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The Passive Income Attorney Podcast
RTBL 01 | What They Don't Tell You About Raising Capital (Until It's Too Late) with Ben Fraser

The Passive Income Attorney Podcast

Play Episode Listen Later Jul 17, 2025 39:14


Title: What They Don't Tell You About Raising Capital (Until It's Too Late) with Ben Fraser Summary: In this episode of the Invest Like a Billionaire podcast, host Ben Frasier interviews Seth Bradley, the Chief Legal Officer at TribeVest and an experienced securities attorney. They discuss Seth's transition from a big law background to becoming a passive investor and then an active capital raiser, detailing the steps involved in his journey. Seth shares insights on private placements and syndications, emphasizing the importance of understanding legal documents such as Private Placement Memorandums (PPMs) and operating agreements. The conversation also highlights key trends and shifts in capital raising, particularly the emergence of the fund-to-fund model, which allows passive investors to leverage their networks without taking an active role in deal management. Furthermore, Seth talks about the services provided by TribeVest to simplify the investment process for both passive investors and new fund managers. They touch upon the current state of the alternative investment market, discussing the advantages and opportunities available amid economic challenges. Links to listen and subscribe: https://podcasts.apple.com/us/podcast/155-moving-from-passive-to-active-investor-feat-seth/id1587171662?i=1000652125962 Links to watch and subscribe: https://www.youtube.com/watch?v=oiRq38II33s&t=1047s Bullet Point Highlights: Seth Bradley's Journey: Transitioned from big law to passive investing, and now to active capital raising. Understanding Legal Documents: Importance of critically reviewing PPMs and operating agreements as an investor. Red Flags in Investments: Identifying key terms and clauses in legal documents that can affect investor rights and returns. Fund-to-Fund Model: Insights into how new capital raisers can operate without needing to be actively involved in deals. TribeVest Services: Overview of how TribeVest supports fund managers with a streamlined legal and operational framework. Market Trends: Discussion on the evolution and current opportunities within the alternative investment space. Advice for Investors: Encouragement to dive into the market now to capitalize on upcoming opportunities as conditions stabilize. Transcript: hello future billionaires welcome back to another episode of the invest like a billionaire podcast today's guest is Seth Bradley very fun to talk with him he's friend of mine for several years and he's the chief legal officer at tribe vest which is a really cool company if you haven't heard of them we actually had their CEO and founder on about a year ago but they're kind of doing a really new cool push that I'm going to talk about in a sec but his background he's a big law Securities attorney spent a lot of time in kind of   corporate world transition really to kind of becoming a passive investor invest a lot of syndications so he talks a lot about his journey making that transition kind of going to generate passive income Financial Independence but then he's actually shifted back to becoming an active Capital Riser and he's seen a lot of people make this transition that been investing for a little bit and now want to kind of activate their Network and some of the stuff they're doing at Tri bestest is making this really really easy for   people so it's a really cool interview we kind of hit a lot of his journey from his perspective as a Securities attorney what are some of the big things you got to focus on when you're reviewing legal documents what are the red flags yellow flags Etc and then he kind of shares a little bit about some of the things and the trends going on in the kind of private placement syndication and capital raising worlds that if you haven't heard about some of these ideas you definitely want to tune in and listen because it's pretty cool I'm   seeing the same thing on my side of things so you're going to enjoy this episode he's a very very sharp guy and a lot of great insights that he shared I think you're going to love this episode please enjoy this is the invest like a billionaire podcast where we uncover the alternative investment and strategies that billionaires use to grow wealth the tools and tactics you'll learn from this podcast will make you a better investor and help you build Legacy wealth join us as we dive into the world   of alternative Investments uncover strategies of the ultra wealthy discuss economics and interview successful investors looking for Passive Investments done for you with and funds we help accredited investors that are looking for higher yields and diversification from the stock market as a passive investor we do all the work for you making sure your money is working hard for you in alternative investments in fact our team invests alongside you in every deal so our interests are aligned we focus on macr   driven alternative Investments so your portfolio is best positioned for this economic environment get started and download your free economic report today welcome back to another episode episode of the invest like a billionaire podcast I am your host Ben Frasier and joined by a very exciting guest Seth Bradley I've know Seth for several years he is the managing partner at Ray's law and the chief legal officer at tribe vest and uh Seth and I have done some business over the years and different things he's an   attorney and uh a very experienced Securities attorney and even has his own podcast called the passive income attorney podcast and so he comes with a really unique perspective both being an entrepreneur investor as well as an attorney gives him some really unique insights in this space of kind of private placements alternative Investments and super excited to have on the show so Seth thanks for coming on man Ben appreciate it man we finally got around to to recording this really really appreciate it man yeah it was   kind of fun because we reached out a couple years ago and uh we're we're gonna do something that never worked out and then all of a sudden you're ready to do the podcast tour and Pops back up three years later so hey let's do good I'm I'm gay man so looking forward to doing this now so give a little bit of uh context for your background uh for those who maybe aren't familiar with you and just kind of what you do in kind of the areas of expertise that you focus on as an attorney sure man so I worked in   big law for about seven years um most recently at a top three globally ranked Law Firm um as a real estate started out as a real estate attorney made my way over to Securities um at that point um I started kind of getting that you know mo as most entrepreneurs do that feeling like you want to do something else you don't want to have all these bosses you want to get out there and do your own thing um but you know I'd worked pretty hard to get where I was so I wanted to make sure that I knew what I was getting   myself into um I'd already been working with Real Estate Investors and folks like that as my clients um started talking to them started talking to some of the partners in my in my firm about how they invest what they do um really Lear learned about you know passive investing um and making my way kind of to the equity side and that's really where I my journey began as a passive investor in in syndications so I invested in a number of those um and also invested actively you know I kind of did the the Bigger Pockets uh you   know path where I listened to Bigger Pockets I did a you know house hack I did fix and flips I did buy and hold single families things like that as well as past investing in larger Investments um and at that point I realized hey I've got this network of attorneys and other folks that I can raise capital from so I made my way from passive investor to active investor man so you've done done the the full circle here I love it so started Big Lot and your bio says you Clos billions of dollars in real estate   transactions over the past decade so you've you've seen a lot of deals um I'd be curious because you know a lot of people that maybe newer to real estate investing newer to Alternative investments in general and just the world of private placements they kind naturally think hey the only way I can do it is you know the Bigger Pockets path which is a great path if you want to go and you know do it actively and have a second job so to speak where you go and buy your own real estate and and fix it up or work with contractors to   fix it up but you went straight into syndications which in a lot of ways uh fits better for uh people that are working professionals and you know don't want to necessarily trade time for wealth building already have a great income uh generator through the their job or their business and they want to just redeploy that into syndications so what was kind of the journey for you understanding the world of syndications and really with your background um insecurities law and how did you kind of get comfortable with that and what was   the Journey For You diving head first into syndications early on yeah I mean you really have to have skills uh money or time that those are the three things you can really offer right so it depends on how much of each one of those you have as to what your investment profile should look like and what you should get started in um I was actively wanting to participate in deals from the get-go but I did already have exposure from my real estate uh real estate practice to syndications and and watching other   people raise Capital knowing that those types of Investments are out there so I think I had an advantage there because prior to that I had no idea the only thing I knew was kind of that Bigger Pockets path it's like okay well house hack into a single family or dup or a duplex and then rent the other side out and then Fix and Flip This or wholesale that um I didn't really know about syndications other than through um my my law practice so I think I had that Advantage um get getting that exposure   and being able to transition to that quicker yeah talk a little bit about I mean your podcast is called passive income attorney and your your big goal is passive income and what was really kind of the idea behind that or why was that your primary goal and what does that mean to you yeah I mean the idea behind that was to be passive and I think we kind of as entrepreneurs we go back and forth I think we all want to end up on the completely passive side eventually but sometimes you don't get there as quickly   if you don't go on the active side for a little bit and I think I'm I'm seeing that a lot myself I did that I started investing passively and now I went to the active side as an active syndicator as a fund manager raising capital and participating in deals even on the operational side um because you can accelerate quicker that way if you the more time and effort that you put in the faster you can accelerate now a lot of folks out there especially pive investors listening if their doctors dentist lawyers they don't have time for   that so they need to invest passively that's probably the best use of their time because their highest and best use of their time is in their career being a doctor a dentist a lawyer an engineer where they're making a lot of money in their active income it doesn't really make sense that for them to start a fix flip business or wholesale business or even a syndication business really out of the gate until you figure out what what you want to do it makes more sense to take that active income put it into   passive investment vehicles that don't take any time away from your practice Yeah I love that what' you say there's you you one of three things skills time or money right and so one of those you're going to be trading to generate more passive income or wealth and wherever you're at in the Spectrum and where you're willing to kind of trade for for that invest I love that it's very uh makes a lot of sense so talk a little bit you know I want to get to what you said this in the minute kind of transitioning kind of bluring the line   of going back and forth between passive and active I think this is really interesting I've seen the same Trend but before we get there you know a lot of a lot of our listeners you know that are maybe newer to syndications newer to passive investing they um get a little bit shell shocked when they see a PPM or a set of legal docs to review for a deal and they they don't know what should I be focusing on what should I be looking for what are potential red flags or yellow flags and you know from your perspective and   I'm sure you probably saw a lot of things early on they like okay that's interesting or um you know making that transition you already had a leg up uh given your background but what are some kind of key things that you know maybe even coming into it you already had a leg up but now even 10 years later down the road have learned and things that you said you know hey this is way more important than I thought it was originally from from a pure passive standpoint because I think that's a roadblock for a lot of people yeah yeah   and you know it's intimidating right when you get that first PPM which is going to have exhibits to it and the exhibits are going to be an operating agreement subscription agreement maybe um maybe some marketing materials a business plan things like that you're looking at at least a 100 page document maybe it's 200 pages and if you're not a lawyer and used to looking at 100 page documents that is intimidating you're like what am I supposed to do this is going to take me you know this is like a month's worth reading if I'm actually   going to read this thing and really most past investors don't read it um but you should I mean you should at least start reading them um because it gets it gets easier and easier to read because they're all going to be very similar they're all going to have a similar structure and similar pieces and things to look out for I think one really important thing and you might not be able to do this the first time but you can start um kind of thinking about it but just really matching the PPM to the oper room because the PPM should really   be um kind of a a summary so to speak of the operating agreement because the operating agreement is the meat of what's actually going to be the the terms uh within that LLC within that investment and at the end of the day if something goes wrong or not even goes wrong but if there if there's some sort of um agreement or disagreement that needs to be figured out you're going to look at the operating agreement not necessarily the PPM to figure out uh what the next step is what is the mechanism for fixing this problem so you   know just making sure that the people PM accurately reflects what the operating agreement says is very important and and then taking a step further that the operating agreement and the PPM match what the lead sponsors are telling you let's say in the marketing materials or the webinar like just making sure that there's a clear picture between all the marketing materials the webinar um and the legal documentation is really important and sometimes if it doesn't make sense or there are certain terms   that don't match up you know maybe they're not as meticulous as they should be and you need to look elsewhere that that's a really important thing to look out for um kind of coming back to your question you know when when you're first starting as a passive investor all you're really looking at is the returns right you're comparing kind of your projected returns in this deal to your projected returns in this other deal and you might get a 2% more irr return projected in this one than that one so   you're going to go with this one but at the end of the day those are just projections right those are just projections and those can be manipulated those are based on assumptions from the lead sponsor and those are not the most important things the most important things are the the sponsor and their track record what they've done how they've performed um and you know the market and the deal itself but just those projected returns can be manipulated so that's really you know it's important at the beginning or at   least you think it's important and then later on you become a more um wiy vet in passive investing you'll realize it's not as important as as as some other things like hey are your fees aligned things like that like what are the Voting Rights like how what if something happens and the manager is doing a terrible job how can you possibly get them out like what are those mechanisms um what are the mechanisms for a capital call when things go wrong what what happens those are the those are the more   detailed things and the nuances you need to look at as a past investor rather than just looking at the projected returns that's a lot of lot of good nuggets right there you just listen to that skip back a few minutes and listen to it again because that's really good I think you're so right right if it just it can feel intimidating to look at a 100 page 200 Page document and where do I start but just start at the beginning just start reading it it just got to skim read it skim read it and just the more   you get familiarized with um these different document sets the more they all kind of seem similar over time and you can kind of notice the the things that are common among different deals and then you also kind of notice the things that pop up as oh that's kind of unique or that that's kind of different than what I've seen in other deals and that's maybe outside of the norm um and just kind of getting familiarized with it you're going to pick up a lot on it but I think you hit a few of the sections that I think are really   important that a lot of people kind of glaze over because if you're getting just looking at the here's the irr projection here's where turns are going to be like you said there's uh a lot of assumptions that go into what those numbers are derived from and you know I always come back to my banking background you know risk adjusted returns right because every element of uh every deal you know whatever return you're projecting there's different levels of risk and if you're you know taking a lot more risk in a particular   deal or strategy or structure the same level of return it's it's not Apples to Apples right and so understanding what that is from a deal standpoint but there's also risks uh some of the points you made within the legal structure and so he's saying go straight to the operating agreement as a starting point because that's ultim timately what's going to govern the the deal and the mechanisms for potentially firing the sponsor as a manager or like you said the capital call and the waterfall section understanding how does do   profits flow through the entity and what are the splits between them what are some things that maybe 10 years down the road now invested I don't know how many deals you've invested in passively but you look back you're like oh man you know what I I read that section and you know I kind of knew that maybe was a little outside the norm but I was so excited about the deal didn't really wasn't too concerned about it now looking back like oh man now that was that was a good learning experience because now you know maybe I can't vote   out the manager or you know different things that you would say looking back are more important that maybe you put weight on in the front end and maybe some examples of um you know especially right now I think a lot of a lot of deals that people invested over the past few years you know unfortunately are requiring Capital calls or are kind of headed in a direction that may not be good and um you know maybe it's the fault of the operator maybe it's not but if it is a fault of the operator What mechanisms do you have and what voting   rights do you have as a passive investor and talk a little bit about that because I think that's going to be very relevant especially over the next few years is sure certain older deals are kind of not hitting the projections they thought originally yeah I mean I think I already touched on most of them from a high level but like for instance um voting out the manager like if the manager is doing something um fraudulent or misrepresented what they were doing or you know really just doing a terrible   job is probably not a reason enough to get them out but it could be um if it gets to a certain certain point um but that's really one thing to to look for to see like what the mechanism is like does it take a unanimous Vote or does it take a majority vote or does it take a majority or super majority of each share class each membership class within the LLC so it it and typically they're set up so it's really difficult to get the manager out right because the lead sponsor is going to be the manager and   they're the ones that are going to be making all the decisions and they don't want to lose control so they wanted to make it as hard as possible um and still make it legal um to stay in that seat and not get voted out so you know you will see some pretty onerous um Provisions within the operating agreement to be able to get them out but there should be a reasonable way to do it whether that's a super majority vote perhaps that's that's reasonable so super majority vote um