$1.1M Saved By Hospitals Purchasing Liability Insurance Offered Through Premier Insurance Management Services

Fifteen Premier healthcare alliance hospitals, health systems achieve significant savings using quality and safety solutions

Charlotte, NC – Fifteen hospitals and health systems have saved more than $1.1M with Premier Insurance Management Services Inc. (PIMS) on their hospital professional liability insurance premiums.

By providing special incentives negotiated by PIMS, a Premier healthcare alliance corporation, in collaboration with Allied World Assurance Company (U.S.) Inc. (Allied World), hospitals can achieve significant savings on professional liability through a dynamic insurance program with premium credits and risk management tools. Integrated into the program are savings opportunities that use solutions developed by Premier to improve patient safety and care.

Savings are the result of the financial and safety advantages in hospitals using the Premier solutions, QualityAdvisor™ and SafetySurveillor, which house clinical, financial and operational data – the nation's largest compilation, containing nearly 20 percent of all U.S. hospital discharges.

QualityAdvisor integrates quality, safety and cost data to reduce harm, readmissions, length of stay, complications and mortalities. SafetySurveillor, an automated surveillance application, helps providers avoid Medicare payment penalties and cut costs by working to reduce healthcare-associated infections.

The hospital professional liability insurance program, endorsed by PIMS, is available in most states and targets community-based acute care hospitals, including critical access and specialty hospitals, which purchase primary insurance and have a deductible or retention up to $1 million. These members could receive up to a 25 percent credit on their insurance premiums. Relationships with retail brokers are not disrupted by this offering.

"Bringing together quality products for the benefit of Premier members is the purpose of an Allied World and Premier coordination," said Allied World Healthcare Senior Vice President/Healthcare Practice Lead Cindy Oard. "Cost savings is just one of the advantages that can be gained. Coverage enhancements, risk consulting, and the Premier clinical quality and safety products help hospitals provide quality care with the best insurance protection currently available."

Among PIMS' offerings are contracted management services for American Excess Insurance Exchange, Risk Retention Group (AEIX), which provide hospital excess professional liability for larger hospital systems, and enhanced endorsed programs with leading commercial insurers through a comprehensive portfolio of property, casualty and employee benefit products. The program has returned more than $146M to participants since inception.

SOURCE: Premier healthcare alliance