In this exclusive interview, we explore the inspiring journey of David Contorno, the Founder and CEO of E Powered Benefits. David takes us through the significant milestones of his professional life, shedding light on his unique perspective in the insurance industry. He shares his vision, the disruptive approach he brings to his work, and his commitment to transforming the healthcare landscape. Dive into David’s insights as he discusses the challenges he has faced, the solutions he’s implemented, and his aspirations for the future.
Overview of Professional Journey and Industry Choice
David Contorno’s journey in the insurance industry commenced at a remarkably young age, at just 12 years old, when he began telemarketing life insurance. His early success hinted at his future achievements. Following this, he spent time working in camera stores, where he outperformed older colleagues. However, the pivotal moment arrived when he joined his roommate, assisting his father in selling group health insurance plans to small and medium-sized businesses at the age of 17. This step marked the beginning of his enduring association with the insurance sector, which has spanned three decades.
Working Style
David Contorno’s working style can be summarized in two powerful words or less: “Change agent” and “disruptor.” He thrives on catalysing change within the industry, challenging conventions, and introducing innovative approaches to healthcare health and insurance.
Current Role and Innovative Initiatives
In his current role, David has broken away from the traditional mold of health insurance. Recognizing that the healthcare system isn’t broken, but rather designed to benefit a select few, he embarked on a mission to provide better alternatives. E Powered Benefits builds customized health plans that substantially reduce costs, typically by 40%-60% below traditional plans (whether coming from fully insured or self funded the results are similar), while ensuring employees and their families have access to essential services with minimal or even zero out-of-pocket expenses.
Beyond plan creation, David and his team are committed to education. They teach others within their industry, including competitors, to follow suit. They organize events like the You Powered Symposium, bringing together industry peers, plan partners, and clinicians for collaborative learning. Additionally, David has established a mentorship program to guide other advisors in building and managing these innovative health plans.
Unique Services and Transparency
E Powered Benefits stands out in the market by offering completely transparent health plans. They are a Certified Advisor by www.AFHCA.org which seeks to similarly bring transparency to the entire industry. Unlike conventional models where employers pay into a
black box, David’s plans offer complete clarity and accountability. The company’s fees are openly posted on their website, and they earn their revenue by delivering actual savings to employers. This commitment to transparency and value sets them apart.
Overcoming Challenges
David’s career has been marked by the challenge of convincing employers to embrace innovative approaches, overcoming scepticism shaped by decades of disappointment with larger entities. He also strives to differentiate between healthcare and health insurance, a distinction often overlooked. These challenges have taught him the importance of perseverance and effective communication.
Helping Against Rising Healthcare Costs
David Contorno recommends that individuals educate themselves on the financial assistance programs offered by non-profit hospitals, as mandated by IRS Code 501r. Many Americans are eligible for substantial bill reductions or waivers, but hospitals often steer patients toward other payment options. He advises consumers to be proactive in understanding and utilizing such programs and not to feel guilty, given the significant tax benefits enjoyed by non-profit hospitals.
Challenges in the Industry and Potential Solutions
The healthcare industry’s resistance to change and its self-serving dynamics pose significant challenges. David highlights how the system profits as costs rise and reveals pricing only after services are rendered, creating an opaque and cost-ineffective environment. He also emphasizes that healthcare mergers tend to inflate prices and that more competition often leads to higher costs. Moreover, he underscores the healthcare industry’s reluctance to encourage overall health, as it could potentially disrupt the status quo. He suggests that being aware of these dynamics and advocating for transparent, consumer and patient-centric alternatives is crucial for progress.
Expectations for the Future
David envisions the growth of his team through teaching and mentorship programs. His goal is to create a network of professionals who can replicate the success E Powered Benefits has in creating a more sustainable health insurance environment, thereby freeing up resources for companies and individuals and enabling them to lead financially secure lives without the fear of healthcare-related financial burdens.
Advice for Budding Entrepreneurs
David urges budding entrepreneurs to apply the same rigor and demand for excellence in managing their health plans as they do in their core business. Having experts who ensure positive results year after year is essential for long-term success.
Inspirational Quote
David Contorno lives by the mantra, “There is only one way to pay less for healthcare…you have to pay less for healthcare.” This reflects his unwavering commitment to transforming the healthcare industry and empowering individuals to take control of their health and financial well-being.
David Contorno’s journey is a testament to the power of innovation, persistence, and the determination to challenge the status quo in an industry that affects us all. His story serves as an inspiration to entrepreneurs and leaders looking to make a meaningful impact in their respective fields.
