The Business of Benefits Podcast

The benefits industry is broken. $37,824. That's the average cost of a family of four on an employer-sponsored health plan in 2026 and it's growing at 9% a year. So how did we get here, and what does it actually look like to fight back?In this episode, host Austin Townend sits down with Chelsea Ryckis (President) and Donovan Ryckis (CEO) of Ethos Benefits for the origin story nobody asked for but everyone needs to hear. From Donovan's background as a fiduciary securities advisor who saw the same conflicts in healthcare and couldn't look away, to Chelsea getting hit in the head with a softball and learning the hard way that you can run but you can't hide from medical debt... this is the story of how Ethos was built different on purpose.Take the next step in your career. Start your CEBS journey today at CEBS.org.https://bit.ly/48k4aeZWhat You'll LearnWhy Donovan left a lucrative securities career to fix a bigger problem in healthcareChelsea's personal experience with medical debt and how it shaped the Ethos missionThe real definition of fiduciary — and the three things it actually requiresWhy there is zero fiduciary standard in insurance (and what that means for you)The $37,824 number every employer needs to hearA claim is a dollar, not a condition — and why that distinction changes everythingThe four things you can do with healthcare risk: reduce, avoid, retain, or transferWhy brokers go straight to the transfer (and how that lines their pockets)How to vet whether your advisor is actually living the fiduciary standard — not just marketing itWhere the industry is headed over the next five years, including PBM legislation and litigationat Connect with Chelsea Ryckis:LinkedIn: https://www.linkedin.com/in/chelsea-ryckis-8508a192/Connect with Donovan Ryckis:LinkedIn: https://www.linkedin.com/in/donovanryckis/Connect with Austin Townend:LinkedIn: https://www.linkedin.com/in/austintownend/Connect with Ethos Benefits:LinkedIn: https://www.linkedin.com/company/ethosbenefits/Website: https://www.ethosbenefits.com—Finished with the content? Claim your CE credit here:https://ideas.ethosbenefits.com/continuing-educationSHRM:Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI:Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.#EmployeeBenefits #HealthcareCosts #FiduciaryDuty #BusinessOfBenefits #EthosBenefits #HRLeadership #GroupHealthInsurance #BenefitsStrategy #HealthcarePlanning #PBM #ERISA #HealthBenefits #EmployerHealthcare #BenefitsBroker #OpenEnrollment #HealthcareCostContainment #SelfFundedHealthPlan #HRPodcast #BenefitsPodcast #PlanSponsor

In this episode, Donovan Ryckis, CEO of Ethos Benefits, sits down with Spencer Smith (SVP of Sales at Pareto Health and host of Self-Funded with Spencer) to unpack captives, stop-loss, PBMs, and the steps plan sponsors can take to finally regain control of healthcare spend.Spencer shares how short, educational content helped bring self-funding concepts downstream, why captives act like “bumpers” against catastrophic renewals, and where employers should start: data access, pharmacy, and a long-term strategy. They cover real-world examples—NICU and oncology claims, lasers, biosimilars, international sourcing—and discuss why employee contributions keep rising when nothing seems to change.You’ll walk away with a framework to move from guaranteed cost to variable cost with discipline, reduce claims costs without cutting benefits, and ask your broker the questions that matter.What You’ll Learn:Self-funded fundamentals and the role of stop-lossHow group captives improve predictability across renewalsThe first lever to pull: pharmacy strategy and data accessWhy “reduce claims” means smarter pricing and site-of-care, not less careThree questions every plan sponsor should ask at renewal: Why these solutions, specifically? How are you paid, where, and how often? What’s the long-term strategy beyond this 12-month cycle?POSIWID: the outcomes your system delivers define its true purposeTime Stamps:00:00 – Welcome & Guest Introduction02:10 – Spencer’s Journey into Self-Funding06:20 – Breaking Down Stop-Loss & Captives10:45 – Fully Insured vs Self-Funded Explained15:12 – The 401(k) Analogy for Health Plans19:20 – Why Short-Form Education Works in Benefits24:05 – Pharmacy Costs & Where to Start Saving28:48 – Broker Incentives and Transparency34:32 – Data Access, Claims, and Real-World Fixes41:20 – POSIWID Framework & Final TakeawaysGet more on our Guest at:Website: https://spencerharlansmith.com/YouTube: @SelfFunded--------------------------------Whether you're an HR professional, CFO, CEO, or just tired of rising healthcare costs, this is your call to rethink benefits strategy and finally take control.Connect with Chelsea and Donovan:Website: https://businessofbenefitspodcast.com/Instagram: https://www.instagram.com/ethoseffectpodcast/Chelsea: https://www.linkedin.com/in/chelsea-ryckis-8508a192/Donovan: https://www.linkedin.com/in/donovanryckis/Finished with the content? Claim your CE credit here: https://ideas.ethosbenefits.com/continuing-educationSHRM: Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI: Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

