Risk redefined. It is what BETA Healthcare Group is all about. Since 1979, when a group of seventeen district hospitals banded together to form a hospital governed risk-sharing pool to help control and stabilize the cost of professional liability insurance during the medical malpractice crisis in the 1970s, we have been redefining risk management as an operational priority and partnering with our members to manage risk.
Then, as now, BETA exists for its members.
The healthcare landscape is changing and evolving with increased demand for healthcare providers to deliver value-added care to consumers and improve the patient experience – all while containing costs. In this time of flux, there is a need for healthcare facilities and practices to create a sustainable financial future for themselves and BETA can play a part.
BETA is stability in changing times
Whether a hospital, a hospice, a rural clinic, a medical group, a physician, or a healthcare worker, BETA has a singular focus: to be the expert provider of insurance solutions for the healthcare space providing coverage that protects you, when you need it most.
While our organizational structure as a joint powers authority (JPA) provides unique member advantages and plays a role in our ability to maintain low operational costs and deliver stable rates to our members, it is the dedication and expertise of our people where BETA really shines.
We are on this journey with you
At BETA, we often talk about the journey. The journey towards a safe and transparent patient experience, a just culture for all staff and clinicians, and a quest for zero preventable injuries in all service areas. From developing initiatives and programs to support you in patient and employee safety in your organization, to being on the front line with you in the event of a loss, our exceptional people possess a combination of empathy and expertise that is refreshing in the insurance world - and you will notice the difference.
While we are fully prepared to pay claims, we don’t want you to experience and suffer a loss in the first place. So, we excel for you and help you not only identify current issues or exposures but risks that might happen in your organization. Our job is to protect you – and that is what we are passionate about and committed to, every day.
Creating sustainable patient and employee safety programs
This year has seen the introduction of several new initiatives, programs, and tools as part of BETA’s commitment to helping members create or supplement their own patient and employee safety programs and promote culture change within their organizations. A sampling includes:
Employee Safety and Wellness Initiative: Incentive-based program
Emergency Medicine Toolkit: Management of Mental Health Patients in the ED
EPL Webinar Series: A Focus on Employment Practices for healthcare professionals
Provider Insights: Liability and Risk Mitigation newsletter
BETA NOW: Employee Safety in Action newsletter
BETA GEMS: Member Sharing newsletter
BETA had a strong year for new business with cross-selling liability and workers’ compensation driving revenue growth and strengthening our relationships with members. We had earned premiums of $131 million, and we ended the year with a net position of $243 million. Net income from operations was $15.7 million, and the BETA Council has authorized $15.2 million in member dividends – the 27th consecutive year that BETA has returned dividends to its members. Total assets were $645 million, and BETA’s net investment income totaled $10.9 million.
Changes on the BETA Council
At the end of 2018, Jim Raggio, CEO of Lompoc Valley Medical Center (LVMC), retired from the BETA Council as Chair and is now also retired from LVMC after almost 40 years with the healthcare district. A longtime BETA friend, Jim has been a sage leader and steadying hand in guiding BETA over the years, and he will be truly missed.
We welcome three new members to the BETA Council:
Pete Delgado, CEO and President of Salinas Valley Memorial Healthcare System
Mike Moye, General Counsel, Alameda Health System
Kevin Woodward, VP and CFO, Enloe Medical Center
Departing BETA Council members include Myron Machula, CFO, Enloe Medical Center, Sharon Spurgeon, CEO/Administrator, Coalinga Regional Medical Center, and David Cox, CFO, Alameda Health System. We are thankful for their considerable contributions in service to BETA.
Moving forward in 2019
While there is increased consolidation in healthcare, particularly in the nonprofit hospital sector, and disruptors are on the horizon, BETA will continue to seek ways to partner with members to optimize safety, mitigate risks, and deliver stellar care. Markets will change and shift, and while other commercial insurance providers will implement their “strategy du jour,” BETA in 2019 is strong and unwavering in its commitment to exist for its members, deliver specialized solutions that are fairly priced for the risk, and work in close collaboration with our member healthcare organizations in dedication to their success.
2018 ANNUAL REPORT
Since 1979, BETA Risk Management Authority has grown to 107 JPA members, becoming one of the nation's largest risk-sharing pools.