Insurance & Consulting Solutions for Practice Management Firms
Practice Management Firms specialize in providing management expertise and service to doctors and medical groups looking to gain operating efficiencies, lower costs, and improve quality. Oros Risk Solutions specializes in providing insurance brokerage and consulting services to Doctors and Medical Groups. As a Practice Management Firm, we understand that the doctors and medical groups you serve often rely upon you to coordinate or make decisions with regard to their medical professional liability and related business insurance programs. We also understand that quite often this need is outside of your area of expertise. Quite frankly, the local insurance agents and brokers that you deal with come in all shapes and sizes. Many are very good in business insurance, but are not specialized and only dabbling in medical professional liability insurance. Sometimes you inherit a specialized agency, but their commitment service, access to markets, or core values do not align well with your needs. Oros Risk Solutions can work with you as your strategic partner and trusted advisor to protect the long-term interests of your clients. As specialists in medical professional liability and related business insurance for doctors and medical groups, we are available to work with practice management firms on a commission basis or a fee basis in the following areas:
- Evaluation of current insurance programs, with recommendations for improvement
- Market studies evaluating costs of comparable insurance companies
- Insurer comparisons detailing the differences that are meaningful to you
- Customized service plans to a client’s specific needs
- Annual education sessions
- Claims reviews
- Coverage analysis
- Targeted risk management and patient safety programs.
Medical professional liability insurance is typically one of the largest expenses in a medical practice. We understand that cutting costs is important in the environment of healthcare today. Too often doctors mistakenly consider this line of coverage a commodity, and focus only on the price. Simply put, we want to save your clients money. However, we prefer to do so without sacrificing coverage, financial security, and performance of the insurance company in protecting them in court. Our goal is to work with you and your clients over time to achieve the optimal balance between quality and the cost to transfer risk over the long time horizon; because their livelihood, assets and reputation are on the line. Our capabilities in Alternative Risk Financing can help structure hybrid solutions combining traditional insurance along with commercial insurance so your clients can share in the risk and smooth out the ups and downs of the insurance market.
The insurance and consulting solutions that we offer Practice Management firms working with Doctors and Medical Groups include the following:
- Medical Professional Liability
- Regulatory Policy (billing & coding defense)
- Cyber Liability (data breach)
- Directors & Officers Coverage
- Fiduciary Liability
- Employment Practices Liability
- Property, General Liability, Package Policy
- Umbrella, Excess Liability
- Workers Compensation Insurance
- ERISA Bond
- Fidelity Coverage (crime)
- Business Automobile Coverage
- Alternative Risk Financing Consulting
- Fee based Insurance Consulting
It’s about expertise and service. As specialists, we will use our knowledge and relationships to your client’s advantage. We can put them in the best possible position when we bring them all their options from one source. When we negotiate quotes with all insurance companies under consideration, we receive commissions no matter which decision is made. Therefore, our work for becomes more about the consulting and less about someone trying to sell them something. We can help your clients gain an understanding of the differences between options that are meaningful to them. Ideally, we strive to create an environment of unbiased advice, focusing what is best for them. Going forward, we employ a world class service model built on consistently meeting or exceeding their expectations.
Our process includes learning about their current circumstances and needs, educating them 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 them. 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.