The Business of Benefits Podcast

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Jun 2026

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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 An empowering roadmap for employers ready to break free from outdated models and unlock smarter, more sustainable benefits.If you’re tired of the same old sales pitch and ready to rethink benefits, reduce costs, and improve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?

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July 2, 202643 min

81. Why Your Wellness Program Isn't Working: The Data-Driven Fix for Employee Burnout w/ Dr. Romie Mushtaq

In this episode of The Business of Benefits, host Chelsea Ryckis sits down with Dr. Romie Mushtaq, triple board-certified physician, national bestselling author, Chief Wellness Officer at Great Wolf Resorts, and founder of the brainSHIFT Institute, to have the workforce wellness conversation that the benefits industry has been missing.Dr. Romie pulls back the curtain on why burnout has become one of the most overused and misunderstood terms in corporate America, and what's actually driving the crisis. From her personal story of near-fatal burnout in 2010 to building science-backed, data-driven wellness programs for 14,000+ employees, she brings the clinical receipts to a conversation that most "wellness influencers" simply can't.Chelsea and Dr. Romie also dig into what burnout really looks like in claims data and it's probably not what you think plus how organizations of any size can build a culture shift that drives measurable ROI without jump ropes, Pelotons, or wellness apps nobody uses.The 45th Annual Employee Benefits Symposium (Aug. 23–26, Phoenix) is where benefits professionals go to connect, learn, and level up. Register by July 21 for early bird pricing: www.iscebs.org/symposiumWhat you'll learnWhy burnout is being misdiagnosed and what employees are actually asking forHow the Busy Brain Test gives organizations a data-driven snapshot of workforce mental healthWhat burnout really looks like in claims data (hint: it's musculoskeletal injuries and metabolic syndrome, not just mental health claims)Why trust is the pathway to actual utilization of every benefits program you've invested inHow Dr. Romie's three-pillar framework Protect Your Brain, Protect Your People, Protect Your Business, applies to companies of 25 or 25,000What happened when one plan sponsor removed every barrier to mental health access (the cost result will surprise you)Why wellness dies when it lives solely with the benefits directorHow empathy and accountability coexist and why caring cultures still have high expectations

June 18, 202635 min

80. Built Different: The Ethos Story w/ Chelsea Ryckis & Donovan Ryckis

The benefits industry is broken. $37,824. That's the average cost of a family of four on an employer-sponsored health plan in 2026 and it's growing at 9% a year. So how did we get here, and what does it actually look like to fight back?In this episode, host Austin Townend sits down with Chelsea Ryckis (President) and Donovan Ryckis (CEO) of Ethos Benefits for the origin story nobody asked for but everyone needs to hear. From Donovan's background as a fiduciary securities advisor who saw the same conflicts in healthcare and couldn't look away, to Chelsea getting hit in the head with a softball and learning the hard way that you can run but you can't hide from medical debt... this is the story of how Ethos was built different on purpose.Take the next step in your career. Start your CEBS journey today at CEBS.org.https://bit.ly/48k4aeZWhat You'll LearnWhy Donovan left a lucrative securities career to fix a bigger problem in healthcareChelsea's personal experience with medical debt and how it shaped the Ethos missionThe real definition of fiduciary — and the three things it actually requiresWhy there is zero fiduciary standard in insurance (and what that means for you)The $37,824 number every employer needs to hearA claim is a dollar, not a condition — and why that distinction changes everythingThe four things you can do with healthcare risk: reduce, avoid, retain, or transferWhy brokers go straight to the transfer (and how that lines their pockets)How to vet whether your advisor is actually living the fiduciary standard — not just marketing itWhere the industry is headed over the next five years, including PBM legislation and litigationat Connect with Chelsea Ryckis:LinkedIn: https://www.linkedin.com/in/chelsea-ryckis-8508a192/Connect with Donovan Ryckis:LinkedIn: https://www.linkedin.com/in/donovanryckis/Connect with Austin Townend:LinkedIn: https://www.linkedin.com/in/austintownend/Connect with Ethos Benefits:LinkedIn: https://www.linkedin.com/company/ethosbenefits/Website: https://www.ethosbenefits.com—Finished with the content? Claim your CE credit here:https://ideas.ethosbenefits.com/continuing-educationSHRM:Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI:Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.#EmployeeBenefits #HealthcareCosts #FiduciaryDuty #BusinessOfBenefits #EthosBenefits #HRLeadership #GroupHealthInsurance #BenefitsStrategy #HealthcarePlanning #PBM #ERISA #HealthBenefits #EmployerHealthcare #BenefitsBroker #OpenEnrollment #HealthcareCostContainment #SelfFundedHealthPlan #HRPodcast #BenefitsPodcast #PlanSponsor

