In this interview, we delve into the inspiring story of how David Contorno, the Founder of E Powered Benefits, carved a path of success in the health benefits industry. Since the company’s founding in 2017, David has been at the forefront of disrupting traditional healthcare systems, advocating for transparency and alignment in employer health plans. Join us as David shares his experiences, challenges, and the values that continue to shape his leadership journey. Discover the innovative solutions E Powered Benefits offers to employers, the strategies David employs to overcome obstacles, and his vision for transforming the healthcare industry. This is David’s journey of leadership, dedication, and commitment to redefining success in the world of employee health benefits.
The Origin of E Powered Benefits
David Contorno founded E Powered Benefits in 2017 after over two decades of working as a traditional broker. During this time, David realized that the compensation structure within the industry was fundamentally misaligned with the needs of clients. Instead of contributing to the solutions, he felt that it was exacerbating the problem. Inspired by the late Charlie Munger’s words, “You show me the incentives, I will show you the outcomes,” David decided to shift towards a compensation model that aligned with the best interests of his clients. After selling his traditional agency in 2014 and continuing as a partner for three years, David started E Powered Benefits with a commitment to full transparency. The company is built around the principles of aligned compensation and medical plans designed to yield vastly different and superior results.
E Powered Benefits’ Offerings
E Powered Benefits specializes in building custom health plans that offer greater coverage at a significantly lower cost. David’s team works with employers of various sizes to design healthcare plans that typically save 35% to 60% compared to traditional options, while simultaneously increasing the level of care provided. This innovative approach has been shaped by consumer feedback over the years, with the goal of giving employees access to better healthcare without the financial burden. The company’s focus on transparency, customization, and cost-efficiency has been a game changer for employers, providing them with more control over their health plans while ensuring that their employees receive top-tier healthcare services.
Overcoming Challenges in Healthcare
The journey to success has not been without its challenges. David identifies one of the greatest hurdles as overcoming psychological misconceptions surrounding healthcare in America. Many employers believe that large insurance companies like Blue Cross or UnitedHealthcare make money by reducing claims, but in reality, these organizations profit when claims increase. Another common misconception is the confusion between healthcare and health insurance—where the former is often equated with insurance companies that provide no actual care. Overcoming these psychological barriers has been a significant challenge for David and his team, but their commitment to educating employers and employees about the realities of the healthcare system has helped them navigate these challenges effectively.
Company Ideals and Work Culture
E Powered Benefits operates with a deep commitment to its mission of providing healthcare solutions that protect the company as a whole with the lowest-paid employees at top of mind. David emphasizes the importance of creating health plans that do not bankrupt employees, many of whom face out-of-pocket expenses that far exceed their savings. The company’s culture is rooted in the belief that if a health plan doesn’t protect its members from financial hardship, it is failing in its primary purpose. To that end, David ensures that employers reinvest some of the significant savings from E Powered Benefits’ plans back into their workforce, offering richer benefits, broader coverage, or lower pay check contributions. This ethical approach is what sets the company apart in the marketplace.
Defining Success in Healthcare
For David, success is defined by getting patients access to higher-quality care at a lower cost, and helping individuals receive life-saving medications without having to spend anything out of pocket. The impact of this work is tangible, as hundreds of dollars per prescription per month are saved by employees on expensive medications. This not only improves their quality of life but also enables them to focus on their well-being without the added financial stress. David firmly believes that success is about helping people achieve better clinical outcomes while reducing their overall financial burden, which is a core mission of E Powered Benefits.
Factors Contributing to Success
The success of E Powered Benefits can be attributed to the company’s unwavering commitment to its model of transparency and alignment. David’s in-depth understanding of how healthcare is delivered and paid for in the United States has allowed the company to design plans that are both cost-effective and high in quality. By tying their fees directly to delivering lower costs and better outcomes, E Powered Benefits has built trust with its clients, many of whom have seen dramatic improvements in both employee satisfaction and financial savings.
Unique Aspects of E Powered Benefits
What makes E Powered Benefits truly unique is its transparent fee structure and dedication to only getting paid by clients for their medical plans. David ensures that the company’s fees are directly tied to the substantial cost savings and improved health outcomes they deliver. This model stands in stark contrast to the traditional brokerage system, where compensation is often linked to increasing client costs. By aligning their goals with those of their clients, E Powered Benefits has become a leader in transforming how health plans are structured, focusing on value-driven results.
