Whether you are a member of a veterinary hospital or a managers’ group, it is essential to understand how your practice’s insurance program is performing compared to others in your industry. Reviewing your policies, and comparing them to others within the industry, will help you establish a baseline to evaluate your coverage and determine where improvements are needed.
In simple terms, Veterinary Benchmark Analytics is a hyper-detailed analysis report of all of the coverages you currently have for your hospital along with key performance indicators of areas of risk where you are unknowingly exposed, coverage standards for your industry, and benchmark comparisons against all the members of your veterinary group. We also include in our reporting rate and coverage comparisons to other hospitals in your state, region and the industry as a whole.
We have actively worked with practice managers groups, Strategic Growth Alliance (SGA), and VMG.
We first start with obtaining all the current insurance policies of your hospital as well as all the members of your veterinary group. We do a comprehensive coverage exam to pinpoint areas where you are exposed to risk and being overcharged.
We provide 3 hours of on-site continuing education (CE) at your next group meeting and integrate the group benchmark results into the CE. At the conclusion of the session, each member is provided a detailed RPM (risk peril metric) report with any applicable coverage and rate recommendations to help ensure that your hospital and those of your group are more equipped to transfer risk, protect financial viability and lower your annual insurance expense.
Though the information gathered may be similar, the differences between the two processes set benchmarking and competitor research apart.
While competitor research focuses on performance and a quick fix for the company, benchmarking is geared toward improvement and growth. Competitor research looks at what peer companies are doing. It seeks to do the same thing with the understanding that a similarly positive result will be achieved.
Benchmarking looks at the best practices of the company and identifies what works and what isn’t. Rather than attempting to mirror another company or copy their practices, benchmarking reveals what the company may need to do to maintain proper risk mitigation strategies.
We at Vetinsure have been exclusively focused on the veterinary industry insurance needs for more than a decade. We advise and evaluate your insurance coverage based on the individual needs of your business.
Our years of experience in the industry make us uniquely able to evaluate your veterinary group and compare it with other industry insurance policies, helping you get the best quality and most comprehensive coverage at the lowest cost possible.
For more information about our insurance coverage offerings or to schedule a policy examination and review, give us a call today.