Hospital Third Party Administrators
Hospital Self Insurance ....What's The Difference
How do I know if a self- Insured Plan is appropriate for our Hospital
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 paying high insurance premiums.
Rural hospitals are now looking at the advantages of becoming self Insured . ICC has a plan designed for rural and small hospitals that can meet those objectives.
ICC Underwriters does not only set up a self insurance plan, ICC provides claim services as well as Risk Management consulting to reduce hospital’s liability exposure. We settle claims before they become lawsuits.
ICC has been settling malpractice claims for over 30 years. When you have a claim presented, call ICC at 1 (316) 683-0170.
Not all hospitals can become fully self Insured. Some hospitals may need to offset a catastrophic loss.
ICC even provides traning to your hospital staff. Discover the ICC way
ANALYSIS AND LOGIC
How Do I Know When A Self Insured Plan is Appropriate
How to determine if your Hospital should become self insured? Add up the premiums your hospital paid to insurance companies for the past 5 years. Subtract what the insurance companies paid out in losses for those 5 years. If the insurance company collected more premiums dollars than they paid out, your Hospital is a candidate for becoming self Insured.
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 to the insurance company. The analysis are evident.
Hospital $500,000.00 annual premiums X 5 years = $2.5 million
Insurance company paid losses $100,000.00 X 5 years = $500,000.00-
Insurance company's profit for 5 years = $2 million
ICC Provides services in the Following States: Alabama AL,Alaska AK, Arizona AZ, Arkansas AR, California CA, Colorado CO, Connecticut CT, Delaware DE Florida, FL Georgia, GA Hawaii, HI Idaho, ID Illinois, IL Indiana, IN Iowa IA Kansas KS Kentucky KY Louisiana LA Maine ME Maryland MD Massachusetts MA Michigan MI Minnesota MN Mississippi, MS Missouri, MO Montana, MT Nebraska, NE Nevada, NV New Hampshire NH, New Jersey NJ, New Mexico NM, New York NY, North Carolina NC ,North Dakota ND, Ohio OH Oklahoma OK, Oregon OR, Pennsylvania PA, Rhode Island RI, South Carolina SC, South Dakota SD, Tennessee TN, Texas TX, Utah UT, Vermont VT, Virginia VA, Washington WA, West Virginia WV, Wisconsin WI, Wyoming WY.
If you would like to learn more about how your hospital or clinic may become , Call ICC today at 1 (316) 683-0170, or use our e-mail adress below below and a representative will be contact.