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Beware The Chronophage

No matter how many business hats you wear, you are, first and foremost, a salesperson. But how much of your time do you spend . . . selling? It is probably less than you think. According to the Center for Sales Strategy, data suggests that you only spend 30% of your time in actual sales-related activities.

Included in that 30% are things like: time finding and qualifying new prospects; time and effort to set first appointments; discovery work with either a new prospect or an existing upsell opportunity; developing ideas and proposals; presenting proposals; and closing the sale. 

THE CHRONOPHAGE

So, what is a Chronophage? It is a sneaky beast keeping you from growing your practice – and you probably aren’t even aware it is happening!  It is the critter eating the other 70% of your time. The word comes from the Ancient Greek words “Chronos” and “phage,” which means “things that eat your time.” 

There are a few things to consider to stop feeling like your time is being nibbled to death by ducks. First, ask yourself if you are doing work that a service person could/should be doing. It is tempting to put off hiring account managers because of the cost of a full-time employee, but if you do the math, that is a false economy. Instead, consider how much more you could make if you spent that time on client-facing activities. 

Then there are the chores that are an inescapable part of the group medical business – chief among them the initial enrollment and the ongoing service requirements. For years, advisors in the larger group market have used Benefit Administration (BA) systems to help automate that process. Recent developments in the BA market have seen some of those systems reprice to be more affordable for the small group market.

But our old friend, the Chronophage, is also hiding in some of those solutions, ready to feast on your perceived productivity increase - so beware! While it sounds simple, using a BA system has some things to consider beyond its curb appeal. 

CONSIDER THE INTANGIBLES

Many advisors don’t contemplate the time cost of setting up the case on the software. But the actual hidden cost of case setup is the enormous opportunity to make a mistake that affects employees and your client relationship –which can be costly in other ways. Check your E&O insurance to be sure a slip-up like that is covered. Find a BA company that does the setup for you to avoid the problem. You save time, avoid liability, and don’t risk your client relationship. 

Then there are the dreaded EDI feeds, where the carrier and the client entity exchange information. Once again, our old friend, the Chronophage, is ready to pounce – unless you ensure that the BA company handles all the EDI setup and testing. Once again, you save the time of learning how to create those feeds, and you also avoid liability. 

PEDIGREE MATTERS

So that you don’t have to educate anyone other than your client and your team, find a BA company founded by advisors just like you and not by a bunch of coders who don’t know the industry. People dealing with the same issues you do are more likely to understand the nuances of the client-carrier-employee dynamic and to have crafted a solution that pleases all those constituencies.

One important thing to look for so that you can spend your time growing your revenue rather than fussing with a BA system while the Chronophage gets fat and happy. You want a system with what developers call “Mature Business Rules.” Those are the behind-the-scenes bits of logic that let you handle irregular pay periods, create unusual employee classifications, etc., in a way that won’t break the system. Ask how long the system has been in place and how often it gets updated. 

THIS ISN’T SUNDAY DINNER

There are times when passing things around makes sense. Mashed potatoes at family dinner, a football, or the latest water cooler gossip. What should NOT be passed around is . . . you! Make sure the company you decide to work with has one contact – your “go-to” person, for everything you need. They become familiar to you and create an extension of your team. There are few things more time-consuming than playing pass the call as you fume waiting to get the right person to answer your question.

IT ISN’T GOING AWAY

The Chronophage has been around for a long, long time. Benjamin Franklin knew about it when he said the phrase all advisors should use to slay the dreaded Chronophage: “Time is money.” 

Carol Matznick NABIP - North Carolina Immediate Past President Director of Marketing Triune Technologies