Hospital losses are not only a concern for the risk professionals at hospitals, but also for the carriers writing the risks and brokers and agents placing them. Today, the biggest challenge facing healthcare establishments and organizations may not be fatal diseases, but a broad spectrum of risks.
While some types of liability are unique to hospitals and healthcare organizations, others are similar to those troubling other industries. A case in point: A Catholic healthcare ministry agreed to pay a total of $358.4 million in 2014 to settle allegations that it violated the Employee Retirement Income Security Act of 1974 (ERISA). According to the complaint, the hospital failed to fully fund their workers’ retirement plan, depriving more than 70,000 employees of critical protections designed to ensure their security in retirement.
Advisen’s loss data experts published [Hospital Losses Doc Name Here] to illustrate losses the insurance industry has experienced in the past decade.
Charlene Farside. (March 2018). What the insurance industry can learn from historical hospital losses [Blog].
This blog post in an excerpt of the original. The content originally appeared in Advisen's Blog page.
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