SilverLink - Spring/Summer 2008 - (Page 12)

For example, consider what would happen if someone in your organization made a mistake in the administration of your employee beneﬁt plans. You could purchase employee beneﬁts liability insurance to protect against errors and omissions in the administration of employee beneﬁt plans. But is this really a solution when you look at this exposure? Considering the traumatic situation that could result from an employee’s beneﬁt being handled incorrectly, wouldn’t it be better to resolve the underlying cause of such an omission, rather than merely insuring against it? When organizations don’t have the expertise to handle this internally, a simple solution would be to outsource the administration to a third party and hold that person accountable for making sure mistakes don’t happen. Supplementing this with a system of internal checks and balances should allow you to protect your organization from mistakes that could harm your most valuable asset— your employees. Step 1—Identify all exposures to loss in your organization • • • • • • Develop a checklist of the transactions completed for all insurance plans Create a ﬂowchart of the process for managing employee beneﬁt plans Review compliance and regulatory issues Identify all forms, agreements and other contracts Pinpoint past exposures to loss, whether ﬁnancial or otherwise Consult with your experts (see note below on this) Step 2—Analyze “What” and “How Much” • • • • Assess the potential for mistakes to occur Determine the ﬁnancial impact of a loss Consider the ﬁnancial and emotional consequences of a mistake Identify uninsured exposures or retentions prior to loss Getting Down to Business If you’re really serious about reducing risk exposures for your practice and you’re not sure how to begin, engaging the services of a risk management consulting team is a positive ﬁrst step. Since the business of healthcare requires enough expertise on its own, it is a more productive use of time to hire someone with the right risk management expertise to give you advice to help you make informed decisions. Experts in human capital, beneﬁts and traditional risk management exposures can help you maneuver through the complexities of risk inherent in the healthcare industry. These consultants will begin by conducting a thorough survey of your organization. During the discovery period, you will learn what you are doing correctly and where there is room for improvement. You may actively participate in the process by providing information relevant to these two steps: Remember that the experts from whom you purchase various insurance products also have systems you might adapt for your own purposes. Think about some insights they could provide: • • • • • Up-to-date information regarding regulations that affect your beneﬁt plans and insurance products Knowledge of the common types of mistakes made by other customers A proven process for mistake prevention A help-desk for employees with questions about risk management and beneﬁt issues Outsourcing all or part of a transaction or expertise in cont’d on page 35 making decisions CONTACT JOHN MARSHALL AT 402.96 4.5559 OR JMARSHALL@ SSGI.COM 12

Table of Contents Feed for the Digital Edition of SilverLink - Spring/Summer 2008

SilverLink - Spring/Summer 2008 Contents Risk Management: Mitigate & Educate Disastrous Distractions Accounts Receivable BoomerCare Risk Reduction, What’s Your Function? Time Out! Double Down Employee Benefits: Who’s Paying Whom for What? Time to Reconcile Keep Your Eye on the Pension Prize Show Me the Money Private Client Services: A Generous Strategy Is There Any Good News Left? Special Insurance for Special Times Client Spotlight: Omaha Performing Arts Internal Happenings: SilverStone Group Wellness Activities Group

SilverLink - Spring/Summer 2008

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