in the event of a misrepresentation fraud you know any   sort of like bad boy act by the the manager or if their bad performance reaches the level of you know negligence or something like that there just needs to be a mechanism to get them out that's that's just one example when you had mentioned Capital calls as well so Capital calls it's like what is the mechanism when the LLC or or the syndication needs additional operating expenses to survive what what is the mechanism to do that like can is the first step to actually do a capital call and is that Capital Call Mandatory   meaning that the investors have to participate um on a proat a basis or that's not typical so if you that's one thing to look out for if it is mandatory that you do and and if you don't then you're basically out or you lose uh you know an unreasonable amount of your Equity if you don't participate then perhaps that's a red flag right like if you don't participate um well I should say the capital call should be optional and if you don't participate that's okay um but you will most likely be watered   down your Equity will get watered down on a prata basis rather than something above a pro basis right so that's an example you're saying of if it's required which is uncommon right that that's that's a red flag potentially um or if you get diluted a higher than the proat mount is another another negative and you're exactly right I mean I think you know part of this is when you're when you're investing passively you're you're giving up control of of operating the deal to the sponsor right is so that that's kind of   the the trade-off is you're hiring experts you're investing with experts that hopefully know what they're doing so that you don't have to be doing the day-to-day stuff and so it can be difficult to replace managers and and uh you know have uh impactful voting rights uh that can change the outcome unless there's fraudulence or negligence but I think it kind of goes to the point too of understanding what these kind of parameters are and what's normal and then also like I think you can pick up a lot of what you're saying and just the   congruence between PPM the operating agreement the the offering memorandum the webinars and um and then really the alignment of Interest right because if ultimately if the sponsor stands to lose alongside the investors if they're not just getting rich just off of fees and you know does they don't have a whole lot of skin in the game then ultimately it might not be you know a great deal but if they have a lot of lot skin in the game and even if it's written in these certain ways it doesn't necessarily mean it's a bad a bad   investment so okay love it get a little bit in the weeds there for for some people and if this is you know um newer to you I I definitely encourage you um to just start this you know opening up the bpms or reading them and you're going to pick up a lot by doing that and then just ask questions right and I think it's a great thing too that if you're reading the PBM and reading operating agreement to ask questions of the sponsor and that's usually pretty indicative of one how well do they know their own documents and to how willing   are they uh to address certain questions that maybe maybe concerns to you right and I think you can actually get a really good sense of um how they and how they respond of of what that interaction is going to be so love that thanks for some of that Insight Seth I'd love to shift a little bit uh you mentioned something earlier I I wanted to come back to is you you kind of you have said before you the future of capital raising is kind of Shifting and evolving and I think a lot of people are realizing and   I've seeing the same thing too right I'm a a coach and you know masterminds for Capital risers and this fun to fund model is becoming very popularized and people that maybe think oh I'm not really a capital Riser or you know that's that's not my you know what I've learned to do went to school to do or whatever or realizing hey actually I've been investing passively for a while I have a pretty great Network because I'm around a lot of accredited investors I've done enough to kind of know a good amount and   I can actually turn this into a business right and so talk a little bit about what the fun to fund model means and maybe someone that's in that boat where what you said is I think I'm gonna go 100% passive but then you know you're also learning a lot along the way and you have a a network that maybe you can activate and also raise capital and get get paid to do it compliantly that's right and and you said it and I'm seeing it time after time where past investors they invest in a number of deals and and   you know folks that are investing in these deals typically have a little bit of money and they probably have friends that have money as well and their their friends start asking them about the deals that they're investing in um and they start thinking hey you know what what can I can I get paid can I have a is there a business here that I can develop that I can build um by bringing in all my friends and family that might also be wealthy might be able to put these These funds together um and invest   in the deal together um you can certainly do that but you start to run into lots of Securities lots of rules and regulations that some people know about and some people don't you'd be surprised uh um that you know you see people out there raising capital in ways that they shouldn't do it um but what's great about the fund of funds model is that you know you're not a what's called a CP so you're not an active partner with the lead sponsor that's kind of the I'll call it the old way and I you know   I've been saying that the CP model is dead just to kind of put it out there that um you know we shouldn't be raising Capital with lead sponsors and then not doing anything else not participating in deal and and having an active role if you're a true cgp you need to have an active role in in the deal and that's kind of what deters um passive investors and doctors and dentists and lawyers and people like that that already have a career they don't want to take an active role right like they don't want to do   the asset management or manage the property manager or talk to tenants or anything like that and that's where the fund of fund solution comes in the fund of fund solution is really creating another syndication or another fund um that invests into the lead sponsor syndication or fund and that's where the name fund of fund comes from now traditionally the issue with that is well it does come with responsibilities for the fund manager they they have to put the deal they have to put their own fund together they have to put their cap   table together open a business banking account form an LLC get a Securities attorney um you know manage their investors manage their distributions do taxes all those sorts of things and so it turns into an active business and on top of that it's expensive because we are creating a second syndication a second fund to invest in that uh lead sponsor Target Fund um so that's the the problem that's always been the solution the fund of fund has always been the right solution but those problems that I   just mentioned are why it hasn't been widely adopted but you're seeing a big shift in the market as we're able to provide a more affordable option and a and a solution to bringing all those different services that a fund manager would normally have to go out and get themselves and putting it into a package yeah that makes a lot of sense and so like we said we're seeing the same thing where people are um they've been investing they they like what they're doing they have their friends and their family asking about the different deals   they're doing and then they have thought well hey I mean that's I can make money doing this and what most people have done historically is cgp model and for those that are unfamiliar with that is basically you raise money directly into the lead sponsor syndication or entity and then you get uh granted certain General partner shares for doing that but and you're the you're the attorney so I'm I'm gonna say at a very high level as I understand it by by doing that you are um uh well you can't raise   money and get paid for it unless you're a registered broker dealer unless you're General partner and uh are continuing to operate the uh the deal the business and have an active role in it but most people that are just raising capital or just want to raise Capital as um you know on the side of what else they're doing that's not a realistic expectation so what what we've seen I'm sure you probably see a lot more than me is these different uh uh folks that are raising capitalist cgps and then you know this   this new SP has about 10 different CPS on the list on the roster here and it's pretty hard to make an argument that they're all actively participated in managing the deal because you just don't need that many people right if it's the same deal and so then you kind of run into compliance risk and you just you don't want to mess with that I mean that's that's just let's leave it there and so the fun of fund model has always been around it's basically you create your own fund and as your own fund manager you're exempt from um uh some of   these uh securities issues to basically raise capital from your investors into your fund then that fund invests into the uh kind of the mothership fund or the the lead sponsors fund and by doing that you um you know it's you're in the in the you're not in the gray area anymore where it can kind of be um maybe not great from a compliance standpoint and the challenge as you mentioned though is it can be expensive maybe it's a little complicated to know how toell up and I'm not really a professional fund manager   how what do I know um but that's that's what you're doing now at triest and we've had Travis Smith on the podcast before so if you haven't listened to that episode um it's probably a year or so ago we'll put the put the link in the show notes because it's a um a great episode talking about tribe vest and what what you guys are doing really trying to from my perspective simplify the access and the kind of backend back office functions of um both for Passive investors and for fund managers to continue to increase   access to more to more deals so talk a little bit about kind of what you guys do at at tribe vest and to kind of help people um you know both from a passive standpoint that's want to direct the investors past investors that don't really want to do it as a business but then also kind of the new fund manager programs that you guys are putting together to help people that want to kind of activate their Network want to you know use this as a way to make money and um do it without having to be an expert in all the the backend side of   things absolutely at at Trio I'm the chief legal officer for tri best I help create the fun to fun product that we have out there right now it makes it simple TurnKey and affordable for anyone to really start a capital raising business um all those things that I mentioned before opening your business bank account um starting your LLC drafting your offering documents um getting your EIN onboarding your investors creating your cap table doing your distributions doing your taxes all those things you normally have to put   together and find different uh platforms and different people like attorneys and CPAs to help you out and put those put the the fund of fund together we do that we put it in a fund of fund we call it a fund of Fund in a box it's really a Lego block that you can use and invest in a deal like with Aspen if Aspen has a fund you can create your own fund you try best bring in your five or 10 uh best friends that want to put in some money you can carve out a piece for yourself so you actually get paid a fee a front   maybe you get paid a fee um during the uh hold period and then perhaps you get a percentage of the equity on the back end so it can be a very lucrative business for someone to get started and because triest makes it so easy to do it meaning put all these different services and things together for you it it really anyone can do it yeah that's so cool and we we've worked with you guys and have seen it in action and you know to say f Fund in a box sounds almost uh trite because it sounds like can you really do   that but it's it's cool because you guys have have solved it and and not only have you solved it but it's also pretty cost- effective right I think one of the big challenges with the fun of fund is generally you can invest if you kind of pull Capital together in a fund you can invest at better terms with a sponsor so you can have a little more margin that you can kind of get paid from and your investors still make the same returns um but if you have a lot of legal costs a lot of ongoing um kind of portal and   back office expenses and tax returns everything else then it gets kind of expensive and eats away at the margins that you know you're hoping to to use to pay yourself so you guys have kind of Crea a really streamlined um kind of off-the-shelf product that can fit majority of of offerings and make it pretty easy right that's right it gets really difficult to make it work that's again the fund of fund like we've talked about it's always been a solution it's just really expensive and really hard to put   it together um especially for someone that that isn't a professional Capital Riser um that just wants to put together $500,000 a million a million5 something like that it it it doesn't even make sense cost wise in the old way of doing it you're going to pay a Securities attorney minimum of like let's say 15,000 maybe 20 maybe $25,000 to put one of these together maybe even more I used to work at a big Law Firm where it cost $75,000 it's crazy the expenses that add up and that's just the legal piece that   doesn't include all the back office administration things that we talked about doesn't include um engaging with a CPA to do your taxes it doesn't include all those things that's just the legal cost by itself and tribe best has made it super inexpensive to be able to do this and to be able to do it time and time again so it works with a $500,000 raise it works with a million dollar raise you don't have to raise $20 million to make it work from an affordability standpoint yeah that makes sense so do   you guys also have like any kind of education or different coursework to help people that are you may want to make the transition of like yeah I think that that sounds like something I could do I my friends are always asking me what what I'm investing in and it wouldn't be that hard to go get five 10 friends to go and invest and create a fund and you know but they just don't they've never done it before they never thought about it till just now so right you guys have I know you're really more given the solution but do you also have   like any kind of education or do you have resources you guys can point people to to learn more about what does it look like to you know what what's what's the process you have to go through to um kind of go from idea to actual uh you know making a fund yeah yeah I'll tell you we don't have any formal legal or sorry formal educational things out there at the moment but we are working on that um but we have made it so simple that we can jump on a zoom call with anyone that that's in is potentially   interested in being a capital raiser and putting together a fund of fun and walk you through a pitch deck and it should be pretty clear what you need to do because we handle basically everything you you put together your investors you put together your terms and how you're going to get paid and then we'll be able to do kind of all that back office all that legal all those things that you don't want to know or don't want to do we handle all it yeah makes sense awesome well kind last question I just   love to get your insights on just the market in general for Alternatives and and private placements and you've obvious been in this space for over a decade and we've been in the space for about 11 years now as as an operator and it just feels I mean it's it's already been the amount of capital that's kind of come into kind of private Equity into real estate into private placements in eneral it's totally shifted the game but it also feels like we're still kind of early Innings right it still feels like   people are just discovering this for the first time and and even the conversation we're having of you know um activating people to raise Capital right in a compliant way that's just an easy way because you guys are creating a system that just reduces friction to continue to increase more Capital to come into the space like do you feel the same thing are you seen I know there's kind of some potential proposed regulation to you know increase the requirements for accreditation and you know there's   always a battle going back and forth on on that but what's kind of your sentiment just at a broader level of just the alternative kind of private placement space in over the next 10 years yeah I mean I'm I'm bullish right like we're we're kind of in a little bit of a lull right now um you'll hear that capital's a little bit harder to come by investors are holding on a little bit tighter um but that's because there's actually deals out there right now I mean said right now is actually a great time to invest right now is a great time   to invest because prices are are depressed a little bit um investors are a little bit reluctant to invest um there are less buyers in the market because a lot of them are getting kind of washed out um but there are some properties coming online through foreclosures through things like that this is where you know when you talk about during good times you're like oh man I cannot wait until there's blood in the streets and I'm going to pounce on it I'm want to pounce on those opportunities that time is right now it   it's not it's not you're you can be waiting on the sideline for years and you're gonna you're gonna miss it it's right now right now is the time to to figure out how to invest how to raise Capital how to do deals how to make them work because right now it's difficult to make them work that's that's the truth of it right now is the time to act and you're going in five years from now for instance you're going to look back to this time and say man I wish I would have got started because we're we're   we're going to be in the upswing again very soon totally no I was just uh I was a one of the guys I follow who's been in real estate for a long time he was talking and reminiscing about he bought uh I think he said three dozen single family homes between uh 2009 and 2011 right and he's held on to them since then and you know looking back he's like the only thing he wishes he did was buy more right because it's but at that point it was you know everything was on sale everyone was like real estate's over and it's it's so hard to   be contrarian I think it's Warren Buffet this said be uh you know fearful when everyone else is greedy and greedy when everyone else is fearful right it it's it's a simple idiom that makes sense but it's really hard to do and right now we're kind of in that that time where investors are reticent there's a lot of pressure on deals right now that's kind of creating a great buy opportunity you know we're seeing I know you're seeing it and uh you know I think I agree with you I think it's a great time to be to   be jumping in right now and uh Seth thanks so much for coming on man what's what's the best way for folks to get a hold of you and learn more about uh your law firm uh raise law and try vest if they want to learn more about what that looks like for sure uh the best place where I keep all my links is Seth Paul bradley.com um you'll have links to try best there links from my uh law firm and social media it's all posted on there okay we'll put that in the show notes and definitely appreciate you coming on   today set it awesome all right Ben appreciate it [Music] [Applause] [Music] man Links from the Show and Guest Info and Links https://www.youtube.com/watch?v=oiRq38II33s&t=1047s https://www.instagram.com/p/C5mNnwsv2fs/  https://aspenfunds.us/private-credit- https://www.investwithaspen.com/free-economic-report https://www.linkedin.com/in/benwfraser/ https://www.linkedin.com/company/aspen-funds/ https://www.instagram.com/aspenfunds/   Seth Bradley's Links: https://x.com/sethbradleyesq https://www.youtube.com/@sethbradleyesq www.facebook.com/sethbradleyesq https://www.threads.com/@sethbradleyesq https://www.instagram.com/sethbradleyesq/ https://www.linkedin.com/in/sethbradleyesq/ https://passiveincomeattorney.com/seth-bradley/ https://www.biggerpockets.com/users/sethbradleyesq https://medium.com/@sethbradleyesq https://www.tiktok.com/@sethbradleyesq?lang=en

Pharmacy Podcast Network
Rewriting the Rules: What's Ahead for Non-PBM Affiliated Specialty Pharmacies | NASP Specialty Pharmacy Podcast

Pharmacy Podcast Network

Play Episode Listen Later Jul 17, 2025 53:16


In this episode of the NASP Podcast, Sheila Arquette, President & CEO of NASP, speaks with Jonathan L. Swichar, Partner and Chair of the Duane Morris Pharmacy Litigation Group, and Bradley A. Wasser, Partner, Duane Morris, LLP. They discuss the dramatically shifting legal and regulatory landscape facing non-PBM affiliated specialty pharmacies and recent federal efforts that are reshaping the ways specialty pharmacies do business.

