New healthcare captive firm launches in US
A new US-based captive firm focused on developing and administering turnkey captive insurance companies for ambulatory surgery centres, surgical hospitals, and other healthcare organisations, has been launched.
Surgical Captive, based in Dallas, Texas, provides solutions that allow its clients to protect their assets, save money, enhance cash flow, and benefit from customised insurance policies through the establishment of captive insurance companies.
Business owners form privately owned captive insurance companies to protect themselves from the risks associated with business ownership. Rather than paying insurance premiums for a policy to third-party insurers, premiums are paid to the captive. Pre-defined risks are underwritten with the assistance of a third-party actuarial team. Any reserves realised from unpaid claims remain an asset of the captive, protected from creditors of the business and available for investment or disbursement to the captive owners.
Surgical Captive works with healthcare professionals nationwide by forming and managing captive programmes. Once a captive insurance company is created, its owners are able to use their capital in more effective ways than paying insurance premiums to commercial insurers, such as expanding, investing, and growing.
The firm was founded by three executives: Jeff Blankinship, an ASC industry leader who is president and chief executive officer of healthcare IT solutions firm, Surgical Notes and founder of the Surgery Center Network; Randy Bishop, another ASC industry leader who is chief operating officer of Surgical Notes and a partner at VisionCap Investments; and Larry Anders, an insurance expert who is chairman and majority owner of Summit Alliance Companies, an independent financial services firm.
"Surgical Captive was formed as an answer to pressing insurance questions within the ASC and broader healthcare industry," Blankinship said.
"Captive insurance companies are an exciting and innovative way to minimize risk while accumulating wealth, and yet they are underutilised by healthcare organisations as the benefits are not easily understood or explained.
“With the proper guidance from Surgical Captive, the economic advantages of a captive programme will become readily apparent."