Disrupting Employee Health Benefits With Lauren Randall

TAMPA BAY, Fla. (PRWEB) September 27, 2022

Roughly half (51.8%) of adults in the United States have at least one diagnosed chronic condition and 27.2% of U.S. adults have more than one.1 As the nation struggles, our health insurance rates have risen by 215% over 20 years. During the same period between 2001 and 2021, the cumulative rate of inflation was only about 57%.2 Meanwhile, as healthcare costs soar to consume about 18% of GDP, wasteful spending accounts for about 25%.3 Enter "stabilizing" disruptor Lauren Randall, Benefits Strategist Consultant with MMA, who explains to Karla Jo Helms, host of the Disruption Interruption podcast, that no one cares about our health as much as we do, and it's essential to be the CEO of our own healthcare. Lauren and MMA are making strides with employers to better manage healthcare expenditures while addressing diversity, equity, and inclusion in the workplace and providing value and mission-aligned benefits to attract and keep top talent.

At age 19, Lauren Randall was diagnosed with Crohn's disease. Her doctor told her she would be on medications for the rest of her life, that she might lose her hair, and that it could be fatal. Her response was a resounding THAT'S IT -- I'M DONE WITH THE STATUS QUO, and she became CEO of her own healthcare. Six months after extensive research and lifestyle changes, doctors found no trace of the disease. Lauren took this experience into her career in employee health benefits, helping employers and employees trim unnecessary expenses as they balance needs for comprehensive care, second opinions, and personal responsibility.

Lauren explains:

• Outside of their salary, health insurance is the most important thing to an employee.
• Over 50% of Americans have a chronic illness, and that figure is up significantly.
• The whole concept of insurance is that the many will take care of the few, but if so many of us are carrying chronic conditions, it makes it a lot harder to make the numbers work. That is why medical inflation increases yearly, and we struggle to maintain healthcare costs.
• Almost 20% of America's GDP is healthcare, and that creates a lot of inefficiencies and waste.
• In such a tight talent market, employers are hesitant to limit health benefits or pass too much on to their employees. Health benefits are also a conservative industry. However, there are solutions emerging to limit waste and cut costs while maintaining a high level of care.
• Technology can aggregate claims databases to track all of the medical claims in an area to predict what a procedure may cost a specific patient depending on their insurance plan -- within 90% accuracy. They can also deliver data on valued outcomes, like the number of successful surgeries by a specific doctor. It's important for employees to have the tools and resources to be powerful consumers and make sure they are getting the right care from the right providers to decrease costs and deliver desired outcomes.
• The insurance industry is changing. Brokers used to create policies and help employers manage them, but now employers also face compliance and regulatory concerns. They need brokers who can be consultants and advocates and continue to evolve with the market and industry.
• Employers are now being called to talk about diversity, equity, and inclusion. They need to talk about mental health employee assistance programs, fertility benefits for employers trying to attract women, and all of the issues visible in today's landscape.
• Employers can also benefit from asking if their health benefits are an extension of the mission, vision, and culture of their organization. For any business that wants to attract and keep top talent, they want to make sure that they have the best-in-class resources and benefits.
• Productivity during the pandemic was higher for employers with employees who aligned with the mission and vision of the organization.
• The mission, vision, and culture of your organization can drive lifestyle outcomes, maybe more than a wellness program, but they're all tied together. Creating that culture around taking care of people can improve productivity and decrease stress and burnout.

Disruption Interruption is the podcast where you'll hear from today's biggest Industry Disruptors. Learn what motivated them to bring about change and how they overcome opposition to adoption.

The show can be listened to via the Podbean app, and is available on Apple's App Store and Google Play.

About Disruption Interruption:

Disruption is happening on an unprecedented scale, impacting all manner of industries -- MedTech, Finance, IT, eCommerce, shipping and logistics, and more -- and COVID has moved their timelines up a full decade or more. But WHO are these disruptors, and when did they say, "THAT'S IT! I'VE HAD IT!"? Time to Disrupt and Interrupt with host Karla Jo "KJ" Helms, veteran communications disruptor. KJ interviews bad a**es who are disrupting their industries and altering economic networks that have become antiquated with an establishment resistant to progress. She delves into uncovering secrets from industry rebels and quiet revolutionaries that uncover common traits -- and not-so-common -- that are changing our economic markets… and lives. Visit the world's key pioneers that persist to success, despite arrows in their backs at http://www.disruptioninterruption.com.

About Karla Jo Helms:
Karla Jo Helms is the Chief Evangelist and Anti-PR(TM) Strategist for JOTO PR Disruptors(TM).
Karla Jo learned firsthand how unforgiving business can be when millions of dollars are on the line -- and how the control of public opinion often determines whether one company is happily chosen or another is brutally rejected. Being an alumni of crisis management, Karla Jo has worked with litigation attorneys, private investigators, and the media to help restore companies of goodwill back into the good graces of public opinion -- Karla Jo operates on the ethic of getting it right the first time, not relying on second chances and doing what it takes to excel. Helms speaks globally on public relations, how the PR industry itself has lost its way and how, in the right hands, corporations can harness the power of Anti-PR to drive markets and impact market perception.

About Lauren Randall:
Lauren Randall is an experienced Benefits Strategist consulting with CFOs and CHROs on their people and risk strategy. People are a company's most valuable asset, and providing best-in-class health benefits is a trademark of the investment management and tech industries. However, it can also open up the opportunity for increased waste and abuse that does not correlate to increased productivity and an elevated employee experience. Abnormal market forces and an opaque business model have contributed to this. Still, through technology, data, and analytics available today, consultants can better ensure that every dollar invested into human capital provides clients with a strong return. https://www.linkedin.com/in/laurenrandall1/

Lauren works CFOs and CHROs in the hedge fund and tech spaces. When she started, she was having trouble getting her foot in the door in a predominantly man's world. She reached out to C-suite women in the hedge fund and financial services space and invited them to coffee just to learn about the industry. As she met with more C-suite women and heard their stories, she started asking if they would like to meet other women in C-suite positions. This became a tri-state and online networking community for women. Currently free to join. Both emerging leaders and C-suite women come together to mentor, nurture one another, and create business growth. https://www.womentowomenexchange.com/. Lauren's views expressed in this episode do not represent those of Marsh McLennan Agency.

Sources:

1. Boersma P, Black LI, Ward BW. "Prevalence of Multiple Chronic Conditions Among US Adults." 2018. Prev Chronic Dis. 2020;17:200130. DOI: http://dx.doi.org/10.5888/pcd17.200130

2. Seefeldt, Becky. "A Bump In Insurance Premiums: What It Means For 2022 And Beyond." Forbes, 4 Feb 2022, https://www.forbes.com/sites/forbesbusinesscouncil/2022/02/04/a-bump-in-insurance-premiums-what-it-means-for-2022-and-beyond/

3. Shrank, William H ; Rogstad, Teresa L; Parekh, Natasha. "Waste in the US Health Care System: Estimated Costs and Potential for Savings." JAMA. 2019 Oct 15;322(15):1501-1509. doi: 10.1001/jama.2019.13978, https://pubmed.ncbi.nlm.nih.gov/31589283/

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