BKS engaged with Lake Medical Imaging through a mutual relationship with PRA CEO, Jeff Younger. Lake Medical received a detailed analysis of their entire property & casualty insurance program showing coverage improvement opportunities and a pro-forma of the cost structure achieved by switching to the BKS physician insurance program. Lake Medical ended up making the decision to move all of their property & casualty insurance to realize the cash flow and coverage benefits.
• The practice experienced significant medical malpractice rate increases due to deteriorating loss experience, but maintained very little insight into detailed claim trends over a 10 year period.
• The existing cost structure was not competitive compared to the BKS physician program.
• Cyber liability limits and contract language were insufficient for a larger practice after a review of the cyber risk.