Captive Utilization & Optimization

Whether your organization has a captive insurance company or is contemplating forming one, it is imperative this risk funding vehicle functions effectively.  Many captives are speedily formed, lack clearly measured objectives, and therefore are not well positioned for success.  

With more than thirty years of captive insurance experience, Charles Kolodkin has been involved in both domestic and international domiciles.  This background has provided him with a keen understanding of the best practices for captive utilization and optimization.  In addition to captive feasibility and formation he has been a leader in:

  • Developing Captive Governance and Oversight standards
  • Consolidating and amalgamating multiple captives
  • Designing Captive Reinsurance structures and placements
  • Using the captive to link hospitals and physicians
  • Supporting on-shore stop loss insurance programs with a captive subsidiary

Arbitration of Complex Issues

Although litigation is sometimes necessary and inevitable, the time, costs, and toll it takes can make the process counterproductive.  The Alternative Dispute Resolution process encourages options to trials and prolonged litigation, including mediation, settlement conferences, and binding or non-binding arbitration.  

Charles Kolodkin has been a long-time advocate of ADR, first completing and qualifying as a mediator in the State of Texas in 1997.  He has conducted or participated in numerous personal injury and professional liability mediations many of which resulting in successful resolution of claims and lawsuits. As a recognized expert on risk management and insurance he is well qualified to mediate or arbitrate complex cases, including those related to insurance coverage.

Hospital Sponsored Physician Programs

Healthcare organizations are constantly seeking ways to strengthen the institution-physician relationship to lower overall expenses and improve patient care. Hospital sponsored physician medical malpractice programs are one technique to do this by aligning the interests of the various healthcare providers.  In these programs a well-defined focus is placed on clinical risk management and patient safety efforts to mitigate the likelihood of events leading to harm.  Additional strategies are implemented to coordinate claims defense and reduce the cost of litigation.

Charles Kolodkin is a nationally recognized authority on establishing and operating medical malpractice insurance programs for physicians affiliated with healthcare organizations.  His experience dates back to the early 1990s and he has overseen one of the most successful programs in the country.  He has developed long-standing business relationships with many professional liability insurers, including underwriters, claims representatives, and risk managers.

Claims & Litigation Expertise

There are many facets to a world class claims and litigation management program:  electronic event reporting, data analysis, early investigation, formal disclosure, disciplined reserving, structured claims oversight, defense counsel management, negotiation and resolution skills, and trial monitoring.  Many healthcare organizations either lack the resources or case volumes to justify retaining internal claims and litigation expertise and instead rely on outside counsel or their insurance brokers for guidance. 

Great Lakes Risks Advisors has the ability a number of claims and litigation services including:

  • Providing a systematic evaluation of internal processes
  • Added to the defense team as an expert or advisor on a challenging case
  • Consulting on Disclosure and Early Notification programs

Complex Risk Funding

Too often businesses view risk funding as simply insurance procurement and purchasing policies. Sophisticated companies recognize the intricacies of identifying risks and quantifying and addressing loss exposures.  They have an awareness of what risks can best be retained, factoring expected losses and the cost of risk transfer.  As part of this process, the comprehensiveness (or lack thereof) of the insurance coverage contract is evaluated.

Charles Kolodkin has been a pioneer developing innovative structures in property and casualty insurance for the healthcare industry.  He has worked with most of the leading the insurance and reinsurance companies throughout the world in introducing and refining creative programs for hospitals, managed care companies, and physician groups.   

Enterprise Risk Management (ERM) Programs

ERM is a widely examined concept that has been installed in many healthcare organizations, yet it is often misconstrued; the result being a process with less than optimum effectiveness.  Often hospitals implement an ERM program with a disproportionate focus on clinical operations and outcomes.  Although these areas are fundamental to the hospital’s mission, a proper ERM process must evaluate strategic, financial, people, and cyber risks and the mitigation activities addressing these areas.  Board participation and oversight of the ERM process is vital its continued success.

Charles Kolodkin has established and overseen ERM programs for more than 10 years.  He is a recognized ERM expert having written papers and spoken on the subject both nationally and internationally.