Insurance Solutions for Healthcare Contract Staffing and Temporary (Locum Tenens) Staffing Companies
Gallagher Healthcare has a specialized team dedicated to meeting the insurance needs of healthcare staffing companies. We understand the need for competitively priced malpractice insurance to ensure that your company can succeed in today's market. We also understand that the insurance policy should enhance your business, not complicate it. The Gallagher team can work with your company to analyze all your options, help you determine which rating model works best for your organization, and utilize our market leverage to ensure that you receive the most competitive rates and flexible policy features in the market.
Gallagher Healthcare is the nation's premier broker for healthcare providers, representing more than 40,000 physicians and over 1,000 facilities. Gallagher Healthcare has the ability to assist staffing companies regardless of size and to change your policy structure as you grow.
Venue Analysis: Provide evaluations of prospective target venues for your organization's anticipated growth. Identify particularly litigious areas that warrant additional scrutiny before placements are made.
Rate Benchmarking: Gallagher can provide rates broken out nationally by specialty, county, and limits. Ensure you build the correct amount into your billed rates to adequately cover your exposure while ensuring that your bids are as competitive as possible.
Online Access to Certificates: You should not have to worry about tracking down your broker in the middle of the night when you need a certificate, nor should your staff be responsible for creating one. Gallagher clients have 24/7 online access to print out certificates for your providers.
Claims and Rate Analysis: As part of Arthur J. Gallagher and Company, we have access to actuarial and evaluation services that are not available to local and regional brokers. We have in-house actuaries who can provide rate, venue, and claims analysis. Click Here to Learn More
State Regulatory Compliance: We ensure that you understand the regulations and requirements for practicing medicine in each state. Whether it be ensuring you carry the proper limits of liability or helping you maintain compliance with state patient compensation funds, the Gallagher staffing team has the knowledge and expertise to help you overcome the regulatory hurdles when entering new territories.
Merger & Acquisition Consultations: With the ever-increasing M&A activity in the healthcare industry, odds are your organization has experienced or will soon experience a need to evaluate a potential partner or acquisition. Our insurance and healthcare professionals are able to perform a detailed liability program gap analysis to ensure you are not exposing your organization to inappropriate or undesirable liabilities due to deficiencies in the insurance programs of your prospective partners.
Contract Review: As your partner, Gallagher can provide assistance with contract reviews for your expanding business. As you pursue new staffing opportunities, your Gallagher team is able to review and analyze the liability requirements stated in your client's staffing contract. Our team will work with you to help identify and remedy any deficiencies in your coverage program to ensure compliance as well as to equip you with the knowledge and expertise to negotiate unreasonable or unsound contractual demands.
Access to All Lines of Coverage: Gallagher can assist your practice with all of its insurance needs. We have dedicated teams that specialize in professional liability (malpractice), business owners, workers' compensation, directors and officers, regulatory errors and omissions, cyber liability, healthcare benefits, disability insurance, and retirement planning. By combining your coverage to one broker often can reduce the overall expense to your organization.
Direct Market Access: Gallagher Healthcare is the largest broker for physician professional liability insurance. Our size allows us to work directly with most insurance carriers resulting in a lower cost to your organization. Gallagher has access to more than 70 medical malpractice insurance markets. Your scope of practice, geographic footprint, and history will determine which markets may be able to assist, but working with Gallagher will offer you the peace of mind that you have access to every available option.
Additional Insured Requirements: While your physicians provide your clients with excellent medical services, your clients will often require that they be protected in the unlikely event of an adverse incident. Gallagher understands this dynamic and will negotiate policy options that allow for the necessary Additional Insured coverage for your client entities along with administrative ease and minimal cost as your business grows and acquires new contracts during the term of your policy.
Stewardship: Gallagher's partners experience much more than the typical "once-a-year-at-renewal" brokerage relationship. Our professionals will schedule, according to your wishes, periodic conference calls and meetings to review and evaluate open claims, exposure developments, and necessary policy changes. We do everything possible to ensure you are involved in and informed of every aspect of your program and are never surprised by an audit premium or claim deductible at policy expiration.
