In this week's episode of the ShiftShapers Podcast, the spotlight shines on the evolving landscape of self-funded plans and the critical role of third-party administrators (TPAs). Jay Kempton, President and CEO of the Kempton Group, discusses the increasing demand for TPAs and the education gaps among advisors. From discussing the industry's growth and the need for knowledgeable TPAs to navigating regulatory boundaries and understanding ERISA, this episode provides valuable insights for advisors and industry professionals alike.
What You’ll Learn From This Episode:
0:56 Increased business opportunities and growth for TPAs in a challenging industry.
2:56 Deficits among advisors in understanding ERISA and self-funded plans.
3:57 Expanded scope of fiduciary responsibility for plan administrators and sponsors.
6:15 Liability and accountability: The role of advisors in addressing unethical vendor practices.
8:27 Lack of patient engagement: Disempowerment and limited decision-making rights.
11:17 Empowering patients as healthcare buyers: Changing perceptions and social challenges.
13:56 Shifting healthcare behavior: Unfulfilled expectations of patient engagement.
15:55 The power of bundled healthcare for informed decision-making.
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