CFOs And HR Execs Facing Millions In Personal Liability Due To Unmanaged Health Benefits Plans

The first shots across the bow have been fired highlighting how benefits leaders need to pay as close attention to health benefits as they have been paying to retirement plans. The most recent lawsuits name the HR leaders in the companies involved (GAP and CB&I) as defendants since they are listed as the plan administrator (sometimes CFOs are the plan administrators). It’s clear that there is going to be the increased scrutiny for health benefits that has been commonplace for retirement benefits.

 

Read more of the Forbes published article, "CFOs And HR Execs Facing Millions In Personal Liability Due To Unmanaged Health Benefits Plans" to learn more about this evolving story. 

HORIZON Health Ventures is a healthcare cost management solutions company used by insurance brokers, employee benefit consultants, third-party administrators, insurance companies, and associations, to bring proven thought leadership and strategy to the management of their clients healthcare costs. To learn more about HHV and their services, please visit http://horizonhealthventures.com/

Family of Four Health Insurance Tops $25,000 a Year In Costs

The cost of family coverage offered through employers' health plans is expected to rise only modestly this year, but that still will push the average cost past $25,000, Milliman Inc. said Tuesday.

The total cost of coverage for a family of four under an employer-sponsored preferred provider organization plan — including premiums and employees' out-of-pocket expenses — rose 4.7% to an average of $25,886, Seattle-based Milliman said it in its annual “Milliman Medical Index” report.

Want more information? Visit the Business Insurance website to read the article titled, "Family of Four Health Insurance Tops $25,000 a Year In Costs". 

HORIZON Health Ventures is a healthcare cost management solutions company used by insurance brokers, employee benefit consultants, third-party administrators, insurance companies, and associations, to bring proven thought leadership and strategy to the management of their clients healthcare costs. To learn more about HHV and their services, please visit http://horizonhealthventures.com/

FDA Approvals Set All-Time High

In 2015, the U.S. Food and Drug Administration set a new record for the number of drugs approved in one year, with 56 drugs getting the green light from the federal agency. Last year's therapies, approved through the FDA's drug and biologics divisions, included 33 specialty drugs and 23 traditional drugs. The previous record number of FDA approvals was in 1996 with 53 drugs gaining clearance. 

To read more about this break through, be sure to check out the Express Scripts article, "FDA Approvals Set All-Time High".  

HORIZON Health Ventures is a healthcare cost management solutions company used by insurance brokers, employee benefit consultants, third-party administrators, insurance companies, and associations, to bring proven thought leadership and strategy to the management of their clients healthcare costs. To learn more about HHV and their services, please visit http://horizonhealthventures.com/

Controlling The Silent Killer

While high blood pressures, or hypertension, is typically an asymptomatic condition, adherence to therapy is important to prevent a heart attack or stroke. Most people assume they only need to take their medication when they are sick, meaning when they experience symptoms. In the case of hypertension, this type of thinking could kill you. 

The Express Scripts article titled, Controlling The Silent Killer could potentially save your life. Be sure to give it a read as it contains extremely important and thoughtful information. 

HORIZON Health Ventures is a healthcare cost management solutions company used by insurance brokers, employee benefit consultants, third-party administrators, insurance companies, and associations, to bring proven thought leadership and strategy to the management of their clients healthcare costs. To learn more about HHV and their services, please visit http://horizonhealthventures.com/

While high blood pressures, or hypertension, is typically an asymptomatic condition, adherence to therapy is important to prevent a heart attack or stroke - See more at: http://lab.express-scripts.com/lab/insights/specialized%20care/controlling%20the%20silent%20killer?ec_as=BE0BC1D4B0A040FA91D6B326F5B43A60#sthash.PbKlVYOV.dpuf

The Health Insurance Death Spiral

"I am scared.  Really scared.  I live and breathe the health care delivery and finance model in the U.S. every day, and I believe we are circling the drain. Although this analogy can apply to many areas of our system, there is one cycle I am referring to specifically."

What is Benefits Pro author, David Contoro referring to? Find out in his article titled, "The Health Insurance Death Spiral".

 HORIZON Health Ventures is a healthcare cost management solutions company used by insurance brokers, employee benefit consultants, third-party administrators, insurance companies, and associations, to bring proven thought leadership and strategy to the management of their clients healthcare costs. To learn more about HHV and their services, please visit http://horizonhealthventures.com/



 

Seven Strategies for Fifty Bits Design

In his book, The Power of Fifty Bits, Dr. Bob Nease highlights how we will benefit from leveraging a set of specific strategies that bridge the gap between the good intentions that we already have and our day-to-day choices and behaviors.

The main hypothesis of The Power of Fifty Bits is that people are wired for inattention and inertia. Our brains -- and thus our natural inclinations and many of our behaviors were built for a different time and place. Because we can't pay attention to everything all the time, nature has equipped us with a handful of shortcuts. These are shortcuts that allowed our ancestors to navigate a dangerous environment effectively.