June 4, 202640 min

79. Stop Ignoring Women's Health Benefits w/ Brittany George

In this episode, host Chelsea Ryckis sits down with Brittany George( insurance industry veteran, founder of Her Consulting, and author of A Tale of Two Births) to pull back the curtain on maternal healthcare in America. Brittany brings a rare perspective: 17 years in health insurance, time at Fountain Health, and two profoundly different birth experiences that changed everything she thought she knew about the system she worked in.They cover the cascade of interventions most women don't know they're signing up for, why the incentives inside hospitals are misaligned against patients, what fentanyl has to do with labor and delivery, and — critically — what self-funded employers can do RIGHT NOW to support the women on their plans.What You'll Learn- Why 70% of women get an epidural containing fentanyl — and most aren't told- How a C-section can cost a health plan $80,000–$100,000+ vs. $4,000–$7,000 for a vaginal birth- Why doula coverage is the single highest-impact benefit employers can add today- The downstream health risks for dependents born via C-section — and what that means for your plan- How the birth center vs. hospital vs. home birth decision affects both outcomes AND claims- Why women at every stage — postpartum, perimenopausal, infertile — are being underserved by traditional benefits- What "A Tale of Two Births" taught Brittany about asking better questions in any healthcare settingConnect with Chelsea Ryckis:LinkedIn: https://www.linkedin.com/in/chelsearyckisWebsite: https://www.ethosbenefits.comConnect with Brittany George:LinkedIn: https://www.linkedin.com/in/brittanyspaziano/Website: https://ataleoftwobirths.com/Connect with Ethos Benefits:LinkedIn: https://www.linkedin.com/company/ethos-benefitsYouTube: https://www.youtube.com/@ethosbenefitsInstagram: https://www.instagram.com/ethosbenefitsWebsite: https://www.ethosbenefits.comThe Business of Benefits Podcast:Subscribe wherever you listen to podcasts: Apple, Spotify, or your favorite podcast app.Ethos Benefits is a fee-only, fiduciary benefits consulting firm. We don't take commissions. We don't represent carriers. We represent you.—Finished with the content? Claim your CE credit here:https://ideas.ethosbenefits.com/continuing-educationSHRM:Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI:Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

