Specialty re/insurer Beazley has now discounted more than $10 million in healthcare insurance premiums to hospital clients in the U.S through its Quality Indicator Return Premium (QuIRP) facility.
The facility is designed to support improvements to patient quality and safety standards by allowing hospitals and health systems to earn a discount on their professional liability premiums if they meet pre-agreed criteria.
Since its launch in 2007, QuIRP has benefited more than 50 clients in the U.S, helping hospitals to improve mortality rates, reduce readmission rates, decrease the risk of infection or complication, improve patient satisfaction, lower the average length of stay, and implement new training programs.
Beazley’s healthcare underwriting and claims teams work with healthcare clients to identify any areas of their professional liability losses that are high or increasing, or that would benefit from targeted initiatives to mitigate losses.
If a client meets their goals by the end of the policy period, they will receive a discount on premium regardless of subsequent claims activity or renewal.
“We have now discounted more than $10m in premium to hospitals through QuIRP, helping to drive improvements in patient safety and service quality initiatives and building a virtuous cycle of improvement in this vital area,” said Valentina Minetti, Beazley’s specialty lines focus group leader for U.S hospitals.
“We’re very proud of the financial and risk management support we provide to clients,” she added. “Investment in patient safety and quality clearly benefits patients, but it also improves the risk profile of hospitals over time.”
