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Dear (Name):
Physician Captives, LLC, is pleased to announce the expansion of its risk management services through its newly formed subsidiary, Physician Managed Risk Solutions. This company will provide risk management services for hospitals that employ physicians. Our newly formed subsidiary draws on the strength and success of 20 years’ experience in providing captive insurance companies and risk management services for physician groups.
None of our captive insurance companies has ever failed. During the last 10 years our captive insurance companies have maintained an average indemnity loss ratio of 40% (including reinsurance premiums that accounted for 75% of the indemnity loss). Our success springs from our extensive expertise in underwriting, risk management, and claims management. And our experience is not just conceptual; we are a unique company because most of our services are provided by physicians, so we have insights into our clients’ needs. We strive to establish trusting and productive relationships with our physician clients.
Current trends indicate that hospitals are employing more physicians who work in higher-risk specialties. The risk management required for these physicians often stresses the resources of hospitals. Members of the hospital executive team may find themselves managing a new service line that requires unique expertise. For example, traditional hospital risk management departments are focused on risk-related activities within the hospital. But now that more hospital-employed physicians are also practicing outside the typical hospital environment, hospitals need additional structure and strategy to adequately identify and analyze risks. One of the critical areas is risk management services for physicians’ office practices—a relatively new field for hospital executive teams.
They say it takes 20 years to build 20 years of experience—but when you work with Physician Managed Risk Solutions, you immediately gain 20 years of experience in risk management of physician practices. Our risk management services for physician practices will complement (not take over) your existing risk management. We help you implement the initial structure and services your hospital needs, with an option to transfer these responsibilities back to your hospital’s executive team as it gains the experience and staff required to accomplish successful risk management within its own physician groups. We readily include and involve all appropriate members of the hospital staff, from the risk manager, to the attorney, to the Medical Director. Our program structure provides initial and ongoing identification and analysis of risks within each physician’s office and hospital practice. We combine this information with incident information and current trends to provide regular reports to physicians and staff. Our participation enhances the hospital’s ability to obtain immediate incident reports so claims can be managed efficiently and effectively before legal action occurs.
Physician Managed Risk Solutions specializes in the following services:
Risk Management (RM) activity:
- We perform an initial RM survey of the physician activities in the office and in the hospital. This RM survey includes the employees and systems in the office.
- We give immediate feedback to physician(s) and employees on problem areas.
- We give suggestions for reducing risks.
- We report findings to the appropriate administrator.
JCAHO:
- JCAHO will include off-site surveys for some practices, depending on how the practices fit into the hospital organization.
- Office RM surveys for practices that will be surveyed by JCAHO will include JCAHO standards that impact offices.
Education:
- Web site RM courses (4 per year) for each covered provider with CME credits.
- On-site or Web site educational programs on a variety of topics. The audience can be expanded beyond the covered providers.
Incident Management:
- We organize a reporting system that allows physicians to confidentially report an incident that has the potential of becoming a lawsuit, and to receive immediate help and advice on minimizing the potential of a lawsuit.
- We arrange a claim committee review of peers, attorney and risk managers to track and act on the incidents reported.
Analysis of practice prior to purchase:
- We perform a RM survey on any physician practice the hospital is considering for purchase.
- We provide a report and suggestions to the practice.
- We provide a report to the hospital.
Our goal is to help your employed physicians avoid getting sued, while protecting patients and your bottom line. The physicians we serve like working with us, and we like what we do. If you desire more information or a quote for specific services, please contact us.
Yours truly,
Louis Goolsby, M.D., Program Director
goolsby.louis@yahoo.com
478-538-1924
You may also contact:
Bill Thompson, M.D., President
billt@phsyiciancaptives.com
706-435-1353 Office
919-624-9059 Mobile