BKS Provides Cost-Saving Insurance Plan For Physician Group.

BKS Partners’ Healthcare Risk Map™ of a malpractice insurance group yields $24,000 in savings for a 10-member physician group.

Background and Context

Physician group was frustrated by the lack of transparency and technical acumen of their current local broker.

Solutions and Tactics​

BKS Partners’ Healthcare Practice engaged with the physician group to conduct a comprehensive analysis of their malpractice insurance program. BKS Partners determined the physician group did not receive applicable credits such as new to practice, part-time, and claims free discounts. The current local agent was also not able to leverage his book of business with current carrier to negotiate more favorable rates.

 

Value and Lessons

  • Based on analysis, BKS took over management of the malpractice program and negotiated their program with current carrier at upcoming renewal.
  • BKS was able to leverage its marketplace presence and negotiate rates that were 17% less with the incumbent carrier at renewal.
  • The price of not doing business with a healthcare specialist was costing the physician group $24,000 in savings year over yea

Physician practices rely on BKS to reduce coverage & pricing deficiencies and increase cash flow & balance sheet protection.

Ensure your protection is as distinctive as you are.

Get in contact with an advisor today to see how BKS can support you.