's true identity and communicating it effectively is essential for standing out in a competitive market.
However, Miller acknowledges that balancing different factors in coaching can be challenging. He states, "But what does that do? That hinders your ability to uniquely identify yourself in a market. And so therefore, the customers that you're trying to pursue don't see you as any different than anybody else."
In conclusion, Ryan Miller's coaching approach combines psychology, self-perception, and personal branding to help individuals uncover their potential and achieve success. By understanding human behavior, healing past wounds, and embracing authenticity, he believes that individuals can overcome self-destructive behaviors and achieve both professional and personal fulfillment.
Links:
Buy Wounds - https://woundsbook.com/
Ryan's Website - https://ryanjamesmiller.com/
Ryan's LinkedIn - https://www.linkedin.com/in/rjmsalespro/
Spencer's Linked - https://www.linkedin.com/in/spencer-smith-self-funded/
Timestamps:
(00:01:52) Unleashing Potential Through Coaching
(00:04:15) The Power of Books in Personal Growth
(00:07:13) Uncovering the driving forces behind success
(00:11:06) Transformative journey of writing a memoir
(00:16:27) The Journey of 'Wounds': From Tragedy to Triumph
(00:19:10) From Vegas Shooting Survivor to Personal Branding
(00:32:49) Embracing Authenticity for Personal Branding Success
38 min
September 05, 2023 The Broker as a Buffer - Sean Turner - Founder of Buffer Insurance
In this week's episode, Spencer Smith and Sean Turner delve into Sean's inspiring journey of establishing his insurance agency, Buffer Insurance. We explore the key takeaways from their conversation, offering practical advice and data-driven insights for aspiring entrepreneurs.

Key Highlights:

1. The Challenges of Hiring Employees and Empowering Your Team:
Starting an agency often means taking on the responsibility of hiring employees before revenue catches up. Sean Turner initially faced this challenge but realized the importance of empowering his team. By letting go of responsibilities and investing in employees, Sean witnessed the growth and independence of Buffer Insurance. This highlights the significance of building a business that is not solely dependent on its founder, fostering a culture of trust and support.
2. Partnering for Success: The Power of Collaboration and Independence:
Spencer Smith shares his success story of partnering with vendors and relying on general agencies for guidance. Despite the aggregation and consolidation happening in the insurance market, becoming an independent agent is still possible, especially in areas with new business opportunities like Texas. By staying independent and embracing the concept of the flywheel, entrepreneurs can maintain momentum and attract larger clients.
3. Investing in Employees and Efficient Training Methods:
Onboarding new employees and ensuring efficient training methods are crucial for the growth and success of any business. Spencer attributes his ability to quickly train employees to his military training, where repetition and simplicity were key. By operationalizing processes and investing in employees' development, entrepreneurs can create a healthy culture within their agency and scale effectively.
4. Taking a Controversial Stance: The Power of Values-Based Economy:
Spencer and Sean discuss the impact of their pro-life policies, including paying for birth costs, implementing maternity and paternity leave, and covering adoption expenses. Despite the initial lack of response, the purpose of their announcement was to showcase the possibilities for other employers rather than taking a political stance. This highlights the importance of knowing and standing up for one's values, participating in a values-based economy, and inspiring other businesses to follow suit.

5. Navigating the Changing Landscape of Healthcare
The conversation also touches upon the future of healthcare and the shift from fully insured products to level funded products. Fully insured rates are becoming more expensive due to only sick people remaining in those plans. Sean and Spencer advocate for self-funding as a way to lower costs and enrich benefits simultaneously. These insights shed light on the need for businesses to adapt to the evolving healthcare landscape and explore alternative options for their employees' well-being.

Conclusion:

Sean Turner's journey of starting Buffer Insurance offers valuable insights for aspiring entrepreneurs. From hiring challenges to empowering employees, taking a stand on controversial issues, and adapting to the changing landscape of healthcare, Sean's story is filled with practical advice and data-driven insights.

Enjoy!

Timestamps:
00:00:00) Starting an Insurance Agency
(00:05:30) Transition from Military to Insurance
(00:11:01) Transitioning from Military to Civilian Life
(00:16:30) Letting Go of Responsibilities
(00:21:47) The Growth and Independence of an Insurance Agency
(00:27:29) Viral Moment: Pro-Life Strategies Guide
(00:32:57) Unexpected Viral Success
(00:38:37) Impact of Controversial Stance
(00:44:17) Promoting Stewardship of Health
(00:49:55) The Future of Healthcare
54 min
August 29, 2023 Building a Long-Term TPA Strategy for Self-Funded Plans - Elizabeth Vire - HPI
Welcome back to another episode of our podcast, where we dive deep into the world of insurance and healthcare. Today, we have a fascinating conversation between Spencer Smith and Elizabeth Vire, Vice President of National Sales at HPI (Health Plans, Inc.). They discuss the importance of a long-term strategy when working with third-party administrators (TPAs) in the insurance industry, along with practical insights and data-driven advice. So, let's jump right in!

