Medical Professional Liability Insurance for Groups & Networks
Oros Risk Solutions specializes in setting up purchasing programs for various medical groups and networks of doctors who are interested in joining together to purchase medical professional liability insurance in one buying decision. Groups and networks that may be a good fit include the following:
- Accountable Care Organizations (ACO’s)
- Preferred Provider Organizations (PPO’s)
- Independent Practice Associations (IPA’s)
- Management Service Organizations (MSO’s)
- Physician Hospital Organizations (PHO’s)
- Medical Societies (local, statewide or national)
- And others
If doctors and medical groups are behaving together for a common interest, there may be an opportunity to purchase medical professional liability insurance together and save money. Medical professional liability insurance is typically one of the largest expenses in a medical practice, and cutting costs is important in the environment of healthcare today. The concept is quite simple, hundreds of doctors and medical groups in a group or network purchasing medical professional liability insurance together in one buying decision would have more purchasing power than the individual members would have on their own. However, it goes beyond that. From an insurance perspective, you are evaluated based upon your loss ratio (premiums collected, compared to losses and expenses paid out). If the group or network does not have a favorable loss ratio, the program might not be feasible or sustainable.
At Oros Risk Solutions, we are available to work with you to in implement systems and meaningful patient safety programs to help create the culture of a continuous improving organization over the long-time horizon. If we can help you improve your loss ratio over time, we can continue to favorably affect the pricing and sustain the program long-term. Additionally, our capabilities in Alternative Risk Financing can help structure hybrid solutions combining traditional insurance along with commercial insurance so that the members of the group or network can share in the risk and smooth out the ups and downs of the insurance market. When the insurance market cycles from soft (low pricing, easy underwriting) to hard (price increases, strict underwriting), hundreds of doctors and medical groups purchasing medical professional liability insurance together in one buying decision with a favorable loss ratio are in a much better position shield themselves from huge price increases. This is how we can help you.
The benefits of a group purchasing program are as follows:
- Purchasing power
- Collective bargaining
- Long-term stability in pricing
- Better control your destiny
Simply put, we want to save you money. However, we prefer to do so without sacrificing coverage, financial security, and performance of the insurance company in protecting you in court. Quite frankly, our goal is to work with you over time to achieve the optimal balance between quality and the cost to transfer risk over the long time horizon; because your livelihood, assets and reputation are on the line.
It’s about expertise and service. As specialists, we use our knowledge and relationships to your advantage. We can put you in the best possible position when we bring you all your options from one source. When we negotiate quotes with all insurance companies under consideration, we receive commissions no matter which decision you make. Therefore, our work for you becomes more about the consulting and less about someone trying to sell you something. We help you gain an understanding of the differences between options that are meaningful to you. Ideally, we strive to create an environment of unbiased advice, focusing what is best for you. Going forward, we employ a world class service model built on consistently meeting or exceeding your expectations.
Our process includes learning about your current circumstances and needs, educating you on the results of our evaluation including potential solutions, and implementing a mutually agreed upon solution. We believe all clients deserve regular communication, proactive notice of cost changes, prompt return of inquiries, and general appreciation for the opportunity to serve you. When appropriate, we customize service plans to a client’s specific needs which include elements such as market studies evaluating costs, insurer comparisons, annual education sessions, claims reviews, coverage analysis, and targeted risk management and patient safety programs.