Oftentimes we fall into the trap of doing things the way we do them because it’s how we have always done them. But it’s the creative business solutions — not the same old strategies — that have the potential to create new opportunities and even disrupt entire industries. In this episode of Onward Nation, health insurance company Hooray Health founder and CEO Shane Foss shares how identifying the unmet needs of America’s millions of uninsured employees formed the basis for his company’s mission to reinvent health insurance from the ground up, and he explains why thought leadership has proven to be a powerful tool to build credibility and get his message out.
For Shane, the “aha!” moment came when he saw firsthand the challenges that uninsured workers were facing in getting access to basic healthcare. Shane began questioning the status quo and wondering if there was a better way to do things — and this train of thought ultimately culminated in the formation of Hooray Health. Shane identified an underserved group and then innovated cost-effective solutions to help them gain access to necessary healthcare services. He saw the problem and then built and iterated on solutions to address it, without falling into the trap of becoming too attached to the solutions his company created. This allowed Hooray Health the flexibility to find new angles and opportunities and to adjust based on the needs of their clients rather than getting too locked into their business model.
At every step during the process of building Hooray Health, Shane was told “you can’t do that” or “that will never work”, or “you’ll never find an underwriter willing to take the risk”. Shane might easily have listened to the naysayers, but he kept going. Eventually, he was able to put all the pieces together and offer low-cost, practical healthcare plans that empowered part-time workers and other overlooked segments to attain healthcare while protecting themselves from predatory billing practices. Shane and his team put together creative business solutions that allow them to meet the needs of an otherwise untapped market — while simultaneously creating profits for their business and looking after the needs of their clients. None of this would’ve been possible had Shane just accepted the conventional wisdom of health insurance at face value.
With over 20 years of tenure as an executive in the medical industry, Shane Foss became frustrated with how under-served Americans were with the current healthcare options. He set out to make a change and in 2018 achieved this goal through launching Hooray Health, an unconventional health insurance company dedicated to providing affordable basic and urgent health care alternatives to high-deductible health plans.
Through Hooray Health, Foss and his team focus on offering peace of mind to lower-income individuals and families who face medical challenges, while also providing business owners with an affordable way to reward and retain employees. Partnering with companies like Sedera, Ameritas, and Aflac, they have been able to add critical services and supplemental plans giving immense value to employers and individuals.
Throughout his professional experience, Foss has negotiated complex, multi-million-dollar contracts, worked in device sales management, created business strategies, and optimized P&L. He holds an MBA from Rice University’s Jones School of Business, a BS from the University of the Incarnate Word, and a Surgical Technologist Certificate from the United States Air Force.