May 21, 202622 min

78. The Real ROI of Mental Health Benefits

What if making mental health care completely free for your employees actually lowered your total plan costs?In this solo episode, host Chelsea Ryckis breaks down one of the most compelling case studies in Ethos Benefits' history, a manufacturing company with 350–380 employees that eliminated every financial barrier to mental health care. Zero copays. Zero deductibles. Unlimited sessions. Open network. No prior authorization.The result? 12% utilization (vs. a 4% national benchmark), 594 claims, an average of 14 sessions per member — and a total cost of just $7 per employee per month. Meanwhile, traditional plans with restrictions are benchmarking at $14–$17 PEPM for mental health.Chelsea also covers the Mental Health Parity and Addiction Equity Act (MHPAEA), updated in 2024, and walks plan sponsors through the compliance pitfalls she sees most often — from restrictive prior authorizations to narrow behavioral health networks to inconsistent NQTLs.This episode is for HR leaders, CFOs, and plan sponsors who are tired of designing benefits around fear of cost — and ready to see what happens when you design around actual employee needs.What you'll learn:Why EAPs alone are not enough (only 4% of employees actually use them)The real cost of untreated mental health: 23% more absenteeism and 3x higher healthcare costsWhat a zero-barrier mental health plan design actually looks likeHow 594 claims over 2.7 years cost just $129 per claim on averageThe MHPAEA compliance pitfalls plan sponsors overlook — including NQTLs and network adequacyWhy the cultural component of mental health support matters as much as the plan designHow to audit your current plan for mental health parity compliance.Connect with Chelsea Ryckis:LinkedIn: https://www.linkedin.com/in/chelsearyckisWebsite: https://www.ethosbenefits.comConnect with Ethos Benefits:LinkedIn: https://www.linkedin.com/company/ethos-benefitsYouTube: https://www.youtube.com/@ethosbenefitsInstagram: https://www.instagram.com/ethosbenefitsWebsite: https://www.ethosbenefits.comThe Business of Benefits Podcast:Subscribe wherever you listen to podcasts: Apple, Spotify, or your favorite podcast app.Ethos Benefits is a fee-only, fiduciary benefits consulting firm. We don't take commissions. We don't represent carriers. We represent you.Learn about CEBS!In a field as complex as employee benefits and retirement, experience alone isn’t always enough. Credibility matters.That’s why professionals turn to CEBS—the Certified Employee Benefit Specialist designation. Developed in partnership with the Wharton School of the University of Pennsylvania and the International Foundation of Employee Benefit Plans, CEBS delivers comprehensive expertise across both group and retirement benefits—equipping you to lead with confidence and authority.Set yourself apart with a designation that speaks for itself.Start your CEBS journey at CEBS.org. https://bit.ly/48k4aeZ—Finished with the content? Claim your CE credit here:https://ideas.ethosbenefits.com/continuing-educationSHRM:Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI:Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

May 7, 202659 min

77. A Candid Look at Health Benefits, Compliance, and the State of the Industry

In this special episode of The Business of Benefits, host Austin Townend flips the script and interviews our very own President and Co-Founder, Chelsea Ryckis. Together, they break down exactly what employers need to know about healthcare compliance, vendor accountability, and controlling costs heading into 2026.We cover the massive compliance shifts from the last 12 months—including the CAA of 2026 and FTC scrutiny on PBMs—and why these changes are the ultimate leverage for plan sponsors. Chelsea unpacks why Direct Primary Care (DPC) combined with HSAs is a game-changer, why ICHRAs are just a bandaid for healthcare inflation, and how to spot the red flags in your broker and PBM contracts. Plus, learn how to stop accepting the bare minimum from your vendors and start demanding true fiduciary alignment.What you’ll learnHow recent compliance changes (like the CAA of 2026) give employers unprecedented leverage over their health plansWhy the traditional high-deductible health plan (HDHP) is failing low-wage earners, and how Direct Primary Care (DPC) actually reduces claimsThe hidden dangers of ICHRAs and why they don't solve the root cause of healthcare inflationHow to identify "red flags" with your PBMs and brokers, including spread pricing and refusing compensation disclosuresWhy vendor accountability requires more than just a "nice account manager"—and how to use KPIs and scorecards to evaluate themThe truth about big company purchasing power: why 10,000+ employee companies are often paying more than mid-market competitorsConnect with UsChelsea Ryckis on LinkedIn: https://www.linkedin.com/in/chelsea-ryckis-8508a192Austin Townend on LinkedIn:https://www.linkedin.com/in/austin-townend-619520103Ethos Benefits:https://ethosbenefits.com/The Business of Benefits Podcast:https://businessofbenefitspodcast.com/____Finished with the content? Claim your CE credit here:https://ideas.ethosbenefits.com/continuing-educationSHRM:Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI:Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