In this HR Special, host Chelsea Ryckis sits down with friend and industry leader Lori Kleiman to talk about what it takes to level up from HR department-of-one to strategic business partner, without losing sight of day-to-day realities.We cover how small to mid-size employers can decide when to hire fractional or in-house HR, why headcount matters more than revenue, and the rising complexity of multi-state compliance. We also unpack the hidden opportunity for HR to lead on healthcare and benefits strategy.Chelsea explains renewal “stall” tactics, fiduciary responsibility on health plans, and practical steps HR can take to earn a seat at the table with data and action.What you’ll learn:When a company truly needs fractional HR vs its first in-house generalistWhy certifications like PHR and SHRM-CP help smaller employers hire confidentlyHow tech can increase HR workload and employee questions, not reduce themA simple path to move from tactical HR to strategic HR that drives ROIThe fiduciary duty HR has on health plans, what to ask from brokers, and how to escape the 60-day renewal crunchPractical ideas HR can implement now: communications, data access, compliance checklists, and off-cycle planningTime Stamps00:00 – Welcome to The Business of Benefits01:08 – Meet Lori Kleiman04:45 – Building an HR Business from the Basement07:15 – When Small Businesses Really Need HR10:02 – Technology’s Impact on HR Workloads12:18 – Tactical vs. Strategic HR15:26 – What to Look For When Hiring HR18:41 – How Much HR Certifications Cost21:10 – Using ExamEdge and Affordable Prep Options23:20 – Moving from Tactical to Strategic HR27:00 – Understanding Fiduciary Duty in Health Plans30:36 – How HR Can Drive Benefits Strategy33:22 – Why Benefit Renewals Feel Impossible36:10 – Taking Back Control of Your Renewal38:28 – Shaking Up Your Broker Relationship40:12 – Giving Back to the HR Community41:25 – Final Thoughts and Where to Find Lori Get more on our Guest at:Website: https://www.hrtopics.comYouTube: @lorikleimanhrtopics7385Whether you're an HR professional, CFO, CEO, or just tired of rising healthcare costs, this is your call to rethink benefits strategy and finally take control.Connect with Chelsea and Donovan:Website: https://businessofbenefitspodcast.com/Instagram: https://www.instagram.com/ethoseffectpodcast/Chelsea: https://www.linkedin.com/in/chelsea-ryckis-8508a192/Donovan: https://www.linkedin.com/in/donovanryckis/--------------------------------Finished with the content? Claim your CE credit here: https://ideas.ethosbenefits.com/continuing-educationSHRM: Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI: Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

Tired of shiny pitches and vague promises? In this solo episode, we break down a practical, repeatable system for holding your benefits vendors accountable so your plan actually performs. From rock-solid RFPs to airtight contracts and respectful escalation, you’ll learn how to set clear expectations, track outcomes, and course-correct fast.In this episode, you’ll learn:How to design an RFP that prevents surprises laterWhat to demand in contracts: performance guarantees, termination language, fees, BAAs, data sharing, and fiduciary statusThe must-ask questions about integrations, cybersecurity, conflicts of interest, and compensationA simple cadence for accountability meetings that gets results, not excusesReal examples of catching hidden fees and fixing slow vendor response timesHow to build team culture so your staff holds vendors accountable the right wayWho this is for: Employers, HR leaders, CFOs, and anyone ready to transform a “set it and forget it” benefits program into a high-performing plan.If the truth is out there, are you ready to hear it?Like, share, and subscribe for more no-BS guidance on benefits that serve your people and your P&L.TimeStamps:00:00 Intro and why accountability matters02:10 Build a better RFP07:35 Contract must-haves and red flags13:25 Demo everything and verify claims17:40 Meeting cadence and escalation that works23:10 Real-world examples and fixes28:30 Culture of accountability inside your team32:10 Final takeaways and next stepsIf this helped, like, subscribe, and share with a leader who needs to hear it. Tell us in the comments: What is the first change you will make to your benefits strategy?Whether you're an HR professional, CFO, CEO, or just tired of rising healthcare costs, this is your call to rethink benefits strategy and finally take control.Connect with Chelsea and Donovan:Website: https://businessofbenefitspodcast.com/Instagram: https://www.instagram.com/ethoseffectpodcast/Chelsea: https://www.linkedin.com/in/chelsea-ryckis-8508a192/Donovan: https://www.linkedin.com/in/donovanryckis/Finished with the content? Claim your CE credit here: https://ideas.ethosbenefits.com/continuing-educationSHRM: Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI: Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

