Self-Insurance Support Plans and Property Insurance Programs
For healthcare organizations and practices seeking alternatives to the workers’ compensation commercial market, Synernet offers coverages designed specifically for the healthcare industry through the Synernet Workers’ Compensation Fund and Third Party Administration Program. Self-insurance provides the healthcare industry with better controls over its workers’ compensation costs and the ability to more directly, and quickly realize the benefits of controlling workplace injuries.
With Synernet’s exclusive focus on the healthcare industry and a philosophy grounded in the self-insurance concept, you’ll find Synernet’s experienced insurance services staff possess extraordinary insight into the risks you face and provide careful stewardship of your self-insurance premium investments.
- Healthcare Specific Design
- $1.4 Billion in Covered Payroll
NEW Synernet’s Hospital All Risk Property Insurance Program (HAARP) has saved healthcare organizations up to 30% while broadening coverage and including cyber coverage at substantially lower costs.
Synernet Workers' Compensation Fund
By pooling risks, the Synernet 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 Synernet Fund and active involvement in the handling of your claims, group self-insurance offers more control over workers’ compensation costs.
Fund members take advantage of the risk management expertise and loss control expertise available through the Synernet Fund’s standing committees to strengthen safety and help avoid injuries and claims within the care environment.
Current Synernet Fund Owners
- Calais Regional Hospital
- Down East Community Hospital
- Maine Coast Memorial Hospital
- Mayo Regional Hospital
- Mount Desert Island Hospital
- Millinocket Regional Hospital
- Northern Maine Medical Center
- Penobscot Valley Hospital
- Redington-Fairview General Hospital
- St. Joseph Hospital
- St. Mary’s Regional Medical Center
- York Hospital
Experience and Expertise
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, 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 use 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.
- Is a claim compensable or not?
- What are your legal requirements are as a self-insured entity relative to the case at hand?
With our healthcare industry focus, Synernet has the expertise to deal with injuries and claims unique to healthcare.
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.
MaineHealth Worker’s Compensation Program
Synernet provides claims administration to the largest healthcare system in the State of Maine, and have the expertise to deal with the unique types of injuries and claims specific to the healthcare industry.
Hospital All Risk Property Insurance Program (HARPP)
Alliant Insurance Services Partnership
Through a 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, one of the largest in the world, for property insurance. Through group purchasing, Synernet can provide broader coverages and lower premiums, with no risk sharing.
Current Synernet Fund Owners
- Coverage analysis can be completed at no cost to you by contacting Synernet
- Alliant can provide you with a quick coverage and cost comparison
- Identify any possible coverage gaps
- No risk and little effort on your part
See actual savings comparison here
Alliant Cyber Coverage
Cyber coverage is critical in healthcare. The Synernet HARPP Program offers cyber coverage through your property insurance policy, at little additional cost, and with no additional paperwork.
- Save money, reduce paperwork!
- Security of cyber coverage
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 claim consultants brings over two decades of experience in the industry to the job. This specialized focus and experience provide a knowledge base and insight that makes for efficient, sensible, cost-effective management of your program.
Synernet knows 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. This translates into a collaborative day-to-day client focused 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’s Insurance Services, we’re extremely cognizant of the fact we are stewards of your premium investments.
Excess Workers’ Compensation Coverage
First Maine Captive (FMC)
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 owners 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
Case Study: Workers’ Compensation
Synernet’s Workers’ Compensation Department and Safe Handling Initiative potentially saved 30% in annual premiums or approximately $2 million.
Read the Case Study
Case Study: Hospital All Risk Property Program (HARPP)
Synernet’s marketing partner Alliant Insurance Services saved a hospital over 25% on their premiums while offering broader coverage. In addition to standard property coverages, the HARPP program offers additional Cyber coverage at little, if any, additional cost.
Read the Case Study
Email Lee Cyr, CPCU, ARM, Director of Insurance Services for information or call (207) 775-6196.