Nolan Waterfall, an Agent at SCI & Associates, was a recent guest on the TechnologyAdvice Expert Interview Series. The series, which is hosted by TechnologyAdvice’s Josh Bland, explores a variety of business and technology landscapes through conversations with industry leaders.
In this episode, we discuss HR technology, compliance, and benefits funding strategy.
Below are Nolan Waterfall’s four biggest insights from the conversation.
- The healthcare industry in our country is lagging behind.
I’m sure you’re aware that it’s very expensive. We are the country that spends the most on healthcare. It’s roughly one-sixth of our GDP — just under 20 percent — and it’s no more effective than other more developed countries.
There needs to be innovation and tech companies are our seeing that need. And so, what we’re seeing as far as the overall trend goes is leveraging technology to save money, save our clients time, and basically do a better job educating employees about the benefits they have.
- We need to do a better job of enabling people to make better health and wellness decisions.
That’s really the big AHA! going on right now. And that trend comes with a challenge. The challenge is: we have hundreds of companies vying for your attention as an employer and it can be absolutely confusing to sort through. It’s a double edged sword.
It’s great that there’s a ton of options, there’s tons of integration that’s possible between HR software solutions — benefits administration, payroll, compliance and all this. But our role as a broker and as an advisor is shifting from simply looking at planned details and referring them to the best carrier. It’s shifting over to, “Here’s the best products suite for your need. Here’s the best HR management system that’s going to do what you wanted it to do. You’re not going to have to reformat your existing systems to fit into into this system. Here’s the best admin system that works well for you. In our case, we’ll offer it to you for free. Here’s the payroll provider that actually integrates at everything, and/or here’s the system that integrates with your payroll provider if you don’t want to change.”
It’s more opportunity for everybody. The second trend goes back to the whole medical expenses rising. That’s a trend over the last couple of years that no one can overlook.
- The Maxwell Health platform we offer our groups is the first kind of keystone in the whole process.
Beyond just simply enabling employees to enroll extremely quickly and understand their plans, the Maxwell Health system is a key compliance piece because you can load in your employee handbook, for example. For many small to medium sized businesses out there right now, compliance is a problem. Up to date employee handbooks are a problem. Making sure that employees have even see those handbooks and signed off on paperwork and onboarding documents and licenses — and keeping those up to date — is really important.
Our system, the Maxwell Health system, it time-date stamps everything. And if an employee goes in and is onboarded, you’re gonna have a time date stamp in your system not going away and you can always go back to that and prove that yes, John Smith, did receive his employee handbook on September first.
- Compliance is huge and there’s a two-pronged approach to it.
You have a system side of things. You really need to implement things such as the time date stamping to ensure your documents are up to date. And then the second part of it would be going into your day-to-day activities and dealing with those issues as they arise.
For example, you have an employee who wants to take a leave of absence for X days. You’re trying to avoid any sort of discrimination laws, you’re trying to go by the book, and not put your company in jeopardy
These are things that stump your average small to medium sized business HR manager or whoever has that role. And so, we have other tools that go along with that to empower the HR manager and the C-suite to actually make good decisions based on solid information. Because the DOL website — good luck sifting through it.
This podcast was created and published by TechnologyAdvice. Interview conducted by Josh Bland.