Ep #350: Specialty Cost Containment Ties It All Together - with Niko Caparisos

This week’s episode features a conversation with Niko Caparisos, Principal at Prosperity Benefits. Employers struggle with controlling costs and balancing innovation with tried and tested tactics. For a more strategic and less fragmented approach, having buy-in from the c-suite is critical. On the employee side, empowering them with information and initiative can make them use the plan with as little friction as possible.What You’ll Learn From This Episode:01:49 3 pressing challenges to employers: Cost, Innovation, and Education04:09 C-suite buy-in drives innovation and strategic multi-year planning10:06 Getting light bulb moments on creating cost savings15:19 Educating employees on how to best use their plansQuotes:05:53 “Having the c-suite onboard with the idea of making changes is certainly where you have to begin because typically other departments don’t really want to see change and things are working just fine.”08:32 “Once you shift the mindset of the owners of the company and the financial partners, they think well, it does make more sense to be strategic. Why don’t we see this over two or three years instead? Or longer.”16:56 “‘Don’t go to the hospital for an MRI, head to a free-standing imaging facility.’ It depends upon, I think, the employers wanting to share that information, but certainly always framing the plan as being better in several ways is useful to the employee.”18:00 “I have found that the more health plan sponsor can do, and usually health plan sponsors are where it originates, the better.”19:48 “Call the number, call the number, call the number. You don’t want, at the same time, you’re being unhelpful or disingenuous in your messaging to say hey, call a 1-800 number, but it’s truly the best structure for an employee to get help immediately.”