April 23, 202643 min

76. The Doctor Who Cut the Middleman Out of Imaging w/ Cristin Dickerson

In this episode of The Business of Benefits, host Chelsea Ryckis sits down with Dr. Cristin Dickerson, founder of Green Imaging, to uncover the power of direct contracting for employer-sponsored health plans. They dive deep into how getting the "middleman" out of the equation can save plan sponsors up to 60% on medical imaging while actually improving the quality of care for employees.We cover how direct contracting works in practice, why traditional insurance models artificially inflate imaging costs, and how Green Imaging is flipping the script by providing transparent, cash-pay rates. Dr. Dickerson explains the HIPAA Omnibus Law that makes this possible, how to build a zero-out-of-pocket benefit that employees actually use, and the real-world savings employers are seeing. Chelsea and Dr. Dickerson also discuss the future of direct primary care, navigating hospital pushback, and why every employer has a fiduciary duty to explore these solutions.What you’ll learn• What direct contracting is and how it eliminates the middlemen driving up healthcare costs• Why there is an inverse correlation between cost and quality in the U.S. healthcare system• How the HIPAA Omnibus Law protects employers and employees when carving out imaging benefits• The exact process for members using Green Imaging, from text-based scheduling to receiving care• How plan sponsors can structure their benefits to incentivize zero-out-of-pocket imaging• The challenges of navigating the "down the hall" mentality and how to educate employees• Why direct contracting for imaging and direct primary care are the easiest first steps for employersConnect with the Speakers:Cristin Dickerson: LinkedIn: https://www.linkedin.com/in/cristin-dickerson-md-a1a1b013/Green Imaging: https://greenimaging.net/Chelsea Ryckis: LinkedIn: https://www.linkedin.com/in/chelsea-ryckis-8508a192/Ethos Benefits: https://ethosbenefits.com/Finished with the content? Claim your CE credit here:https://ideas.ethosbenefits.com/continuing-educationSHRM:Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI:Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

April 9, 202650 min

75. Mark Cuban: Your Broker is Lying To You

In this explosive episode of The Business of Benefits, host Chelsea Ryckis and Fiduciary Benefits Consultant Talia Hansen sit down with entrepreneur and billionaire Mark Cuban to discuss the massive disruption happening in the healthcare industry. Mark shares the origin story behind Cost Plus Drugs and Cost Plus Wellness, and why employers hold the ultimate power to fix the broken healthcare system.We cover how employers can stop overpaying for healthcare, the critical importance of aligned incentives, and why direct-to-employer programs are the future. Mark breaks down the hidden games played by traditional PBMs and carriers, and how taking an "outside-in" approach is the only way to truly advocate for patients. We also explore the value of having an internal "Healthcare CEO" to manage claims, and Mark shares his visionary idea for replacing health insurance premiums with a revolutionary healthcare banking model.What you’ll learn:• The "aha moment" that led Mark Cuban to start Cost Plus Drugs and expose the massive markups in the pharmaceutical industry.• Why the traditional RFP process is designed to protect incumbents and keep employers in the dark.• How to identify and eliminate misaligned incentives in your health plan to save money and improve care.• The power of direct contracting and why employers need an internal "Healthcare CEO" to audit claims and manage vendor relationships.• Mark Cuban’s vision for the future: eliminating traditional health insurance companies in favor of a healthcare banking and loan model.Finished with the content? Claim your CE credit here:https://ideas.ethosbenefits.com/continuing-educationSHRM:Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI:Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

