018: Prentice McIntosh, Vice President of Risk Management at Stephens Insurance — Part 3
Release Date: 08/27/2018
Dr. Joseph Sanford and Dr. Kevin Sexton, Leaders of the Medical Claims Analytics Teams at Stephens Insurance
Stephens
Frank Thomas interviews Dr. Joseph Sanford and Dr. Kevin Sexton on employer wellness programs. They explore the data sets that are available between self-funded and fully-insured plans, the changes in healthcare visits since the start of the pandemic, the kinds of nudges that work to help employees to choose healthy behaviors and participate in wellness visits and screenings.
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Brian Chance, Senior Vice President, Cost Based Efficiency Claims & Risk Manager at Stephens Insurance
Stephens
Frank Thomas interviews Brian Chance on the complexities of the workers' compensation system, a state-regulated system that varies by state. They discuss how employers can obtain and manage state-compliant coverage, whether by buying a policy from an insurance company or third-party administrator, self-insuring, or buying a large deductible and acting as a self-insurer.
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020: David Keisner, Vice President, Associate Pharmacy Benefits Analyst at Stephens Insurance
Stephens
Frank Thomas interviews Dr. David Keisner on the meaning of the recent Supreme Court ruling for PBMs, how increased prescription costs may be passed along to employers and insured patents, how other states may act as a result of this ruling, and the potential ramifications of this ruling on other states’ regulation of healthcare providers, regardless of the federal Employee Retirement Income Security Act (ERISA).
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019: Dr. Geri Bemberg, Vice President & Pharmacy Benefits Analyst at Stephens Insurance
Stephens
Frank Thomas interviews Dr. Geri Bemberg. Geri specializes in prescription drug formulary and pharmacy benefit management solutions. Geri explains what a pharmacy benefit manager does. She covers the types of contracts PBMs make with plans, pharmacy groups and drug makers, and the differences between traditional and pass-through plans. Geri explains the benefits of having Stephens Insurance get involved between the plan and the PBM, and also offer formulary management and pharmacy benefit auditing.
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018: Prentice McIntosh, Vice President of Risk Management at Stephens Insurance — Part 3
Stephens
Frank Thomas interviews Prentice McIntosh, continuing and concluding the conversation on hurricane preparedness in this episode of Stephens Viewpoints. Prentice and Frank discuss steps businesses should take after a hurricane. They focus on getting back to the property and meeting the claims adjuster as quickly as possible, putting in place temporary fixes to mitigate future losses, and revisiting the disaster recovery plan to make sure all aspects of the business are protected.
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017: Prentice McIntosh, Vice President of Risk Management at Stephens Insurance — Part 2
Stephens
Frank Thomas interviews Prentice McIntosh, continuing the conversation on hurricane preparedness, in this episode of Stephens Viewpoints. Prentice and Frank discuss steps businesses may take to cover the business disruptions that come with a hurricane. These can include a storm safety plan, disaster recovery plans, business interruption coverage and contingent business interruption coverage
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016: Hurricane Preparedness — With Prentice McIntosh, Vice President of Risk Management at Stephens Insurance
Stephens
Prentice McIntosh is interviewed by Frank Thomas in this episode of Stephens Viewpoints. Prentice and Frank discuss the steps businesses should take to plan for hurricanes and other disasters, how to recover from disasters, how to drill the disaster plan, and how to obtain appropriate property insurance.
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015: Workplace Health — With Todd Whitthorne, President of ACAP Health Consulting and Tom Kane, Executive Vice President and Director of Life & Health at Stephens Insurance
Stephens
Todd Whitthorne, President of ACAP Health Consulting, and Tom Kane, Executive Vice President and Director of Life & Health for Stephens Insurance, are interviewed by Frank Thomas in this episode of Stephens Viewpoints. Todd, Tom, and
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014: Kara Trott, Founder and CEO of Quantum Health and Walker Bowden, Director of Self-Funded Marketing for Stephens Insurance
Stephens
Kara Trott, Founder and CEO of Quantum Health and Walker Bowden, Director of Self-Funded Marketing for Stephens Insurance, are interviewed by Frank Thomas in this episode of Stephens Viewpoints. Kara, Walker and Frank discuss innovations in engagement that allow members to navigate much better the healthcare maze.
