Beazley clients have saved more than $10 million through a facility that offers hospitals and health systems a discount on their insurance premiums, the company has announced.
Beazley’s Quality Indicator Return Premium (QuIRP) facility allows hospital clients to earn a discount on their professional liability premiums if they meet certain patient quality and safety criteria. The facility has benefited more than 50 clients in the United States since its launch in 2007, according to the insurer.
QuIRP has directly helped hospitals to:
- Improve mortality rates
- Reduce readmission rates
- Reduce infection and complication rates
- Improve patient satisfaction metrics
- Reduce average length of stay
- Implement new training programs
With QuIRP, Beazley’s healthcare underwriting and claims teams work with healthcare clients to identify areas of their professional liability losses that are high or increasing, or that would benefit from targeted initiatives to lower losses. Goals are agreed upon, and if those goals are met by the end of the policy period, the client receives a discount on premium, regardless of subsequent claims activity or renewal.
“We have now discounted more than $10 million 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 Valentine Minetti, Beazley specialty lines focus group leader for US hospitals. “We’re very proud of the financial and risk management support we provide to clients. Investment in patient safety and quality clearly benefits patients, but it also improves the risk profile of hospitals over time.”