Practice management

I recently returned from my first Million Dollar Round Table convention. It was one of the most inspirational shows I've ever attended. There's something to say about the attitude of successful people. Not only were the approximately 5,000 attendees a motivated and attentive bunch - even at 8 a.m. - but there was also an air of optimism about the crowd that I found to be truly refreshing.

No day is ever the same for a hard-working employee benefit consultant. For those of you who've always wondered what the competition is up to, EBA premieres a monthly feature in which an adviser tracks one routine day. Read as Ryan Hanley of The Murray Group Insurance Services, and a daily user of social media, shares his ‘day in the life.’ Want to be featured yourself? Email marli.riggs@sourcemedia.com.

"The whole onsite clinic thing has been a buzz the last few years," says Michael Troup, partner at Forsite Benefits.

As a sales leader in your organization, one of the most critical functions you perform is to help young producers learn and refine their sales skills. And, yes, selling is a skill, not a personality trait.

As the economy struggles toward a meaningful recovery, health care costs continue to rise. With these factors in play, "decisions have moved higher up in the organization," says John DeLorenzo, SVP of sales and account management for Prudential Group Insurance. "So it's not just the human resources department or the benefits department making those decisions. It's moved all the way up ... into the C-suite."

Instead of focusing on the external issues that you cannot control, you should be focused on your business model and figure out how to reinvent your practice to enhance your value proposition to your clients and prospective clients. How can you make up any lost revenue? Why will your clients find your services relevant - and perhaps even more necessary? What additional revenue streams can you add to optimize the value of your existing and new client relationships? That's what you need to focus on and that's all within your control. That's also why we have been discussing strategic alliances over the last several months as a strategy to adapt to the changing market conditions. Joining forces with like-minded benefits professionals just might be the right approach.

Ellen M. is a 47-year-old single mom whose 4-year-old son is diagnosed with pervasive development disorder not otherwise specified, a disorder on the autism spectrum.

When asked about their experience with selling workplace voluntary benefits, most brokers often give one of two replies:

Employees know very little about disability coverage. But when they learn about it, they often want it and are willing to pay for it. A Consumer Federation of America and Unum national survey finds that only 13% of surveyed workers know "a lot" about disability insurance, and less than half (47%) know what its benefits are, according to the survey of 1,200 employees. Yet, when informed about DI, a majority (90%) want the coverage, and 86% are willing to pay half of a $30 average monthly premium, and 56% are willing to pay the entire premium in order to gain income protection should they become disabled. According to a 2012 Social Security Fact Sheet, almost 1-in-4 of today's 20 year olds will become disabled before age 67.

All too often we get caught up in day-to-day activities and forget who it is that we ultimately serve: employees. Without employees signing up for benefits, querying accounts, using services provided and generally trying to take care of themselves and their families, we wouldn't have businesses to run. To bring this point home, I offer the following composite sketches (based on anecdotes from brokers, vendors and employers) - oh to be a fly on the wall ...

Your sales organization has a mix of players. Some are great, some OK and some, well, not making the grade. Yours is like many - but not all - organizations. Not all employees are titans, but that's what your goal should be. This column will look at profiling employees into three categories. It is about improving the ranks of superstars and changing out substandard players. We want to create a stronger army for you with higher productivity and profits.

If you are looking for an idea that can capture the attention of employers, consider helping them provide employees the means to bridge the gaps in their medical plan. I have identified five distinct gaps that, if addressed, can create a huge sales opportunity for group health agents.

How are breakthrough innovations created? What is the process and can it be replicated or facilitated? These are the fundamental questions tackled by Frans Johansson in his seminal book, "The Medici Effect."

The U.S. Supreme Court has upheld the Patient Protection and Affordable Care Act with the individual mandate being upheld under the Congressional power of taxation.

A sharply divided Supreme Court on Thursday upheld the centerpiece of President Barack Obama's signature health care overhaul law that requires that most Americans get insurance by 2014 or pay a financial penalty.

At 2 p.m. EST tomorrow experts will provide insight on the fate of the mandate for individuals to purchase health coverage, and the finding on the constitutionality of PPACA as a whole. Sign up for the web seminar which will be held hours after the decision is released.

Over the last 20 years, the percentages of households that will not be ready for retirement at age 65 has nearly doubled to 50%, according to recent data from the National Retirement Risk Index.

Private and public health care exchanges can bring tremendous value to the marketplace if they follow certain examples, said a speaker at the NAHU annual convention in Las Vegas Monday.

The National Association of Health Underwriters opened its annual convention and exhibition Sunday in Las Vegas with a look back and words of optimism toward the future.

There is a lot riding on the Supreme Court’s health reform decision for all stakeholders. Brokers and consultants need to be prepared to advise their clients, says EBA Advisory Board member Mark Gaunya, who highlights what you should be thinking about while we wait for the decision.