Health Services

health-servicesKey Challenges faced by Health providers
  • Curing reductions in revenue and enhancing cash flow
  • Delivering quality patient care at an affordable cost
  • Physician alignment and service line strategies
  • Minimizing risk and reducing cost of regulatory compliance
  • Leveraging the new science: making sense of personalized medicine
  • Exploring mergers and acquisitions to improve financial performance

Source: PWC Health Services Practice

Some key Insurable risks facing Health Services Companies
*the following is a list of some insurance coverages carried by health services providers (subject to differing availability based on differing risks)-this list is not exhaustive
  • Professional Liability/ Errors and Omissions/ Malpractice Insurance:  for errors or malpractice in rendering health services; and/or for ensuing liability to corporation arising from activities of health professionals, including for sexual molestation, and for punitive damages.
  • General Liability: Primary and excess liability, for third party bodily injury, property damage, personal injury and advertising injury, arising from non-professional related activities.
  • Cyber, Privacy & Media Liability:  Identity theft and or other loss from lost or stolen personal health information; e-Business interruption resulting from a security failure or Internet virus. Costs related to privacy notification, crisis management and disaster recovery. Reputational damage – both in terms of the corporation and the medical professional.
  • Directors &Officers Liability: Providing coverage for the personal assets of Directors & Officers within the corporation or for outside Directors. This coverage may include covering claims whereas the corporate entity is unwilling or unable to provide indemnification to its leadership team. Claims allegations include: Oppression & Unfairly Prejudicial Conduct with partners; unpaid wages or taxes; breach of contract; failure to carry insurance;  punitive damages.
  • Employment Practices Liability: Employment practices, including: sexual or workplace harassment; workplace violence; wrongful termination.
  • Property and Equipment Break Down: Coverage for all property including mobile equipment and specialized coverage including Electrical Breakdown for medical and other non-medical equipment. Rented facilities including tenant’s improvements and betterments, IT equipment.
  • Business Interruption, Extra Expenses: loss of clinic income from damage to premises, or from ensuing loss caused by insured damage (such as loss of doctor’s revenue); covering until the clinic reaches projected income levels.
  • Medevac Insurance: vehicles protected including separate coverage for patients transported.
  • Crime Insurance: Normal theft of money or employee fraud, theft of inventory, including drugs and supplies, purchasing schemes involving kickbacks, accounts payable fraud, payroll and cheque fraud.
  • Kidnap/Ransom & Extortion Insurance: An extortion or threat against a health care organization’s property, proprietary information, computer system, or people, for staff travelling abroad, or at home.