Last week, Richard Thaler was awarded the Nobel Prize in economics for pointing out that individual behavior, with respect to investing for the future, is not rational. As someone said in a recent WSJ article on Thaler’s accomplishment, “We’re a nation of procrastinators, not a nation of portfolio managers.” (more…)
Specialty drug costs continue to vex most health plan sponsors. This article from NEJM Catalyst brings to light some of the key issues and opportunities for employers. It highlights the Cleveland Clinic’s recent effort to eliminate $8.5 million of annual waste associated with two commonly used cardiovascular drugs. Employers have got to like that result! (more…)
A recent Wall Street Journal article entitled, “The 19 Questions to Ask Your Financial Adviser,” caught our eye. We were drawn to read Jason Zweig’s latest Intelligent Investor column as investors and 401k plan sponsors, but it ended up resonating with us even more as benefits consultants. (more…)
I’m encouraging every plan sponsor I know to read “Why GE, Boeing, Lowe’s, and Walmart are Directly Buying Health Care for Employees.” The recent Harvard Business Review piece does a nice job explaining why and how a growing number of large employers are embracing the specialty centers of excellence model, as available through EdisonHealth. (more…)
While the rapid evolution of modern medicine offers innovations in patient care, the resulting advancements are placing a fair amount of stress on our existing service delivery and payment models.
A prime example is orphan drugs — defined by the FDA as drugs and biologics for the safe and effective treatment, diagnosis or prevention of rare diseases/disorders that affect fewer than 200,000 people in the U.S., or that affect more than 200,000 persons but are not expected to recover the costs of developing and marketing a treatment drug. (more…)
We wanted to share an article from The Atlantic by David Epstein that deeply resonated with us. It is long, but we encourage you to take the time to read it, and share it with others you care about. The piece does a great job of encapsulating a number of our longtime concerns as healthcare consumers and consultants regarding unwarranted, and sometimes even harmful, treatments that are commonly provided to our plan members. (more…)