CFO

2018. What a Year.

It’s that time of year again. Festivus parties have ended. Holiday cards have been sent. A new year has begun. And we’re taking a step back to look at everything 2018 brought for Maestronites.

We started the year off with a bang with our acquisition by AXA. Joining forces with a worldwide insurance leader added even more fuel to our mission to make employee health and benefits people-friendly again.

Shortly after the acquisition, we launched our health plan management approach to self-funded benefits. By incorporating a people-friendly reference-based pricing model, we were able to partner with 170 new employer clients, like Leith Automotive, Secure Health and Phoebe Putney who were looking to change the healthcare game by lowering costs and improving health outcomes for their employees. 

Passionate about the value HR leaders offer to organizations, we equipped them with resources to help them not only land a seat in the C-Suite, but better position them to successfully collaborate with their C-Suite team. After all, HR is uniquely positioned to help drive down one of their organization’s largest expenses – healthcare.

In 2018, we continued to expand our partnership with Aflac® to offer their brokers and employers a robust benefits administration solution called voluntaryEDGE™. This partnership with Aflac has made it possible to simplify and streamline the complete benefits experience for employers looking to provide comprehensive voluntary benefits packages, including accident, hospital, critical illness, vision, dental, disability and cancer insurance, to employees.

We on-boarded 65 new Maestronites, including more customer advocates, a new Chief Financial Officer and data analysts, to help us meet our employers’ needs. (Spoiler Alert: We’re still hiring.) To house these new hires, we moved our Detroit Maestronites to a bigger and better office and we began breaking down walls to expand our corporate headquarters in Chicago.

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3 Reasons I’m Excited to Be Here

By Florian Bezault, Chief Financial Officer

It’s official. I am a Maestronite. While I have spent most of my career with AXA working on everything from corporate finance to investor relations & risk management to healthcare operations, I’m beyond thrilled to begin this next chapter of my career as Chief Financial Officer at Maestro Health. Here’s why:

1. I share a passion to transform U.S. healthcare with my fellow Maestronites.
It’s no secret that the U.S. healthcare industry has reached its tipping point. The U.S. spends over $3 trillion on healthcare each year, yet Americans aren’t getting any healthier and the majority find it nearly impossible to navigate the complex healthcare landscape. That’s why I’m so proud to be working for a company with a mission to disrupt the industry by making employee health and benefits people-friendly again and to take consumer engagement to the next level.

2. It’s clear why CFOs love our approach to employee health and benefits.
I’ve been diving in and learning more about the solutions Maestro Health offers employers. The more I learned about our health plan management approach to self-funded benefits, the more I was convinced this is a no-brainer solution for any CFO in the U.S. While healthcare costs are at an all-time high (so much so that companies like Starbucks are paying more on healthcare than coffee beans) the (me)SELF-FUNDED BENEFITS™ solution has been saving our clients an average of 20 – 30 percent off their healthcare costs in the first year. For some companies, this could be millions of dollars in savings.

3. The culture at Maestro Health is one that cannot be beat.
At many companies, office culture is something that people like to talk about, but few truly walk the walk. I have quickly discovered that isn’t the case at Maestro Health. The values aren’t just painted on the walls at each office. The people in each office truly embody the values themselves. In the short time I’ve been working at Maestro Health, I’ve met people from all walks of life, that display the same level of teamwork, humility and bold thought while collaborating and working together.  

I am eagerly taking this next step in my career with Maestro Health. I’m excited to be a part of transforming the U.S. healthcare industry at such a critical time by solving the challenges experienced by far too many across the country.

4 Points to hit when talking benefits with your CFO

By Sheryl Simmons, Chief Human Resources Officer

As an HR leader, it’s essential to collaborate with all members of your C-Suite. Doing so is not only important to your organization’s success, but it also helps you share your unique insight and be seen as a key member of the C-Suite table. What better opportunity to display your value than by tackling the healthcare dilemma? After all, it’s imperative that your business crafts a strategy to tackle the skyrocketing costs and poor employee experiences with healthcare. Your CFO is already keenly aware of this. Partnering with them to strategize your organization’s approach can likely be a win-win for all, but it’s essential that you begin by learning to speak your CFO’s language for a successful partnership.

1 Treat benefits like an investment opportunity.
When speaking with your CFO, focus on demonstrating the investment opportunity a modern benefits approach can offer your organization. Let them know that your company is in the healthcare business. In fact, every U.S. company is in the healthcare business. Healthcare is the second or third largest expense for most employers. General Motors spends more on healthcare than steel. Starbucks spends more on healthcare than coffee beans. Once your CFO is on-board for a partnership, lay out the strategic, business-focused reasons for implementing a modern benefits approach.

2 Give them the 411 on cost-saving solutions.
Provide a high-level view of the variety of new, cost-saving healthcare solutions available in the market. Be prepared to answer why you selected the options for your company, as well as why you don’t see the others as a good fit.

Keep in mind, your CFO is not entirely fluent in HR speak and that’s okay. Share your knowledge. Get comfortable speaking from a financial viewpoint about the modern solutions organizations are using to combat rising costs like:

  • People-friendly reference-based pricing models that increase access to quality care AND lower healthcare costs
  • Pharmacy benefit management vendors that provide transparent contracting
  • Medical management that is integrating throughout the employee experience

3 Find the numbers. Know the data.
If you have access, dig into your claims data to show the breakdown of your current healthcare costs. It is highly probable that a small population of your employees are driving the majority of your healthcare costs. These are the numbers you need to bring to your CFO. If you don’t have this data available to you, hit your CFO with the fact that just 5 percent of Americans are driving over half of the cost of U.S. healthcare.

Use this information to forecast how new approaches to benefits can lower your healthcare costs. For example, implementing a self-funded solution that offers holistic care management can help improve the health conditions of employees who need it the most, while also offering wellness initiatives to maintain the health of your healthier employees.

4 Show them the money.
It’s fair to say that your company’s bottom line is top of mind for your CFO. In fact, 65 percent of CFOs claim “cost management” as their top priority. With that being said, you must be able to show them true numbers on how a new self-funded solution can provide real cost-savings for your company’s bottom line.

This can be done by showing a comparison of the cost trend of traditional benefit strategies. Fully-insured employers can expect to continue to see a 20 percent increase in their benefits, while self-insured employers that offer traditional PPO networks, can expect a 5.5 percent cost increase for the future. However, employers that are implementing creative healthcare solutions like a health plan management approach to self-funded benefits are experiencing an average decrease in healthcare costs of 20 percent in their first year.

If you’re already in the process of researching vendors that offer these modern approaches, be sure that you’re also making it a requirement for them to provide you with an ROI analysis. If they can’t provide this for you, do you truly trust them to partner with you?

You can find more tips and resources to help you grab a chair and collaborate with the entire C-Suite at YourHRSeat.com.