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Triton's Rosenthal on Navigating Health Insurance Shifts(Audio) · Bloomberg Intelligence

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  Speaker 1: Bill Maloney Charltte all right, thank you very much, Bill,
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  Speaker 1: Charlie Paloton. That's sub Bloomberg Business Flash. Now on Bloomberg Radio,
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  Speaker 1: we take stock of small business. Small businesses want more
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  Speaker 1: streamlining and less red tape. Small businesses the no but
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  Speaker 1: maybe there's so many people that have ideas and it
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  Speaker 1: has to be more than that. It has to be
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  Speaker 1: making it real. Bloomberg taking stock small business in focus
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  Speaker 1: on Bloomberg Radio. Yes, small business in folks, and taking
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  Speaker 1: a look at some of the issues and challenges that
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  Speaker 1: small business faces. Here to help us understand more is
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  Speaker 1: Steve Rosenthal. He is the president and the chief executive
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  Speaker 1: of Triton h R. They are based in Woodbridge, New Jersey,
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  Speaker 1: and he joins us in the studio. Steve, thanks very
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  Speaker 1: much for being here. Tell us first about Triton h R.
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  Speaker 1: What is it? How did it get started? And how
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  Speaker 1: did you make this company into what it is today?
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  Speaker 1: Because I know you've got a background. You were at
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  Speaker 1: the Data Services previously a d P and then it epics.
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  Speaker 1: What is Triton HR? Tri to HR is a national
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  Speaker 1: benefits brokerage firm and HR service provider. UH. We today
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  Speaker 1: manage about a hundred and seventy five million dollars a
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  Speaker 1: year in annual premium, whether it's through Blue Cross at
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  Speaker 1: the signa self funded and we also have a tremendous
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  Speaker 1: relationship with a DP, the largest payroll company in the
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  Speaker 1: country as a broke relliance partner in his tremendous advantages
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  Speaker 1: on having that relationship for our clients at as well
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  Speaker 1: as far as how you know, start out in this
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  Speaker 1: um built something called an employee leasing company and I
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  Speaker 1: sold it. In a matter of fact, Bloomberg's prior president
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  Speaker 1: when Michael took office was Dan dr Off and he
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  Speaker 1: was the managing partner of O Kill and him and
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  Speaker 1: UH the folks had Zerich Insurance came in and they
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  Speaker 1: bought my company. And employee leasing is basically economies of
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  Speaker 1: scale putting groups together and you're purchasing insurance and providing
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  Speaker 1: HR solutions. So after selling the business, I kind of
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  Speaker 1: stayed engaged for a couple of years, but I've always
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  Speaker 1: had a liking and stayed very close to the insurance world,
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  Speaker 1: which really has enabled me to launch Triton Benefits and
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  Speaker 1: HR solutions. So Steve, what differentials here? It seems so
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  Speaker 1: there's this has become a more and more crowded space.
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  Speaker 1: It's nothing new to have online payroll services of all
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  Speaker 1: kinds are dealing with the Affordable Care Act? What's that?
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  Speaker 1: What makes you unique? I think what makes us unique,
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  Speaker 1: Kathleen is taking a look at the insurance and how
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  Speaker 1: we evaluate the insurance. In the past, the insurance was
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  Speaker 1: is to liver it on a spreadsheet where you would
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  Speaker 1: have your major insurance carriers at a Blue Cross United
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  Speaker 1: and you change deductibles, you change co pagers to have
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  Speaker 1: an effect on the premium. Well, we look at that
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  Speaker 1: as a short term band aid. We take more holistic approach.