The Passive Income Attorney Podcast
RTBL 01 | What They Don't Tell You About Raising Capital (Until It's Too Late) with Ben Fraser

The Passive Income Attorney Podcast

Play Episode Listen Later Jul 17, 2025 39:14


Title: What They Don't Tell You About Raising Capital (Until It's Too Late) with Ben Fraser Summary: In this episode of the Invest Like a Billionaire podcast, host Ben Frasier interviews Seth Bradley, the Chief Legal Officer at TribeVest and an experienced securities attorney. They discuss Seth's transition from a big law background to becoming a passive investor and then an active capital raiser, detailing the steps involved in his journey. Seth shares insights on private placements and syndications, emphasizing the importance of understanding legal documents such as Private Placement Memorandums (PPMs) and operating agreements. The conversation also highlights key trends and shifts in capital raising, particularly the emergence of the fund-to-fund model, which allows passive investors to leverage their networks without taking an active role in deal management. Furthermore, Seth talks about the services provided by TribeVest to simplify the investment process for both passive investors and new fund managers. They touch upon the current state of the alternative investment market, discussing the advantages and opportunities available amid economic challenges. Links to listen and subscribe: https://podcasts.apple.com/us/podcast/155-moving-from-passive-to-active-investor-feat-seth/id1587171662?i=1000652125962 Links to watch and subscribe: https://www.youtube.com/watch?v=oiRq38II33s&t=1047s Bullet Point Highlights: Seth Bradley's Journey: Transitioned from big law to passive investing, and now to active capital raising. Understanding Legal Documents: Importance of critically reviewing PPMs and operating agreements as an investor. Red Flags in Investments: Identifying key terms and clauses in legal documents that can affect investor rights and returns. Fund-to-Fund Model: Insights into how new capital raisers can operate without needing to be actively involved in deals. TribeVest Services: Overview of how TribeVest supports fund managers with a streamlined legal and operational framework. Market Trends: Discussion on the evolution and current opportunities within the alternative investment space. Advice for Investors: Encouragement to dive into the market now to capitalize on upcoming opportunities as conditions stabilize. Transcript: hello future billionaires welcome back to another episode of the invest like a billionaire podcast today's guest is Seth Bradley very fun to talk with him he's friend of mine for several years and he's the chief legal officer at tribe vest which is a really cool company if you haven't heard of them we actually had their CEO and founder on about a year ago but they're kind of doing a really new cool push that I'm going to talk about in a sec but his background he's a big law Securities attorney spent a lot of time in kind of   corporate world transition really to kind of becoming a passive investor invest a lot of syndications so he talks a lot about his journey making that transition kind of going to generate passive income Financial Independence but then he's actually shifted back to becoming an active Capital Riser and he's seen a lot of people make this transition that been investing for a little bit and now want to kind of activate their Network and some of the stuff they're doing at Tri bestest is making this really really easy for   people so it's a really cool interview we kind of hit a lot of his journey from his perspective as a Securities attorney what are some of the big things you got to focus on when you're reviewing legal documents what are the red flags yellow flags Etc and then he kind of shares a little bit about some of the things and the trends going on in the kind of private placement syndication and capital raising worlds that if you haven't heard about some of these ideas you definitely want to tune in and listen because it's pretty cool I'm   seeing the same thing on my side of things so you're going to enjoy this episode he's a very very sharp guy and a lot of great insights that he shared I think you're going to love this episode please enjoy this is the invest like a billionaire podcast where we uncover the alternative investment and strategies that billionaires use to grow wealth the tools and tactics you'll learn from this podcast will make you a better investor and help you build Legacy wealth join us as we dive into the world   of alternative Investments uncover strategies of the ultra wealthy discuss economics and interview successful investors looking for Passive Investments done for you with and funds we help accredited investors that are looking for higher yields and diversification from the stock market as a passive investor we do all the work for you making sure your money is working hard for you in alternative investments in fact our team invests alongside you in every deal so our interests are aligned we focus on macr   driven alternative Investments so your portfolio is best positioned for this economic environment get started and download your free economic report today welcome back to another episode episode of the invest like a billionaire podcast I am your host Ben Frasier and joined by a very exciting guest Seth Bradley I've know Seth for several years he is the managing partner at Ray's law and the chief legal officer at tribe vest and uh Seth and I have done some business over the years and different things he's an   attorney and uh a very experienced Securities attorney and even has his own podcast called the passive income attorney podcast and so he comes with a really unique perspective both being an entrepreneur investor as well as an attorney gives him some really unique insights in this space of kind of private placements alternative Investments and super excited to have on the show so Seth thanks for coming on man Ben appreciate it man we finally got around to to recording this really really appreciate it man yeah it was   kind of fun because we reached out a couple years ago and uh we're we're gonna do something that never worked out and then all of a sudden you're ready to do the podcast tour and Pops back up three years later so hey let's do good I'm I'm gay man so looking forward to doing this now so give a little bit of uh context for your background uh for those who maybe aren't familiar with you and just kind of what you do in kind of the areas of expertise that you focus on as an attorney sure man so I worked in   big law for about seven years um most recently at a top three globally ranked Law Firm um as a real estate started out as a real estate attorney made my way over to Securities um at that point um I started kind of getting that you know mo as most entrepreneurs do that feeling like you want to do something else you don't want to have all these bosses you want to get out there and do your own thing um but you know I'd worked pretty hard to get where I was so I wanted to make sure that I knew what I was getting   myself into um I'd already been working with Real Estate Investors and folks like that as my clients um started talking to them started talking to some of the partners in my in my firm about how they invest what they do um really Lear learned about you know passive investing um and making my way kind of to the equity side and that's really where I my journey began as a passive investor in in syndications so I invested in a number of those um and also invested actively you know I kind of did the the Bigger Pockets uh you   know path where I listened to Bigger Pockets I did a you know house hack I did fix and flips I did buy and hold single families things like that as well as past investing in larger Investments um and at that point I realized hey I've got this network of attorneys and other folks that I can raise capital from so I made my way from passive investor to active investor man so you've done done the the full circle here I love it so started Big Lot and your bio says you Clos billions of dollars in real estate   transactions over the past decade so you've you've seen a lot of deals um I'd be curious because you know a lot of people that maybe newer to real estate investing newer to Alternative investments in general and just the world of private placements they kind naturally think hey the only way I can do it is you know the Bigger Pockets path which is a great path if you want to go and you know do it actively and have a second job so to speak where you go and buy your own real estate and and fix it up or work with contractors to   fix it up but you went straight into syndications which in a lot of ways uh fits better for uh people that are working professionals and you know don't want to necessarily trade time for wealth building already have a great income uh generator through the their job or their business and they want to just redeploy that into syndications so what was kind of the journey for you understanding the world of syndications and really with your background um insecurities law and how did you kind of get comfortable with that and what was   the Journey For You diving head first into syndications early on yeah I mean you really have to have skills uh money or time that those are the three things you can really offer right so it depends on how much of each one of those you have as to what your investment profile should look like and what you should get started in um I was actively wanting to participate in deals from the get-go but I did already have exposure from my real estate uh real estate practice to syndications and and watching other   people raise Capital knowing that those types of Investments are out there so I think I had an advantage there because prior to that I had no idea the only thing I knew was kind of that Bigger Pockets path it's like okay well house hack into a single family or dup or a duplex and then rent the other side out and then Fix and Flip This or wholesale that um I didn't really know about syndications other than through um my my law practice so I think I had that Advantage um get getting that exposure   and being able to transition to that quicker yeah talk a little bit about I mean your podcast is called passive income attorney and your your big goal is passive income and what was really kind of the idea behind that or why was that your primary goal and what does that mean to you yeah I mean the idea behind that was to be passive and I think we kind of as entrepreneurs we go back and forth I think we all want to end up on the completely passive side eventually but sometimes you don't get there as quickly   if you don't go on the active side for a little bit and I think I'm I'm seeing that a lot myself I did that I started investing passively and now I went to the active side as an active syndicator as a fund manager raising capital and participating in deals even on the operational side um because you can accelerate quicker that way if you the more time and effort that you put in the faster you can accelerate now a lot of folks out there especially pive investors listening if their doctors dentist lawyers they don't have time for   that so they need to invest passively that's probably the best use of their time because their highest and best use of their time is in their career being a doctor a dentist a lawyer an engineer where they're making a lot of money in their active income it doesn't really make sense that for them to start a fix flip business or wholesale business or even a syndication business really out of the gate until you figure out what what you want to do it makes more sense to take that active income put it into   passive investment vehicles that don't take any time away from your practice Yeah I love that what' you say there's you you one of three things skills time or money right and so one of those you're going to be trading to generate more passive income or wealth and wherever you're at in the Spectrum and where you're willing to kind of trade for for that invest I love that it's very uh makes a lot of sense so talk a little bit you know I want to get to what you said this in the minute kind of transitioning kind of bluring the line   of going back and forth between passive and active I think this is really interesting I've seen the same Trend but before we get there you know a lot of a lot of our listeners you know that are maybe newer to syndications newer to passive investing they um get a little bit shell shocked when they see a PPM or a set of legal docs to review for a deal and they they don't know what should I be focusing on what should I be looking for what are potential red flags or yellow flags and you know from your perspective and   I'm sure you probably saw a lot of things early on they like okay that's interesting or um you know making that transition you already had a leg up uh given your background but what are some kind of key things that you know maybe even coming into it you already had a leg up but now even 10 years later down the road have learned and things that you said you know hey this is way more important than I thought it was originally from from a pure passive standpoint because I think that's a roadblock for a lot of people yeah yeah   and you know it's intimidating right when you get that first PPM which is going to have exhibits to it and the exhibits are going to be an operating agreement subscription agreement maybe um maybe some marketing materials a business plan things like that you're looking at at least a 100 page document maybe it's 200 pages and if you're not a lawyer and used to looking at 100 page documents that is intimidating you're like what am I supposed to do this is going to take me you know this is like a month's worth reading if I'm actually   going to read this thing and really most past investors don't read it um but you should I mean you should at least start reading them um because it gets it gets easier and easier to read because they're all going to be very similar they're all going to have a similar structure and similar pieces and things to look out for I think one really important thing and you might not be able to do this the first time but you can start um kind of thinking about it but just really matching the PPM to the oper room because the PPM should really   be um kind of a a summary so to speak of the operating agreement because the operating agreement is the meat of what's actually going to be the the terms uh within that LLC within that investment and at the end of the day if something goes wrong or not even goes wrong but if there if there's some sort of um agreement or disagreement that needs to be figured out you're going to look at the operating agreement not necessarily the PPM to figure out uh what the next step is what is the mechanism for fixing this problem so you   know just making sure that the people PM accurately reflects what the operating agreement says is very important and and then taking a step further that the operating agreement and the PPM match what the lead sponsors are telling you let's say in the marketing materials or the webinar like just making sure that there's a clear picture between all the marketing materials the webinar um and the legal documentation is really important and sometimes if it doesn't make sense or there are certain terms   that don't match up you know maybe they're not as meticulous as they should be and you need to look elsewhere that that's a really important thing to look out for um kind of coming back to your question you know when when you're first starting as a passive investor all you're really looking at is the returns right you're comparing kind of your projected returns in this deal to your projected returns in this other deal and you might get a 2% more irr return projected in this one than that one so   you're going to go with this one but at the end of the day those are just projections right those are just projections and those can be manipulated those are based on assumptions from the lead sponsor and those are not the most important things the most important things are the the sponsor and their track record what they've done how they've performed um and you know the market and the deal itself but just those projected returns can be manipulated so that's really you know it's important at the beginning or at   least you think it's important and then later on you become a more um wiy vet in passive investing you'll realize it's not as important as as as some other things like hey are your fees aligned things like that like what are the Voting Rights like how what if something happens and the manager is doing a terrible job how can you possibly get them out like what are those mechanisms um what are the mechanisms for a capital call when things go wrong what what happens those are the those are the more   detailed things and the nuances you need to look at as a past investor rather than just looking at the projected returns that's a lot of lot of good nuggets right there you just listen to that skip back a few minutes and listen to it again because that's really good I think you're so right right if it just it can feel intimidating to look at a 100 page 200 Page document and where do I start but just start at the beginning just start reading it it just got to skim read it skim read it and just the more   you get familiarized with um these different document sets the more they all kind of seem similar over time and you can kind of notice the the things that are common among different deals and then you also kind of notice the things that pop up as oh that's kind of unique or that that's kind of different than what I've seen in other deals and that's maybe outside of the norm um and just kind of getting familiarized with it you're going to pick up a lot on it but I think you hit a few of the sections that I think are really   important that a lot of people kind of glaze over because if you're getting just looking at the here's the irr projection here's where turns are going to be like you said there's uh a lot of assumptions that go into what those numbers are derived from and you know I always come back to my banking background you know risk adjusted returns right because every element of uh every deal you know whatever return you're projecting there's different levels of risk and if you're you know taking a lot more risk in a particular   deal or strategy or structure the same level of return it's it's not Apples to Apples right and so understanding what that is from a deal standpoint but there's also risks uh some of the points you made within the legal structure and so he's saying go straight to the operating agreement as a starting point because that's ultim timately what's going to govern the the deal and the mechanisms for potentially firing the sponsor as a manager or like you said the capital call and the waterfall section understanding how does do   profits flow through the entity and what are the splits between them what are some things that maybe 10 years down the road now invested I don't know how many deals you've invested in passively but you look back you're like oh man you know what I I read that section and you know I kind of knew that maybe was a little outside the norm but I was so excited about the deal didn't really wasn't too concerned about it now looking back like oh man now that was that was a good learning experience because now you know maybe I can't vote   out the manager or you know different things that you would say looking back are more important that maybe you put weight on in the front end and maybe some examples of um you know especially right now I think a lot of a lot of deals that people invested over the past few years you know unfortunately are requiring Capital calls or are kind of headed in a direction that may not be good and um you know maybe it's the fault of the operator maybe it's not but if it is a fault of the operator What mechanisms do you have and what voting   rights do you have as a passive investor and talk a little bit about that because I think that's going to be very relevant especially over the next few years is sure certain older deals are kind of not hitting the projections they thought originally yeah I mean I think I already touched on most of them from a high level but like for instance um voting out the manager like if the manager is doing something um fraudulent or misrepresented what they were doing or you know really just doing a terrible   job is probably not a reason enough to get them out but it could be um if it gets to a certain certain point um but that's really one thing to to look for to see like what the mechanism is like does it take a unanimous Vote or does it take a majority vote or does it take a majority or super majority of each share class each membership class within the LLC so it it and typically they're set up so it's really difficult to get the manager out right because the lead sponsor is going to be the manager and   they're the ones that are going to be making all the decisions and they don't want to lose control so they wanted to make it as hard as possible um and still make it legal um to stay in that seat and not get voted out so you know you will see some pretty onerous um Provisions within the operating agreement to be able to get them out but there should be a reasonable way to do it whether that's a super majority vote perhaps that's that's reasonable so super majority vote um in the event of a misrepresentation fraud you know any   sort of like bad boy act by the the manager or if their bad performance reaches the level of you know