Employee Benefits Captive Insurance for EMS
September 22, 2020 | 14:00 pm | Phil Howlowka, medTRANS
A captive insurance company by definition is a Private Insurance Company (“PIC”) who’s sole insurance duty is to insure the risks of its owner, the owner being the business. Over the years, captive insurance has grown in popularity mainly due to the ability of the captive to run profitable over its life span. When the captive runs profitable, it directly benefits the insured business by way of dividends and/or lower insurance costs. There are many types of captive insurance companies on the market, some are owned by the members, some are owned by an insurance company and some are owned by the captive manager. If you are considering a captive solution, discovery of who owns and governs the captive is a very important first question.
In this session, learn:
- how a captive can shift insurance company profits back to the employer
- how health care cost has no correlation with quality; in fact, its commonly inversely correlated
- what common bond is shared amongst members; aka, “Am I right for a captive?”
- trends within the managed care space, what exactly is RBP?
- common myths within today’s COVID -19 health care delivery market
Ambulance companies continually push to have a seat at the “table” and think about market opportunities to increase revenue, but, when it comes to Health Insurance, most are allowing someone else sign their check book. That “someone else” is the insurance company attempting to pay us less! A captive is a solution that enables us to push back on our #2 spend!
If you’re willing to engage in the affairs of health care risk financing and management, statistics suggest it will be a profitable decision.