4...We Attack Risk at its Roots
Risk is a fact of life. Every business, practice and organization needs to deal with risk and its cost. The Total Cost of Risk is all of the time, the trouble and the expense you go to in protecting your livelihood from the risk of loss. Our objective, in identifying, analyzing, diagnosing and addressing your risk, buying your insurance and managing your insurance portfolio, is to minimize the Total Cost of Risk.
From an insurance standpoint, risk comes in two forms…Insurable Risk and Uninsurable Risk, often called Business Risk. Taking the Insurable Risks first, we believe that the best way to reduce the cost of any particular type of insurance is to address its “cost drivers.”
As an example, the “cost drivers” of Medical Professional Liability Insurance are…
- Medical Errors
- Failing to Create a Lawsuit-Proof Relationship with the Patient from the Get-Go
- Unhappy and / or Difficult / Problematic Patients (and / or Their Spouses, Relatives or Significant Others)
- Lack of Awareness of Mistakes, Not Admitting Mistakes, Fumbling the Delivery of Bad News, Not Doing the Right Thing to Resolve a Bad Outcome Before It Gets to a Plaintiff’s Attorney
- Inconsistent and Indefensible Medical Records
- Lack of Defensive Tactics
- Inefficient and Costly Legal Defense
Our Approach to dealing with the “cost drivers” has taken, and will continue to take, an “ounce of prevention is worth a pound of cure” approach by “bolting” a prevention component onto the front end of every type of insurance we offer. We’ve begun this process with our proprietary Medical Professional Liability Insurance solution which features FailSafe® Healthcare and its buffet of risk reduction products and services.
FailSafe® Healthcare brings three strategies to bear in dealing with Medical Professional Liability Insurance’s “cost drivers”…
- Event Prevention is the first line of defense. We help you prevent bad outcomes from ever occurring in the first place via FailSafe® Healthcare’s repertoire of Fail-Safes which include Patient Satisfaction Fail-Safes, Clinical Fail-Safes and Operational Fail-Safes
- Event Management is the second line of defense. If an event does occur, we take deliberate steps to minimize the damage before it turns into a litigated claim. The key is rapid reporting and expert advice and intervention via our Incident Reporting Hotline which is available 24 x 7 x 365.
- Two-Tier Legal Defense is our claims management partner’s approach to dispute resolution and litigation, if unavoidable.
We don’t ignore the Uninsurable or Business Risks even though insurance to protect against them is nonexistent. What we do do is look for “surrogates” that accomplish the same thing. The best example is a hospital contract which is the life blood of independent Anesthesiology Groups, Emergency groups, Hospitalist Groups, Intensivist Groups, Pathology Groups and Radiology Groups country-wide. By “surrogates” we mean products and services that strengthen these contracts and making them bullet-proof via empowering a higher level of patient safety quality, operational performance, patient satisfaction and CEO delight.
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