Are you ready to self insure?
The following indicators are designed
to help you assess if your organization is ready to make the
transition to a self insured program. If your organization
can answer yes to a majority of the indicators, it may be ready to
self insure.
Financial Indicators
Senior Leadership is engaged in risk
management
We self insure other lines of coverage
such as worker's compensation or health benefits
Senior Leadership understands financial
variability
We are comfortable taking deliberate
risk
We understand the types of self insured
vehicles that are available in the market
We have evaluated the types of risk we
are interested in covering
We have the financial capability to self
insure
Risk Management Indicators
Risk Management currently has a voice at
the table with Senior Leadership
Our risk management infrastructure is
developed
Loss control policies and procedures are
in place and utilized effectively
Claims Indicators
We currently utilize a TPA separate from
our primary carrier for our claims administration, or we
handle our claims in-house
Our in-house claims infrastructure is
developed
Claim department policies and procedures
are in place and utilized effectively
Our loss data is well organized and can
easily be sent for review by outside sources for a feasibility and
funding study
Cultural Indicators
We currently have a long term strategy in
place to create a patient safety culture
Senior Leadership provides a supportive
culture of learning
Our facility is prepared for quality
initiatives
We understand any pending changes in our
venue, laws, or tort reform (or lack thereof)
We realize that self insurance requires a
coordinated effort between our broker, actuarial firm, TPA, and
legal counsel to develop policies and procedures for an effective
program
Download this checklist.
