In 2017, legendary investor Warren Buffett famously stated, “Medical costs are the tapeworm of American economic competitiveness," indicating in no uncertain terms that rising healthcare costs are the number one problem facing American businesses. Currently, healthcare spending represents approximately 18% of America’s total Gross Domestic Product (GDP) and nearly double per capita compared to other developed countries. To make matters worse, life expectancy is far less than that of comparable nations even after adjusting for age and non-treatable causes of death. Despite these facts, the cost of healthcare continues to rise, consistently outpacing inflation and overall economic growth. Whether you are a business owner, community leader, or industrial worker, you can relate to the pressure from rising healthcare costs and its consequences.
Enter Health Rosetta – an ecosystem of benefit advisors, employers, clinical leaders, and solution partners on a mission to restore health and wealth to American businesses, communities, and families by scaling the adoption of practical fixes to the healthcare system.
Health Rosetta was founded by Dave Chase, a visionary who jump-started the movement with a TEDx talk entitled “Healthcare Stole the American Dream – Here’s How We Take It Back” and his subsequent book The CEO’s Guide to Restoring the American Dream.
Health Rosetta’s premise is simple: as a business leader, if you offer a health plan to your employees, you run a healthcare business (whether you know it or not), and you are empowered to take control of your healthcare spend to optimize your outcomes. All you need are the right experts, with the right solutions, executed at the right time for your organization.
One of the myths regarding overcoming the challenges of the broken healthcare system is that it’s too complicated of a problem and there are no proven solutions. Health Rosetta dispels that notion in providing a simple blueprint to help business leaders create high-performance health plans. The blueprint is straightforward and incorporates common sense principles. For example, Health Rosetta encourages businesses to work with benefits consultants that offer full and transparency compensation disclosures to assure that they are financially aligned with your interests. Health Rosetta also recommends not only that employers self-insure their health plans to gain maximum control and flexibility but also with a TPA that can support the employer’s fiduciary responsibility when it comes to plan administration and claims processing. Visit healthrosetta.org for a full list and description of the components included in a high-performance health plan.
The ultimate objective of a Health Rosetta-style plan is to unlock the value currently trapped within current health plan expenditures (whether it be fully insured premiums or healthcare claims) to create dividends that can be re-invested within communities to address problems such as wage stagnation, malnutrition, poor education, and other social determinants of health.
Dave Chase, and others within the Health Rosetta, would encourage you take small, simple steps to get started.
- First, check out the content on Health Rosetta’s website to learn more.
- Next, if you like what you see, reach out to a certified Health Rosetta Advisor to learn more. Gibson is proud to have three certified advisors in-house to help you learn more.
- Finally, work with your advisor who will put together a three-year plan, optimized for your organization with incremental steps to bring you closer to a true high-performance health plan.
The bottom line: you do not have to accept cost increases every year and your health plan does not have to be a tapeworm on your business or within your community. Solutions exist today that can unlock value and create a lasting dividend for your community. Health Rosetta and their ecosystem are here to help.
About Health Rosetta
Health Rosetta accelerates adoption of simple, practical, non-partisan fixes to our healthcare system. They help public & private employers and unions provide better care for 157 million Americans while reducing health benefits spending by 20-40%. More information can be found at www.healthrosetta.org.