negligence or something like that there just needs to be a mechanism to get them out that's that's just one example when you had mentioned Capital calls as well so Capital calls it's like what is the mechanism when the LLC or or the syndication needs additional operating expenses to survive what what is the mechanism to do that like can is the first step to actually do a capital call and is that Capital Call Mandatory   meaning that the investors have to participate um on a proat a basis or that's not typical so if you that's one thing to look out for if it is mandatory that you do and and if you don't then you're basically out or you lose uh you know an unreasonable amount of your Equity if you don't participate then perhaps that's a red flag right like if you don't participate um well I should say the capital call should be optional and if you don't participate that's okay um but you will most likely be watered   down your Equity will get watered down on a prata basis rather than something above a pro basis right so that's an example you're saying of if it's required which is uncommon right that that's that's a red flag potentially um or if you get diluted a higher than the proat mount is another another negative and you're exactly right I mean I think you know part of this is when you're when you're investing passively you're you're giving up control of of operating the deal to the sponsor right is so that that's kind of   the the trade-off is you're hiring experts you're investing with experts that hopefully know what they're doing so that you don't have to be doing the day-to-day stuff and so it can be difficult to replace managers and and uh you know have uh impactful voting rights uh that can change the outcome unless there's fraudulence or negligence but I think it kind of goes to the point too of understanding what these kind of parameters are and what's normal and then also like I think you can pick up a lot of what you're saying and just the   congruence between PPM the operating agreement the the offering memorandum the webinars and um and then really the alignment of Interest right because if ultimately if the sponsor stands to lose alongside the investors if they're not just getting rich just off of fees and you know does they don't have a whole lot of skin in the game then ultimately it might not be you know a great deal but if they have a lot of lot skin in the game and even if it's written in these certain ways it doesn't necessarily mean it's a bad a bad   investment so okay love it get a little bit in the weeds there for for some people and if this is you know um newer to you I I definitely encourage you um to just start this you know opening up the bpms or reading them and you're going to pick up a lot by doing that and then just ask questions right and I think it's a great thing too that if you're reading the PBM and reading operating agreement to ask questions of the sponsor and that's usually pretty indicative of one how well do they know their own documents and to how willing   are they uh to address certain questions that maybe maybe concerns to you right and I think you can actually get a really good sense of um how they and how they respond of of what that interaction is going to be so love that thanks for some of that Insight Seth I'd love to shift a little bit uh you mentioned something earlier I I wanted to come back to is you you kind of you have said before you the future of capital raising is kind of Shifting and evolving and I think a lot of people are realizing and   I've seeing the same thing too right I'm a a coach and you know masterminds for Capital risers and this fun to fund model is becoming very popularized and people that maybe think oh I'm not really a capital Riser or you know that's that's not my you know what I've learned to do went to school to do or whatever or realizing hey actually I've been investing passively for a while I have a pretty great Network because I'm around a lot of accredited investors I've done enough to kind of know a good amount and   I can actually turn this into a business right and so talk a little bit about what the fun to fund model means and maybe someone that's in that boat where what you said is I think I'm gonna go 100% passive but then you know you're also learning a lot along the way and you have a a network that maybe you can activate and also raise capital and get get paid to do it compliantly that's right and and you said it and I'm seeing it time after time where past investors they invest in a number of deals and and   you know folks that are investing in these deals typically have a little bit of money and they probably have friends that have money as well and their their friends start asking them about the deals that they're investing in um and they start thinking hey you know what what can I can I get paid can I have a is there a business here that I can develop that I can build um by bringing in all my friends and family that might also be wealthy might be able to put these These funds together um and invest   in the deal together um you can certainly do that but you start to run into lots of Securities lots of rules and regulations that some people know about and some people don't you'd be surprised uh um that you know you see people out there raising capital in ways that they shouldn't do it um but what's great about the fund of funds model is that you know you're not a what's called a CP so you're not an active partner with the lead sponsor that's kind of the I'll call it the old way and I you know   I've been saying that the CP model is dead just to kind of put it out there that um you know we shouldn't be raising Capital with lead sponsors and then not doing anything else not participating in deal and and having an active role if you're a true cgp you need to have an active role in in the deal and that's kind of what deters um passive investors and doctors and dentists and lawyers and people like that that already have a career they don't want to take an active role right like they don't want to do   the asset management or manage the property manager or talk to tenants or anything like that and that's where the fund of fund solution comes in the fund of fund solution is really creating another syndication or another fund um that invests into the lead sponsor syndication or fund and that's where the name fund of fund comes from now traditionally the issue with that is well it does come with responsibilities for the fund manager they they have to put the deal they have to put their own fund together they have to put their cap   table together open a business banking account form an LLC get a Securities attorney um you know manage their investors manage their distributions do taxes all those sorts of things and so it turns into an active business and on top of that it's expensive because we are creating a second syndication a second fund to invest in that uh lead sponsor Target Fund um so that's the the problem that's always been the solution the fund of fund has always been the right solution but those problems that I   just mentioned are why it hasn't been widely adopted but you're seeing a big shift in the market as we're able to provide a more affordable option and a and a solution to bringing all those different services that a fund manager would normally have to go out and get themselves and putting it into a package yeah that makes a lot of sense and so like we said we're seeing the same thing where people are um they've been investing they they like what they're doing they have their friends and their family asking about the different deals   they're doing and then they have thought well hey I mean that's I can make money doing this and what most people have done historically is cgp model and for those that are unfamiliar with that is basically you raise money directly into the lead sponsor syndication or entity and then you get uh granted certain General partner shares for doing that but and you're the you're the attorney so I'm I'm gonna say at a very high level as I understand it by by doing that you are um uh well you can't raise   money and get paid for it unless you're a registered broker dealer unless you're General partner and uh are continuing to operate the uh the deal the business and have an active role in it but most people that are just raising capital or just want to raise Capital as um you know on the side of what else they're doing that's not a realistic expectation so what what we've seen I'm sure you probably see a lot more than me is these different uh uh folks that are raising capitalist cgps and then you know this   this new SP has about 10 different CPS on the list on the roster here and it's pretty hard to make an argument that they're all actively participated in managing the deal because you just don't need that many people right if it's the same deal and so then you kind of run into compliance risk and you just you don't want to mess with that I mean that's that's just let's leave it there and so the fun of fund model has always been around it's basically you create your own fund and as your own fund manager you're exempt from um uh some of   these uh securities issues to basically raise capital from your investors into your fund then that fund invests into the uh kind of the mothership fund or the the lead sponsors fund and by doing that you um you know it's you're in the in the you're not in the gray area anymore where it can kind of be um maybe not great from a compliance standpoint and the challenge as you mentioned though is it can be expensive maybe it's a little complicated to know how toell up and I'm not really a professional fund manager   how what do I know um but that's that's what you're doing now at triest and we've had Travis Smith on the podcast before so if you haven't listened to that episode um it's probably a year or so ago we'll put the put the link in the show notes because it's a um a great episode talking about tribe vest and what what you guys are doing really trying to from my perspective simplify the access and the kind of backend back office functions of um both for Passive investors and for fund managers to continue to increase   access to more to more deals so talk a little bit about kind of what you guys do at at tribe vest and to kind of help people um you know both from a passive standpoint that's want to direct the investors past investors that don't really want to do it as a business but then also kind of the new fund manager programs that you guys are putting together to help people that want to kind of activate their Network want to you know use this as a way to make money and um do it without having to be an expert in all the the backend side of   things absolutely at at Trio I'm the chief legal officer for tri best I help create the fun to fun product that we have out there right now it makes it simple TurnKey and affordable for anyone to really start a capital raising business um all those things that I mentioned before opening your business bank account um starting your LLC drafting your offering documents um getting your EIN onboarding your investors creating your cap table doing your distributions doing your taxes all those things you normally have to put   together and find different uh platforms and different people like attorneys and CPAs to help you out and put those put the the fund of fund together we do that we put it in a fund of fund we call it a fund of Fund in a box it's really a Lego block that you can use and invest in a deal like with Aspen if Aspen has a fund you can create your own fund you try best bring in your five or 10 uh best friends that want to put in some money you can carve out a piece for yourself so you actually get paid a fee a front   maybe you get paid a fee um during the uh hold period and then perhaps you get a percentage of the equity on the back end so it can be a very lucrative business for someone to get started and because triest makes it so easy to do it meaning put all these different services and things together for you it it really anyone can do it yeah that's so cool and we we've worked with you guys and have seen it in action and you know to say f Fund in a box sounds almost uh trite because it sounds like can you really do   that but it's it's cool because you guys have have solved it and and not only have you solved it but it's also pretty cost- effective right I think one of the big challenges with the fun of fund is generally you can invest if you kind of pull Capital together in a fund you can invest at better terms with a sponsor so you can have a little more margin that you can kind of get paid from and your investors still make the same returns um but if you have a lot of legal costs a lot of ongoing um kind of portal and   back office expenses and tax returns everything else then it gets kind of expensive and eats away at the margins that you know you're hoping to to use to pay yourself so you guys have kind of Crea a really streamlined um kind of off-the-shelf product that can fit majority of of offerings and make it pretty easy right that's right it gets really difficult to make it work that's again the fund of fund like we've talked about it's always been a solution it's just really expensive and really hard to put   it together um especially for someone that that isn't a professional Capital Riser um that just wants to put together $500,000 a million a million5 something like that it it it doesn't even make sense cost wise in the old way of doing it you're going to pay a Securities attorney minimum of like let's say 15,000 maybe 20 maybe $25,000 to put one of these together maybe even more I used to work at a big Law Firm where it cost $75,000 it's crazy the expenses that add up and that's just the legal piece that   doesn't include all the back office administration things that we talked about doesn't include um engaging with a CPA to do your taxes it doesn't include all those things that's just the legal cost by itself and tribe best has made it super inexpensive to be able to do this and to be able to do it time and time again so it works with a $500,000 raise it works with a million dollar raise you don't have to raise $20 million to make it work from an affordability standpoint yeah that makes sense so do   you guys also have like any kind of education or different coursework to help people that are you may want to make the transition of like yeah I think that that sounds like something I could do I my friends are always asking me what what I'm investing in and it wouldn't be that hard to go get five 10 friends to go and invest and create a fund and you know but they just don't they've never done it before they never thought about it till just now so right you guys have I know you're really more given the solution but do you also have   like any kind of education or do you have resources you guys can point people to to learn more about what does it look like to you know what what's what's the process you have to go through to um kind of go from idea to actual uh you know making a fund yeah yeah I'll tell you we don't have any formal legal or sorry formal educational things out there at the moment but we are working on that um but we have made it so simple that we can jump on a zoom call with anyone that that's in is potentially   interested in being a capital raiser and putting together a fund of fun and walk you through a pitch deck and it should be pretty clear what you need to do because we handle basically everything you you put together your investors you put together your terms and how you're going to get paid and then we'll be able to do kind of all that back office all that legal all those things that you don't want to know or don't want to do we handle all it yeah makes sense awesome well kind last question I just   love to get your insights on just the market in general for Alternatives and and private placements and you've obvious been in this space for over a decade and we've been in the space for about 11 years now as as an operator and it just feels I mean it's it's already been the amount of capital that's kind of come into kind of private Equity into real estate into private placements in eneral it's totally shifted the game but it also feels like we're still kind of early Innings right it still feels like   people are just discovering this for the first time and and even the conversation we're having of you know um activating people to raise Capital right in a compliant way that's just an easy way because you guys are creating a system that just reduces friction to continue to increase more Capital to come into the space like do you feel the same thing are you seen I know there's kind of some potential proposed regulation to you know increase the requirements for accreditation and you know there's   always a battle going back and forth on on that but what's kind of your sentiment just at a broader level of just the alternative kind of private placement space in over the next 10 years yeah I mean I'm I'm bullish right like we're we're kind of in a little bit of a lull right now um you'll hear that capital's a little bit harder to come by investors are holding on a little bit tighter um but that's because there's actually deals out there right now I mean said right now is actually a great time to invest right now is a great time   to invest because prices are are depressed a little bit um investors are a little bit reluctant to invest um there are less buyers in the market because a lot of them are getting kind of washed out um but there are some properties coming online through foreclosures through things like that this is where you know when you talk about during good times you're like oh man I cannot wait until there's blood in the streets and I'm going to pounce on it I'm want to pounce on those opportunities that time is right now it   it's not it's not you're you can be waiting on the sideline for years and you're gonna you're gonna miss it it's right now right now is the time to to figure out how to invest how to raise Capital how to do deals how to make them work because right now it's difficult to make them work that's that's the truth of it right now is the time to act and you're going in five years from now for instance you're going to look back to this time and say man I wish I would have got started because we're we're   we're going to be in the upswing again very soon totally no I was just uh I was a one of the guys I follow who's been in real estate for a long time he was talking and reminiscing about he bought uh I think he said three dozen single family homes between uh 2009 and 2011 right and he's held on to them since then and you know looking back he's like the only thing he wishes he did was buy more right because it's but at that point it was you know everything was on sale everyone was like real estate's over and it's it's so hard to   be contrarian I think it's Warren Buffet this said be uh you know fearful when everyone else is greedy and greedy when everyone else is fearful right it it's it's a simple idiom that makes sense but it's really hard to do and right now we're kind of in that that time where investors are reticent there's a lot of pressure on deals right now that's kind of creating a great buy opportunity you know we're seeing I know you're seeing it and uh you know I think I agree with you I think it's a great time to be to   be jumping in right now and uh Seth thanks so much for coming on man what's what's the best way for folks to get a hold of you and learn more about uh your law firm uh raise law and try vest if they want to learn more about what that looks like for sure uh the best place where I keep all my links is Seth Paul bradley.com um you'll have links to try best there links from my uh law firm and social media it's all posted on there okay we'll put that in the show notes and definitely appreciate you coming on   today set it awesome all right Ben appreciate it [Music] [Applause] [Music] man Links from the Show and Guest Info and Links https://www.youtube.com/watch?v=oiRq38II33s&t=1047s https://www.instagram.com/p/C5mNnwsv2fs/  https://aspenfunds.us/private-credit- https://www.investwithaspen.com/free-economic-report https://www.linkedin.com/in/benwfraser/ https://www.linkedin.com/company/aspen-funds/ https://www.instagram.com/aspenfunds/   Seth Bradley's Links: https://x.com/sethbradleyesq https://www.youtube.com/@sethbradleyesq www.facebook.com/sethbradleyesq https://www.threads.com/@sethbradleyesq https://www.instagram.com/sethbradleyesq/ https://www.linkedin.com/in/sethbradleyesq/ https://passiveincomeattorney.com/seth-bradley/ https://www.biggerpockets.com/users/sethbradleyesq https://medium.com/@sethbradleyesq https://www.tiktok.com/@sethbradleyesq?lang=en

Pharmacy Podcast Network
Fighting for Fairness: Senator Vin Gopal on PBM Reform and the Road Ahead for Independent Pharmacies | Pharmacy Tech Trends; PrimeRx

Pharmacy Podcast Network

Play Episode Listen Later Jul 15, 2025 24:13


In this essential conversation, New Jersey State Senator Vin Gopal joins the Pharmacy Podcast Network to break down the urgent fight for Pharmacy Benefit Manager (PBM) reform. Senator Gopal shares insight into how states are pushing back against unfair PBM practices—and what federal momentum means for pharmacists nationwide. We also explore how technology platforms like PrimeRx can help independent pharmacies adapt, protect margins, and stay audit-ready in a fast-changing regulatory landscape. This episode is a must-listen for pharmacy owners, policy advocates, and industry stakeholders who want to stay ahead of reform and safeguard the future of community pharmacy.

