RECOMMENDATIONS
A more proactive approach to risk & people
Healthcare organizations face a complex risk landscape shaped by rising litigation, evolving care models, and persistent financial, operational, human, and technological threats. To navigate these challenges and secure favorable outcomes, risk and people leaders must be proactive rather than reactive.
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Expect more from your risk and people advisors.
Placing insurance and benefits programs is table stakes. Look for advisors like Lockton who can offer healthcare industry-specific insights and guide data-driven solutions. Your advisors should take a holistic view of risk and people, challenge assumptions, and use advanced modeling to support the development of financially and operationally efficient programs.
Focus on planning and preparation.
A regular cadence of scenario planning and tabletop exercises — testing responses for financial crises, cyberattacks, natural disasters, workplace violence events, and more — can enable healthcare executives to quickly respond and adjust strategies when market conditions change, without compromising financial stability.
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Invest in workforce and reputation.
Staffing shortages and reputational risk are intertwined. Healthcare organizations should reinvest in training, workplace safety measures, conflict resolution programs, and facility upgrades. In addition to helping avoid or mitigate potential crisis events and building trust with both employees and the public, showcasing these efforts during underwriting presentations can help organizations differentiate themselves and yield more favorable outcomes at renewal.
Address emerging technology risks and opportunities.
Leveraging innovation and new technologies such as artificial intelligence and ambient listening tools can drive operational efficiency and performance quality, both of which are key to margin management. However, organizations — and their senior leaders — cannot ignore critical privacy and evidentiary concerns. Strong governance frameworks for AI use, data retention, and algorithm monitoring can mitigate liability and regulatory scrutiny. Robust controls, incident response and business continuity planning, and technology vendor oversight can also help to mitigate a variety of cybersecurity threats.
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Look for opportunities to implement targeted solutions.
Data and specialized expertise can also support informed and targeted decision-making around cost management, talent solutions, regulatory compliance, and more. Prioritize disciplined pharmacy procurement as well as care management programs with demonstrated engagement and measurable return on investment. Also take a multifaceted approach to managing litigation exposure that includes robust policies — for example, chaperones, credentialing, and investigations in sensitive care settings — preventable event transparency, early resolution programs, and aggressive claims management.
Align workforce planning, rewards, and benefits strategies.
Understand what different employee segments value the most and segment offerings by role, business line, and market position. This can support recruitment and retention, promote sustained engagement, reduce reliance on premium labor, and better match staffing models to clinical and operational needs.
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Start insurance renewals early and build relationships with carriers.
Communicate early and often with insurers, especially professional liability carriers, about financial stability, and loss control initiatives, and claims management programs. Work with brokers to prepare for potentially greater scrutiny and stricter terms — including higher retentions — and to deliver complete and accurate underwriting submissions.
In an increasingly complex and interconnected environment, long-term viability will depend on proactive, enterprise-level thinking that moves beyond isolated decisions and recognizes how market forces, risk, human capital, and financial strategies must work together to support resilience, continuity, and sustained performance.
The challenges facing the healthcare industry are complex and unprecedented. Connect with a member of Lockton’s Healthcare team to learn how we can help you manage key risks, insurance programs, and people so you can stay focused on what matters most:
caring for your patients, your team, and your community.
Reach out for more insights on the healthcare industry.
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