SILO: A Healthcare Leader’s Solution to Challenges With Self-Insurance Programs

by Tammie Smeltz 

The practice of medicine is much different today than it was even just ten years ago. According to the Updated Physician Practice Acquisition Study: National and Regional Changes in Physician Employment 2012-2018, Physician Advocacy Institute, medical practices owned by a United States hospital have almost doubled since 2012. Similarly, according to the American Medical Association, there has been a concurrent increase in the number of physicians employed by a hospital or by a practice at least partially owned by a hospital or healthcare system. In fact, a recent study revealed that 74% of physicians in the U.S. are hospital or corporate employees. These changes in the ownership of practices, employment of physicians and delivery of medical care have created new professional liability risks for hospitals and healthcare systems. To meet these new risks, MLMIC developed SILO. 

SILO is an insurance program designed to provide comprehensive protection for employed physicians through cutting-edge analytics, risk mitigation and claim services. There are many risks associated with a self-insurance program.

SILO can address those risks by:

• providing primary professional liability coverage for employed physicians with terms customized to enhance the capacity, certainty and control of the employer’s insurance program;
• reviewing the defensibility of claims with employers and involved physicians early in the lawsuit to resolve meritorious matters expeditiously; and
• directing risk mitigation reviews, loss history analysis, education and compliance instruction for physicians who exhibit indications of high-risk behavior.

Benefits of MLMIC’s SILO program include:

• Pricing expertise. SILO offers fully customizable and unique pricing that can optimize the effectiveness of each employer’s risk financing program at a fixed cost that is mindful of their budget. It is structured as a separate tower of insurance coverage distinct from any other coverage or self-insurance program and includes risk-sharing options such as deductibles, aggregate limits, and policy structures.

• Forty-five-plus years of New York-centric claims experience. A dedicated MLMIC Claims Team will be assigned to the employer. Our dedicated claims team will work in collaboration with the employer in managing all aspects of the claims process. SILO offers employers the ability to possess settlement authority for claims against physicians within the program. Additionally, the employer and its SILO physicians will put forth a united defense whenever possible. This will limit the number of defense attorneys assigned to a specific case and in return will decrease costs. 

• Customized risk management. A dedicated Risk Management Consultant will actively identify and manage specific areas of risk through on-site surveys and assessments. Tailored remediation and educational programs are provided after every assessment.

MMLIC is committed to helping health care systems, medical practices, and large medical groups find customized medical liability solutions that serve their specific needs and risks. For additional information on how SILO can help protect your organization, contact MLMIC or your professional liability broker today!