How:
Customized Options. Better Choices.

First-Dollar Coverage

First-dollar coverage provides payment of all costs and/or losses associated with a claim, from the first dollar of loss to the full limit purchased.

Deductibles and Self-Insured Retentions (SIRs)

You decide not only the deductible level — i.e., how much risk you retain — but also whether the deductible retained is for indemnity payments only, or both indemnity and defense expense. It's your choice.

Reinsurance

Reinsurance is insurance purchased by one insurer from another insurer, or insurance purchased by a self-insured entity from an insurer to mitigate risk. When it comes to reinsurance, MedProvision has a huge advantage — our financial security. We have the capital required to meet your needs. Our industry-leading A.M. Best rating (A++) positions us to provide reinsurance to your system in whatever unique and creative ways your system requires.

Examples:

1. A large hospital system's self-insured program offered claims-made coverage, but had inadequate limits. Unfortunately, the system didn't fully realize the gravity of the situation until a claim arose that appeared likely to exceed the limits. We were able to provide a tail policy that retroactively covered the system at varying insurance levels between $20M and $40M.
2. A complex healthcare system consisting of a facility and several physician groups and hospitals needed a reinsurance solution. We were able to provide not only the reinsurance requested, but also allowed the facility and the hospitals to remain insured under the existing self-insurance. The system's physicians were also able to continue their first-dollar coverage on a single policy, even though they practiced in different states and specialties.

Whether you need reinsurance or a combination of reinsurance and primary insurance, MedProvision provides solutions to solve your needs... your way.

Performance-Based Risk Sharing

Designed for flexibility, MedProvision provides solutions through two different plans that feature final premium pricing based on loss experience: loss-sensitive plans and retrospectively-rated plans. Though unique, both approaches often reduce premiums for future policies and sometimes even provide premium refunds if an insured's loss experience develops positively.

Loss Portfolio Transfer (LPT)

A loss portfolio transfer is a transaction where losses that are incurred but have not yet been paid (whether reported or not) are ceded to MedPro or its affiliates. After the transfer, insureds receive the benefit of MedPro's 110+ years of experience defending healthcare providers. We also manage all claims arising out of the LPT until every claim is fully resolved. You could even have a policy with full consent authority for every claim, which means we cannot settle any claim or suit without your prior consent.

Examples:

1. A large hospital was originally owned by a managing company and had its professional liability coverage provided through a reinsured captive with a large self-insured retention. The managing company, whose role was to make the hospital efficient and effective, wanted to sell the hospital to another system. However, they first wanted to extinguish the hospital's liabilities. The managing company turned to MedProvision to secure a product to cover both the existing incurred-but-not-reported (IBNR) claims, as well as the hospital's go-forward coverage.
2. A large risk retention group (RRG) had both pending claims and IBNR for which it needed go-forward claims service, claims payment resolution, and first-dollar coverage. Not only were we able to provide the LPT solution, but we were also able to provide every hospital in the RRG a go-forward, first-dollar healthcare malpractice solution that met each hospital's unique needs.

Fronting

Fronting is a specialized form of reinsurance ordinarily used by captive insurance companies ("captive"). An admitted insurance company ("fronting company"), typically issues its policy to the captive and then the risks of that captive are transferred from the fronting company back to the captive through a reinsurance agreement, known as a fronting agreement. The captive's risk are now written on admitted paper.

Fronting arrangements may be used to satisfy financial requirements, to meet state insurance laws or even to obtain the use of the fronting company's services, without transferring the actual risks. With the highest rating from A.M. Best (A++) and licensure in all 50 states, MedPro is perfectly positioned to provide your captive with fronting solutions through our MedProvision program.

Examples:

1. A facility needed to be insured by a company with an A.M. Best rating of A+ or higher to maintain its preferred financing through HUD. The facility's existing professional and general liability insurance company lost its A+ rating resulting in the healthcare facility needing another solution. The facility chose a fronting solution through the MedProvision program and was then able to secure the preferred financing. Shortly thereafter, physicians associated with the same facility created bylaws assuring their policies would thereafter be placed with only an adequately-rated healthcare malpractice insurer.
2. After a large healthcare system experienced an ownership change, the new leadership discovered that employees spent a significant amount of time administering the system's insurance rather than providing healthcare. New management decided to explore avenues to relieve employees of this burden. A fronting solution through the MedProvision program freed up the resources of the healthcare system so that staff was able to focus on issues within their expertise rather than wasting their time on the complex and unfamiliar issues that arise in the day-to-day administration of insurance.

Excess Insurance

Excess insurance provides coverage for claims that exceed the limits of a primary policy or a self-insured retention. MedProvision provides solutions that allow an RRG, a captive insurer, or an insured with an SIR or trust, to secure both excess and primary coverage from the same carrier, thus simplifying and streamlining insurance structures.

Example:

A large healthcare system needed excess insurance to sit atop two separate policies: (1) a fronted policy for its physicians with $1M/3M limits, and (2) a separate hospital policy with a $3M self-insured retention. They were able to find a solution through the MedProvision program that provided excess coverage over both policies. This ensured that the healthcare system would never pay more than its preferred risk maximum (over $15M), regardless of whether the losses were generated by the hospital or its doctors.

Captive Company

The primary purpose of a captive is to finance risks associated with its owners or participants. However, captives (whether domiciled onshore or offshore) rarely offer the financial strength and longevity of an A.M. Best-rated A++ company. So, please contact us today to learn how MedProvision can provide solutions to solve your captive needs... however you want them solved.