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The insurance healthcare landscape is constantly evolving, with new medical treatments, technologies, and policy requirements emerging regularly.

With professionals from various healthcare disciplines and backgrounds, the INSURICA Healthcare Practice team can assess risk and design insurance plans from multiple angles.

As INSURICA’s Healthcare Practice continues to thrive in this hectic environment, a key component to its success is the new proprietary risk management process, Risk Management For You (RM4U).

RM4U is INSURICA’s proprietary four-step process that integrates insurance services, risk management and claims into a performance plan for our clients.

“RM4U is our way to help educate the client and make sure they are a more informed consumer,” Vice President, Healthcare Practice Leader Phillip Smith said. “It’s our role to shorten that distance between an informed consumer and an uninformed consumer.”

Step one is an in-depth Risk Assessment that helps identify exposures.

“We don’t start our process with an application or quoting insurance, rather we sit down and work with the client and understand exactly what their risk profile currently is, and how to build a strategy to improve that risk over time,” Smith said.

Step two is a Risk Report that assesses the potential impact of exposures and uses the results to identify areas of risk reduction.

“We walk through each of a client’s unique risks and exposures. Everything from physical plant to physician and patient safety and everything in between,” Smith said. “We walk our clients through the process to understand and identify what are the unique risks a healthcare organization may need. Based on that, we can create priorities. Some risks are avoidable, and we address that. Other risks we can insure correctly.”

In step three, INSURICA’s team of experts develops a Performance Plan to form a strategic risk reduction plan, as well as a calendar for plan implementation.

Step four, through Stewardship Meetings, INSURICA provides accountability through continual risk management assessments, advice and analysis.

“This four-step risk management strategy helps our clients make continuous improvements to their risk profile year after year,” Smith said.

RM4U – Risk Assessment

The risk assessment portion of the RM4U process is a complete understanding of an organization’s risks and exposures.

“The healthcare risk assessment is an all-inclusive, holistic approach to looking at any organization, top to bottom, in all areas that can impact the bottom line,” Smith said. “We look at everything from culture to physical plant of an organization, policies and procedures in terms of patient safety and quality, fleet safety, employee back-to-work safety, cyber liability, board relations. Basically, we take a look at every single facet that could possibly impact an insurance premium.”

RM4U – Risk Report

After conducting the Risk Assessment, INSURICA’s experts assess the potential impact of the defined exposures and use the results to develop a Risk Report to identify areas of risk reduction.

“Prevention, mitigation strategies and understanding your own risk are probably the most effective ways to start dealing with risk,” Smith said. “It is very similar to taking a history and physical of a patient. With information gained from the assessment, we sit down and understand exactly what is going on, and based upon that, we create our own version of a diagnostic approach to fix a client’s problems and processes.”

RM4U – Performance Plan

After a client completes the risk assessment, each section is scored and prioritized to provide the greatest immediate impact. Risk experts identify what needs to be implemented immediately and what can be addressed long term. INSURICA’s team of risk experts then collaborates with the client on a strategy to address these deficiencies with a risk reduction plan.

“The goal is, once those deficiencies are corrected, we can use that information to help tell a better story to the carrier partners and underwriters and show how processes have been improved,” Smith said. “In the long-term, this leads to lower cost of risk and allows us to tell your story accurately to the marketplace.”

Becoming Best-In-Class

Through stewardship meetings, INSURICA provides accountability through continual risk management assessment, advice and analysis.

“Becoming best-in-class results in lower costs,” Smith said. “It doesn’t always translate to lower premiums, but at the end of the day, the advantage of an organization that wants to pursue a best-in-class mindset allows them to drive down their total cost of risk.”

Day-to-day operations can often lead to risk oversight. Contact INSURICA to help you become best-in-class. Visit the Healthcare Practice page for more information.

About the Author

Adam Ewing
Adam Ewing
INSURICA Content and Web Specialist

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