Inspiration from Literature
David draws inspiration from “The Price We Pay” by Dr. Marty Makary, a book that explores the deep flaws in the American healthcare system and advocates for reform. The insights from this book have reinforced David’s commitment to transparency and his belief that the healthcare system needs to be realigned to serve the interests of patients rather than the bottom lines of insurance companies and healthcare providers.
Future Vision for E Powered Benefits
Looking ahead, David envisions E Powered Benefits taking on more of a mentorship and leadership role in the industry. While global expansion is not on the immediate horizon, he sees the potential for domestic growth, particularly in empowering more consultants, employers, and employees to take a stand against the current healthcare system. David’s goal is to create a network of professionals who share his commitment to transparency, quality outcomes, and affordability, reshaping the healthcare landscape one plan at a time.
A Challenging but Rewarding Journey
David’s journey has been challenging but incredibly rewarding. Building E Powered Benefits from the ground up required a shift in mindset and a deep commitment to doing things differently in an industry resistant to change. The company’s success today is a testament to the hard work and dedication of David and his team, who have remained focused on their mission of providing better healthcare solutions while reducing costs for employers and employees alike.
Consulting Services and Educational Efforts
E Powered Benefits provides consulting services to employers and industry brokers, teaching them how to design and implement health plans that are vastly different from the traditional model. The company’s innovative approach involves creating plans that offer no out-of-pocket costs for employees, cost employers significantly less, and incentivize better clinical outcomes. In addition to their consulting services, E Powered Benefits offers a course validated by The Validation Institute and hosts an annual conference attended by brokers, plan partners, and doctors. This conference serves as a platform for collaboration and sharing best practices, further establishing E Powered Benefits as a thought leader in the industry.
David’s Professional Background
David’s journey into the insurance industry began at a young age, starting his first job in insurance at 12, telemarketing life insurance. After a stint in the photography industry, David was introduced to health insurance, and he has been working in this field ever since. His extensive experience as a traditional broker, combined with his passion for change, ultimately led him to establish E Powered Benefits. David’s unique blend of industry knowledge and entrepreneurial spirit has been the driving force behind the company’s success.
Vision for the Company’s Growth
While David does not foresee global expansion, he is confident in E Powered Benefits’ ability to grow domestically. His vision is to build a coalition of consultants, employers, and employees who are willing to challenge the status quo of the healthcare system. By promoting transparency and quality care, David hopes to inspire others to adopt a more intelligent approach to healthcare consumption, where patients and employers are informed and empowered.
Continual Growth as a Leader
David believes that continual growth as a leader comes from teaching and mentoring others. Through his work mentoring consultants and teaching the CHVA course created by his partner, Emma Fox, David has found that he often gains more from these experiences than he gives. His approach to leadership is grounded in authenticity and a commitment to leading by example, which he believes is essential in an industry where there is often more talk than action.
Improving Healthcare and Society
David is passionate about improving healthcare and society as a whole. He envisions a healthcare system that is not driven by profit but by the goal of getting people healthy. While he acknowledges the challenges of reforming a system deeply entrenched in profit motives, David remains committed to creating a society where quality healthcare is accessible and affordable for all, without the fear of financial ruin. His long-term goal is to leave a lasting impact on the healthcare industry by helping to create a system that prioritizes patients’ well-being over profit margins.
Responsibilities as Founder and CEO
As the Founder and CEO of E Powered Benefits, David’s responsibilities include speaking, selling, and teaching. He frequently engages in public speaking and contributes to publications, sharing his insights and expertise. The happiest part of his day is when he has the opportunity to educate business owners and individuals, helping them understand how the current healthcare system is not broken but designed to serve the interests of a select few. David takes great pride in helping others see the potential for change and inspiring them to take action.
Traits to Look for in a New Team Member
When hiring new team members, David prioritizes mission alignment above all else. He subscribes to Simon Sinek’s philosophy of finding a “why” that aligns with the company’s mission. David believes that passion for the cause is more important than education or industry experience, especially in an industry where taking a different path can be challenging. He seeks individuals who share his commitment to creating a healthcare system that is fairer, more transparent, and truly focused on patient outcomes.
In conclusion, David Contorno’s journey exemplifies a commitment to reshaping the healthcare landscape through innovative solutions, unwavering leadership, and a passion for driving meaningful change. His focus on transparency, employee well-being, and redefining value in healthcare has not only influenced the industry but has also paved the way for a more sustainable and efficient system. Through his leadership, David continues to inspire others to challenge the status quo and prioritize impactful, long-term solutions for the greater good of both businesses and individuals. His story serves as a testament to the power of vision, dedication, and transformative action in the healthcare sector.
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