A Fiduciary Approach to a Prudent Procurement Process

Description:

Most employers believe they are acting prudently when it comes to healthcare benefits. But in today’s market, many long-standing procurement practices would not withstand true fiduciary scrutiny.

This discussion was recently presented at a Lehigh Valley SHRM program, where it generated strong engagement and follow-up questions from HR and benefits leaders. Due to continued interest—and requests from those who were unable to attend—we’re offering this content as a live webinar to expand the conversation.

This webinar challenges HR and benefits leaders to reconsider how healthcare decisions are made, and whether their current approach genuinely meets fiduciary standards. As healthcare costs surge and transparency remains limited, relying on traditional carrier renewals, opaque pricing structures, and legacy vendor relationships exposes organizations to financial and fiduciary risk.

Attendees will be pushed to rethink what “due diligence” really means in healthcare procurement and will be introduced to a more disciplined, defensible framework for evaluating plans, partners, and pricing. Participants will leave with a clearer understanding of where risk hides in plain sight, and how to address it before costs, outcomes, or accountability suffer.

Key Topics Include:

• Why traditional healthcare procurement models fall short of fiduciary expectations
• The hidden risks of passive renewals and misaligned vendor incentives
• What a truly prudent, fiduciary-driven procurement process looks like in practice
• How catastrophic claims and specialty drugs expose gaps in oversight
• Challenging the assumption that rising costs are inevitable or uncontrollable
• Practical steps to regain leverage, transparency, and defensibility in benefits decisions

Speaker:

Nick Tranguch, Chief Growth Officer, BSI Corporate Benefits       

• Nick serves as the Chief Growth Officer and is responsible for driving growth initiatives to expand the company’s market presence, grow and diversify revenue and explore strategic opportunities that bring additional value to both BSI and our clients. He plays a critical role in driving strategic sustainable growth while leveraging market insights, innovation, and strong stakeholder relationships to maximize BSI’s success.  Nick develops and implements growth strategies aligned with BSI’s overall vision and objectives by bringing together teams from across marketing, sales and client management to execute effectively on new market opportunities, reaching existing target markets, and in achieving long term growth goals. Nick also collaborates with cross-functional teams to meet the evolving needs of clients and to continue to differentiate BSI as “The Best Employee Benefits Consulting Firm” in the country.
• After joining BSI in 2016, Nick led the development and launch of BSI’s mid-market product, BSI CORE, which in only fifteen months became one of most recognized platforms for controlling health care costs nationally. In 2017, BSI CORE received independent recognition and the endorsement of the Lehigh Valley Business Coalition on Healthcare (LVBCH). Prior to Nick joining BSI, he spent eight (8) years in leadership roles, most recently as National Vice President of a national insurance division – leading the major account sales strategy for both employee benefits and property & casualty coverages.  Nick holds his life,accident, and health licenses and is licensed with over fifty carriers nationwide. He received his bachelor’s degree from Muhlenberg College.  Nick serves on boards for Phoebe Ministries, Emmaus High School Wrestling ,and Muhlenberg Football Booster Club.