Medical / Healthcare

Maximizing Results For Healthcare / Medical Practices

A large group formed by merger into one-multistate specialty medical practice (over 800 doctors) having multiple insurance plans. The newly formed company sought risk management cost savings while creating a platform for aggressive acquisition. The current risk management programs (primarily medical malpractice) were different in terms of cost, coverage, insurer, and brokers with varying processes and loyalties inherent in each. Senior management wanted uniformity, cost savings, and improvement in coverages allowing for aggressive growth. They also wanted a full audit of all coverages to ascertain what needed to be done to achieve their goals.

OUR SOLUTION

UIC, Inc. was retained to review each risk management/insurance program, align best practices, seek cost savings, and provide best-in-class coverage, which could be used both for attracting new medical professionals to existing practices and to accelerate future growth.

With UIC, Inc.’s involvement, the following results were achieved:

1. Using the competitive process, UIC, Inc. achieved an average annual premium reduction of 43% from expiring policies, actualized on a seven-figure hard dollar basis.
2. The risk management program structure successfully integrates over 15 acquisitions each with its own complex medical, property, and casualty policies.
3. Established a robust risk management program with key coverage components allowing responsive due diligence protocols and ease of program integration. As a result, thegroups size more than doubled in several years.
4. Best practices were installed and maintained at the various levels of service being provided creating an overall reduction in incidents reported and value of claims.