71. The Hospital Programs Your Broker Never Mentioned: 501(r) & Hospital Bill Review with Patrick Haig

In this episode of The Business of Benefits, host Donovan Ryckis sits down with Patrick Haig, co-founder and CEO of Goodbill, to reveal the secrets of hospital billing that every employer needs to know. They dive deep into the world of 501(r), a little-known IRS regulation that requires nonprofit hospitals to offer financial assistance, and how it can dramatically reduce healthcare costs for both employees and plan sponsors.Patrick explains how Goodbill leverages this and other strategies to audit hospital bills, find errors (which appear in about half of all bills), and secure significant savings. This is a must-listen for any CFO, CHRO, or business owner looking to fulfill their fiduciary duty, contain rising healthcare costs, and provide real, tangible support to their employees—especially those on high-deductible health plans.What you’ll learn:- What 501R is and how it mandates financial assistance from 80% of hospital beds in the US.- The surprisingly high income thresholds that allow many employees to qualify for bill reductions or full waivers.- How to get refunds for hospital bills that have already been paid.- Why half of all hospital bills contain errors and how to find and correct them for savings of 20% or more.- How proactive bill review can be a powerful tool for employee advocacy and trust-building, not a punitive measure.- Practical steps for implementing a bill review and financial assistance program, whether you have a fully insured or self-funded plan.Time Stamps:00:00 – Preview01:16 - The Business of Benefits Intro01:43 – Meet Patrick Haig03:11 – What is 501R?05:15 – For-Profit Hospitals and Financial Assistance08:23 – Income Limits for 501R12:00 – How Goodbill Reviews Bills for Errors13:35 – Why Don't More People Know About 501R?16:05 – The Bill Review Process18:51 – Shocking Bill Review Results22:09 – Fiduciary Duty and Overpaying for Healthcare25:28 – Bill Review Thresholds and Inaccuracy Percentages29:26 – Common Hospital Billing Errors34:28 – Implementation and Integration of Goodbill37:15 – Timing and Refunds for 501R41:47 – Where to Find Patrick Haig--------------------------------Finished with the content? Claim your CE credit here:https://ideas.ethosbenefits.com/continuing-educationSHRM:Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCI:Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.