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013: Olin Wage, Senior Vice President and Long-Term Care Advisor for Stephens Insurance
Stephens
Olin Wage, Senior Vice President and Long-Term Care Advisor for Stephens Insurance, is interviewed by Frank Thomas in this episode of Stephens Viewpoints. Frank and Olin discuss why long-term care insurance should be considered as part of a prudent retirement plan, the options available, and options for providing for long-term care needs and expenses.
info_outlineFrank Thomas interviews Prentice McIntosh, continuing and concluding the conversation on hurricane preparedness in this episode of Stephens Viewpoints. Prentice and Frank discuss steps businesses should take after a hurricane. They focus on getting back to the property and meeting the claims adjuster as quickly as possible, putting in place temporary fixes to mitigate future losses, and revisiting the disaster recovery plan to make sure all aspects of the business are protected.
Key Takeaways:
[:24] The previous two episodes, Part 1 and Part 2 of this conversation, covered how businesses can prepare ahead of a hurricane and during a storm. Today, we look at how businesses can deal with the aftermath of a storm.
[:41] Oftentimes during a major storm, businesses have to shut down, which can, in turn, impact the company’s revenue, staff members’ employment, and inventory. It goes back to having the natural disaster or hurricane preparedness plan. It’s important to begin to rebuild and fix the damage as quickly as possible.
[1:16] Contact any suppliers and vendors that you need to get your product back in line or to halt production for a period of time. Having things, like building supplies, prepared ahead of the storm so you’re not faced with inflationary pricing after the storm can greatly lower the cost of a potential claim.
[1:45] Have generators and fuel for the generators ahead of the storm. Fuel can be scarce or much more expensive post-storm. Thinking through those things ahead of the storm can help you lessen the impact of the storm after it’s over.
[2:08] In the last episode, Frank and Prentice talked about the 40% of small businesses that never reopen after closing for a hurricane. How can a business rebuild to ensure that this does not happen to them? Once you are allowed back on your property, assess the damages and make any immediate temporary fixes you can to minimize future loss.
[2:46] Document and photograph everything, including temporary fixes. As a Stephens Insurance customer, you will have been in touch with Stephens before and during the storm and loss adjusters will already be engaged and en route to see your property as quickly as possible to get you to the rebuilding phase and reopen as quickly as possible.
[3:17] Sometimes, lessons learned are the best way to revise your disaster recovery plans. Even after planning and running tabletop drills, testing your plan through a storm is the best way to reveal potential gaps to fix for the next disaster. Look back and see what you missed, so the next time you will be prepared even better.
[4:07] Stephens Insurance calls their clients proactively to advise them when a storm is tracking toward them, so even a business without a formal plan in place can take necessary precautions prior to that storm making landfall.
[4:54] If a company gets into the middle of a storm and they still don’t have a plan, they should call Stephens and the risk management, loss control, and claims departments will help them the best they can to mitigate loss and help them through that process.
[5:16] You need to look at all aspects of your company, from accounting to human resources, to IT, to suppliers — all aspects, so after the storm, Stephens and you can start over looking at all those areas of your business and help build a plan around any potential losses to any of those areas of your business.
[6:20] Not everything can be mitigated or avoided, so at that point, you would look to purchase insurance to cover those losses. That’s where Stephens Insurance can really be a team member for you to dovetail your insurance coverage and make sure all of your potential losses are potentially covered.
[6:52] Stay tuned for more insights from the Stephens Insurance team in the near future.
[6:56] For more information on this topic, please contact Stephens Insurance at 1-800-643-9691. To listen to more Stephens Viewpoints, check out our website. Insurance products offered through Stephens Insurance, LLC, National Producer Number 8844362. Securities offered by Stephens, Inc., Member NYSE, SIPC.
Mentioned in This Episode: