Ep #487: Fiduciary Responsibility in Healthcare | Donovan Ryckis | ShiftShapers

The ShiftShapers Podcast

Welcome to this episode of the ShiftShapers podcast, where we explore the journey of Donovan Ryckis, CEO of Ethos Benefits. Here, we discuss fiduciary responsibility in healthcare as Ryckis tell us the story of his personal evolution. From managing a Gold's Gym to working in securities advising, he ultimately established a flourishing healthcare agency. His narrative unveils the hurdles and triumphs encountered when transitioning from a commission-driven approach to fee-based consulting. Throughout our conversation, Ryckis underscores the pivotal role of fiduciary duty and transparency in cultivating client trust in the healthcare industry.

Ryckis sheds light on the intricacies of reference-based pricing, highlighting its potential in managing healthcare expenses while acknowledging the accompanying need for heightened administration and employee communication. Moreover, he articulates how Ethos Benefits' commitment to ethical standards and delivering genuine value has been instrumental in its ascent. Business executives and other organizational leaders, we invite you to tune in to this episode of ShiftShapers and learn the importance of selecting a benefits vendor who acts with the healthcare recipients’ best interests at heart. After all, you deserve a healthy workforce that appreciates the best possible benefits..

Takeaways:

• Adopting a fee-based consultancy model and embracing fiduciary responsibilities are key for tailoring optimal healthcare solutions for clients.
• Embracing radical transparency, including commission disclosures, fosters candid dialogues and fortifies client relationships.
• Reference-based pricing emerges as a potent strategy for cost control in providing healthcare benefits, albeit requiring meticulous administration and communication efforts.
• Storytelling not only shapes agency culture, but also nurtures robust client connections.
• While the momentum behind fee-based models is palpable, the industry still grapples with the gradual acceptance of compensation disclosure.

Chapters

1. Securities Advisor to Healthcare CEO Lessons (00:00:00)

2. Broker Compensation and Client Disclosure (00:09:14)

3. Defining Agency Mission and Fee-Based Plans (00:21:00)

4. CEO Interview With Ethos Benefits (00:25:22)