Wellness Reimagined: Synchrony’s Erin Gadhavi On 5 Things That Should Be Done To Improve and Reform The Health & Wellness Industry

An Interview With Maria Angelova

Preventative Care Focus: Shifting towards preventive care rather than just treating illnesses can reduce long-term costs for both providers and patients. Proactive health monitoring, early interventions, and lifestyle education can prevent the development of chronic conditions.

In our world of constant change, and with life moving faster than ever, topics such as mental health, self-care, and prevention have become popular buzzwords. People are looking to live healthier lives, and there is superb care out there that is being offered. At the same time, there are misconceptions about the meaning of self-care and exercise. Many opt for quick solutions — surgery, pills — to dull the problem without adequately addressing the underlying cause. Meanwhile, many parts of the industry are unregulated and oversaturated. People with years of training are competing with people with weekend training. Many providers are overworked, overwhelmed, and underpaid. The general public is not educated about asking the right questions when selecting a wellness provider. In the face of all this, what can be done to correct the status quo? In this interview series, we are seeking to hear from a variety of leaders in the health and wellness industries who agree that the wellness industry is in need of an overhaul and offer suggestions about what can be done moving forward. As a part of this series, I had the distinct pleasure of interviewing Erin Gadhavi.

Erin Gadhavi is the Senior Vice President and General Manager of Wellness at Synchrony, one of the nation’s premier consumer financial services companies. Erin leads Synchrony’s new wellness vertical, focusing on key areas of growth, including cobranding, new product integration, and expanding distribution channels for retail, pharmacy, wellness, dual card world sales and in new markets, like behavioral health. Erin joined Synchrony in 2013 and has since held a variety of roles: first with the consumer banking team and then the strategy team, where she led strategy and initiatives for the health and wellness platform.

Thank you so much for doing this interview. It is an honor. Our readers would love to learn more about you and your personal background. Can you please share your personal backstory? What has brought you to this point in your life?

Prior to joining Synchrony, I was founder and principal of a management consultancy firm that drove innovation and measurable impact for more than 15 years in the biotech, pharmaceutical, and financial services industries. I joined Synchrony in 2013 as the strategic initiative’s leader for Synchrony’s Consumer Bank. In this role, I was responsible for the development and execution of key growth initiatives, including new product launches and the core banking platform conversion.

What is your “why” behind the work that you do? What fuels you?

I am passionate about helping people live long, happy lives, and at the core of that is a person’s wellness — physical, mental, spiritual and emotional. Wellness, including preventative care and services, like nutrition and weight loss programs; holistic and lifestyle care like acupuncture, chiropractic care, and cosmetic procedures; and behavioral healthcare services, such as counseling and substance use disorder treatment, are desired by everyone today and, in some cases, urgently needed, but remain out of reach for many because of financial concerns. Patients should have the option to pay for the care they want and need over time, so they can access health and wellness services when they’re needed most.

What are some of the most interesting or exciting new projects you are working on now?

I work with the Synchrony Business Leadership program, which is a two-year, three-rotation leadership development program for recent college and master’s graduates, with a supporting 10-week internship program for rising juniors and seniors. Aimed at building domain, company and industry expertise, the BLP incorporates real-world experience with cross-functional, customer and community service experiences to develop participants as leaders and people.

I am also a Boston College Alumni and the Executive Sponsor for the recruiting efforts for the school. It is exciting and rewarding to identify and develop new talent and listen to fresh perspectives to help find solutions in healthcare.

It has been said that our mistakes can be our greatest teachers. Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?

I cannot recall one that stemmed from a mistake, but my first year out of college I worked for AT&T and won the office’s NCAA March Madness pool. Everyone thought it was luck. While those pools are partially luck, my colleagues did not know I was an avid college basketball fan. My father coached the sport for our boys’ varsity high school team for many years. Growing up as a daughter of a coach, I continued to be a fan through college. I almost didn’t do the pool, but I’m glad I did because my win surprised people and it was a great way to meet many people across different functional teams.

OK, thank you for all of that. Let’s now shift to the core focus of our interview. From where you stand, why are you passionate about the topic of Reimagining The Health and Wellness industries? Can you explain what you mean with a story or an example?

