BKS Partners’ Healthcare Risk Map™ of malpractice insurance program yields $50K in savings for a 20 physician surgical group.
BKS Partners engaged with a surgical group with 20 physicians that at the time had been with their current agent and insurance carrier for eight years with a favorable claims loss history.
BKS Partners’ Healthcare Risk Map™ benchmarked their current pricing/structure and determined they were being overpriced by ~18% based on their peer group. BKS Partners worked with the physician group leaders to conduct a marketplace analysis and develop a comprehensive submission package. The submission package highlighted their Quality Assurance and Performance Improvement initiatives, arranged virtual meetings with underwriting, and created competition amongst the marketplace. This increased competition allowed BKS Partners to negotiate premium savings of nearly $50,000 off their expiring premium.