Premier healthcare alliance AEIX members benefit from insurance cost control, risk management programs to reduce harm
The seven-hospital system based in Dayton, Ohio, is now one of the 20 owners of AEIX. As an owner, Kettering benefits from control over hospital insurance costs and will not be subjected to pricing fluctuations in the commercial insurance market. Kettering hospitals will also utilize comprehensive risk management programs to reduce harm and improve quality outcomes. Additionally they can benchmark and compare demographic and performance metrics with other hospitals in the program.
"After studying our options carefully we felt that AEIX offered the best option in terms of overall reduction of risk to our organization. The combination of risk control and harm reduction initiatives along with the financial strength, performance and ownership made AEIX the best choice for us,” said Russ Wetherell, chief financial officer of Kettering Health Network.
AEIX has helped hospitals control the long-term cost of insurance for 21 years. With a strong balance sheet of $429 million in assets and $205 million in subscriber’s equity, they are the largest risk retention group in their class. Over the history of AEIX they have paid $111 million in dividends to their policyholders.
“We’re delighted to welcome Kettering to AEIX as an owner,” said Robert Dowdy, president of Premier Insurance Management Services, Inc. “The strength of the AEIX model lies in the ability of its owner health systems to manage risk and deliver high quality healthcare. Kettering is devoted to providing quality care and is an excellent addition to AEIX.”
Kettering has been a Premier alliance owner for nearly eight years and participates in Premier’s performance improvement programs to ensure they provide the best clinical care to every patient, every time.
For the second consecutive year, three Kettering hospitals participating in Premier’s QUEST®: High Performing Hospitals collaborative were recognized for top performance. In two years, QUEST hospitals saved an estimated 22,164 lives and reduced healthcare spending by $2.13 billion.
Kettering also participates in Premier’s new Accountable Care Collaboratives as they work to improve the health status, efficiency and experience of care in their community.
About Kettering Health Network
Kettering Health Network is a seven-hospital system in western Ohio which has been recognized by Thomson Reuters as one of the 10 Top Health Systems in America two years running. KHN includes Kettering, Grandview, Sycamore and Southview medical centers; Greene Memorial and Fort Hamilton hospitals; and more than 60 outpatient centers. Kettering Health Network is the proud employer of 9,550 staff members, along with 1,530 doctors and 900 volunteers. All are dedicated to providing world-class health care and five-star customer service to help people in our communities be healthier.
AEIX provides excess professional and general liability insurance to not-for-profit hospitals and health systems. AEIX is organized as a Vermont-licensed reciprocal risk retention group, an insurance company authorized under federal legislation for the purpose of providing liability lines of insurance to its members.
About Premier Insurance Management Services Inc.
Incorporated in 1987, PIMS is an Illinois for-profit corporation wholly owned by the Premier healthcare alliance. PIMS provides contracted management services for AEIX, and is attorney-in-fact for Premier Insurance Exchange, Risk Retention Group (PRx). PIMS also serves as program manager offering enhanced sponsored programs with leading commercial insurers through a comprehensive portfolio of property, casualty and employee benefit products. Other services include providing claims and risk management assessments and education offerings regarding medical professional liability for hospitals and their physicians. For more information, visit http://www.premierinc.com/risk/tools-services/pims/index.jsp.
About the Premier healthcare alliance, Malcolm Baldrige National Quality Award recipient
Premier is a performance improvement alliance of more than 2,400 U.S. hospitals and 72,000-plus other healthcare sites using the power of collaboration to lead the transformation to high quality, cost-effective care. Owned by hospitals, health systems and other providers, Premier maintains the nation's most comprehensive repository of clinical, financial and outcomes information and operates a leading healthcare purchasing network. A world leader in helping deliver measurable improvements in care, Premier works with the Centers for Medicare & Medicaid Services and the United Kingdom's National Health Service North West to improve hospital performance. Headquartered in Charlotte, N.C., Premier also has an office in Washington. http://www.premierinc.com. Stay connected with Premier on Facebook, Twitter and YouTube.
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