To learn more about this theory, be sure to read the Express Scripts article titled, Seven Strategies for Fifty Bits Design.

HORIZON Health Ventures is a healthcare cost management solutions company used by insurance brokers, employee benefit consultants, third-party administrators, insurance companies, and associations, to bring proven thought leadership and strategy to the management of their clients healthcare costs. To learn more about HHV and their services, please visit http://horizonhealthventures.com/

The main hypothesis of The Power of Fifty Bits is that people are wired for inattention and inertia. Our brains – and thus our natural inclinations and many of our behaviors – were built for a different time and place. Because we can’t pay attention to everything all the time, nature has equipped us with a handful of shortcuts. These are shortcuts that allowed our ancestors to navigate a dangerous environment effectively - See more at: http://lab.express-scripts.com/lab/insights/behavioral%20sciences/seven%20strategies%20for%20fifty%20bits%20design?ec_as=3622F2777451466C9B828054A80D48A0#sthash.MvA1XF54.dpuf

In his book, The Power of Fifty Bits, Dr. Bob Nease highlights how we will benefit from leveraging a set of specific strategies that bridge the gap between the good intentions that we already have and our day-to-day choices and behaviors. - See more at: http://lab.express-scripts.com/lab/insights/behavioral%20sciences/seven%20strategies%20for%20fifty%20bits%20design?ec_as=3622F2777451466C9B828054A80D48A0#sthash.MvA1XF54.dpuf

In his book, The Power of Fifty Bits, Dr. Bob Nease highlights how we will benefit from leveraging a set of specific strategies that bridge the gap between the good intentions that we already have and our day-to-day choices and behaviors. - See more at: http://lab.express-scripts.com/lab/insights/behavioral%20sciences/seven%20strategies%20for%20fifty%20bits%20design?ec_as=3622F2777451466C9B828054A80D48A0#sthash.MvA1XF54.dpuf

Cost to Develop New Pharmaceutical Drug Now Exceeds $2.5B

A benchmark report estimates that the cost of bringing a drug to market has more than doubled in the past 10 years. CSDD’s finding, a bellwether figure in the drug industry, is based on an average out-of-pocket cost of $1.4 billion and an estimate of $1.2 billion in returns that investors forego on that money during the 10-plus years a drug candidate spends in development. 

To find out more on this topic, please make sure to read the Scientific American article titled, "Cost to Develop New Pharmaceutical Drug Now Exceeds $2.5B".

HORIZON Health Ventures is a healthcare cost management solutions company used by insurance brokers, employee benefit consultants, third-party administrators, insurance companies, and associations, to bring proven thought leadership and strategy to the management of their clients healthcare costs. To learn more about HHV and their services, please visit http://horizonhealthventures.com/

New York Set To Require Electronic Prescriptions

Today's blog includes valuable information from Modern Healthcare writer, Shannon Muchmore. Thanks to Benistar for sharing this with us!

In an effort to cut back on prescription-drug errors and misuse, providers in the state of New York will be required to issue prescriptions electronically. New York is the first state to require electronic prescribing at the risk of penalty.

The law comes into effect this month amid multiple current efforts to combat and prevent opioid addiction issues, including new prescriber guidelines from the Centers for Disease Control and Prevention, policy changes at the Food and Drug Administration and a Senate-passed bipartisan bill creating state grant programs.

The date for implementation of the New York law had to be pushed back because of software concerns. Minnesota has had the same requirement since 2011 but does not have any enforcement mechanism.

New York's law, called I-Stop, also mandates that providers check prescription monitoring programs before giving patients new prescriptions. That went into effect in 2013.

Providers in rural areas in New York might be hard hit by the new requirement since they have been slower to adopt electronic health records. Often that's because of lacking technology and informatics professionals in those areas, as well as smaller overall budgets, according to the National Rural Health Association.

Electronic prescribing has increased significantly as government requirements for the use of electronic health records have been implemented. In April 2014, about 70% of physicians were prescribing electronically, according to an analysis from the Office of the National Coordinator for Health Information Technology.

E-prescribing is touted as a way to reduce medication errors because of illegibility and prevent abuse by tampering with paper prescriptions. The penalty for noncompliance in New York will include fines and civil and criminal penalties.

The U.S. Drug Enforcement Agency legalized e-prescribing of controlled substances such as opioid painkillers in 2010.

Shannon Muchmore
Shannon Muchmore reports from Washington on health politics and policy. Before joining Modern Healthcare in 2015, she was the health reporter at the Tulsa (Okla.) World. She has a bachelor?s degree in news editorial journalism from Oklahoma State University.

HORIZON Health Ventures is a healthcare cost management solutions company used by insurance brokers, employee benefit consultants, third-party administrators, insurance companies, and associations, to bring proven thought leadership and strategy to the management of their clients healthcare costs. To learn more about HHV and their services, please visit http://horizonhealthventures.com/