Magazine article Behavioral Healthcare Executive

Incentivizing Risk Management

Magazine article Behavioral Healthcare Executive

Incentivizing Risk Management

Article excerpt

It's a simple principle - if bad behavior is punished, then good behavior should be rewarded. When it comes to insurance, behavioral healthcare providers can demonstrate "good behavior" by implementing practices and policies that avoid most of the unwanted risk posed to their patients, physicians, staff, and the facility as a whole. With that idea in mind, we asked two insurance providers, NSM Insurance, and Irwin Siegel Agency, Inc., to explain howtheir "well-performing" customers are rewarded for their efforts.

NSM Insurance

As a "specialty program", NSM Insurance Group's Addiction Treatment Providers Insurance Program differentiates itself by offering unique and comprehensive coverage for a broad range of behavioral healthcare facilities. Specialty commercial programs are not "commodity" insurance products such as personal auto, homeowners', or workers' compensation insurance.

According to NSM, not all insurance companies understand the unique exposures and claims feeing the behavioral healthcare industry, and design products to properly insure them. That said, the company recognizes and rewards insured customers who practicegood risk managementand "perform well" with respect to their claim experience.

Where personal auto and homeowner's ofier multi-policy discounts, the company also offers what are referred to as "package credits" for customers who place multiple lines of coverage in our program. Many personal lines insurers offer discounts for college degrees and other educational achievements and memberships.

NSM Insurance also offers premium credits for behavioral health industry accreditations and membership in educational associations. Most homeowners1 policies include discounts for home alarm systems and other protective systems. The company also i offer discounts for sprinkler systems, burglar alarms, and similar protective devices and systems.

One of the most common and significant premium discounts offered by personal auto insurers and worker's compensation insurers is a good driving or good claim experience discount. NSM provides significant premium discounts for ourinsured customers with good claims experience.

The company insures thousands of behavioral healthcare providers across the country, and is always looking for ways to reward its best performing customers who embrace a culture of risk management and safety - while recognizing that the best reward we offer is a stable market of comprehensive coverage that meets their needs and protects their assets, their reputations, and their treatment clients. …

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