A non-profit association comprised of multiple senior living organizations was looking to move away from their current Workers’ Compensation and Professional Liability Insurance Group Buying Plan to a Risk Sharing Plan. This program was appealing because of the reductions in insurance premiums, however their particular state was very litigious and claims could become costly. Only those companies with strong risk management strategies and best practices in place realize the greatest savings in their insurance costs. The association recognized that the strength of their member’s risk management programs varied greatly and looked to their new broker, McGriff, to help establish a model of risk management excellence for the association.
The McGriff Healthcare Risk Control Consultant worked closely with key individuals within the organization to develop a comprehensive assessment tool. After evaluating each facility, an individual score was awarded and specific recommendations for improvement were provided. While each facility had their own performance plan in place, the McGriff team identified core opportunities that would elevate the quality of the association’s overall risk management efforts including:
- Use of pre-hire physicals and physical function testing as well as employment post-offer medical questionnaires.
- The Inclusion of safety into bonus programs and facility-wide initiatives.
- Formalization of a master plan for Disaster and Emergency Management.
An Association Risk Management Committee was established to review the results of the assessment. Baseline benchmarking information was collected and tools were put into place to monitor the completion of recommendations and track score improvement.
The strategy and tools developed by the McGriff team prompted significant progress at many of the locations with the association being well on their way to realizing their goal of instituting a Risk Sharing Plan. The assessment has proven to be an invaluable tool when considering additional facilities for participation in the program. Facilities who do not meet the requirements for program participation are provided guidance to improve their score before gaining entry into the program.
The client has indicated that perhaps the greatest part of this project has been that the risk managers within the communities have had the opportunity to network with their peers. The meetings led by the healthcare consultant created new opportunities for open communication and personal growth of the risk managers and leaders of the various organizations involved.
Disclaimer: Individual results will vary.
Insurance products and services offered through McGriff Insurance Services, Inc., a subsidiary of Truist Insurance Holdings, Inc., are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.
McGriff Insurance Services, Inc. CA License #0C64544