Finance Has Entered the Chat: Innovative Cost-Savings Solutions w/ Steve Santangelo
Episode description
In this episode of Benefits Influencer, host Dennis Carlson interviews Steve Santangelo, Chief Revenue Officer at Garner Health, about their unique approach to healthcare cost management through provider quality assessment. The conversation offers benefits brokers and consultants valuable insights into innovative solutions for addressing rising healthcare costs at a time when employers are seeking more effective alternatives to traditional health plans.
-------------------------------------------------Steve Santangelo brings his decade of carrier-side experience to explain how Garner Health uses data analytics to identify high-quality healthcare providers and incentivize employees to choose them, resulting in both better care and lower costs. The discussion explores:
Key Takeaways:- Provider Quality Focus: Garner Health analyzes physicians on over 500 metrics using data representing 320 million patients to identify high-performing providers. Their approach connects patients to top doctors within existing networks, finding that higher quality care typically costs less, delivering average savings of 27% per healthcare episode.
- Market Transformation: We've reached a "tipping point" in healthcare where employers are actively seeking alternatives as costs become unsustainable. CFOs are now directly involved in benefits decisions, and previously "too disruptive" solutions like reference-based pricing are gaining traction as companies face higher healthcare cost increases.
- Broker Strategy: Successful benefits consultants need to develop multi-year strategies for clients rather than temporary solutions. Vendors should work closely with brokers throughout the client lifecycle, focusing on delivering promised results that help brokers demonstrate value when renewals arrive.
The episode also covers insights on price transparency developments, how self-funded employers can leverage concentrated membership for direct contracting, and why brokers remain essential partners in implementing innovative healthcare solutions.