The CEO's Guide to Lowering Healthcare Costs by 30%: Insights from Author Michael Menerey on Critical Mass Radio Show
Ric Franzi
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If you want better results in terms of health insurance, then you need a different approach. Michael Menerey is helping businesses find health care strategies that are effective and cost-friendly. He joined us to discuss his "Reconstructing Healthcare" movement and his book The CEO's Guide to Lowering Healthcare Costs by 30%. Here are three takeaways from our time with Michael Menerey on Critical Mass Radio Show:
1. When it comes to rising health care costs, we need to consider the CAUSES, not just the symptoms.While on Critical Mass Radio Show, Michael Menerey discussed how in looking at our current health care system, it is important to understand the WHY behind rising costs and price inflation. The traditional health care industry in this country has very little price transparency or competition the marketplace, according to Michael Menerey, and with costs rising at unsustainable rates, even individuals who have health insurance are struggling to pay. In order to start a dialogue, motivate change and counteract market ignorance when it comes to health care, we need to address the WHY behind this issue, not just the what.
2. A higher price does not indicate a higher quality. Michael discussed that there isn’t much information available when it comes to quality and its relation to price, concluding that while a lower price service may feel of inferior quality, this is an issue of consumer perception, not reality. Yet, this perception allows for increased prices on the supply side with few consequences, especially because health is such an emotionally-charged issue.
3. The consumer is a part of the health care cost equation.While a common tendency is to place blame on the supply side of health care, the faults of the sector are not the result of the supply side alone. Market ignorance on the consumer side must also be addressed in order for a positive paradigm shift to truly occur. Companies can start to shift mindsets by working on benefit design, and encouraging consumers/employees to act as partners in the process towards a better alternative.
Listen to our full interview with Michael Menerey here: