Strategic Business Partner
Tim Reddout has been in the insurance and healthcare industry since 1987. Tim specializes in employee benefit programs, products and services specifically designed for the hospital and healthcare provider industries. Tim started his career with MetLife specializing in groups with more than 200 employees and specifically fully insured and self-funded arrangement. Tim pioneered bringing hospitals and providers together to achieved purchasing efficiencies related to employee benefit products in 1999. Tim was successful in reducing the cost of hospital life and LTD plans by over 50% by developing pooled arrangements and leveraging the purchasing power specifically for the hospital industry. Tim started Waterstone Benefit Administrators in conjunction with VHA member hospitals in 1999 to help hospitals achieve purchasing efficiencies in self-funded benefit administration and employee benefit products. Waterstone quickly grew to the second largest third party administrator in Oklahoma; servicing approximately 40 hospitals, 50,000 covered lives and processing over $200,000,000 in claim dollars. While at Waterstone, he was able to deliver TPA services at 50% of the industry average and provided a service level that was unsurpassed with client satisfaction levels above 92%. Tim provided a multitude of consulting services and developed hospital benchmarks not provided by other TPAs, brokers or consulting services. Tim was also recognized as an Affordable Care Act expert and was often a featured speaker.
Tim’s passion is providing expertise in the area of employee benefits, outside the box thinking related to plan design, reinsurance and insured product offerings, and customer service. Tim was a pioneer in three tier benefit levels for hospitals (now common), was one of the first to recognize issue with reinsurance contract basis, the first to recognize how some providers were accessing out-of-network benefit levels to their benefit and develop a solution to protect the health plan, and is one of the first to recognize and implement plans to take advantage of 340 b prescription benefit plans.
Tim has joined Trilogy Purchasing Alliance to bring this knowledge and expertise and assist hospitals and healthcare providers reduce the cost of the benefit plan and bring greater value to the employees and team members of the respective organizations.