Catalyst Pharmacy Podcast
Reforming Pharmacy from the Inside Out with Dared Price | Catalyst Pharmacy Podcast Episode 137

Catalyst Pharmacy Podcast

Play Episode Listen Later Jul 14, 2025 54:56


What does it really mean to question the status quo? This week, we're sitting down with Dared Price, a pharmacy owner who's taking PBM reform from South Kansas all the way to Capitol Hill. Dared's resumé is extensive: he's started multiple pharmacies, built impressive clinical programs, and created a transparent PBM model that helped over 100 employer groups cut prescription costs. Lately, though, he's turned his attention to PBM reform—and he's already making waves: speaking at the White House, meeting with the Federal Trade Commission, and pushing for legislative change in the highest offices. In this episode, we dive into real-world wins in PBM reform, up-and-coming challenges, and how Dared is working to dismantle a broken system to build a better one.   https://oreadrx.com/  00:00 – Intro & Guest Intro  01:02 – Starting OreadRx  09:56 – Unbundling Benefits  14:14 – Working with Employers  21:22 – Kansas Policy Wins  28:27 – Speaking at the White House  36:58 – PBM Market Insights  42:40 – Future of Pharmacy    Hosted By: Mark Bivins | Chief Growth Officer, RedSail Technologies Guest: Dared Price | President, Price Pharmacies Inc.  Looking for more information about independent pharmacy? Visit https://www.redsailtechnologies.com 

The Astonishing Healthcare Podcast
AH073 - How Low Cost Alternative Programs Can & Should Work, with Jackie Lolos, PharmD, and Haleh Campbell, PharmD

The Astonishing Healthcare Podcast

Play Episode Listen Later Jul 11, 2025 16:57


The latest episode of the Astonishing Healthcare podcast dives into the functionalities and real-world impact of Rx Smart Save, a low-cost alternative program designed to reduce medication costs for both patients and plan sponsors. Jackie Lolos, PharmD, and Haleh (Halls) Campbell, PharmD, join Justin Venneri in the studio for a discussion highlighting the innovation and care behind this clinical program.Jackie and Halls outline how the two levels of Rx Smart Save work, with Level 1 empowering members to independently switch to lower-cost, clinically equivalent medications via notifications on the Capital Rx app or web portal. Level 2 increases access with a proactive, high-touch approach, where a team of pharmacists and specialists assist members, prescribers, and pharmacies throughout the process. Halls also shares a quick case study demonstrating how one retiree saved $75 per prescription by switching from an injection-based migraine treatment to a tablet, and Jackie explains how modern technology aids the process..Related ContentAH035 - Pharmacy Benefits 101: Clinical Programs, with Bonnie Hui-Callahan, PharmDPharmacy Benefits 101: Building an Award-Winning Call Center from ScratchAH006 - Pharmacy Benefits 101: Clinical Care Teams, with Amy Stockton, PharmDSigns it is time to change your PBM vendor, and how to overcome common hesitations (Capital Rx / Benefits Pro)For more information about Capital Rx and this episode, please visit Capital Rx Insights.

Over the Counter
The Overarching Implications of PBM Reform on the State Level

Over the Counter

Play Episode Listen Later Jul 10, 2025 8:03


Brett Barker, PharmD, joined Over the Counter to discuss Iowa's recent signing of PBM reform and what it might mean for pharmacies and other states looking to enact similar legislation.

The ShiftShapers Podcast
#520 Democratizing High Performance Health Plans with Dave Chase | ShiftShapers

The ShiftShapers Podcast

Play Episode Listen Later Jul 8, 2025 28:15 Transcription Available


 In this episode of ShiftShapers, host David A. Saltzman welcomes Dave Chase, co-founder of Health Rosetta, a movement that has become a national force in transforming employer-sponsored healthcare.Dave shares the deeply personal story that drove him to create Health Rosetta and the powerful framework that emerged—one focused on transparency, outcomes, and economic sustainability.The conversation explores how Health Rosetta empowers benefit advisors and employers to break free from the traditional health plan model, the crucial role of data access, and the open-source tools now available through Nautilus Health Institute. Dave also unveils the evolution of RosettaFest from an internal network event into the premier gathering for high-performance health plan innovators across the country.

Impact Pricing
Why Most Companies Are Pricing Wrong: The Hidden System Behind Google's Million Daily Price Changes with Gary Bailey

Impact Pricing

Play Episode Listen Later Jul 7, 2025 31:27


Gary Bailey is the founder at The Talent Capitalist, where he teaches monetization as a discipline, and serves as a finance and monetization consultant at FinTech Strategic Advisors.  With a background that spans from banking and derivatives pricing in the 1990s to coaching the rise of AI monetization product managers today, Gary brings a unique perspective to value capture and pricing strategy.  In this episode, Gary shares his insights on the distinction between pricing and monetization, drawing from his experience pricing hundreds of thousands of different financial instruments to help modern AI companies think about value capture. He explores the controversial topic of contextual pricing - why companies like Google and Facebook price millions of micro-transactions differently based on context, time, and user behavior.  Together with Mark, they dive deep into the Jobs-to-be-Done framework, debate whether it's different from problem-solution thinking, and tackle the thorny issue of when dynamic pricing crosses the line from smart segmentation to sleazy manipulation.   Why you have to check out today's podcast: Learn the difference between pricing and monetization, and why value capture is the real game-changer for sustainable business growth. Discover how AI companies can price thousands of different use cases without overwhelming customers or appearing manipulative. Understand when contextual pricing is smart segmentation versus when it becomes unethically sleazy.   "Hire a pricing person, and that's it really, because they're going to throw some things that you hate, throw some things that you like in the same way that you wouldn't ordinarily try and clear your drain all the time on your own. Why would you not [have] someone clear your pricing issues?" – Gary Bailey   Topics Covered: 01:32 – From banking derivatives to AI: Gary's pricing journey through 100,000+ financial instruments 03:28 – Monetization vs. Pricing: Why value capture matters more than price points 06:26 – The Jobs-to-be-Done debate: Are foundational problems the same as jobs? 12:14 – The umbrella test: Distinguishing core jobs from feature-level problems 15:32 – Why SaaS companies struggle: The 10,000 use cases pricing challenge 16:48 – Google and Facebook's secret: Pricing millions of micro-transactions contextually 18:00 – The factorial complexity problem: When features create exponential pricing opportunities 21:30 – When pricing becomes sleazy: The ethics of contextual price discrimination 23:27 – Airlines and Amazon: When dynamic pricing crosses the line 25:52 – AI for strategic moats: How Gary helps founders identify key monetization metrics 29:09 – Using AI as a pricing sounding board: Context + diagrams = better insights 30:19 – Final advice: Why every company needs a pricing person   Key Takeaways: "Monetization is really how much of the value that you create are you capturing, and what is the system behind you consistently capturing that value." – Gary Bailey "Most of the companies that we know, startups that talk about generating revenue, but very few talk about value capture." – Gary Bailey "In reality, the most optimal pricing would be to price every single one of those problems individually." – Gary Bailey "When it gets scammy... I think in some of the healthcare stuff, the PBM stuff and some of the other things do I think, well, that's a little bit risky with healthcare and stuff, but I think people are used to it because they experience it in everyday life." – Gary Bailey   Resources and People Mentioned: The Talent Capitalist: https://www.linkedin.com/company/the-talent-capitalist/ FinTech Strategic Advisors: https://www.ftadvisory.co.uk/ Salesforce: https://www.salesforce.com/ HubSpot: https://www.hubspot.com/ Google/Facebook/Meta: Examples of companies with sophisticated contextual pricing Amazon: https://www.amazon.com/ OpenAI/ChatGPT: https://openai.com/   Connect with Gary Bailey: LinkedIn: https://www.linkedin.com/in/gary-bailey-monetization-cfo/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com  

En Blanco y Negro con Sandra
RADIO – JUEVES, 3 DE JULIO DE 2025 – Despidos de personal clave y anticipan líos con medicamentos para pacientes HIV con cambios en ASES y Salud

En Blanco y Negro con Sandra

Play Episode Listen Later Jul 3, 2025 51:06


1.  Anticipan líos con los medicamentos de VIH que se cambiaron bajo ASES. ¿Quién se beneficia además del PBM? Los pacientes no son. Hoy les explico el lío que hay en el departamento de Salud y los despidos que ha habido2.  Jenniffer González designa nuevos titulares de la OCIF, PRITS y el Fondo del Seguro del Estado3.  Presidente de la Unión del Cuerpo de Vigilantes denuncia incumplimiento y amenazas de oficiales del DRNA4.  Aclaran que como sindicato no han convocado un 'Green Flu' el 4 de julio, pero entienden que la protesta es en evidente molestia a las promesas incumplidas del gobierno entrante y el saliente, y de la inacción del secretario Waldemar Quiles y su subsecretario Nelson Cruz.5.  Eva Prados anuncia su candidatura para liderar el Movimiento Victoria Ciudadana6.  Gobernadora anticipa más renuncias en su gabinete7.  Physician Correctional se gana el Pinnacle Award de la National Commission on Correctional Health Care8.  A nueve años de PROMESA, ¿qué tenemos? Es tiempo de levantar la voz.9.  Zonas de oportunidad en Puerto Rico Este es un programa independiente y sindicalizado. Esto significa que este programa se produce de manera independiente, pero se transmite de manera sindicalizada, o sea, por las emisoras y cadenas de radio que son más fuertes en sus respectivas regiones. También se transmite por sus plataformas digitales, aplicaciones para dispositivos móviles y redes sociales. Estas emisoras de radio son:1.    Cadena WIAC - WYAC 930 AM Cabo Rojo- Mayagüez2.    Cadena WIAC – WISA 1390 AM Isabela3.    Cadena WIAC – WIAC 740 AM Área norte y zona metropolitana4.    WLRP 1460 AM Radio Raíces La voz del Pepino en San Sebastián5.    X61 – 610 AM en Patillas6.    X61 – 94.3 FM Patillas y todo el sureste7.    WPAB 550 AM - Ponce8.    ECO 93.1 FM – En todo Puerto Rico9.    WOQI 1020 AM – Radio Casa Pueblo desde Adjuntas10. Mundo Latino PR.com, la emisora web de música tropical y comentario Una vez sale del aire, el programa queda grabado y está disponible en las plataformas de podcasts tales como Spotify, Soundcloud, Apple Podcasts, Google Podcasts y otras plataformas https://anchor.fm/sandrarodriguezcotto También nos pueden seguir en:REDES SOCIALES:  Facebook, X (Twitter), Instagram, Threads, LinkedIn, Tumblr, TikTok BLOG:  En Blanco y Negro con Sandra http://enblancoynegromedia.blogspot.com  SUSCRIPCIÓN:Substack, plataforma de suscripción de prensa independientehttps://substack.com/@sandrarodriguezcotto OTROS MEDIOS DIGITALES: ¡Ey! Boricua, Revista Seguros. Revista Crónicas y otrosEstas son algunas de las noticias que tenemos hoy En Blanco y Negro con Sandra. 

Radio Advisory
257: Paul Markovich on new builds, breakups, and bold healthcare bets

Radio Advisory

Play Episode Listen Later Jul 1, 2025 46:12


In this special live episode from the 2025 Advisory Board Summit, host Rachel (Rae) Woods sits down with a leader well-versed in bold transformation: Paul Markovich. After more than a decade as President and CEO of Blue Shield of California, Paul now leads Ascendiun—a new nonprofit parent company that includes Blue Shield of California, its clinical services firm Altais, and the newly launched health services business, Stellarus. Together, they explore the mounting pressures facing health plans and the bold bets Paul has made in pursuit of a powerful mission: to eagerly create a healthcare system that is worthy of friends and family—and sustainably affordable. Upholding that mission while navigating constant disruption is no easy feat. In this episode, you'll learn: How organizations can drive radical change without losing public trust What action steps leaders can take today, from getting their digital house to restructuring their pharmacy models What it takes to prioritize, scale, and sustain bold moves across a complex organization We're here to help: Ascendiun Blue Shield of California is ditching its PBM. Here's our take. Radio Advisory's Leadership playlist Understand your customer: Health plans Home - 2025 Advisory Board Virtual Summit Series There are two events remaining in the 2025 Advisory Board Summit Series. Click here to learn more and secure your spot. Advisory Board Fellowship A transcript of this episode as well as more information and resources can be found on RadioAdvisory.advisory.com.

Vanguards of Health Care by Bloomberg Intelligence
Rightway's Plan to Dismantle the Pharmacy Benefit Monopoly

Vanguards of Health Care by Bloomberg Intelligence

Play Episode Listen Later Jun 26, 2025 56:40 Transcription Available


“The PBM space has been worse than some criminal enterprises — they are stealing money from employers and employees,” says Jordan Feldman, CEO and co-founder of Rightway Healthcare. Feldman joins Bloomberg Intelligence analyst Jonathan Palmer on this episode of the Vanguards of Health Care podcast to unpack how Rightway is building a member-first pharmacy benefit manager (PBM) — one without rebates, gimmicks or hidden margins. They dive into Rightway’s origin story, how its care-navigation platform grew to 3.5 million members, and why a transparent, clinically-grounded PBM is the antidote for industry dysfunction. Feldman also shares thoughts on GLP-1 drugs, AI and what it means to be the so-called N-of-one alternative to the Big 3 PBM’s monopoly.See omnystudio.com/listener for privacy information.

