News You Can Use: Special Edition with Phia Part 4 of 6

Limited Six Part Series: Straight Talk, Better Benefits with The Phia Group Join Dr. Nick and Adam Russo, CEO of The Phia Group for Part 4: The Ticking Time Bomb in Your Health Plan Fiduciary duty means acting in the plan’s best interest, but many employers don’t realize their company and their health plan are legally separate entities. Responsibility for claims rests with designated plan fiduciaries, not executives, brokers, or TPAs, a fact that often catches plan sponsors off guard. There are conflicting incentives among brokers, TPAs, and stop-loss carriers. This means no one is financially motivated to make tough claim decisions, leaving employers exposed. The solution is full transparency, clearly identify fiduciaries, document vendor selection processes, and cap incentive-based compensation to prevent abuse. Know who your fiduciaries are, have a repeatable process, and ensure all compensation models are defensible to avoid costly legal and financial fallout. To stream our Station live 24/7 visit www.HealthcareNOWRadio.com or ask your Smart Device to “….Play Healthcare NOW Radio”. Find all of our network podcasts on your favorite podcast platforms and be sure to subscribe and like us. Learn more at www.healthcarenowradio.com/listen