ADVISEN EXTENDS COMMITMENT TO HEALTHCARE INDUSTRY WITH MEDICAL MALPRACTICE CLAIMS BENCHMARKING SOLUTION
Advisen Enables Evaluation of Hospital Risk Management Efforts Through Claims Benchmarking; Demonstrates Platform’s Flexibility Across Vertical Markets
CHICAGO – PLUS SYMPOSIUM – March 14, 2006 – Responding to a long-voiced need in the healthcare industry and specifically called out at last year’s PLUS Medical Professional Liability Symposium, Advisen has introduced claims benchmarking for hospital professional liability (HPL). The new Advisen solution enables healthcare underwriters, brokers and risk managers to benchmark hospital claims against similar entities to evaluate and maintain risk management programs more effectively.
The interactive solution allows contributing subscribers to contrast similar claims at the system or facility level against a peer group defined by type of facility, size, organizational structure and geographic location. Advisen produces graphical benchmarks of costs that let insurance industry professionals evaluate whether they have more or higher claims than their selected peer groups. In addition to evaluating the frequency and severity of claims, it also facilitates the comparison of cost/revenue, cost/bed, frequency/bed, and frequency/visit.
This new HPL claims benchmarking system represents Advisen’s continued commitment to the commercial insurance industry, and demonstrates the platform’s flexibility and applicability to multiple vertical markets. For two years, the Advisen platform has offered hospital and nursing home malpractice data and tools, as well as information on healthcare providers, healthcare equipment and supplies companies, and pharmaceutical companies.
The new claims benchmarking system has been created in-house by Advisen in conjunction with the Healthcare Division of the Specialties Business Unit of Zurich America Insurance Co. The initial database powering this tool includes 10-year loss runs from more than 1,400 U.S. hospital facilities – approximately one in three American hospitals – with a geographic spread closely representative of the full national hospital population.
Although accessible only to contributing organizations, Advisen is actively recruiting new subscribers. Believed to be the largest assembly of HPL claims information, the new Advisen system becomes more valuable to the industry as new subscribers join and contribute additional data.
“This offering fills a void that has existed in the healthcare industry for far too long. Today, information from more than 160,000 healthcare claims can be compared with our benchmarking analytics to provide unmatched insight into the market and a concrete competitive advantage,” said Tom Ruggieri, CEO of Advisen. “Over time, we will not only add tools, subscribers and subsequent functionality to this healthcare system, but we also intend to replicate this success across other verticals and demonstrate the industry specialization that only Advisen is capable of offering.”
The Advisen platform is designed for professionals across the commercial insurance industry. Advisen provides insurance underwriters with a single, customizable information platform for assessing risk exposure, which can be integrated into existing workflow and systems. For brokers, Advisen provides a platform to service existing clients and prospect new ones. Advisen offers risk managers a unified resource for unbiased information and tools to help drive better risk decisions, more efficiently manage insurance programs, and provide insight into market conditions.
The hospital professional liability claims benchmarking solution will be a primary component of the new and enhanced Advisen platform to be launched in April.
About Advisen
Advisen Ltd. provides insight into key commercial insurance and risk management decisions made by carriers, brokers, risk managers and other insurance professionals. Advisen's ASP platform incorporates real-time analytics and research on over 1.5 million companies, 70 industries and over 200,000 actual program transactions. The Advisen platform includes benchmarking, submission templates, application work-ups, insurance program management, policy & law comparisons, loss & exposure analysis, news, corporate governance, financial metrics and large loss data. Over 25,000 commercial insurance professionals access data from Advisen everyday. Visit www.advisen.com or call 212.897.4800.