Independent Healthcare Systems Working Together
A Case Study in Liability Insurance and Risk Management
Effecting real change within individual healthcare systems is a struggle for many organizations. Yet at TPC, we are effecting real change across 10 independent healthcare systems. We consistently achieve positive outcomes collaborating on Supply Chain initiatives. So why not apply a similar collaborative model to Purchased Services?
To do so, we invited fellow TPC Members to explore how working together would impact the cost of excess liability insurance. The measurable result was 41% savings in premium cost. Yet, we also managed to create additional value with this structured and collaborative approach. And that's where the story gets more interesting. It takes more than a willingness to save money to actually generate value.
The unexpected value came in developing a risk management operational best practice. This was accomplished through a collaborative process focused on sharing experiences and committing to a model that works. For example: managing risk for a helicopter service is unique. There are few businesses with this type of operation, and even fewer operating an ambulatory air service where life and death are in the balance. Determining the best practice for care coordination, minimizing cost, and mitigating risk has many variables. We invested the necessary time to openly and objectively evaluate, in a peer-to-peer environment, those variables and how to most effectively manage sources of risk.
Working together ultimately took us beyond the combined buying power that drove the 41% premium savings. It enabled the best practice model which in turn drives greater impact in cost avoidance and operational efficiencies for all Member organizations.
Results at a Glance
41% premium savings on excess liability coverage
Collaboration on experience in multiple areas of operation
Application of best practices in managing risk