Megalodon Insurance Systems’ co-founder/CEO, Bill Montei, and I recently traveled to Colorado Springs to attend the Physician Insurers Association of America (PIAA) Medical Liability Conference. The sky was sunny and temperatures hovered in the low 70’s the day when we arrived on May 17; two days later we departed under cold (44 degrees), gray skies and snow on the ground as the Centennial State received anywhere from ½-inch (Denver) to as much as three feet (Allenspark) of the white stuff on May 18. We experienced, firsthand, the phrase, “If you don’t like the weather in Colorado, wait five minutes.” (Or, in our case, about 24 hours.)
Fortunately for Bill, me, and the other 400-plus attendees, all conference events were held indoors. We heard speakers educate and opine on the latest trends affecting the medical professional liability (MPL) insurance industry, from a now decade-long soft market to unexpected medical outcomes to how value-based payment methodologies have the potential to impact the frequency and severity of claims. As many traditional MPL carriers see premium income shrink due to the consolidation of hospital/provider systems, one question that was frequently posed in different forms was, “What value does your company add to keep it from becoming just another commodity provider?
One answer to that question came during a session regarding how physicians can leverage data not only for value-based contracting and risk contracting purposes, but also for sound medical decision making that simultaneously creates healthier patients and mitigates risk. Regardless what dataset or combination of databases are used (e.g. raw health insurance claims, EHR and/or a combination of the two paired with a sophisticated analysis of a statewide all payer claims database such as CIVHC in Colorado or WHIO in Wisconsin), MPL carriers have a unique opportunity to provide policyholders with information that has the potential to reduce unexpected outcomes while also helping their customers increase reimbursement and create healthier, happier patients. Not just a proverbial “win-win,” but a win-win-win.
That same question struck a resonance with Bill and me because, let’s face it, a year ago when we launched our “powerful, affordable and (dare we say) elegant” policy & claims administration SaaS, we entered an already crowded marketplace. What’s Megalodon’s “value-added” benefit in a world where insurance administration technology companies number well over 250? Here are two components of our value-add, as we see them:
1. Bill’s experience in and expertise of insurance – particularly professional liability lines – has not only influenced how well our Megalodon Insurance Management System works, but how we can be your business partner. Bill understands how a core policy and claims administration can work for your company to make it more efficient, not just be there to have you work with it. Plus, Bill can act as a de-facto consultant on matters related to your business, regardless if our technology is required to achieve strategic business objectives.
2. Our platform allows companies – whether they are traditional insurers or captive managers/self-insured entities – to move away from managing ever more complex business transactions using endless spreadsheets. Why is this important? Because doing business via spreadsheets is time/cost consuming and prone to human error. Megalodon’s system allows you to easily design and create plans that manage risk distribution between coverages, captives, pools and all the variations that go into creating a risk strategy for your clients. You can also create pool summary reports at the captive level, including direct premiums, pool premium allocations, direct claims paid, reserves and claim shares from pool and claim settlements.
I could go on listing several more reasons why we believe Megalodon’s platform and the expertise of its people are unique service differentiators, however space and time are limited. Instead, Bill and I invite you to visit us on LinkedIn, Facebook and Twitter or, better yet, request a demo so that we can discuss how our software and expertise can help your company meet its objectives while being done with spreadsheets. Another win-win-win.
~ Jim Reuter, VP Business Development, is passionate about improving insurance operations using forward-thinking software and systems. He is strongly against Mother Nature making snow in the middle of May anywhere in the Northern Hemisphere. To talk to Jim directly, please call (800) 406-5551 or drop him an email at firstname.lastname@example.org.