Page 55 - HopeWest
P. 55
Healthcare practice
The evolving focus of healthcare risk management Emphasis shifts from simply
“protecting assets” to enabling and
optimizing growth.
LOCKTON ADVANTAGE
• Strong understanding of organizational risk
tolerance/appetite
• Current and emerging risks are identiied, ranked,
and prioritized
BUSINESS PERFORMANCE • Emphasis is on transferring risk • Emphasis on managing variable costs through safety • Analytic tools used to guide decision-making
“TRADITIONAL” RISK MANAGEMENT
Transactional
• Risk management strategies are aligned with and
• Some coordination between lines of coverage
support corporate priorities
and claim handling
• Key Performance Indicators (KPI) and client metrics
• Market-driven approach to retentions/limits
INSURANCE
established
• Limited interaction between various risk owners
• Multiyear strategy
• Annual approach
• Insurance is viewed as one potential tool — not the
• Exposures/risks are viewed in isolation
only one
• Price is primary metric
• Assist with efforts to implement/embed ERM into
• Looks at risk through a historical lens
operational culture
• Year-to-year strategy driven by market cycle
TRANSFERRING RISK MANAGING RISK AS AN EXPENSE INSURANCE AS CAPITAL
ASSET PROTECTION VALUE CREATION
MOST ORGANIZATIONS ARE TRAPPED IN
THIS PHASE
HopeWest — Lockton: A collaborative Healthcare Practice review 55 Lockton Companies
The evolving focus of healthcare risk management Emphasis shifts from simply
“protecting assets” to enabling and
optimizing growth.
LOCKTON ADVANTAGE
• Strong understanding of organizational risk
tolerance/appetite
• Current and emerging risks are identiied, ranked,
and prioritized
BUSINESS PERFORMANCE • Emphasis is on transferring risk • Emphasis on managing variable costs through safety • Analytic tools used to guide decision-making
“TRADITIONAL” RISK MANAGEMENT
Transactional
• Risk management strategies are aligned with and
• Some coordination between lines of coverage
support corporate priorities
and claim handling
• Key Performance Indicators (KPI) and client metrics
• Market-driven approach to retentions/limits
INSURANCE
established
• Limited interaction between various risk owners
• Multiyear strategy
• Annual approach
• Insurance is viewed as one potential tool — not the
• Exposures/risks are viewed in isolation
only one
• Price is primary metric
• Assist with efforts to implement/embed ERM into
• Looks at risk through a historical lens
operational culture
• Year-to-year strategy driven by market cycle
TRANSFERRING RISK MANAGING RISK AS AN EXPENSE INSURANCE AS CAPITAL
ASSET PROTECTION VALUE CREATION
MOST ORGANIZATIONS ARE TRAPPED IN
THIS PHASE
HopeWest — Lockton: A collaborative Healthcare Practice review 55 Lockton Companies
