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Published on: November 26, 2019
Conversations with your actuary: getting to the right number.
1Milliman, Chicago, USA. richard.frese@milliman.com
Summary
Healthcare finance leaders can improve insurance programs and manage liability by consulting actuaries on claims, exposure, coverage, financial reporting, and operational goals.
Area of Science:
- Healthcare Finance
- Actuarial Science
- Risk Management
Background:
- Effective management of healthcare insurance programs is crucial for financial stability.
- Understanding and mitigating organizational liability is a key concern for finance leaders.
- Actuarial expertise is vital for accurate financial forecasting and risk assessment.
Purpose of the Study:
- To outline key areas for discussion between healthcare finance leaders and actuaries.
- To enhance the recognition and management of healthcare insurance programs.
- To improve the handling of organizational liability within healthcare finance.
Main Methods:
- Discussion of critical financial and operational areas with an actuary.
- Analysis of claims management strategies.
- Review of exposure, coverage, and retention policies.
Main Results:
- Improved recognition of the organization's insurance program.
- Enhanced ability to manage program liability.
- Better financial reporting of losses.
Conclusions:
- Collaboration with actuaries on specific financial and operational matters strengthens insurance programs.
- Proactive discussion of claims, exposure, and coverage is essential for liability management.
- Strategic financial reporting and goal alignment with actuarial insights optimize healthcare finance operations.
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