The health care marketplace is under continued pressure from consolidation, general cost increases, reimbursement decreases and growing claim costs. Hard and soft insurance markets cycle, leaving organizations to manage rising premiums and a lack of coverage.
Meanwhile, new risks continue to emerge, and new laws and regulatory requirements, such as the Patient Protection and Affordable Care Act, create the need for more formalized risk management processes and creative risk financing responses to address the changing health care delivery landscape. Stakeholders want organizations to effectively recognize, measure, and manage financial and operational risks.
In short, risk management has taken on board-level importance. All organizations are under pressure to improve their risk management processes: risk identification, measurement, control, mitigation and risk financing. A major focus is the design of risk financing programs, where costs continue to have a significant impact. Organizations must clearly define their risk financing objectives, and understand and analyze their available options — including self-insurance retention levels, insurance coverage limits and alternative risk financing vehicles, such as captive insurance companies — in a consistent and defensible way.
Why Willis Towers Watson
Willis Towers Watson provides actuarial and risk management consulting services to a broad range of health care providers and their alternative risk financing vehicles, and to medical professional liability insurers. Our actuaries and risk management consultants work with you to identify and quantify the key risks facing your organization, create approaches to effectively manage those risks, and develop innovative, cost-efficient risk financing programs. At Willis Towers Watson, we are committed to delivering exceptional work that is technically sound and fully leverages our company’s capabilities and values.