March 26, 202633 min

74. Benefits Consultant Reacts to Shady Contract Clauses w/ Chelsea Ryckis

Your health plan contracts are full of hidden traps and most employers never read them until it's too late.In this solo episode of The Business of Benefits, Chelsea Ryckis of Ethos Benefits pulls back the curtain on the most alarming contract clauses she's encountered in the last six to eight months. From undisclosed broker bonuses and spread pricing to termination traps and one-sided indemnification clauses, Chelsea breaks down exactly what to look for and what it actually means for your company.This episode is essential listening for any business owner, HR professional, or benefits committee member who wants to fulfill their fiduciary duty and protect their plan participants.What You'll Learn:- The six forensic lenses Ethos Benefits uses to review every vendor contract- How to identify hidden conflicts of interest and undisclosed compensation- Why your scope of services must be written down and what happens when it isn't- How to use KPIs and performance guarantees to hold vendors accountable- Why implementation guarantees matter more than service guarantees- How vendors use HIPAA as an excuse to block your access to your own data- The termination clause that forced a plan sponsor to pay a broker they'd already fired- Why the future of healthcare reform lives in contract languageConnect with Chelsea Ryckis: https://www.linkedin.com/in/chelsea-ryckis-8508a192/Ethos Benefits: https://ethosbenefits.com/ --------------------------------Finished with the content? Claim your CE credit here: https://ideas.ethosbenefits.com/continuing-education SHRM:Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI:Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

March 13, 202649 min

73. From Peo to Independent Excellence: The GQR Wynden Stark Healthcare Story

In this special episode of The Business of Benefits, we pull back the curtain on a real-life, multi-year healthcare strategy transformation. Join our hosts as they sit down with Connie Alvarez, Director of HR at Wynden Stark, to dissect the five-year journey of their self-funded health plan. This is a masterclass for any employer feeling trapped by rising premiums and lack of control.We explore the highs, the lows, and the unexpected curveballs—from navigating mergers and acquisitions to tackling the complexities of a fluctuating workforce in the healthcare staffing industry. Discover how Wynden Stark, with the guidance of Ethos Benefits, moved from a fully insured model to a custom, unbundled, self-funded plan, achieving over $3.7 million in savings in just two years. This case study reveals the power of a fiduciary approach, the critical role of data in negotiations, and how to build a plan that delivers both financial results and a superior member experience. If you want to learn how to take back control of your healthcare spend and become a true steward of your company’s benefits, this episode is a must-listen.What You’ll LearnThe 5-year roadmap from a fully insured plan to a high-performing, self-funded model.How to navigate a 42% renewal increase and turn it into a -1.3% decrease.The power of carving out your Pharmacy Benefit Manager (PBM) and the massive savings potential in Rx.Strategies for implementing an unbundled plan with an independent TPA and fiduciary PBM.How to use data and analytics to negotiate with carriers and stop-loss providers.The importance of member communication and advocacy in a self-funded environment.Innovative solutions like international pharmacy sourcing and spousal HRAs that drive down costs.How to maintain an excellent member experience even with major plan design changes. --------------------------------Finished with the content? Claim your CE credit here: https://ideas.ethosbenefits.com/continuing-educationSHRM:Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities. HRCI:Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.

February 26, 202659 min

72. Future Proofing Your Health Benefits: A Case Study in Multi-Year Planning w/ Julia Watt

In this session, Chelsea Ryckis and Julia Watt, Director of HR at Medical Technology Transfer (MTT), delve into a case study on "Future-Proofing Your Health Benefits." They discuss how MTT, a 125-employee company, achieved a 67% reduction in claims cost over three years through a multi-year strategic plan. This conversation offers a roadmap for employers of all sizes to move away from the traditional, reactive renewal cycle and adopt a proactive, data-driven approach to managing healthcare costs and fiduciary responsibilities.What you'll learn:How a small employer (125 employees) can implement innovative healthcare strategies often considered only for large corporations.The limitations of fully insured plans and the benefits of transitioning to level-funded and self-funded models.The importance of data transparency in understanding and controlling healthcare cost drivers.How to strategically unbundle your health plan and select vendors aligned with your company's best interests.The critical role of a fiduciary PBM in managing pharmacy costs, which are often a significant expense.Actionable steps to take control of your health plan, negotiate better terms, and reduce costs without compromising employee benefits.--------------------------------Finished with the content? Claim your CE credit here:https://ideas.ethosbenefits.com/continuing-educationSHRM:Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI:Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.