Healthcare liability captives, according to Michael Maglaras, principal at Michael Maglaras & Company, contain millions of dollars of paid claims data that will translate into improved margins and quality improvements directly related to the mistakes of the past.
In this video, Debbie Liebeskind of Towers Watson explains two key regulatory issues to resolve before covering employee benefits in captive insurance companies: approval from the captive domicile and approval from the US Department of Labor.
Healthcare liability captives will be on the forefront of improving quality and outcomes under accountable care, requiring expanded budgets that integrate more service providers, consulting assistance, and software.
Michael Maglaras, principal at Michael Maglaras & Company, discusses how accountable care is resulting in the marriage between claims activity and quality. Healthcare captives mine their claims data to instruct quality improvement and, most significantly, how this is key to managing reputational risk.
Employee turnover is costly. In terms of annual salary, cost estimates for losing a position to turnover range from 30-150 percent (hourly employees) up to 250 percent (sales/senior leadership). Developing a strategy that follows seven key steps is critical to the long-term success of an overall employee retention plan.