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Self-insurance and self-insurance support plans designed specifically for the healthcare industry
For institutions and practices seeking alternatives to the commercial market, Synernet offers coverages designed specifically for the healthcare industry through its Synernet Workers’ Compensation Fund and a workers’ compensation Third Party Administration option, as well as a Hospital Professional Liability and general liability Self-Insurance Program.
With Synernet’s exclusive focus on the healthcare industry and a philosophy grounded in the intrinsic nature of the self-insurance concept, you’ll find Synernet’s experienced insurance services staff possesses extraordinary insight into the risks you face and provides careful stewardship of your self-insurance premium investments.
Hospital All Risk Property Insurance Program
Through its marketing relationship with Alliant Insurance Services, Synernet can provide hospitals with significant premium savings on property insurance. Alliant’s Hospital All Risk Property Program is an exclusive group purchase program for property insurance-the largest in the World. Through group purchasing, it can provide broader coverages and lower premiums, with no risk sharing. Alliant can provide you with a quick coverage and cost comparison, with little effort on your part.
Healthcare experience and insight yield efficient program management
Synernet’s insurance services are designed for and offered exclusively to the healthcare industry. And each of Synernet’s lead claims consultants brings over two decades of experience in the industry to the job. This focus and experience provide a knowledge base and insight that makes for efficient, sensible, cost-effective management of your program.
Which is to say, we know and understand the full scope of the risks you face, as well as the nature of the claims they can produce and how they are best handled. You’ll find that in practice, this translates into a collaborative day-to-day working relationship based on mutual respect and trust.
Stewards of your premium investments
Each of Synernet's insurance offerings is based on the concept of self-insurance — an attribute that is consciously factored into everyday program management. When you use Synernet insurance services, we're extremely cognizant of the fact we are stewards of your premium investments.
Hospital Professional Liability Insurance
It's all about controlling expenses
With hospitals facing a volatile climate in the medical professional liability insurance market, Synernet, on behalf of a group of its hospital owners, facilitated the establishment Pine Tree Insurance. Domiciled in Vermont, Pine Tree is a captive insurance company operated as a Reciprocal Risk Retention Group. This alternative insurance structure is currently helping four hospitals control their premium costs.
As a captive owner of Pine Tree, you can save in three ways: first, through direct access to re-insurers to negotiate program details and prices; second, by controlling loss expenses through enhanced risk management and active participation in claims administration; and finally by saving on everyday administration expenses. This is especially true relative to the infrastructure-intensive model of most carriers.
If the idea of self-determination for your medical professional and general liability insurance coverage interests you, contact Synernet CEO Gerry Vicenzi , or call (207) 771-3456.
First Maine Captive
An alternative for excess insurance
By pooling the risks of several healthcare-related self-insured workers' compensation trusts, FMC allows these groups to control, if not reduce, their costs for excess insurance. Specifically, it helps the self-insured workers' comp trusts to meet the regulatory requirements of the State of Maine by providing excess insurance coverage, while allowing the groups to retain more of the risk, resulting in long term savings.
Current Trust Owners
- The Synernet Workers' Compensation Fund
- Eastern Maine Group Self-Insurance Trust
- The MaineHealth Workers' Compensation Program
Risk Management and Loss Control
Synernet and its client committees are invaluable resources
In addition to the experienced guidance of Synernet’s insurance services staff, you’ll also have access to the collaborative sharing of information and Best Practices through Synernet’s standing client committees. These Synernet customer communities have proven to be invaluable resources on risk management and loss control issues and can help you make better, more informed decisions on myriad issues that bear on the care environment your organization provides.
Synernet Workers' Compensation Fund
By pooling risks, the Fund offers a self-insurance option to hospitals and other healthcare providers who might not otherwise qualify for self-insurance. Through your direct involvement in the governance of the Fund and active involvement in the handling of your claims, this group self-insurance offers you more control over your workers’ compensations costs.
You’ll also be able to take advantage of the risk management expertise and loss control expertise available through the Fund’s standing committees to strengthen safety and help avoid injuries and claims within the care environment.
Current Fund Owners
- Calais Regional Hospital
- Down East Community Hospital
- Franklin Memorial Hospital
- Goodall Hospital
- Maine Coast Memorial Hospital
- Mayo Regional Hospital
- Mount Desert Island Hospital
- Millinocket Regional Hospital
- Northern Maine Medical Center
- Parkview Adventist Medical Center
- Penobscot Valley Hospital
- Redington-Fairview General Hospital
- St. Joseph Hospital
- St. Mary’s Regional Medical Center
- Waldo County General Hospital
- York Hospital
Experience and expertise that's difficult to match
If you’re already self-insured, you can save money and man-hours through Synernet’s Third Party Administration (TPA) service. From premium collection to accounting, to claims and regulatory compliance, Synernet’s experienced TPA staff can handle all aspects of your workers’ compensation program with an expertise and efficiency that is difficult to match in house.
Synernet's Claims Management Advantage
Whether you're insured through Synernet's Workers' Compensation Fund or simply using Synernet's third-party administration services, you can be sure you'll be consulted on any and all major claims decisions as we weigh the questions of a) whether a claim is compensable or not and b) what your the legal requirements are — as a self-insured entity — relative to the case at hand.
We also fully understand that in workers' comp cases, claimants are your employees — and deserve to be taken care of in a timely manner. So if a claim is deemed compensable, you can be sure it will be paid promptly. Yet if there are questions as to the legitimacy of a claim, you can be just as sure we'll perform our role as stewards to reject it and aggressively defend the decision.
Email Lee Cyr, Insurance Services Director