The COVID-19 pandemic has become a crisis that has strained healthcare systems worldwide. Healthcare organizations are facing critical risks to contain the spread of the disease and maintain quality of care.
High patient loads, staff health and safety, resource shortages, the need to rapidly adapt to new treatment protocols, and logistical challenges in administering vaccines are putting both operational and financial pressure on healthcare facilities.
At the same time, the diversity of services in the healthcare sector is leading to the emergence of new risk categories such as digital health platforms, telemedicine applications, and health data security. Healthcare organizations need comprehensive strategies to protect both patient safety and data privacy standards.
At Pace Risk Consulting, we measure your risk profile through data and analysis and tailor your program to your company with appropriate mitigation and risk transfer strategies.
Pace Risk Consulting's Healthcare Practice, with its team of insurance and healthcare experts, develops solutions to meet the unique needs of providers and clients. Through in-depth analysis and robust data-driven approaches, we clarify your risk profile, helping you determine which risks to mitigate, which to retain, and which to transfer.
By identifying your risk exposures and optimizing your total cost of risk, you support your organization's growth during times of uncertainty, improve cash flow, reduce costs, and minimize the impact of operational fluctuations.
The pandemic has highlighted staff shortages, increased cyberattacks, patient safety, and reputational risks, leading insurers to be selective and price-conscious. At Pace Risk Consulting, we identify coverage gaps and rebalance programs with appropriate coverage and risk mitigation measures during this period.
Captive structures increase coverage and capacity, finance losses with investment income, provide direct access to the reinsurance market, and flexible underwriting, thus reducing volatility in high-severity, low-frequency claims and providing cost stability.
D&O protects directors and senior executives against personal liability arising from their roles. It provides coverage for defense costs and indemnification liabilities in healthcare accreditation, competition law, data privacy violations, and similar claims within the policy terms.
Ransomware locks down access to clinical systems and patient data, creating service disruptions, data breaches, legal penalties, and significant reputational damage. Preparedness requires a combination of technical controls, an incident response plan, and appropriate cyber insurance.
Remote care reduces the risk of infection and access barriers, while increasing diagnostic speed and cost-effectiveness. However, clear protocols, data protection measures, and appropriate coverage are essential for managing liability and cyber risks arising from multiple devices and network usage.
In addition to general liability, medical malpractice coverage is essential; incident-based policies operate based on the date of occurrence, and claims-based policies operate based on the time of notification; business interruption, cyber, and multinational travel coverage should also be considered.
Comprehensive assessments reduce clinical and operational risks, facilitate access to the right insurers and terms, and improve pricing and discounts. Pace Risk Consulting designs programs that reduce costs and strengthen business continuity through data analytics and modeling.
Contact us to get in touch with an expert in a specific industry or risk topic, learn more about a particular solution, or send a sales/quote request.