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  Speaker 1: We take a look at the businesses census, their demographics,
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  Speaker 1: where their offices are located, a blue collar on their
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  Speaker 1: white collar, and we come with a long term solution
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  Speaker 1: to manage healthcare helps care is to one of the
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  Speaker 1: largest costs for most businesses today. So if it's a
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  Speaker 1: group that's an older population, we do Medicare seminars and
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  Speaker 1: try to show folks to advantage of using maybe an
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  Speaker 1: a arp um uh United Advantited Health. Right, they've got
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  Speaker 1: the United Health from a ARP correct. So if we
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  Speaker 1: can get some folks off the company. Because a company
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  Speaker 1: can't have a conversation with the employee and say we
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  Speaker 1: think that you should go to Medicare, but for a
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  Speaker 1: broker to come in and do a seminar on it
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  Speaker 1: that that that means a lot. Also, utilizing wellness programs
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  Speaker 1: telemedicine is very important for companies. We want to get
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  Speaker 1: aim data and a lot of underwriters will say you're
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  Speaker 1: too small, you don't have a hundred employees, can't get
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  Speaker 1: claimed data. So we try to get somebody and a
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  Speaker 1: self funded or a level funded type of program. Now
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  Speaker 1: we have the claim data seven, it's good brokers, we
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  Speaker 1: can take a look at that and say, hey, your
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  Speaker 1: your prescription costs are in very high on your brand drugs.
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  Speaker 1: Let's make an amendment to the plan in the middle
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  Speaker 1: of the year and let's go with generic at zero cost,
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  Speaker 1: and then maybe we'll also make it an incentive to
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  Speaker 1: do the maiload of programs. This way, we could look
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  Speaker 1: at something in the course of the relationship with the
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  Speaker 1: carrier with the under as opposed to wait in a
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  Speaker 1: month nine getting your renewal notice and seeing you've got
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  Speaker 1: a ten percent increase, maybe you should have got a decrease.
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  Speaker 1: And then employing wellness strategies and telemedicine are tremendous. That's
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  Speaker 1: the way of the future right now. The Affordable Care Act?
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  Speaker 1: How has that affected small business specifically? Because now you've
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  Speaker 1: got to provide some kind of insurance or the individual
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  Speaker 1: at least that there are one person operation, they've got
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  Speaker 1: to buy their own insurance. Absolutely prim and what's happened
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  Speaker 1: today It's caused business with fifty and greater employees to
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  Speaker 1: go out and now have to provide benefits to their employees.
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  Speaker 1: And the most that the employee can contribute as nine
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  Speaker 1: and a half percent of of their their wage. To've
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  Speaker 1: taken a ploint that makes ten dollars an hour times
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  Speaker 1: forty hours times fifty two weeks, divide by twelve times
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  Speaker 1: nine point five, it's a hundred and sixty five dollars
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  Speaker 1: per month. But let's say the employers paying um, you know,
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  Speaker 1: three sixty five. So now the employer is going to
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  Speaker 1: be laying out two hundred a week twenty four hundred
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  Speaker 1: a year. So it's our job now to go and
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  Speaker 1: try to find cost effective maybe high deductible plans, maybe
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  Speaker 1: with an h R A to try to make that
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  Speaker 1: affordable and make it more affordable for somebody that is
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  Speaker 1: a low wage journey. But they have buy up plans
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  Speaker 1: where now if someone wants to spend money out of
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  Speaker 1: their paycheck and have better plans, they can do that.
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  Speaker 1: It's part of the strategy that that we employee, so
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  Speaker 1: we gotta be very careful. You also have a lot
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  Speaker 1: of compliance now with the A c A filings and
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  Speaker 1: formed ten ninety four C. And to Kathleen's point, before
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  Speaker 1: teaming up with a DP has been tremendou because we
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  Speaker 1: now as brokers know the insurance better than anybody, and
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  Speaker 1: we want to make sure that if employees gonna wave coverage,
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  Speaker 1: why they're waving how much they're paying for it? Is
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  Speaker 1: it mindimal central coverage? Is it minimal value coverage? That
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  Speaker 1: has to go on form which gets reported to the government.
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  Speaker 1: And actually keeps companies and compliance today. All right, many
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  Speaker 1: things to Steve Rosenthal, President and CEO of Trite and
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  Speaker 1: h R. I think everybody's very happy to hear about
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  Speaker 1: someone who's trying to come up with some plans, some
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  Speaker 1: ways to make healthcare affordable for middle and low income workers.
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  Speaker 1: I'm Kathleen Hayes along with Pim Fox live in Jackson
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