51. Your Benefits, Your Risk: Why Fiduciary Duty Can’t Be Ignored

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The Business of Benefits Podcast

Hi Hello Labs Network

65 episodes

1 day ago

For decades, employers have been fed a lie: “There’s nothing you can do to control healthcare costs.” This couldn’t be further from the truth. The system is doing exactly what it was designed to do—profit off of HR, CFOs, and CEOs who believe that lie year after year.With 180 million Americans relying on employer-sponsored healthcare, it’s time to challenge the status quo. The Business of Benefits is your No BS, No Sales guide to the real solutions. No gimmicks—just the truth about how to take control, transform your benefits, and care for your most valuable asset: your people.Each episode dives deep into the data, exposing industry misalignments and inefficiencies that inflate costs while offering actionable strategies for designing financially sustainable, high-value benefits.Through eye-opening interviews with industry insiders, expert analysis, and real-world success stories, hosts Donovan and Chelsea pull back the curtain on the hidden flaws in the healthcare system. The result? An empowering roadmap for employers ready to break free from outdated models and unlock smarter, more sustainable benefits.If you’re tired of the same old sales pitch and ready to rethink benefits, reduce costs, and improve care—this podcast is for you. The truth is out there—are you ready to hear it?

All content for The Business of Benefits Podcast is the property of Hi Hello Labs Network and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

51. Your Benefits, Your Risk: Why Fiduciary Duty Can’t Be Ignored

The Business of Benefits Podcast

38 minutes

6 months ago

51. Your Benefits, Your Risk: Why Fiduciary Duty Can’t Be Ignored

In this high-impact episode of The Business of Benefits Podcast, we're cutting through the legal jargon and post-lunch drowsiness to bring you the most engaging conversation you’ll ever hear on fiduciary compliance. Hosts Chelsea and Donovan Ryckis pull back the curtain on what it really means to be a fiduciary under ERISA, especially in today’s healthcare landscape, where misaligned incentives are costing employers and employees big.

Chelsea shares her personal journey from NCAA athlete to healthcare advocate after a traumatic brain injury exposed the broken realities of the American health system. Donovan breaks down the parallels between fiduciary standards in financial services and the gaping lack of those same protections in health benefits—until now.

From health plan lawsuits and PBM fraud to RxDC reporting and compensation disclosure, this episode arms employers with the truth, the data, and the questions you must start asking.

You’ll learn:

What fiduciary duty actually looks like in practice (and in court)
Why the Consolidated Appropriations Act of 2021 is a game-changer for employer-sponsored plans
How to identify and eliminate conflicts of interest across your benefit ecosystem
What brokers aren’t telling you—and why that matters
Practical steps you can take today to realign incentives and protect your people

Stick around for the debut of special guest Bryan Orr, whose real-world results show what’s possible when employers take back control.

If you’re ready to rethink your role, reclaim your data, and radically improve your health plan decisions, this one’s for you.

Connect with Chelsea and Donovan:
Website: www.ethoseffectpodcast.com
Instagram: https://www.instagram.com/ethoseffectpodcast/
Chelsea: https://www.linkedin.com/in/chelsea-ryckis
Donovan: https://www.linkedin.com/in/donovanryckis/