Ill be honest with all of you – did I think back in 1999 when I formed The Phia Group with my college buddy Mike Branco that this company would become what it is today? The answer is I had no idea what I expected this company to become. I was just doing something that I loved and thought if I could make a living doing it then that would be “wicked” cool. We have blown away any expectations we have 14 years ago and the fact remains we have much more to do.
Today, we celebrate this past quarter and the major achievement that my company reached – we were ranked by Inc. Magazine amongst the nation’s fastest growing private companies for the 5th year in a row! The fact is that it is an honor to be listed on this prestigious list for the fifth year in a row, but I am already looking forward to year six! Our consistent growth and reputation is a testament to our staff’s passion for creating savings for our clients and the fact is that we would never reach this goal without you trusting in our ability to assist you and your clients. So, thank you so much for believing in our services.
This quarter we decided to change the look and feel of our newsletter to really connect you with what you need to know. We have listened to your ideas on how to improve our content and feel but now that our updated newsletter is here, we would love more of your comments so please tell us what you like and don’t like.
There is so much happening in the health insurance industry these days. There have been many recent cases that may affect how a plan is governed – just look at what happened in Express Oil Change v. ANB Insurance. It’s not that difficult these days to become a fiduciary so be careful as to what you promise your clients and what they may expect you to do for them. When things go wrong, they will blame anyone but themselves! This case will ensure that you take another look at your administrative services agreement and the amount of liability you truly take on.
Another major issue focuses on PPACA – what doesn’t these days! However, the final rules relating to contraceptive coverage have caused more questions than answers as many of our TPA clients just don’t know how to proceed. Please feel free to contact me with any issues and questions you may have on the subject as we have begun assisting many of our clients with the complexities.
Lastly, I would like to applaud the self insured industry on the hard work and efforts being made by plans, brokers, TPAs, and stop loss carriers on ways to control rising health care costs. The innovative cost containment trends that we are seeing today and assisting with the development of is unprecedented. We have clearly all waken up and have PPACA to thank for it. The unique and innovative plan document options that we are seeing just weren’t around even a few years ago.
The weather is starting to cool down here in Boston and the days are getting a lot shorter but it doesn’t mean we are working any less on ways to ensure that health care costs are affordable to your employer clients. As always, I welcome any ideas or comments relating to how The Phia Group can be more beneficial to the industry as a whole. Have a great fall and happy reading!