Benefits broker turned solution provider – with Gary Becker
This episode features my rockstar friend, Gary Becker, CEO of ScriptSourcing out of Baltimore, Maryland and Naples, Florida. Gary opens with a discussion…
This episode features my rockstar friend, Gary Becker, CEO of ScriptSourcing out of Baltimore, Maryland and Naples, Florida.
Gary opens with a discussion about how he got a firsthand view of how cost mitigation strategies in the health care field, which didn’t save costs by shorting customers, was sorely needed. He founded his own brokerage, Becker Benefits, but ultimately spends more of his time with ScriptSourcing, a company he created that allows customers to source their prescriptions directly for a $0 co-pay while saving money for their employer’s insurance costs.
We dig into the reasons why folks might push back on using ScriptSourcing, from carriers and partners with misaligned priorities, to TPAs with hidden revenue streams, to brokers with ‘big box’ carriers who want to create shareholder value. We also discuss how a service like ScriptSourcing makes money, which is mainly accomplished through performance-based compensation based on how much savings they deliver, which he admits meant little-to-no client revenue in the beginning.
The back half of our interview offers a discussion about technology changes and how PBMs went from not wanting to share any data about what they were paying, to realizing that they have to share data or risk being fired.
We finish up with a debate about being a business owner versus a business operator, and how he’s taking steps to become more of an owner by hiring key people to operate the business for him.
Episode Highlights:
- How he got started in benefits and founding Becker Benefits
- ScriptSourcing, how it works and why it’s needed
- Performance based compensation and why it works for them
- How the industry has changed in the past few years, in terms of data sharing
- ScriptSourcing vs. GoodRx
- Taking the steps to become a business owner, rather than a business operator
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