I’m passionate about this space because nothing is more important than your health and well-being, and we’re seeing it become even more of a priority for people. The one-size-fits-all health approach that only focused on fixing someone’s current physical symptoms is considered outdated. Today, many view health as a personalized wellness journey. It’s about comprehensively caring for the whole person — body, mind, and soul — over time, long-term.

This change was accelerated, in large part, by the pandemic. For several years, we were continuously reminded that underlying factors impact health and well-being, and that delaying care can put people at higher risk of severe illness. As a society, we’re also having more open conversations about mental health and well-being and its impact on work, life, and physical health. People are seeking wellness care, including preventative care, holistic and lifestyle services, and behavioral health services more than ever before.

The importance of preventative health cannot be understated. At each stage of life, there are preventive health care steps people should follow to detect, address, and prevent serious health problems that pose a risk to their lives and well-being. However, there are barriers alongside the increased demand for health and wellness services like preventative care. While select preventive care services are covered by insurance, such as an annual check-up, others are not, leaving the cost burden solely on the patient’s shoulders.

Providers need to understand the factors that impact patient access to essential preventive care, whether they be a lack of available information and guidelines, or the burden of out-of-pocket costs. As our approach to medicine and caring for our bodies change, it is critical for healthcare providers to provide clarity on cost and payment options to increase understanding and access for patients.

When I talk about Reimagining the Wellness industry, I am talking about reimagining it from the perspective of the providers as well as from the perspective of the recipients and patients. Can you share a few reasons why the status quo is not working for both providers and patients?

Until recently, patients and providers have taken a reactive approach to health, focusing on treatment rather than prevention, which can lead to higher costs associated with managing conditions. There is a rising, evidence-based philosophy that health is not simply an episodic point on a spectrum between healthy and sick. Instead, it’s an ongoing optimization of a person’s mental, physical, emotional, and social experiences to drive better outcomes and overall well-being. Yet, the current status quo falls short for several reasons, including:

• Fragmented Care: Lack of coordination among providers can lead to fragmented care and missed opportunities for early interventions.
• Limited Access: Unequal access to healthcare services and information creates disparities in health outcomes.
• High Costs: Wellness products and services, such as counselling and preventative care, are considered elective and not covered by insurance.

Embracing holistic approaches, preventive care, collaborative efforts, the health, and wellness industry can address these shortcomings and better serve both providers and patients.

Why do you think there is a good opportunity now to improve and reform the health and wellness industry?

Approximately 50 percent of U.S. consumers now report wellness as a top priority in their day-to-day lives, and seek out products and services that can promote their overall health and address needs across several wellness dimensions, such as mindfulness and fitness or nutrition and appearance. However, fewer than half of all Americans are actively saving for future healthcare expenses, according to results from our recent “Lifetime of Healthcare Costs” study.

As a financial partner to patients and providers alike, we recognize the economic challenges alongside the increased demand for wellness products and services, so we expanded Synchrony’s network to include more than 45 healthcare specialties, including wellness. We also provide educational information and financial solutions that remove barriers around care to increase access for patients and providers.

Can you please share your “5 Things That Should Be Done To Improve and Reform The Health & Wellness Industry”?

There are five things I think can be done to improve and reform the health and wellness industry, and I’ll give you an example of each:

• Integrated Holistic Provider Approach: Providers should adopt a holistic approach that considers physical, mental, and emotional well-being. This means combining conventional medicine with complementary therapies like mental health support, acupuncture and chiropractic care.
• Preventative Care Focus: Shifting towards preventive care rather than just treating illnesses can reduce long-term costs for both providers and patients. Proactive health monitoring, early interventions, and lifestyle education can prevent the development of chronic conditions.
• Mental and Behavioral Health Integration: Recognizing the crucial link between mental and physical health, providers should offer integrated mental health support, making services like therapy and counseling more accessible.
• Collaborative Care Networks: Establishing networks of healthcare providers from various disciplines can ensure comprehensive care.
• Transparent Pricing and Value-based Care: Providers can adopt transparent pricing models, and payment options for their patients. Synchrony is poised to support its providers and payers both within and beyond traditional healthcare settings by offering a comprehensive health and wellness financing solution for patients, covering medical interventions as well as preventive treatments and ongoing self-care essential for overall wellness.

What do you think are the biggest roadblocks to reforming the industry? What can be done to address those hurdles?