Podcast SAESP
PBM - Patient Blood Management

Podcast SAESP

Play Episode Listen Later Jun 24, 2025 23:53


Neste episódio direto do COPA Experience 2025, o videocast SAESP reúne os doutores Kai Zacaroviski, Roseny dos Reis Rodrigues, Liana Maria Torres de Araújo Azi e Luis Vicente Garcia para falar sobre o PBM — Patient Blood Management.

Relentless Health Value
Pharma Rebates: A Few Nuances You May Not Have Thought Of, With Ann Lewandowski—Summer Shorts

Relentless Health Value

Play Episode Listen Later Jun 19, 2025 19:27 Transcription Available


Exploring the Complexities of Pharma Rebates with Ann Lewandowski In this Summer Short episode of Relentless Health Value, host Stacey Richter converses again with Ann Lewandowski about the intricate dynamics of pharmaceutical rebates, or as Lewandowski prefers, post-sale concessions.  The discussion delves into the nuances of these rebates, the impact they have on drug costs, and the hidden consequences for patients and plan sponsors.  They highlight articles and insights by Austin Chelko and Peter Hayes, touching on how rebates can disadvantage the pursuit of lower-cost generics and biosimilars, and can obstruct pharmacogenetic testing that ensures drug efficacy and safety.  The conversation also critiques the opacity of rebates, deemed trade secrets by pharma and PBM companies, and underscores the ethical and financial dilemmas posed by the current rebate-driven system. === LINKS ===

Pharmacy Podcast Network
Cracking the Concentration: PBMs, Power, and the Fight for Fairness | PBM Reform Podcast

Pharmacy Podcast Network

Play Episode Listen Later Jun 19, 2025 50:58


In this relaunch of the PBM Reform Podcast, Greg Reybold returns with a powerful and timely conversation exploring how concentrated economic power—particularly in the form of Pharmacy Benefit Managers (PBMs)—is undermining fair access to prescription medications, driving up drug costs, and crushing independent pharmacies. Greg is joined by Emma Freer, Senior Policy Analyst with the American Economic Liberties Project, a national non-profit and non-partisan organization dedicated to dismantling monopolistic control across critical sectors—including healthcare. Together, they dig deep into how PBMs serve as gatekeepers in the drug supply chain, extracting value at the expense of patients and providers, and how policy reform is urgently needed. Emma outlines how Economic Liberties is driving a new wave of anti-monopoly policy momentum in healthcare by advocating for stronger antitrust enforcement, corporate accountability, and legislative transparency. She highlights how concentrated PBM power not only threatens economic fairness but undermines public health outcomes.

PBM Reform Podcast
Cracking the Concentration: PBMs, Power, and the Fight for Fairness | PBM Reform Podcast

PBM Reform Podcast

Play Episode Listen Later Jun 19, 2025 50:58


In this relaunch of the PBM Reform Podcast, Greg Reybold returns with a powerful and timely conversation exploring how concentrated economic power—particularly in the form of Pharmacy Benefit Managers (PBMs)—is undermining fair access to prescription medications, driving up drug costs, and crushing independent pharmacies. Greg is joined by Emma Freer, Senior Policy Analyst with the American Economic Liberties Project, a national non-profit and non-partisan organization dedicated to dismantling monopolistic control across critical sectors—including healthcare. Together, they dig deep into how PBMs serve as gatekeepers in the drug supply chain, extracting value at the expense of patients and providers, and how policy reform is urgently needed. Emma outlines how Economic Liberties is driving a new wave of anti-monopoly policy momentum in healthcare by advocating for stronger antitrust enforcement, corporate accountability, and legislative transparency. She highlights how concentrated PBM power not only threatens economic fairness but undermines public health outcomes.

Catalyst Pharmacy Podcast
20,000 Voices, One Mission: Fight for Pharmacy Reform with Benjamin Jolley | Catalyst Pharmacy Podcast Episode 135

Catalyst Pharmacy Podcast

Play Episode Listen Later Jun 16, 2025 55:38


If there's one name to know in the fight for PBM reform, it's Benjamin Jolley. As Co-Founder of Apex Consulting and Senior Fellow at the American Economic Liberties Project, Ben has spent years exposing what's been broken in the pharmacy system—and what can still be fixed. Most recently, he addressed 20,000 attendees at a rally in Salt Lake City to advocate for Breaking Up Big Medicine (breakupbigmedicine.com). This week, Ben joins us on the Catalyst Pharmacy Podcast to talk about all things advocacy, legislation, and fighting for what's right from the front lines of the pharmacy all the way to Capitol Hill.  2:45 – Opening discussion on PBM reform momentum 8:16 – Legislative wins for pharmacy 11:44 – Banning vertical integration between PBMs and pharmacies 14:03 – “Break Up Big Medicine” campaign details 21:37 – Mandatory NADAC reporting: what's required and what it solves 29:36 – Chain vs. independent pricing: real-world examples of inequality 36:14 – Helping pharmacies with Medicare plan optimization 47:51 – Final thoughts and call to action for community involvement  Benjamin's Substack: https://benjaminjolley.substack.com/ Apex Consulting: https://www.apexpharmacyconsulting.com/  Hosted By: Mark Bivins | Chief Growth Officer, RedSail Technologies Guest: Benjamin Jolley | Pharmacist at Jolley's Compounding Pharmacy  Looking for more information about independent pharmacy? Visit https://www.redsailtechnologies.com 

The 20/20 Podcast
The Power of Red Light: Macular Health, Fighter Pilots, and More - Dr. Graham Merry, Founder of ARUNALIGHT

The 20/20 Podcast

Play Episode Listen Later Jun 11, 2025 51:10


Red Light Therapy is gaining a lot of momentum in recent years. It has been used for mood, hair growth, and many other health benefits.But how does photobiomodulation (PBM) help our eyes? In this episode, Dr. Graham Merry, MD discuss the history of PBM and the exciting future for this technology in eyecare.Dr. Merry is one of the pioneers of PBM in North America, he has published landmark papers that have shown the positive effects of PBM on patients with AMD, and he has co-founded multiple companies in the PBM space.If you were ever curious about how red light therapy works and how it can help your patients, this is the discussion for you!Learn more about Arunalight and related studies, go to:Arunalight.comConnect with Dr. Merry:gfmerry@gmail.comThanks to Bright Optical for supporting this episode.Love the show? Subscribe, rate, review & share! http://www.aboutmyeyes.com/podcast/

Vital Health Podcast
Jocelyn Ulrich: PBMs, Policy Risk, and Biopharma's Future

Vital Health Podcast

Play Episode Listen Later Jun 11, 2025 31:38


In this Vital Health Podcast, host Duane Schulthess speaks with Jocelyn Ulrich, Vice President of Policy and Research at PhRMA, to discuss the far-reaching implications of current U.S. drug pricing and reimbursement policies. With a unique journey from opera stages to Senate testimony, Ulrich brings both strategic acumen and firsthand experience in navigating complex policy terrain. The conversation explores PBM consolidation, the fallout from the Inflation Reduction Act, vertical integration in biosimilars, and looming tariff threats - all through the lens of innovation, patient access, and economic resilience. Key Topics PBM Consolidation Concerns: Three PBMs now control 80% of U.S. prescriptions, raising red flags over patient steering, inflated costs, and limited access. IRA's Small-Molecule Penalty: The Inflation Reduction Act's nine-year price-setting for pills versus thirteen for biologics is shrinking investment in elderly-targeted therapies. Vertical Integration in Biosimilars: Insurers and PBMs are now owning biosimilars and pharmacies, limiting patient options and delaying uptake of lower-cost treatments. Tariff Risks and U.S. Manufacturing: Proposed pharmaceutical tariffs could undermine domestic production despite the sector’s significant economic footprint and current exemptions. Rebuilding Innovation Incentives: From the EPIC Act to patient-first rebate reform, industry stakeholders are pushing for legislative fixes that sustain R&D and reduce care disparities. This episode unpacks how policy shifts are reshaping biopharma’s incentive structures, investment flows, and ultimately, patient outcomes. Essential listening for policymakers, investors, and health economists seeking clarity on U.S. pharmaceutical policy and its global ripple effects.See omnystudio.com/listener for privacy information.

ACR on Air
Advocacy in Action: 2025 Progress Report

ACR on Air

Play Episode Listen Later Jun 3, 2025 51:20


In this episode, we deliver a critical update on the rapidly evolving legislative landscape impacting rheumatology. We explore the intense policy battles shaping the future of the field, including steep Medicare reimbursement cuts threatening the survival of many practices. We also examine the ongoing challenges posed by pharmacy benefit managers (PBMs) and the growing uncertainty around research funding. Joining us is a special guest, Lennie Shewmaker McDaniel, JD, who brings a firsthand perspective from Capitol Hill, shedding light on what it truly takes to advocate for our patients and the profession in today's complex policy environment. 

PracticeCare
Joe Lessard on Managing Overhead Costs in Your Practice

PracticeCare

Play Episode Listen Later Jun 3, 2025 40:11


One of the keys to a profitable medical or dental practice is to be smart on overhead costs. They're significant, and sometimes difficult to find. If you don't understand your overhead costs, or if you feel like you're working harder for the same compensation, then this is an episode you'll want to listen to. Joe Lessard is a partner at Professional Business Management, a healthcare practice management and accounting firm in the northwest Chicago suburbs. Joe has been with PBM since 2009 and a Principal since 2020. He has attained designations as a Certified Public Accountant (CPA), Health Practice Advisor (HPA), and as a Certified Healthcare Business Consultant (CHBC). He believes in rolling up his sleeves and is usually on site visiting his clients' operations first-hand. Joe is responsible for all accounting and payroll services as well as personal and business tax returns for his clients. He helps them review operations and day-to-day aspects such as HR, employee benefits, retirement plans, collections, billing, and patient interactions. Every client has different needs and that's why Joe's commitment to his clients' needs and his customer service is what he prides himself on.In this episode Carl White and Joe Lessard discussWhat the main overhead costs in a practice areWhat good vs. bad levels look likeWhy more practice owners do not have a handle on their overhead costsWant to be a guest on PracticeCare®?Have an experience with a business issue you think others will benefit from? Come on PracticeCare® and tell the world! Here's the link where you can get the process started.Connect with Joe Lessardhttps://www.linkedin.com/in/joelessardpbm/https://www.instagram.com/thedoctorscpa/For more depth on this episode, read Understanding and Managing Overhead Costs in Your Practice, a blog this guest wrote about it. Connect with Carl WhiteWebsite: http://www.marketvisorygroup.comEmail:  whitec@marketvisorygroup.comFacebook:  https://www.facebook.com/marketvisorygroupYouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmigLinkedIn: http://www.linkedin.com/in/healthcaremktg

Revenue Cycle Optimized
RCM Insights - AI, Automation, and the Human Touch in GLP-1 and E&M Prior Auth

Revenue Cycle Optimized

Play Episode Listen Later Jun 2, 2025 8:59


GLP-1 medications and Evaluation & Management (E&M) services present two very different prior authorization challenges—one is high-volume and fast-moving, the other is nuanced and frequently blocked by PBM red tape. In this episode, Infinx's Jonathan Aguiar and Jennifer Glockzin break down how their team uses AI, automation, and hands-on intervention to streamline both, improving speed and accuracy while reducing provider burden. 

Fireside Chat with Gary Bisbee, Ph.D.
What Happened to Walgreens?

Fireside Chat with Gary Bisbee, Ph.D.

Play Episode Listen Later May 30, 2025 14:23


This conversation explores the rise and fall of Walgreens, focusing on its healthcare strategy and the challenges it faced in the retail pharmacy market. The discussion highlights key events, including the merger with Alliance Boots, the impact of online competition, and the company's attempts to diversify into healthcare delivery. It also examines the lessons learned from Walgreens' struggles, particularly the importance of having a pharmacy benefit manager (PBM) and the difficulties of transforming a legacy business in a complex regulatory environment.Welcome to the Health System CXO Podcast, sponsored by The Health Management Academy, featuring content designed for Health System Nurse Executives, Health Equity Officers and Strategy Executives provided by our company SME's - Anne Herleth, Jasmaine McClain, Ph.D. and Jackie Kimmell. Subscribe today and receive the latest insights from the country's leading Health System CXO experts regularly, helping you remain current and guide your health system strategy with thought leadership and success.The Health System CXO Podcast activates health system leaders towards outcomes and scalable solutions you can implement now.About The Health Management Academy:Since 1998, The Health Management Academy has cultivated the premier community of healthcare's most influential changemakers from the top U.S. health systems and innovative industry partners. We power more than 2,000 health system senior executives and 200 industry organizations through exceptional peer groups, original market insights, world-class leadership development programs and novel member alliances. Our industry-leading programs and solutions enable members to facilitate meaningful relationships, navigate strategic transformation and address critical industry issues. To learn more, visit hmacademy.com and follow The Health Management Academy on ...

Independent Rx Forum
PBM Reform in Alabama

Independent Rx Forum

Play Episode Listen Later May 29, 2025 40:22


This episode is a must-listen for anyone who needs PBM reform in their state. Trent McLemore and Josh Hardin from the Alabama Independent Pharmacy Alliance share how they helped achieve a major PBM reform victory. Hear about their comprehensive solution, why grassroots advocacy was key, and how facetime with legislators made all the difference. What's next for Alabama? Tune in to find out.      Learn more about the Alabama law here.      Guests:   Trent McLemore, executive secretary, Alabama Independent Pharmacy Alliance, director of Pharmacy, Star Discount Pharmacy ownership group   Josh Hardin, chairman of legislative affairs, Alabama Independent Pharmacy Alliance, owner, Mills pharmacy 

Second Request
The Hidden Monopoly: How Healthcare Platforms Threaten Competition

Second Request

Play Episode Listen Later May 23, 2025 57:40


Jonathan Kanter (former DOJ Antitrust) and Martin Gaynor (Carnegie Mellon Professor and former FTC official) join The Capitol Forum to discuss their groundbreaking paper, The Rise of Healthcare Platforms. They explain how companies like UnitedHealth have evolved into sprawling conglomerates—combining insurer, provider, pharmacy, and PBM functions—and why this consolidation threatens both market competition and patient care.

Pharmacy Podcast Network
Fighting PBM Monopolies, One Pharmacist at a Time! | PBM Reform Podcast

Pharmacy Podcast Network

Play Episode Listen Later May 22, 2025 53:28


PBM Pricing Nightmare: Pharmacists Expose Hidden Tactics! We dive into the most frustrating PBM tactics pharmacists face today, revealing unjust pricing discrepancies where reimbursements are lower than acquisition costs.   

