Articles from BETA Healthcare Group

BETA Healthcare Group (BETA) once again received solid reviews of its financial strength and overall credit rating from AM Best, the insurance industry’s leading credit rating agency. BETA Healthcare Group is rated “A” (Excellent) by AM Best with a stable outlook. This rating reflects BETA’s balance sheet strength, which AM Best categorizes as “Strongest.” Some key aspects of AM Best’s rating rationale include:

A.M. Best Company, the largest credit rating agency in the world specializing in the insurance industry, has affirmed BETA Healthcare Group’s (BETA) financial strength rating of “A” (Excellent) with a stable outlook. Their rating presents a thorough, objective and independent analysis of BETA’s financial operations and credit strength. A.M. Best noted several key aspects of BETA’s operations that contributed to its rating:

BETA Healthcare Group (BETA) announces that its risk consulting services are well-aligned to The Centers for Medicare & Medicaid Services (CMS) Patient Safety Structural Measure (PSSM) and are available not only to BETA members but also to hospitals and healthcare organizations that are not part of its insurance program. With the PSSM and other federal and state mandates on the horizon, meeting these new governmental requirements is imperative. BETA, long recognized for its development of robust patient safety and employee safety programs and its leading-edge risk strategy, will partner with hospitals and healthcare organizations in consulting engagements to instill best practices and operationalize strategies to strengthen systems for safety at a foundational level.

BETA Healthcare Group (BETA) announces that it has entered into an Alliance Agreement with Cal/OSHA in which the two organizations will partner in training opportunities and the creation of safety materials that will advance employee and workplace safety in California. A formal signing ceremony was held on October 17, 2023, at the California Department of Industrial Relations (DIR) offices in Sacramento, with Jeff Killip, Chief, Division of Occupational Health, DIR, Corey Grove, BETA CEO, Heather Gocke, Vice President of Risk Management and Safety at BETA, and members of the collaborative team from Cal/OSHA and the risk management and employee safety team at BETA in attendance. BETA is one of only a handful of organizations selected to participate in the Alliance Program, whose participants support Cal/OSHA’s strategic goals and are committed to worker safety and health.

A.M. Best, the insurance industry’s foremost credit rating agency, has affirmed BETA Healthcare Group’s (BETA) financial strength rating of “A” (Excellent) with a stable outlook. This year’s rating continues to reflect BETA’s strong balance sheet, historically positive operating performance, proactive enterprise risk management program overseen by senior management with participation from the BETA Council, and sound business profile as a leading provider of medical professional liability insurance. A.M. Best noted several key aspects of BETA’s structure and operations that contributed to its rating:

BETA Healthcare Group (BETA), the largest professional liability insurer of hospitals on the West Coast and provider of a host of liability and workers’ compensation coverages for healthcare organizations, has maintained its “A” (Excellent) rating with a “Stable” outlook from A.M. Best. The rating reflects BETA’s balance sheet strength and strong operating performance.

BETA Risk Management Authority (BETARMA) announces that the BETA Council has approved member dividends of $14.3 million for the 2022/2023 contract year, to be paid in two installments as part of the July 1, 2022 renewals. Since 1992, BETARMA has cumulatively returned $224 million in dividends to its eligible healthcare members.

BETA Healthcare Group (BETA) and The Just Culture Company announce a strategic alliance to advance the promotion of Just Culture principles to BETA member hospitals and healthcare facilities. BETA has inked an agreement to exclusively use and teach The Just Culture Algorithm™, which provides a methodology for considering what to do when an error occurs and suggests actions to take to address the event from both the system and employee perspective, and is co-branding the algorithm for use with its members. As part of the alliance, BETA is sending personnel to train with David Marx, Just Culture pioneer and CEO of The Just Culture Company/Outcome Engenuity, to become Just Culture Master Certified trainers.

BETA Healthcare Group (BETA) and the Hospital Quality Institute (HQI) are pleased to announce our partnership to bring BETA HEART®, a nationally recognized holistic, comprehensive and systematic approach to responding to and reducing harm events in healthcare to CHA/HQI member hospitals in a special program called HQI Cares: Implementing BETA HEART. BETA HEART is a proven and successful program that guides hospitals toward unprecedented progress in patient safety and the healing of both patients and healthcare workers after an adverse event.

BETA Healthcare Group (BETA) announced today that Abiy Moges, CPA has been named Vice President of Finance and Chief Financial Officer. In this role, Moges will oversee all aspects of finance and accounting for BETA Healthcare Group and its affiliated companies, BETA Risk Management Authority and Health Providers Insurance Reciprocal, RRG.

BETA Risk Management Authority (BETARMA) announces that the BETA Council has approved member dividends of $15.7 million for the 2021/2022 contract year, to be paid in two installments as part of the July 1, 2021 renewals. This year’s dividend is the result of BETARMA’s strong financial performance in 2020. Since 1992, BETARMA has cumulatively returned $210 million in dividends to its eligible healthcare facility members, an amount unsurpassed by any hospital professional liability insurer doing business on the West Coast.