Creative Policy Solutions: Your organization needs a more flexible and efficient risk transfer product than the traditional insurance policy. Allow Gallagher's professionals to analyze your exposures and loss experience to design customized loss control/transfer mechanisms that conform to your unique business model and practice footprint. Our experts will identify and develop options for your review ranging from traditional "guaranteed-cost" models up to more adaptive, large self- insured retention plans.
Knowledgeable, Accessible Partners: Gallagher's insurance professionals have extensive experience in local and national healthcare liability spheres. The answers you need regarding policy and coverage questions, in-depth state-by-state regulatory explanations, and general medical risk management best practices are never more than a phone call away. Our team specializes in locums and staffing companies, and we understand your business goals and the unique challenges you face when structuring your liability program.
Industry Developments: Gallagher Healthcare stays abreast of the latest healthcare industry developments such as the emergence VMS, ICD-10 implementation, news related to major medical associations, and healthcare reform implementation and analysis. Our goal is to keep our partners informed and ensure that the resources we offer are constantly relevant and current.
Gallagher Claims Team: Gallagher's specialized claims unit will assist you in the event of a claim. It will ensure the insurance company has received the claim, provide you with the contact information for the claims adjuster assigned to your account, and follow the claim through the process to ensure your insurance company is setting claim reserves according to industry standards.
Gallagher State Specific Claims Data: Gallagher will provide you with closed claims analysis that will allow you to evaluate each state based on number of claims, average payout per claim, and large losses. This will enable you to determine which venues could be an increased risk for your company and give you understanding of how the various rating models will affect your premium.
Self-Insurance: Gallagher has the resources to assist you in evaluating self-insurance plans and creating a captive insurance from the ground up. We also have the ability to perform an independent "captive check-up" to determine whether the self-insurance plan you currently have in place is what is best for your practice.
Correct Program Structure: Gallagher can ensure that your providers can spend more time treating patients and less time completing applications. We can provide policy structures, which eliminate the need for individual provider applications, lengthy "Additional Insured" underwriting reviews prior to facility contracting, and the appropriate coverage for your complete medical professional liability program.
Policy Expiration Audits: The unpredictable nature of the medical staffing industry can create uncertainty regarding your liability products pricing. Questions such as "Have I estimated the correct number of staffing days? Of providers? Of Patient Encounters?" can have significant impacts on the final annual premiums a staffing agency incurs. Overestimate your exposure and your practice could overpay for your policy, while underestimating can result in your practice facing burdensome audit premiums at years' end. Gallagher Healthcare's medical staffing professionals have years of experience negotiating programs featuring reduced audit rates, generous growth margins, loss rated programs, and even potentials for return premiums and waived audits altogether. Let Gallagher provide your organization with the financial certainty needed to aggressively bid for new business.
Third-Party Claims Administration: We have an in-house healthcare-specific company that can work with your organization to manage claims should you decide to explore self- insurance options.
Full Commission Discloser: Our company fully discloses the commission we receive on both your current policy and on alternative offers. Do you know what you're paying your broker?
Gallagher Actuarial and Analysis Services
Rate Adequacy Analysis: The Gallagher team can review your rates based upon state, county, specialty, and venue to determine whether you are utilizing the most advantageous rating model. Our team can also analyze the rates of your program to ensure they are competitive in the marketplace.
Loss Experience Modeling: The most critical cost control element of larger SIRs/deductible programs is an accurate loss projection model. Gallagher can provide the experienced and trusted actuarial assistance needed to operate your growing and increasingly complex liability insurance program as predictably and efficiently as possible.
Cash Flow Analyses: The payout of projected losses can be estimated by year, and the present value of the losses at various discount rates can be provided.
Loss Reserve (IBNR) Analyses: We offer an estimate of required reserves for historical years with retained losses, prepared for financial statement reporting.
Actual Versus Expected Emergence Analyses: Compares loss activity expected during a specific time period to the actual, giving an early indication of adverse development.
Loss Projections for Excess Layers of Insurance: We will assist in the evaluation of excess insurance quotes.
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