Insurance Companies Streamlining to Lower Premiums

Physicians Reciprocal Insurers (PRI) is amongst the malpractice insurance companies which are streamlining their operations, in efforts to maintain and lower professional malpractice insurance for healthcare professionals. PRI has consolidated their offices, and plans to move their headquarters into a rennovated and re-engineered 100,000 square foot facility in ROslyn, NY by the end of this year. By consolidating in this fashion, they expect to employ 250 people in Nassau County, while closing the Manhasset and New Hyde Park locations. PRI suggests that the move will allow them to contain costs without reducing their services. Their plans include a renewed commitment to strong claims defense, and working with their clients to reduce risk management.

As the depressed economy continues, it seems likely that insurance providers will all be looking for ways to reduce costs. Consolidating offices may be a step in the right direction, but it’s certainly not the only means of doing so. Electronic forms, strongly supported by President-Elect Obama, can make a difference in more ways than avoiding the paperwork shuffles. We can expect to see considerable innovation as companies try to lower their costs. It may be worthwhile to reconsider some of the more novel approaches, such as flexible work schedules. Practices which make for a more pleasant work environment will draw better employees while increasing efficiency.

Making changes to reduce costs doesn’t have to be done with a broadsword, by lopping off employees (Which may prove counterproductive overall in tighter financial times,) or reducing coverages, wages, or benefits. Many forms of innovation may reduce expenses while increasing productivity in a positive fashion. We commend the insurance providers for seeking ways to reduce costs, while encouraging them to create positive solutions towards that goal. In the final analysis, streamlining will be good for the healthcare overall, so long as care and consideration are given to those working in all aspects of the industry.

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