UIC Maximizes Results For Healthcare / Medical PracticesUIC, Inc. realized a cumulative savings over 3 years of $10 million and an average annual insurance premium reduction of 43%.
A large group formed by merger into one multistate specialty medical practice (over 800 doctors) having multiple insurance plans. The newly formed company was seeking cost savings while creating a platform for aggressive acquisition. The current risk management program (primarily medical malpractice) varied in terms of cost, coverage, insurers 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 stated goals.
The UIC, Inc. Process and Mantra: AUDIT | MITIGATE | NEGOTIATE | MANAGE
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.
UIC audited the risk management programs and discussed findings with senior management as well as setting a strategic plan to accomplish the goals set forth in the action plan.
Upon the completion of the audit process, UIC identified systemic gaps and inefficiencies in program coverages, and worked in tandem with the company’s stakeholders to craft a bespoke master program; allowing the company to use UIC’s intellectual capital to positively represent the risks gaining a pricing and coverage advantage over its competitors.
UIC, Inc. began to execute the agreed-upon strategy. This included developing custom specifications for each line of insurance and negotiating the desired coverages, while leveraging the competitive process to simultaneously lower premium rates, correcting all inefficiencies. UIC, Inc. worked directly with the brokerage, underwriters, and intermediaries as required to achieve the agreed upon strategic risk management goals of the client.
With UIC, Inc.’s involvement, the following results were achieved:
- 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.
- The risk management program structure successfully integrates over 15 acquisitions each with their own complex medical, property, and casualty policies.
- Established a robust risk management program with key coverage components allowing responsive due diligence protocols and ease of program integration. As a result, the groups size more than doubled in several years.
- 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.
- Established a direct relationship with carriers, allowing a streamlined communication and negotiation channel.
UIC, Inc. worked with company management to effectively notify and educate practice managers of the new insurance programs in place, establishing efficient control protocols and appropriate notification practices.
The UIC, Inc. team is specially trained to provide cutting-edge and innovative advice allowing our clients to achieve their strategic risk management goals.
SEE HOW UIC, INC. CAN HELP YOU
UIC, Inc. is not affiliated with any brokers, nor holds any agreements with insurers. This affords them the objectivity to provide advice for the sole benefit of their clients. Their depth of knowledge and innovative solutions provide their wide variety of clients with comprehensive, cost effective yet flexible risk management programs for their specific needs. UIC, Inc.’s annual insurance consulting retainers, their only source of income, consistently help clients achieve insurance premium savings averaging 25-40%, offering a significant ROI while at the same time providing appropriate insurance coverage for each company’s specific needs and risk profile.
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