Zurich Healthcare has entered into a new relationship with Stanford Hospital and Clinics Risk Consulting (SRC). Zurich customers now have access to various services, including consulting and enterprise risk management, offered by SRC at a discounted rate.

“Offering clients access to Stanford services at a special rate is something others are not doing,” said Susan Salpeter, vice president for healthcare risk management services at Zurich.

A leading insurance provider for nearly 20 years, Zurich performs consulting and risk management for hospitals, medical groups and other healthcare clients. One of the services Zurich offers to its clientele involves Zurich consultants going to hospitals, analyzing particular departments and determining areas of risk. Zurich is currently one of the largest hospital malpractice insurance companies in the country.

The relationship between Zurich and SRC allows Zurich customers to have access to SRC services not offered by Zurich itself. The new partnership will allow SRC to expand beyond its current group of clients.

The services offered by SRC to Zurich customers include identifying risks and strategizing on managing those risks. Specific services include Process for Early Assessment and Resolution of Loss (PEARL), which is a consulting service dealing with compensation and remedial procedures, and Decision Analysis Reserve Targeting (DART), which involves quantifying risks to aid in financial and management decision-making. Another service, Safe Patient Handling, involves cost-benefit analysis used to provide safer environments for patients and caregivers.

Talks of a potential relationship between SRC and Zurich began six months ago when Zurich officials began meeting with Jeff Driver, chief risk officer of the Stanford Medical Center and executive vice president of Stanford University Medical Indemnity and Trust.

“They bring us clients that are similarly situated and have access to our services,” said Driver, who also serves as the liaison between the two organizations.

Zurich looks to expand the range of the relationship between the two organizations. Zurich’s annual education program started four years ago as a way of providing important information to clients. This year’s program will feature SRC, which will be offering a two and a half day course on strategic decision-making and risk management.

According to Salpeter, it was SRC’s expertise in the field that drew Zurich to Stanford.  Such expertise also facilitates research on liability insurance claims. Currently, Zurich has over 200,000 claims in its database, data that if studied and analyzed, would prove useful in future decision-making.

Zurich also hopes to collaborate with SRC on future web-based seminars.

SRC works primarily with the Stanford Medical Center and focuses on risk management and consulting, especially in revenue generation. However, SRC is currently expanding, offering its services to other hospitals and specifically customers of Zurich.

SRC is also the service provider of loss control and claims management to SUMIT, Stanford University Medical Indemnity and Trust Insurance Company Ltd. SUMIT provides liability and medical malpractice insurance to the Stanford Medical School, Stanford Hospital & Clinics and Lucile Packard Children’s Hospital.

SRC’s experience spans over 100 years, primarily in risk and insurance management.

There are no expected changes in Stanford hospital policies regarding patients as a result of the new working relationship with Zurich. According to Driver, SRC works primarily with administrators in improving safety practices.

“Together, we’re able to offer the best in risk management between two great organizations,” he said.