The independent-practice coalition Strategic Radiology has founded a captive health insurance program, aka a “self-insured” or “self-funded” plan, which it will offer to its 1,500 or so member physicians and their respective support staffs.
Calling the operation SR Health, the 33-group alliance says the endeavor should help participants save 30% or so on premium payments while also giving them more control over coverage details and opening better visibility into plan data.
Already eight SR practices representing 2,000 enrollees are up and running with SR Health, Strategic Radiology says in an announcement posted Jan. 11.
SR adds that it expects “many more” of the 33 groups in its fold to sign on as their current contracts expire in the coming months.
The coalition has contracted with established companies to tap outside expertise in five areas, SR notes. The contract companies include a captive analyst and program manager, a reinsurance provider, a pharmacy benefits manager, a third-party administrator and a national broker.
Strategic Radiology CEO Scott Bundy, MD, suggests SR is in good company among U.S. employers looking for entrepreneurial ways to counter the endlessly rising cost of employee healthcare.
“Our practices came together, educated themselves on the options, and built an insurance captive program that will lower costs and improve flexibility for our member groups,” Bundy says. “In exercising an ownership mentality, Strategic Radiology member groups will reap significant cost savings and plan control.”
SR chief operating officer Barbara Perez Deppman adds that the new program is “a testament to the collaborative effectiveness of our owner-members.”
Full announcement here.
Dave P. has worked in journalism, marketing and public relations for more than 30 years, frequently concentrating on hospitals, healthcare technology and Catholic communications. He has also specialized in fundraising communications, ghostwriting for CEOs of local, national and global charities, nonprofits and foundations.