How to build a human-centered health insurance business

It doesn't matter how amazing your benefits package if your team doesn't use it. I've learned that what I value might not be the same as what my team values. As I shared on Episode 136 of "Build to Enough," at Little Fish, I've implemented unique benefits that make my employees feel valued while also recognizing that they are human. For example, I offer "Sick and Sad Days"—time off that isn't counted against anyone if they're sick or just can't do it that day. I wanted to ensure they have room to take time off when they aren't at their best. We also close for five weeks out of the year: one week during spring break for tax season, one week at the end of summer, and two weeks at the end of the year. These breaks are automatically built in and fully paid for everyone. We offer flexible work hours with some overlapping core hours, but they can work at a time that suits them best. Plus, we have an annual all-expenses-paid company retreat, a 401k match, and internet reimbursement. Now, I didn't start with all of this. Bit by bit, I figured out what made the most sense for the business and what the team actually wanted. If you're looking to develop a benefits package that truly supports your team, here are some steps to consider: 1. Assess your team's wants and needs - Ask them what they value and what perks would make a difference in their lives. 2. Prioritize core benefits - Focus on essentials like PTO, health benefits, and retirement plans, but don't forget to explore other perks. 3. Research your options - There are many health and retirement plans available for small teams. Do your homework to see what will work best for your team (and your budget 😉 ). 4. Consider supplemental benefits - Look for inexpensive perks that have a significant impact, like flexible hours or remote work options. 5. Maximize your budget - Allocate a specific amount for benefits and make the most of it. Seek group buying opportunities and tiered benefits to offer more without overspending. 6. Review and adjust regularly - Benefits aren't a set-it-and-forget-it deal. As your team evolves, so should your benefits package. Creating a benefits offering that truly supports your team not only helps retain your current employees but also makes your company a place where people want to work.

Most healthcare startups follow the same playbook: 1. Raise millions in venture capital 2. Burn cash acquiring customers 3. Hope to reach profitability someday We took a different approach. Five years ago, we launched Frontier Psychiatry to serve the most vulnerable populations with zero outside investment. Three years later we were treating 4,000+ patients monthly in states with some of America's worst mental health outcomes. And the results are now shown in our peer-reviewed JAMA Network Open study: https://lnkd.in/gcPVuQd8 • 38% LOWER hospitalization rates for our Medicaid patients • 17.9% FEWER emergency department admissions • Similar overall costs to Medicaid compared to matched controls Here's how we made it work: 1/ Serving the underserved is actually good business ↳ While most practices screen out Medicaid patients, we embraced them ↳ Scaled through word-of-mouth from grateful patients ↳ Created positive provider recruitment cycles by offering meaningful work 2/ 100% virtual care removes geography as a barrier ↳ Reached patients across a massive rural state ↳ Eliminated expensive physical overhead ↳ Allowed clinicians to practice from anywhere ↳ Got patients seen within 72 hours of initial request 3/ Revenue before investment, not the other way around ↳ Bootstrap mentality forced resource efficiency ↳ No VC pressure to grow unsustainably ↳ Maintained focus on quality care, not vanity metrics ↳ Reinvested profits into sustainable growth 4/ Take all comers, don't cherry-pick cases ↳ From schizophrenia to substance use disorders ↳ No screening for "easy" cases ↳ Building relationships with referring providers ↳ Creating a true safety net function Most healthcare entrepreneurs assume you must choose between serving vulnerable populations and building a sustainable business. Our data proves otherwise. Not the easy road, but for us, the right one. By actually preventing expensive hospitalizations through timely care, we've created value for patients, payers, and our team simultaneously. The greatest opportunities in healthcare often lie where others aren't looking—with the patients everyone else is avoiding. —----------------------------- ⁉️ What assumptions about healthcare business models need rethinking? Have you or a loved one had trouble accessing behavioral health care? Comment below and let me know. ♻️ Repost to challenge conventional wisdom about startup funding. 👉 Follow me (Reza Hosseini Ghomi, MD, MSE) for more like this.

𝗦𝗺𝗮𝗿𝘁 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 𝗳𝗼𝗰𝘂𝘀 𝗼𝗻 𝙚𝙭𝙥𝙚𝙧𝙞𝙚𝙣𝙘𝙚𝙨, 𝗻𝗼𝘁 𝗷𝘂𝘀𝘁 𝗳𝘂𝗻𝗰𝘁𝗶𝗼𝗻𝘀. A healthcare support company I worked with learned this the hard way. The company supported families with a consumer support product that simplified a complex healthcare process. Their business started by focusing on 𝘵𝘢𝘴𝘬𝘴: ➡ Helping patients schedule appointments. ➡ Explaining lab reports. ➡ Booking surgeries. Their team would jump on a Zoom call with a patient and their family and would get straight to questions like: ❓  What do you need today? ❓  What appointment are we working on? ❓  When's your next visit? Once those types of questions were answered, it was a ‘thank you’ and hang up. There was a problem. Many consumers thought, “Why pay someone to do what I can do myself?” The company was stuck. They were so focused on the tasks that they lost sight of their bigger why. Their real mission wasn’t scheduling appointments—it was helping patients and families navigate some of the hardest moments of their lives with grace, dignity, and support. The company was struggling to grow because they were missing a critical piece: an experience. So they pivoted. Instead of focusing on what they did, we made the bigger why come through loud and clear in every interaction. Instead of asking patients, “What do you need today?” They began asking: - How are you feeling—emotionally as well as physically? - What support does your family need? - What’s been weighing on your mind the most lately? On calls with doctors, instead of just telling them, “We’ve got Mrs Smith scheduled next Tuesday at 3pm” They asked: - What can we do to ensure Mrs. Smith arrives fully prepared for her appointment? Doctors started sharing simple insights, like, “She always forgets her medication list,” or “She never brings her insurance card.” The company took this feedback to create a seamless, supportive patient-doctor experience. And the results? ✅ Patients stayed on the phone longer and opened up. ✅ Word-of-mouth referrals increased. ✅ Doctors felt supported and became advocates. By stepping back and centering their why, the company stopped being a box-checking service and became a trusted partner in healthcare journeys. So ask yourself: Does your business just check boxes, or does it create experiences that matter? Let me know in the comments. --- P.S. If you liked this post, you'll love my 2-minute newsletter, link in my profile > @michaelburcham