If you have ever been told “you can’t access your own portal” or “don’t worry, we’ve got great PPO discounts,” this episode is for you. Today host Chelsea unpacks real stories employers have shared with me and the costly myths behind them. Names and details are changed, the situations are real. Use this as a checklist to protect your plan, your data, and your people.In this episodeThe red flag no one should ignore: being blocked from your own carrier portalNo access to your ben-admin system and why that traps you from shopping the marketAsking for compensation disclosures under CAA 2021 and getting a flat “no”Fear tactics about big carriers and how to verify before you trustSticker shock: $125 PEPM broker fees and how to benchmark what is reasonablePerks over performance: NHL boxes, steak dinners, and fiduciary duty“Broker severance” and the myth of 250 years of benefits experience“Local” vs. “large” broker labels and what actually mattersBeing told you are a “small client” and why that is never an excuseShiny value-adds vs. real cost and quality outcomesKey takeawaysIt is your plan and your data. Own the logins, the reports, the invoices.Verify before you trust. Ask for proof, not talking points.Benchmark compensation and services against outcomes, not perks.Hold every vendor accountable to frequency and severity of claims, not swag.If you are an employer, CFO, or CEO who is tired of trend increases and status quo advice, this conversation will give you a path to real savings and better outcomes. If this helped, like, subscribe, and share with a leader who needs to hear it. Tell us in the comments: What is the first change you will make to your benefits strategy?Whether you're an HR professional, CFO, CEO, or just tired of rising healthcare costs, this is your call to rethink benefits strategy and finally take control.Connect with our guest today at: Connect with Chelsea and Donovan:Website: https://businessofbenefitspodcast.com/Instagram: https://www.instagram.com/ethoseffectpodcast/Chelsea: https://www.linkedin.com/in/chelsea-ryckis-8508a192/Donovan: https://www.linkedin.com/in/donovanryckis/Finished with the content? Claim your CE credit here: https://ideas.ethosbenefits.com/continuing-education SHRM: Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities. HRCI: Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

Welcome back to The Business of Benefits Podcast – your no-BS, no-sales guide to real solutions in employee benefits.In this solo episode, host Chelsea breaks down what it really means to have a multi-year healthcare strategy for your company. Instead of reacting to renewals at the last minute and hearing the same excuses year after year, Chelsea shows you how to treat your benefits program like a true business plan—with long-term goals, measurable KPIs, and strategies that actually deliver results.You’ll hear a real client case study that has achieved five straight years of decreases by following a step-by-step benefits roadmap.Chelsea also shares:✅ What isn’t a multi-year healthcare strategy (the reactive renewal game)✅ How to build a business plan for your benefits, just like any other department✅ Why data access and employee trust are the foundation for long-term success✅ The difference between a slow, steady approach and a “shock-and-awe” strategy✅ Real savings examples—millions of dollars saved while improving employee experienceIf you’re an employer tired of rising costs, empty promises, and lack of control, this episode will show you a better way to run your healthcare plan.Whether you're an HR professional, CFO, CEO, or just tired of rising healthcare costs, this is your call to rethink benefits strategy and finally take control.Connect with Chelsea and Donovan:Website: https://businessofbenefitspodcast.com/Instagram: https://www.instagram.com/ethoseffectpodcast/Chelsea: https://www.linkedin.com/in/chelsea-ryckis-8508a192/Donovan: https://www.linkedin.com/in/donovanryckis/Finished with the content? Claim your CE credit here: https://ideas.ethosbenefits.com/continuing-education SHRM: Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities. HRCI: Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

Welcome back to The Business of Benefits Podcast! In Part 2 of our deep dive with Danielle Young of ClaimDoc, we shift focus from theory to reality — what actually happens when employees engage with a reference-based pricing (RBP) plan?We break down:The truth about provider accessHow ClaimDoc achieves a 96%+ acceptance rateFear-based tactics vs real-world outcomesHow to handle balance bills — and prevent themWhy communication before open enrollment is keyThe co-fiduciary model that protects employees and employersWhat brokers should be doing (and what to look out for)Building a proactive communication strategy that WORKSThis episode is a must-listen for HR leaders, CFOs, and employers ready to take control of their healthcare strategy and rethink everything they thought they knew about RBP.If you're tired of being sold to and want to make smart, transparent decisions for your people — you're in the right place.Learn more about ClaimDoc: https://claim-doc.comConnect with Danielle Young on LinkedIn: https://www.linkedin.com/in/danielle-young-rbp/Subscribe now and hit the bell so you never miss an episode. Because if the truth is out there... are you ready to hear it? Let us know your thoughts in the comments & don’t forget to subscribe for more no-BS insights.Whether you're an HR professional, CFO, CEO, or just tired of rising healthcare costs, this is your call to rethink benefits strategy and finally take control.Connect with Chelsea and Donovan:Website: https://businessofbenefitspodcast.com/Instagram: https://www.instagram.com/ethoseffectpodcast/Chelsea: https://www.linkedin.com/in/chelsea-ryckis-8508a192/Donovan: https://www.linkedin.com/in/donovanryckis/Finished with the content? Claim your CE credit here: https://ideas.ethosbenefits.com/continuing-education SHRM: Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities. HRCI: Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.