Reforming the health and wellness industry is a complex endeavor and several roadblocks can hinder progress:

• Resistance to Change: Healthcare systems and professionals might resist adopting new practices and technologies due to concerns about disruption and the unfamiliar.
• Limited Access to Care: Socioeconomic disparities and geographic barriers can limit access to quality healthcare services and wellness resources.
• Short-Term Focus: The emphasis on short-term results and cost savings can hinder the adoption of long-term strategies that prioritize prevention and overall health.
• Healthcare Costs: High costs associated with implementing new technologies and approaches can be a barrier, especially for smaller providers.
• Complex Insurance Systems: Navigating complex insurance systems and reimbursement procedures can hinder the adoption of innovative practices.

Overcoming these roadblocks requires a combination of policy changes, education, technology integration, and collaboration among all stakeholders in the health and wellness industry.

I’m very passionate about the topic of proactive versus reactive self-care and healthcare. What do you think can be done to shift the industries towards a proactive healthcare approach? How can we shift the self-care mindset for consumers and providers alike?

To shift towards a proactive healthcare approach, a multi-faceted approach is needed. This involves raising awareness through education about the long-term benefits of prevention, integrating technology for personalized health tracking and early detection, and providing payment solutions that empower customers throughout their journey so they can receive the most holistic and comprehensive care with the peace of mind that they have control over their financing in ways that fit their budget. Providers should be trained to emphasize preventive care, while consumers need education on preventative care practices. By aligning policy, education, incentives, and technology, we can gradually cultivate a proactive mindset that prioritizes well-being over reactionary healthcare.

Synchrony contributes to this by providing financial solutions for providers and customers through the CareCredit health and wellness credit card. Full disclosure — I have been using a health and wellness credit card for years throughout my own health journey; it has been very helpful in relieving some of the financial burdens I’ve faced.

We offer a full suite of promotional financing options and have more than 12 million cardholders and 266 thousand providers who use CareCredit as a tool to finance health and wellness services and products. CareCredit can be used for care that isn’t covered by insurance, deductibles, copays, coinsurance, and wellness services. Through this tool, we really hope to provide better options for people to plan, budget, and receive top-notch care. Synchrony holds true to our mission of empowering patients on their health journeys.

Thank you for all that great insight! Let’s start wrapping up. Can you share your favorite “Life Lesson Quote”? Why does that resonate with you so much?

The quote, “In life, you only regret the things you don’t do, not the things you do,” has been a guiding principle in my journey through life. It encapsulates the essence of my unwavering belief in the importance of seizing every opportunity that comes my way. From a young age, I have always been a naturally curious person. This willingness to embrace the unknown has enriched my life in countless ways and allowed me to build a diverse skill set and grow my understanding of others.

We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world or in the US whom you would love to have a private breakfast or lunch with, and why? He or she might just see this, especially if we both tag them :-)

I’d love to have lunch with American sportscaster Erin Andrews. I am an avid listener of her podcast “Calm Down with Erin and Charissa” and admire her love for sports and her impressive career. She also recently shared her 10-year fertility journey with IVF after welcoming her son with the help from a surrogate. She discussed access to fertility options and how it inspired her to share her personal story as a way to help others.

I appreciate your time and valuable contribution. One last question, how can people reach or follow you?

You can follow me on LinkedIn at https://www.linkedin.com/in/eringadhavi/.

This was very inspiring. Thank you so much for the time you spent on this. We wish you only continued success.

About The Interviewer: Maria Angelova, MBA is a disruptor, author, motivational speaker, body-mind expert, Pilates teacher and founder and CEO of Rebellious Intl. As a disruptor, Maria is on a mission to change the face of the wellness industry by shifting the self-care mindset for consumers and providers alike. As a mind-body coach, Maria’s superpower is alignment which helps clients create a strong body and a calm mind so they can live a life of freedom, happiness and fulfillment. Prior to founding Rebellious Intl, Maria was a Finance Director and a professional with 17+ years of progressive corporate experience in the Telecommunications, Finance, and Insurance industries. Born in Bulgaria, Maria moved to the United States in 1992. She graduated summa cum laude from both Georgia State University (MBA, Finance) and the University of Georgia (BBA, Finance). Maria’s favorite job is being a mom. Maria enjoys learning, coaching, creating authentic connections, working out, Latin dancing, traveling, and spending time with her tribe. To contact Maria, email her at angelova@rebellious-intl.com. To schedule a free consultation, click here.