Healthcare Re has introduced a specialized reinsurance business which offers providers with custom insurance tailored product packages at lower costs.
The leaders of the reinsurer along with national and international reinsurance experts, have provided specific analyses of the cost and scope of provider risk and data leverage to build a custom solution.
Charles Kano, chief operations officer at Healthcare Re, said: “The uncertainty of medical risk and the potential of financial failure if those risks aren’t appropriately covered is something that can really hold providers back and, in some cases, causes them to relinquish a degree of authority.
“We want providers to have complete freedom in the delivery of quality patient care – giving them the resources and tools to manage their own risk and enhance their market position is one way we can do that.”
According to Kano, the key to originally regaining control of medical risks is targeted risk assessment. Healthcare Re applies a multifaceted approach to find out a provider’s risk, evaluating history claims, market competition, patient demographics and more.
This data will then provide the important vision for developing a custom reinsurance package from Healthcare Re’s existing products.
Ultimately, Healthcare Re will offer a broad range of insurance products, including worker’s comp, property and casualty, directors and officers, professional liability and general liability; while select products are currently available; others are under review and should be available by the end of 2016.
Further to making their range of insurance products available to individual providers, Healthcare Re will be the first insurance company to make its products and services available to an integrated provider network (IPN).
Healthcare Re will work with IPN leaders, Nueterra Capital, the reinsurer’s private equity owner, and NueHealth, a sister company, to deploy comprehensive insurance products, including warranty programs for bundled payment programs.
Dan Saale, chief executive officer of Healthcare Re, said: “When providers accept certain risks, they’re essentially regaining control of their destiny and that, by extension, let’s them focus on delivering quality patient care.
“Our ultimate goal is to elevate the healthcare experience for patients, improving both cost and accessibility while creating an overall more efficient delivery model. Our custom reinsurance solutions are an important part of fully realizing that plan.”
Healthcare Re, Insurance, Reinsurance, Healthcare, Risk management