By the year 2035, and for the first time in our history, there will be more people in the U.S. that are over 65 years of age versus people under 18 years of age. Both public and private healthcare costs are increasing, which is a direct correlation to the increase in average age amongst the U.S. population. As a result, we are seeing a rapid growth in the investment and creation of new healthcare entities across the entire spectrum.
Risk Placement Services has a specialty business unit that is solely focused on the insurance needs of the healthcare industry. Referred to as RPS Healthcare, our practice group has an in-depth understanding of the evolving insurance risks that healthcare entities and individuals are facing. As medicine and insurance placements become more complex, so does the insurance itself. It’s more critical than ever to work with subject matter experts in the healthcare space when working with a healthcare client. Our main focus is on placing Medical Professional Liability (PL) and General Liability (GL).
We approach insurance for healthcare entities and individuals via the following segments: Allied Healthcare, Long Term Care, Hospital, Social Services, and Physicians. Let’s take a look at some exclusive products that we have to offer as well as our capabilities.
Allied Healthcare is often demonstrative of smaller healthcare risk, like home healthcare, hospices, pharmacy, medical clinics, imaging centers, medical laboratories, etc. For this reason, RPS Healthcare has created and recently launched a proprietary online Allied Healthcare quote-bind-issue program via the RPS eCommerce platform that makes placing Allied Healthcare business easier than ever. Visit RPSSmallBusiness.com for this industry-leading tool.
The RPS eCommerce portal allows retail agents to quote-bind-issue Medical Professional Liability for the following specialties, all within minutes: chiropractic, dental, eye care, dialysis/hemodialysis, physical/occupational therapy, primary care, weight loss, and veterinarian clinics; healthcare training/education/certification programs; imaging centers; individual medical students; and outpatient counseling services.
The long term care space consists of skilled nursing facilities, assisted living facilities, independent living facilities, and continuing care retirement communities. Providing PL/GL for long term care facilities is trending in a challenging direction as the marketplace continues to experience significant hardening. The hardening of this marketplace is due to many years of carrier unprofitability, combined with severity pressures in challenged legal jurisdictions.
RPS Healthcare has very strong experience with insuring hospitals including academic medical centers, hospital systems, acute care hospitals, and rural hospitals. Similar to long term care, hospitals are experiencing a dramatic increase in rates coupled with a decrease in market capacity. This too is driven by years of unprofitability as a result of severe losses, with a very strong impact on the reinsurance marketplace.
Another growing space within healthcare is the social services realm of Medical Professional Liability. Also referred to as human services, we provide competitive options for classes of business such as foster care, facilities for the developmentally disabled, drug & alcohol rehab (including substance abuse), community centers, mental & behavioral health clinics, and other related non-profit organizations. These buyers are pre-conditioned to purchase “package” policies, and we have carriers that can include the Property/Auto in conjunction with the PL/GL and Umbrella.
We place insurance for many individual physicians and physician groups, including excess placements and standalone ERPs (Tails). The insurance marketplace is relatively soft for physicians, although we do expect this to move toward a harder environment due to profitability pressures. We have advanced expertise in hard-to-place physicians, including dentists, podiatrists, and optometrists. A hard-to-place physician may be searching for insurance in the E&S marketplace due to claims history, board actions, or a high exposure specialty. No matter what, RPS Healthcare can find a coverage option for your physician or physician group.
The Healthcare division within RPS is prepared to handle risks of every complexity, and our expertise is best demonstrated when partnering with our retail agency partners to help solve their client’s insurance needs.