HR Benecast's podcast
Episode 50 - Annual Review Season

HR Benecast's podcast

Play Episode Listen Later May 15, 2025 22:47


It's annual review season at Employers Health — when clients meet with our team to hear how their pharmacy benefit plan is performing, what they should watch for in the future and plan changes to consider to reduce or minimize future pharmacy benefit costs. In the episode, we sit down with Devon Feriance and Tori Sinclair to hear the main themes they're seeing in these reviews, how employers are dealing with the onslaught of legislative changes and, of course, GLP-1s and benefits trends for 2026. 

Cut To The Chase:
Big Pharma and the Middlemen Who Profit $$$ | Mass Torts with Mike Papantonio

Cut To The Chase:

Play Episode Listen Later May 14, 2025 30:13


Are billion-dollar secrets hiding in plain sight every time you pick up a prescription? While most of us trust the price tags and availability of life-saving medications, who's really pulling the strings—and why aren't these stories front-page news? In an era when legal battles against corporate giants can change lives and headlines, we need transparency and we need it now. This week on Cut to the Chase: Podcast, we're diving deep into the explosive world of pharmaceutical litigation with Mike Papantonio, legendary trial attorney, legal commentator, and acclaimed author. Mike's latest novel “The Middleman” pulls back the curtain on the mysterious—and disturbingly powerful—pharmacy benefit managers (PBMs) who are quietly shaping the cost and availability of vital medicines. The PBM industry is a $300 billion behemoth—raising medication costs across the board by up to 50%. Most Americans, including seasoned professionals, have no idea these gatekeepers exist. Tune in to hear how real courtroom drama translates into gripping fiction, what's really driving up drug prices, and what lawyers must know to make a transformative impact—financially and socially—through mass tort litigation. What you'll learn in this episode: The shocking influence and unchecked power of pharmacy benefit managers (PBMs)—and how they're raising drug prices, taking kickbacks, and operating as a modern-day mob Insider details from landmark cases (tobacco, opioids, human trafficking, Wall Street scams) and how those stories shape Mike's writing The criminal-like conduct behind life-saving drug pricing, vertical integration, and extortion in the pharma industry How whistleblowers drive 40% of mass tort cases—why they matter and how law firms can support them Tips for trial lawyers and young attorneys on building a meaningful, profitable practice—the legacy case approach A sneak peek at Mike's upcoming book, “Death in Arcadia,” exposing corruption and abuse in America's reform schools Key Takeaways: Look Beyond the Headlines: Mainstream media often misses (or avoids) big stories; legal professionals must dig deeper and use insider knowledge to expose injustice. Leverage Whistleblower Potential: Proactively support and educate potential whistleblowers—40% of mass torts begin with insider revelations. Consider Legacy Cases: Don't just chase profits—choose cases that have lasting impact and can become the cornerstone of your reputation. Educate Through Storytelling: Use creative outlets—novels, blogs, podcasts—to inform and inspire both the public and fellow attorneys. Adapt to Changing Legal Landscapes: Stay alert to new threats—PBMs, antitrust schemes, white-collar criminality—that need legal champions willing to take action.   Stay tuned for more updates, and don't miss our next deep dive on Cut to The Chase: Podcast with Gregg Goldfarb!   Subscribe, rate, review, and share this episode of the Cut to the Chase: Podcast!   Resources: Buy “The Middleman: A Legal Thriller” by Mike Papantonio: https://www.amazon.com/dp/1648211054 Connect with Mike Papantonio on LinkedIn: https://www.linkedin.com/in/mikepapantonio  Visit his website - Ring of Fire: https://trofire.com Subscribe to his YouTube channel - America's Lawyer: https://www.youtube.com/@TheRingofFire  Follow Mike on Instagram: https://www.instagram.com/rofpap Learn more about Mike's legal career: https://levinlaw.com/our_team/mike-papantonio    This episode was produced and brought to you by Reignite Media.

Real Coffee with Scott Adams
Episode 2837 CWSA 05/12/25

Real Coffee with Scott Adams

Play Episode Listen Later May 12, 2025 53:04


God's Debris: The Complete Works, Amazon https://tinyurl.com/GodsDebrisCompleteWorksFind my "extra" content on Locals: https://ScottAdams.Locals.comContent:Politics, Pope's MAGA Brother, Macron Cocaine Controversy, Trump EO Pharmaceutical Prices, PBM, Pharmacy Benefit Managers, Mark Cuban, Trump Cost Reductions List, President Trump, Medicaid Restrictions, Apple iPhone Price Increase, Habeas Corpus, Ilhan Omar, James Carville, Jack Smith's Lead Prosecutor, Trump Approval Polls, Tesla Robotaxi, Trump Family Middle East Projects, Air Force One, SCOTUS Birthright Citizenship, India Pakistan Ceasefire, Putin Zelensky Meeting, Scott Adams~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~If you would like to enjoy this same content plus bonus content from Scott Adams, including micro-lessons on lots of useful topics to build your talent stack, please see scottadams.locals.com for full access to that secret treasure.

The Energy Blueprint Podcast
A Detailed Practical Guide to Dosing Red and Near-Infrared Light Therapy with Dr. Mark Cronshaw

The Energy Blueprint Podcast

Play Episode Listen Later May 10, 2025 137:28


I'm back again for my fourth conversation with Dr. Mark Cronshaw, an expert in the world of photobiomodulation (PBM), aka red light therapy. You know that when I have multiple conversations with a guest, I highly value their knowledge and want to go deeper with what they have to share. If you want to get VERY technical and go deep with the topic of PBM, this episode is for you, and I recommend you listen to the prior 3 episodes we've recorded together.  In this conversation, Dr. Cronshaw presents what he calls his "philosophy of care" for using photobiomodulation to enhance healing, manage pain, and prevent injury. His approach focuses on a few fundamental questions:  Are you treating surface or deep tissues?  Are you seeking to stimulate healing/tissue repair or provide pain relief?  His multi-dimensional approach explains why different devices produce different results, enabling more strategic use of both professional and at-home light therapy tools.  

Pharmacy Podcast Network
Nebraska Pharmacy Owner Has Found Practical Way To Profitably Fill Branded Rx's | Pharmacy Crossroads

Pharmacy Podcast Network

Play Episode Listen Later May 9, 2025 33:38


Jed Lewis is an innovative pharmacist that owns four pharmacies in Nebraska.  But Lewis is doing something remarkable!  By working with doctors and incorporating a line of "uniquely formulated" branded generics he has found a way to increase his gross profit by thousands of dollars.  The company he works with is FH2 Pharma and in this episode he tells how he met the company's local sales rep and then started calling on doctors, with suggestions for using the new product line with specific patients, one's that would benefit most of the unique formulations.  He shares that for nearly two years now he has found the program to be beneficial in two ways; one the products provide an unusually high reimbursement from all the major PBM's.  But, because he visits the doctors and "details" the drug, he has learned how to get-in to see them and in doing so he is picking up a lot of new business as the doctors have come to know him and know he'll take good care of their patients.  This is a must listen episode.  

Pharmacy Crossroads
Nebraska Pharmacy Owner Has Found Practical Way To Profitably Fill Branded Rx's | Pharmacy Crossroads

Pharmacy Crossroads

Play Episode Listen Later May 9, 2025 33:38


Jed Lewis is an innovative pharmacist that owns four pharmacies in Nebraska.  But Lewis is doing something remarkable!  By working with doctors and incorporating a line of "uniquely formulated" branded generics he has found a way to increase his gross profit by thousands of dollars.  The company he works with is FH2 Pharma and in this episode he tells how he met the company's local sales rep and then started calling on doctors, with suggestions for using the new product line with specific patients, one's that would benefit most of the unique formulations.  He shares that for nearly two years now he has found the program to be beneficial in two ways; one the products provide an unusually high reimbursement from all the major PBM's.  But, because he visits the doctors and "details" the drug, he has learned how to get-in to see them and in doing so he is picking up a lot of new business as the doctors have come to know him and know he'll take good care of their patients.  This is a must listen episode.  

The Bottom Line Pharmacy Podcast: Sykes & Company, P.A.
AI, Audits, & Advocacy: The Pharmacy Survival Guide with Trenton Theide, President of PAAS National

The Bottom Line Pharmacy Podcast: Sykes & Company, P.A.

Play Episode Listen Later May 8, 2025 40:13


Send us a textSchedule an Rx AssessmentIs Your Pharmacy Prepared for a Cyberattack?In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP and Austin Murray sit down with Trenton Thiede, President of PAAS National, to unpack the rising cybersecurity threats facing independent pharmacies and what owners must do to stay compliant and protected.We dive into everything from:HIPAA compliance updatesAI risks, multi-factor authentication, and risk assessmentsThe growing pressure of PBM audits and the need for strong advocacyClick here for the transcriptMore About Our Guest:Trenton Thiede is the President of PAAS National (Pharmacy Audit Assistance Service).Trenton started his journey working at Shopko, a community pharmacy, in 1999 for 15 years, holding positions as Pharmacy Manager and Regional Pharmacy Supervisor while completing his PharmD from UW-Madison and MBA from UW-Oshkosh.In 2013, Trenton took over Shopko's Long-Term Care division and helped divest it to KPH HealthCare (Kinney Drugs/HealthDirect).There, he helped grow their business throughout the Midwest, eventually servicing 20,000 beds in just under four years. In 2018, Trenton joined PAAS and oversees the daily operations as President.With his operations experience, Trent knows what's involved, and at stake, with pharmacy audits; taking pride in helping independent pharmacies win against ruthless PBMs.Learn more about Trenton and PAAS National:Trenton Thiede LinkedInPAAS National WebsitePAAS National FacebookPAAS National Twitter (X)PAAS National LinkedInStay up to date on new episodes by liking and subscribing!Check out all our social media:FacebookTwitterLinkedInScotty Sykes – CPA, CFP LinkedInScotty Sykes – CPA, CFP TwitterMore resources on this topic:Podcast – Fraud, Waste, and Abuse Audit UpdatesPodcast – Pharmacy Audit Master Class: Strategies for Audit Success

Be More Than A Fiduciary
Gina Alsdorf: Under the Hood of Pharmacy Benefit Managers (PBMs)

Be More Than A Fiduciary

Play Episode Listen Later May 7, 2025 30:05


Gina Alsdorf has more than 15 years of experience in employee benefits, working on complex issues involving ERISA, employee benefit plans, and related laws. Her past clients include trustees, plan committees, plan sponsors, consultants, registered investment advisors, broker-dealers, banks, insurance companies, third-party administrators, and recordkeepers for retirement plans and individual retirement accounts. Gina received her JD, cum laude from University of Georgia Law School and was awarded an LLM in Employee Benefits with honors, from the University of Illinois, Chicago Law School.In this episode, Eric and Gina Alsdorf discuss:Evaluating PBM contracts with expert oversightPrioritizing transparency in pricing modelsAlign PBM incentives with participant outcomes, if possibleInvest in education and oversight for long-term successKey Takeaways:Engage legal and consulting professionals to analyze contract terms, ensuring alignment with fiduciary responsibilities and plan objectives.Understand the financial structure of PBM arrangements, favoring models that clearly show how costs and profits are distributed.Select partners and structures that place plan participant benefit above corporate profit, especially in vertically integrated PBM organizations.Encourage continuous learning and mentorship among benefit managers to adapt to a complex and evolving pharmacy benefits landscape.“ERISA does not give you the duty to go for the cheapest price. You're supposed to get the best service for the money for your people.” - Gina AlsdorfConnect with Gina Alsdorf:Website: https://www.carltonfields.com/team/a/gina-alsdorf LinkedIn: https://www.linkedin.com/in/gina-alsdorf/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

Healthcare Trailblazers
Congressman Jake Auchincloss on Healthcare Reform, RFK Jr.'s Policies, and Government Efficiency

Healthcare Trailblazers

Play Episode Listen Later May 7, 2025 54:16


Send us a textIn this podcast episode, Congressman Jake Auchincloss (D-MA) discusses critical healthcare policy issues, including his bipartisan proposal to fund community health centers through a nationwide sugary beverage tax. The Massachusetts Democrat shares pointed criticism of RFK Jr.'s approach to healthcare, arguing that while chronic disease is a genuine crisis, the current administration's methods threaten critical scientific institutions and public health infrastructure.The conversation also covers Auchincloss's perspective on the Department of Government Efficiency (DOGE), PBM reform, and federal budget priorities, highlighting the congressman's view that current efficiency initiatives risk damaging valuable government functions while tax policies disproportionately benefit the wealthy at the expense of middle-class Americans.Timestamps:00:00:00 - Opening Teaser Clips00:01:14 - Introduction of Congressman Jake Auchincloss00:01:59 - Energy and Commerce Committee Jurisdiction00:02:44 - CMMI Program Cuts and Congressional Oversight00:04:26 - Discussion on Political Intent and Bipartisanship00:06:33 - Critique of RFK Jr.'s Healthcare Policies00:10:28 - Tackling the Chronic Condition Epidemic00:10:57 - Community Health Centers and Sugary Beverage Tax Proposal00:14:44 - Food Policies and School Lunch Programs00:33:21 - Department of Government Efficiency (DOGE) Discussion00:43:45 - Federal Budget and Tax Policy Debate00:51:24 - Pharmacy Benefit Managers (PBMs) Reform00:54:08 - Closing Remarks

JD Talkin Sports
JD TALKIN SPORTS #1810

JD Talkin Sports

Play Episode Listen Later May 6, 2025 105:18


Send JD a text message and be heard!BING BONG!!! Thanks @companyadjace @mgoods1219 for the fantastic pic of @mikalbridges ripping the ball out of #jaylenbrown hands as the @nyknicks take game 1 of #nbaplayoffs

The Heart of Healthcare with Halle Tecco

In this month's Digital Health Download, Steve and Halle unpack the headlines shaping healthcare, policy, and technology—with an eye toward where things may be heading next. From shifting political support for Medicaid and the ACA to state-level action on PBMs, they explore the unexpected ways the system is evolving.We cover:

Online Marketing Moves with Tony Resonno
P.B.M. and the offer you shouldn't pass up

Online Marketing Moves with Tony Resonno

Play Episode Listen Later May 5, 2025 19:06


I have quite the offer for you. First 10 people only though so questions email me and I'll give you the details. Offer will end by June 1st. Today I discuss PBM…listen and subscribe so you don't miss future episodes Email Tony@tonyresonno.com

The Astonishing Healthcare Podcast
AH064 - Empowering Plan Sponsors: Data Access & Analysis, with Bridget Mulvenna

The Astonishing Healthcare Podcast

Play Episode Listen Later May 2, 2025 24:19


This Astonishing Healthcare podcast episode features Bridget Mulvenna, who joins us in the studio again for an insightful discussion about addressing data access hurdles and utilizing pharmacy claims data. Building on her previous episodes, we dig into the "how" here - how can plan sponsors get their data, analyze it, and use it to make more informed decisions. It's encouraging that things are getting a little better out there, but data transparency and sharing remain top concerns for channel partners and plan fiduciaries alike; everyone is trying to understand what's driving costs higher within their plans (aside from GLP-1s, of course)!What data do you need? Who can/should do the analysis? What do contract definitions have to do with this? We cover it all, offering practical suggestions to hold partners accountable based on Bridget's experience.Related ContentWhy this benefit leader switched to a more modern, transparent PBM.AH030 - Plan Sponsors Need a Source of Truth; Get Your Data Now & Find It, with Jeff HoganAH048 - High-Cost Orphan Drugs, Securing Claims Data, and More, with Dr. Eric BrickerAH053 - Selling Pharmacy Benefits: Relationships, Rebates, GLP-1s, and More, with Bridget MulvennaFor more information about Capital Rx and this episode, please visit Capital Rx Insights.