The Power of Strategy and Exceptional Service:

Elizabeth Vire emphasizes the significance of vetting TPAs based on their ownership and long-term solution or exit strategy. She stresses that TPA is not a one-year sell, but rather requires a three to five-year strategy. By asking the right questions about ownership and long-term plans, employers can ensure they are partnering with a TPA that aligns with their goals and values.

Navigating the Healthcare System: Challenges and Hope for Change:

During the conversation, the challenges of navigating the healthcare system are also explored. Elizabeth shares her personal experience of waiting weeks to see a primary care physician and facing delays in referrals to specialists. This struggle resonates with many individuals, even those who are relatively healthy.

However, Elizabeth and Spencer are optimistic about the potential for positive change in the healthcare system. They believe that the private sector has evolved and is paving the way for improvements. They express hope for approaches like direct primary care that prioritize actual care and emphasize the need for change to happen gradually over a few years.

Practical Advice for Employers and Consultants:

Throughout the conversation, Spencer and Elizabeth offer practical advice for employers and consultants in the insurance industry. Here are some key takeaways:

1. Vetting TPAs: When considering a TPA, inquire about their ownership and long-term plans. This will help ensure a strategic fit and a lasting partnership.

2. Understanding Intent: It is crucial to understand the intent of the client's plan and effectively communicate the messaging to employees. This clarity aligns everyone towards the same goals.

3. Full Integration: Invest in partners who offer full integration rather than settling for half-decent solutions. This ensures a seamless experience and maximizes the benefits of the partnership.

4. Data-Driven Decision Making: Before recommending cost containment solutions, gather and analyze data and utilization patterns. This approach allows for informed decisions that yield the best results.

5. The Value of Continuous Learning: Both Spencer and Elizabeth emphasize the importance of continuous learning and professional development. Staying updated with industry trends and insights is vital for success in the ever-changing insurance landscape.

Conclusion:

In this engaging podcast episode, Spencer Smith and Elizabeth Vire shed light on the importance of a long-term strategy when working with TPAs in the insurance industry. By vetting TPAs based on ownership and long-term plans, providing exceptional service, and navigating the challenges of the healthcare system, employers can ensure success in their insurance endeavors

Stay tuned for our next episode, where we explore the innovative solutions offered by Pareto Health, a leading player in the healthcare industry!

Time Stamps:
(00:00:00) Transition from College to Banking
(00:05:48) Career Path in Banking
(00:11:28) Skydiving Mishap
(00:16:53) Transition to HBI: An Independent TPA with a Unique Approach
(00:22:28) Refreshing and Expanding: Rebranding and National Growth
(00:27:56) Opportunities for Dual Option Networks
(00:33:40) Importance of Understanding Client Intent
(00:38:48) Ideal Consultant Partner
(00:44:08) Challenges in Navigating Healthcare

48 min
August 22, 2023 A History of Self-Funding with Larry Turell
The History of Self-Funding - Larry Turell

Have you ever wondered how self funding in the insurance industry evolved over the years? Wonder no more because that is the theme of this episode of the Self-Funded with Spencer podcast.

In our latest episode, host Spencer Smith and Larry Turrell dive into the fascinating history of self funding, from its humble beginnings to the innovative strategies used today.

Discover how Larry's father helped pioneer one of the very first self funded plan for small to medium sized businesses, and how he passed on that expertise to his son, albeit with apparently some colorful disagreements along the way.

Long before the world of benefits consulting, Larry was a bat boy for the New York Yankees. Larry actually met George Steinbrenner on an airplane at 17, and after making conversation with him, George asked if he would like to work concessions at Yankee Stadium. Larry brazenly said "no, but I would like to be a batboy"!

And not only did he end up getting to perform that job as a teenager for a whopping $29/game at the time, he was also on field during the infamous "Pine Tar" game with George Brett. Larry hilariously recounts the story on the podcast, and it is definitely one to not miss!

In this episode, Larry also opens up about his transition from working with his father to becoming an expert in his craft. He shares how he learned to always aim to "be better than the next guy", constantly expanding his knowledge and expertise.

But what sets Larry apart is his dedication to understanding the intricacies of self-funding and his commitment to providing the best solutions for his clients.

If you're curious to learn more about Larry's journey and gain insights into the world of employee benefits and consulting, this episode is a must-listen!

