HOSPITAL SELF INSURANCE
Hospital Self Insurance ....What's The Difference
One of the major reason hospitals become self-insured is to reduce the escalating cost of insurance premiums. Several major hospitals have converted to self- insurance with the realization that it is more cost effective to become self-insured rather than to pay insurance premiums.
Rural hospitals are now looking at the advantages of becoming self-insured. ICC has a self-insurance plan designed for rural and small hospitals that can meet their objectives.
ICC does not only set up a self-insurance plan, ICC provides claim services as well as Risk Management consulting to reduce hospital’s exposure.
Not all hospitals can become fully self-insured. Some hospitals may need a stop loss policy to off set any type of catastrophic loss.
How Do I Know When A
Self- Insured Plan is Appropriate
Suppose a rural hospital paid $500,000.00 in annual premiums. The insurance company paid out $100,000.00 each year in liability claims for the past 5 years. With this assumption, a hospital would have paid 2.5 million in premiums and the insurance company would have paid out $500,000.00 combined. This would be a 2 million dollar profit in insurance premiums. The analyses are evident.
If you would like to learn more about how your hospital may become self-insured, call ICC today at 1 (316) 683-0170 or fill out the information below and a representative will be contact.
Contact ICC
Select the Button for the Response Form provided below. Fill out the information and electronically forward to ICC and an experienced consultant will contact you. Or contact the Main Office directly:
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