Pharmacy Podcast Network
Establishing a “Win-Win” Relationship with Government Agencies and PBMs | NASP Specialty Pharmacy Podcast

Pharmacy Podcast Network

Play Episode Listen Later May 1, 2025 49:12


In this episode of the NASP Podcast, Sheila Arquette, President & CEO of NASP, speaks with Jeffrey S. Baird, Esq., Chairman of the Health Care Group at Brown & Fortunato, P.C. and Bradley W. Howard, shareholder and director at Brown & Fortunato, P.C. In today's environment, it is challenging enough to profitably run a specialty pharmacy. The pharmacy needs to avoid the additional challenge of inquiries, audits and investigations by governmental agencies and PBMs. This podcast will discuss the proactive steps the specialty pharmacy can take to lower the risk of inquiries, audits and investigations. This podcast will also set out steps the pharmacy can take to resolve inquiries, audits and investigations before they spin out of control. The podcast will focus on the following: • Corporate Compliance Program – The specialty pharmacy needs to implement a robust compliance program that is specific to the pharmacy's business model. Such a program will head off many problems before they arise…and a compliance program will resolve problems, once arisen, before they spin out of control. • PBMs – A PBM is in a stronger negotiating position than that of the specialty pharmacy. At the end of the day, the PBM “possesses the pharmacy's money.” This podcast will discuss the steps the pharmacy should take to establish a “win-win” relationship with a PBM. Doing so will eliminate uncertainty and prevent many problems from arising. However, if the PBM ends up bringing an inquiry, audit or investigation against the pharmacy, the podcast will set out the steps the pharmacy should take to resolve the inquiry, audit or investigation without it devolving into an adversarial action. • Governmental Agencies – There are a number of federal and state governmental agencies that a specialty pharmacy may have to deal with. These include (i) the Department of Justice, (ii) the Office of Inspector General, (iii) the DEA, (iv) the FDA, (v) state Attorneys General, and (vi) State Boards of Pharmacy. This podcast will discuss the steps the pharmacy should take when it is investigated by a governmental agency. As with working with PBMs, the pharmacy should strive to resolve a government investigation before it spins out of control. 

Water Flying
Clear Lake Seaplane Splash-In 2025 : With Amanda Martin Lake County Chamber CEO

Water Flying

Play Episode Listen Later Apr 30, 2025 45:08


Join Amanda and Steve McCaughey for a discussion about both the Clear Lake Splash-In and the growing vision and opportunities for seaplanes at this Northern California secret gem.Clear Lake is the largest lake fully within the state of California, with over 100 miles of shoreline, and yet the region is sparsely populated and under visited. Of specific interest to seaplane pilots, the lake has 100 years of seaplane activity with everything from the Pan Am Clipper ships to the military using the lake as a primary location for PBY, PBM and Martin Mars training.Our thanks to Herb Lingl, the Skylark Resort, the city of Lakeport and all of the volunteers who made this event such a success.Join our team of Clear Lake Splash-In volunteers by emailing us at spa@seaplanes.org

The Energy Blueprint Podcast
Beyond Red Light: Dr. Cronshaw's Revolutionary Approach to PBM Therapy

The Energy Blueprint Podcast

Play Episode Listen Later Apr 26, 2025 67:30


In this episode, I'm back for a third installment of my conversation with Dr. Mark Cronshaw, one of the world's foremost photobiomodulation (PBM) experts...what most people commonly refer to as red light therapy. He's particularly one of the top experts when it comes to dosimetry (the details of how to properly “dose” light therapy). Have you invested in red light therapy but feel confused by contradicting information?  You're certainly not alone. In this conversation, Dr. Cronshaw challenges conventional wisdom about photobiomodulation with some insights that surprised even me! I deeply appreciate his highly informed and logical, yet relaxed, approach to this complex topic. WARNING: My conversations with Dr. Cronshaw are NOT a simple or practical how-to guide of “go buy this device and use it this way.” This podcast series intends to go deep into the scientific, technical, and theoretical nuances of PBM science. So it's NOT for everyone. These podcasts are for people who want to nerd out on PBM science. So please don't say I didn't warn you! :)

The Astonishing Healthcare Podcast
AH063 - What's New with Medicaid PBM? With Jessin Joseph, PharmD, MBA

The Astonishing Healthcare Podcast

Play Episode Listen Later Apr 25, 2025 19:44


In this episode of the Astonishing Healthcare podcast, we welcome Jessin Joseph, PharmD, MBA, back to the studio. Jessin's focus on the pharmacy benefit administration side of the business and experience at Kentucky Medicaid and working with health plan clients inform the discussion about the impact the new administration and appointments in Washington, D.C., may have on health plan partners, MPPP (M3P), various models of Pharmacy Benefit Management (PBM) for Medicaid, including the single PBM and carve-out/unbundling approaches, and how the drug price benchmark can influence access to medication for plan members.In Episode 16 - The Intersection of Pharmacy, Government Requirements, and Medicaid, Jessin highlighted the momentum that discussions around single PBM seemed to have, and this time around, nearly a year later, he dives into why everyone is talking about unbundling the pharmacy benefit!Related ContentReplay: How You Can Leverage Modern Technology to Meet the CMS Medicare Prescription Payment Plan RequirementsPartnership & Collaboration: Why PBMs and Health Plans Should Sync on Regulatory Change Management AH033 - Never Move Again™, a Paradigm Shift in Pharmacy Benefits, with AJ Loiacono (for more on unbundling)Please visit Capital Rx Insights for additional content, including this episode's transcript!

Pharmacy Podcast Network
The Arkansas PBM Wild Card & AXS25 | TWIRx

Pharmacy Podcast Network

Play Episode Listen Later Apr 19, 2025 47:35


In this powerful episode of This Week in Pharmacy, Todd Eury explores the growing national backlash against pharmacy benefit managers (PBMs)—starting with bold action in Arkansas. Following Gov. Sarah Huckabee Sanders' recent signing of legislation to limit PBM influence, Arkansas has become a flashpoint in the nationwide struggle to protect independent pharmacies and ensure fair drug pricing. Special guest from Arkansas, Doctor's Orders Pharmacy Owner, Lelan Stice, as we dig into what this legislation means, how states like Alabama are following suit, and why pharmacists across the U.S. are calling for transparency, accountability, and reform. PBMs are under increased legal and political scrutiny across multiple states Independent pharmacies are gaining new allies in their fight for survival Legislative momentum is growing—this could be a tipping point Patients, too, are paying the price for PBM overreach Pharmacists must stay informed and involved in local/state policy Full AP article: APNews.com – Arkansas Takes on PBMs TWIRx Feature: Lumicera Health Services Guest: Dr. Ben Heiser, PharmD – General Manager, Specialty Pharmacy, Lumicera Health Services In this special TWIRx segment, This Week in Pharmacy dives into the world of specialty pharmacy with Dr. Ben Heiser of Lumicera Health Services, a nationally recognized leader in delivering specialty drug solutions with a patient-first approach. Dr. Heiser discusses how Lumicera leverages data-driven care models, collaborative payer partnerships, and a commitment to access and affordability to redefine what it means to support patients with complex, chronic conditions. From pharmacy innovation to value-based outcomes, this interview offers a behind-the-scenes look at one of the most forward-thinking organizations in specialty care. Lumicera Health is the Pharmacy Podcast Network sponsor for the AXS25 Press Coverage, learn more about  Lumicera here:  https://www.lumicera.com/  Subscribe to all 40+ Pharmacy Podcast Network podcasts from one link:  https://linktr.ee/pharmacypodcast 

Pharmacy Podcast Network
PBM Transparency, Is It Real? | PBM Reform Podcast

Pharmacy Podcast Network

Play Episode Listen Later Apr 15, 2025 42:49


An insider's look at the games PBMs play to hid fees and tack profits for community pharmacies. What a true transparent PBM should look like and why it matters.   

The ShiftShapers Podcast
#511: The Compliance Circus Continues – Carol Taylor | ShiftShapers

The ShiftShapers Podcast

Play Episode Listen Later Apr 15, 2025 30:03 Transcription Available


In this episode of ShiftShapers, host David A. Saltzman welcomes compliance expert Carol Taylor, JM, of BenefitMall, for a deep dive into the rapidly evolving world of employer compliance. From court rulings and legislative penalties to HIPAA security updates and AI-driven benefit denials, Carol offers critical insights for anyone navigating today's tangled regulatory landscape.She unpacks the latest on ERISA preemption battles, mental health parity lawsuits, and the real-world impact of complex compliance rules on small agencies and employers. With rising penalties and tech-driven claim denials making headlines, Carol arms listeners with strategies to stay compliant—and stay out of court.

The Business of Pharmacy Podcast
Redefining Pharmacy Benefits Without the Gimmicks | Joey Dizenhouse, FSA, MAAA SlateRx, President & CEO

The Business of Pharmacy Podcast

Play Episode Listen Later Apr 14, 2025 49:45


I sat down with Joey Dizenhouse, CEO of SlateRx, to talk about redefining pharmacy benefits—minus the gimmicks. We dug into transparency, real fiduciary alignment, and how SlateRx is tackling PBM dysfunction head-on. If you're tired of smoke and mirrors in the benefits space, this episode is for you. Sponsored by WaypointRx.

Dr. Joseph Mercola - Take Control of Your Health
The Healing Power of Light: Photobiomodulation - AI Podcast

Dr. Joseph Mercola - Take Control of Your Health

Play Episode Listen Later Mar 26, 2025 12:22


Story at-a-glance Photobiomodulation therapy utilizes specific light wavelengths — including 660 nanometers (nm), 850 nm and 1,050 nm — to stimulate biological processes, each offering unique tissue penetration and therapeutic benefits The optical window (600 to 1,100 nm) allows effective light penetration into tissues by avoiding absorption from hemoglobin, melanin and water, optimizing PBM efficacy Red light at 660 nm enhances skin health, collagen production and wound healing, reduces neuropathic pain and boosts cellular energy (ATP), ideal for dermatology and wound-healing applications Near-infrared light at 850 nm penetrates deeper, aiding muscle recovery and pain management, reducing inflammation and improving skin complexion, suitable for sports medicine and rehabilitation Light at 1,050 nm reaches deep tissues and brain structures, supporting cognitive function, brain health, ophthalmic uses, stroke recovery and detoxification processes

Paul Saladino MD podcast
256. How Big Pharma Turned Disease Into a Trillion-Dollar Industry w/ Brigham Bhuler

Paul Saladino MD podcast

Play Episode Listen Later Feb 21, 2025 85:57


Dive deep into the underbelly of American healthcare corruption with Brigham Buhler in this exposé episode.Is the system designed to keep you sick, or is there a path to real health? In this hard-hitting conversation, I sit down with Brigham Buhler to expose the hidden agendas and financial incentives driving America's broken healthcare system. We uncover the dark connections between big pharma, insurance companies, and pharmacy benefit managers, revealing how profits are often prioritized over patient well-being.--- --- ---00:00 - Introduction02:07 - How insurance and pharma are intertwined03:30 - Why does your doctor ignore diet, lifestyle, and wellness over medicine05:58 - Are insurance companies intentionally making healthcare confusing for you?07:37 - You are overpaying for medicine without even knowing 10:09 - Discover how Pharma is involved13:15 - How did healthcare insurance go wrong16:44 - Denied healthcare claims, just a glitch or calculated profit?20:28 - Is your healthcare bankrupting you and your family?22:52 - Unmasking healthcare's most powerful influencers23:57 - Subsidizing big pharma's profits with your tax dollars27:16 - New leadership to clean up healthcare's mess28:44 - Behind the mask31:11 - Take back your health33:03 - Modern food crisis is real35:30 - Is your dietician influenced by big food37:17 - Hidden agendas exposed39:02 - Consumer choice or a systemic problem?40:38 - How is PBM's inflating medicine costs44:06 - How to get proactive and predictive with your health47:15 - Game-changing healthcare50:06 - Should HSAs cover healthy food and gym memberships?52:30 - Personalized diets and farm-to-table delivery with health tracking?55:00 - Could metabolic health be the key to fighting disease?57:55 - Pharma's secret exposed1:01:27 - Are we missing a key blood test?1:03:36 - Low T exposed and how it might be affecting your life1:06:51 - Hormone imbalance1:08:08 - Pesticides are harming your hormones?1:10:09 - Is big pharma like the nazis testing their product on humans for bad intentions1:12:15 - Frameworks for approaching healthcare1:14:06 - Decoding our DNA for health secrets with cutting edge tech is possible1:14:33 - The new frontier of regenerative medicine1:17:36 - Why pregnancy boosts womens health and immunity1:19:04 - Seed oils could be the culprit1:20:52 - How processed foods rewire your brain1:23:05 - Can eating organs unlock regenerative health?--- --- ---SOCIALSInstagram: https://www.instagram.com/paulsaladinomdTikTok: https://www.tiktok.com/@paulsaladinomd2Twitter: https://twitter.com/paulsaladinomdSend a message to the team: info@paulsaladinomd.coBRIGHAMS SOCIALSBrigham Buhler on Instgram: https://www.instagram.com/brigham.buhler/WEB: https://ways2well.com/DISCLAIMERDr. Paul Saladino received his medical degree from the University of Arizona Medical School. His use of “doctor” or “Dr.” in relation to himself solely refers to that degree. Dr. Saladino is a licensed physician in California, but he no longer practices in any state and does not see patients so he can focus on educating people as a full time activity. This video is for general informational purposes only. It should not be used to self-diagnose and it is not a substitute for a medical exam, cure, treatment, diagnosis, and prescription or recommendation. It does not create a doctor-patient relationship between Dr. Saladino and you. You should not make any change in your health regimen or diet before first consulting a physician and obtaining a medical exam, diagnosis, and recommendation. Always seek the advice of a physician or other qualified health provider with any questions you may have regarding a medical condition.