HEALTHCARE :: RISK CONSULTING

Who are we?

Myron Steves Risk Consulting, a division of Myron F. Steves & Company, is a fee-based source of alternative risk-financing and self-insurance program solutions. Myron Steves Risk Consulting is the non-transactional counterpart to Myron Steves Healthcare, which specializes in brokerage and underwriting solutions.

What do we do?

The efforts of Myron Steves Risk Consulting are focused on the design of innovative alternative risk-financing structures and the efficient management of fully or partially self-funded programs. We work in close collaboration with brokers, agents and other professional advisors, with the goal of optimizing solutions for the ultimate client, the healthcare organization.

Among our areas of expertise are:

Captive Feasibility
Self-Funded Trust Development
Actuarial Services and Modeling
Claims Consulting and Reserve Analysis
Clinical Risk Assessments
Group/Association Program Performance Evaluation

How do we do it?

First, we listen. In every engagement we invest the time necessary to understand the clients business, financial and operational environment and risk tolerance. We do not presume to know what a particular client "needs" without first gaining this perspective.

Once needs are established, and a course of action charted, we seek to match our specialized expertise in a given area to the individual client's situation. We accomplish this using a combination of highly experienced in-house professionals and affiliated independent consultants who are "preferred providers" for Myron Steves Risk Consulting. Our team includes skilled, experienced professionals with credentials in law, finance, medicine, underwriting, claims, and applied statistics. Our approach is highly customized to meet the needs and expectations of our healthcare clients - it is decidedly not "one size fits all."

What value do we bring?

Examples of our recent or current client engagements include:

A major Northeast teaching hospital, reevaluating its entire claims and risk management structure and its participation in a joint captive program.
An investor-owned chain of assisted living centers with significant operations in Texas, Florida and other states, desiring to explore captive feasibility.
A prominent faith-based health system interested in restructuring its risk-financing program with domestic and offshore captives to certain risk and purchase excess liability coverages more efficiently.

In each of these instances, Myron Steves Risk Consulting has worked with the healthcare organization and its designated broker to evaluate the client's current situation, analyze in depth the financial and operational impact of various alternative solutions, and implement strategies with quantifiable savings well into the millions of dollars. Our sophisticated technology that estimates the discounted present value of losses is a useful guide to our clients' decision-making processes.

Healthcare Industry Advocates - Texas Tort Reform 2003

Myron Steves actively participated in the successful drive for major tort reform in Texas in 2003. Our role as advocates included: input on substantive issues relating to the proposed legislation; financial contributions and development of voter education materialsthat weredistributed statewide. The newly passed reforms have permanently changed the liability climate for both providers and insurers in Texas, and have access to care for millions of citizens. Can we help in your jurisdiction?

Affiliated Services

Working through our network of preferred, regularly retained consultants, Myron Steves Risk Consulting offers an array of focused services, including the following sampling:

Evaluate the claims-handling systems of healthcare organizations
Monitor specific serious injury cases and serious claims
Track positive balances that accrue with insurers and reinsurers
Advise clients on claim litigation strategies