Don't miss out on this opportunity to hear from one of the best in the industry. Tune in to Self Funded with Spencer podcast now! 🎙️!

Timestamps:
(00:00:00) Adapting to Change in the Insurance Industry
(00:05:41) History of Self-Funding
(00:11:49) Bat Boy for the New York Yankees
(00:17:57) Expertise in Self-Funding
(00:24:03) The Power of Creativity in Problem Solving
(00:30:07) The Benefits of Self-Funding in Insurance
(00:35:35) Misconceptions about self-insurance
(00:41:30) Evolution of Self-Funding
(00:47:28) Evolution of Healthcare Processing
(00:54:02) The Benefits of Self-Funding

Links:

Larry Turell LinkedIn - https://www.linkedin.com/in/laurence-turell-51634751/

Spencer Smith LinkedIn - https://www.linkedin.com/in/spencer-smith-self-funded/

Self-Funded YouTube Channel - https://www.youtube.com/c/SpencerSmithSelfFunded

#SelfFunding #InsuranceIndustry #PodcastEpisode #Innovation #HistoryOfInsurance #MustListen
57 min
August 15, 2023 "The Untrapped Entrepreneur" - Ben Davis - The Gents Place
A Better Barber Shop - The Gents Place - Founder - Ben Davis

🎧 Discover the fascinating journey of Ben Davis, founder of Gents Place, in the latest episode of Self Funded with Spencer! 🎙️

From starting his business during the 2008 financial crisis to navigating the insurance world, Ben's story is a rollercoaster of entrepreneurship and resilience. Tune in to hear how he turned a men's hair salon into a country club meets Speakeasy meets barber shop experience.

Ben describes the model of The Gents Place as "Country club meets speakeasy meets barbershop", which blends sophistication, a coolness factor, and networking into a single location for the modern man to get a great haircut and other men's grooming services.

Ben actually started The Gents Place at the young age of 25, using an SBA loan two weeks before The Lehman Brothers collapse, bringing much of the financial and real estate markets with it.

Interestingly, Ben actually started his professional career at Goosehead Insurance, where actually was accompanied by another past guest of the podcast - Lee Lewis. At the time of its inception, Goosehead disrupted the brick and mortar model of personal lines insurance, turning the solution into a 100% virtual experience for it's customers.

Ben left Goosehead to create the vision he had in mind for Gents Place in 2008, without any personal experience in hair or barbershops. He first considered buying an existing franchise, but found those models lacking for what he envisioned. So, rather than going down that road, he decide to create the salon from scratch.

Using his success as a key executive with Goosehead, and connections he had in the banking industry through his time there, he was able to pitch this idea and receive funding for it in very short order, partially because pre-crash, it was a lot easier to get a loan from a bank than it is today.

Ben also has soft-spot for American Veterans, creating a few non-profit organizations dedicated to helping our soldiers. One in particular - Operation Gentlemen® - ties into the Gents Place, where every September they collect gently used suits and work attire at his salons on behalf of Veterans, and then distribute them free of charge at Fort Hood to members of our Armed Services transitioning into the civilian workforce.

Ben is also launching a podcast called "The Untrapped Entrepreneur".

The Podcast helps business owners who are feeling trapped in their businesses and want to unlock the secrets to more freedom and success? In the podcast, Ben dives deep into the strategies and stories of entrepreneurs who have broken free from the grind and found true fulfillment.

💼 In each episode, he interviews real people who have discovered the hacks to untrap themselves from the never-ending work cycle. From escaping 80-hour workweeks to saving marriages, these entrepreneurs have experienced it all. But here's the catch: untrapping yourself is an ongoing journey. The podcast shares people's experiences and lessons learned, so that you can avoid falling into new traps along the way.

Timestamps:
(00:00:00) Entrepreneur's journey in insurance industry
(00:05:40) Genesis of Goosehead Insurance
(00:11:03) Starting a Men's Grooming Business
(00:16:51) Evolution of the Gents Place
(00:22:32) Operation Gentlemen: Helping Homeless Veterans
(00:28:15) Supporting Veterans and US Manufacturing
(00:34:23) Entrepreneurship and Diverse Ventures
(00:40:23) Embracing Change and Risk
(00:46:15) The Importance of Teamwork
(00:52:05) Untrapped Entrepreneurship
(00:57:36) The Importance of Being Open to Learning

#entrepreneurship #businessjourney #insuranceindustry #groomingbusiness
#veteransupport #USmanufacturing #diverseventures #embracingchange
#teamwork #untrappedentrepreneurship
1 hr 1 min

About Self-Funded

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Self-Funded, hosted by Spencer Smith, is the definitive resource for benefits consultants and employers who are ready to challenge the broken healthcare status quo. Each week, you'll get an insider's…