No sector of the American economy faces more challenges than the healthcare industry.
Diagnosis: In many cases it is the high cost of commercial insurance, especially healthcare professional liability insurance.
Prognosis: Mixed.
Healthcare providers, insurers and legislators are searching for solutions and progress is being made, but a sure-fire cure for this industry's risk management complexities seems to be somewhere beyond the horizon. All providers today need help in managing their total cost of risk.
Treatment: Partnering with the world-class experts of the Willis Healthcare Practice, a worldwide network of knowledge-based insurance and risk management professionals dedicated to the healthcare industry.
We deliver excellence in managing and reducing total cost of risk through a closely linked national network of healthcare brokers in our retail offices, supported by the expertise of our national Healthcare Practice consultants and the global placement capability of our dedicated healthcare brokers in London and Bermuda. Our clients work with a multi-skilled, innovative group of professionals who can tailor risk management strategies that go beyond traditional approaches. We help our clients who need trusted business advisors to assist in identifying, managing, and reducing overall risk exposures.
Willis has the intellectual capital and the experience to help our clients minimize the cost of risk and increase profits through our unique combination of insurance, risk management, claims management and reinsurance capabilities. No other brokerage firm has blended these skill sets. Our Healthcare Practice monitors evolving liability issues pertinent to the healthcare industry and works closely with the insurance marketplace to develop the most appropriate insurance and risk management solutions for our clients.
Willis Healthcare Practice professionals provide guidance across a full range of risk management options and functions, including:
- Risk Identification - identifying business, environmental, regulatory and other exposures that impact financial conditions
- Insurance - program evaluation, structure, negotiation, placement, alternative risk transfer analyses, policy wording
- Reinsurance - program structure, solvency evaluation, facultative and treaty placements
- Self Insurance - program design and creation, appropriate retentions
- Captives/Risk Retention Groups - design, implementation management
- Clinical Risk Management - education programs, on-site reviews, medical-legal research
- Claims Management - loss cost analysis, reserve analysis, high damage case reviews, organizational structure
- Actuarial - retention studies, loss projections, rate analyses, cost allocations, collateral negotiation support
- Risk Management Consulting - functional reviews, training, out-sourced risk management, general advice
This wide range of expertise allows the Willis Healthcare Practice to address the specific needs of the dynamic healthcare industry. In addition to clinical risk management and claims consultants, national Healthcare Practice members have specific expertise in all industry segments, particularly:
- Hospitals
- Physician Groups
- Long-Term Care
- Life Sciences
- Managed Care Organizations
- Miscellaneous Healthcare Facilities
The Healthcare Practice can also draw upon the extensive global resources of Willis for the following related services:
- Captive Management
- Property Resource Group
- Executive Risks Practice
- Market Security
- Environmental Practice
To learn more about the expertise we share with our clients, click on Publications or contact a Willis Healthcare Practice professional using the contacts, both listed above.