VP Risk Management

About this Job General Summary of Position The Vice President of Risk Management and Insurance Services reports directly to the Executive Vice President of Medical Affairs & Chief Medical Officer and is accountable for the development implementation evaluation and strategic direction of MedStar Health's risk management and insurance operations. This includes responsibility for: MedStar Health's captive insurance company commercial insurance and reinsurance programs; claims management services and loss prevention services.The Vice President regularly reports to MedStar's executive leadership and Board of Trustees regarding the insurance program the claims management program and other risk management and insurance issues. This senior executive interacts with internal stakeholders at all levels within the organization and represents MedStar externally with business and community leaders brokers insurers and their underwriters regulators and legislators. Primary Duties and Responsibilities Lead overall strategy alignment and execution of MedStar's comprehensive risk and claims management program. Supervises a staff of 22 including the following positions at the level of manager and above: 1 AVP Medical Professional Liability & Claims Operations; 4 AVPs Medical Professional Liability; 1 AVP Claims & Risk Management (MWHC); 1 AVP Risk Management (Baltimore Region); 3 Directors of Risk Management (MGUH and Baltimore Region); System Director of Risk & Insurance; and Administrative Director System Risk Management Services Serves as the President of MedStar Health's captive insurance company to manage and provide Oversees directs and provides strategic leadership to the company. MedStar Health's captive insurance company program. Responsible for the operational performance of the captive including its service providers. Assures solvency compliance and oversees third-party management of the captive. In collaboration with MedStar's Finance Department works with outside actuary to forecast and report on the performance of the captive for adequacy of funding to support claims payments. Oversees and directs MedStar's centralized medical professional liability and general liability claims management program including setting individual case reserves evaluating claim exposures and managing a claim resolution strategy that mitigates enterprise risk. Oversees and directs MedStar's physician insurance program maintained in partnership with The Doctors Company's (TDC). This includes screening under-writing and onboarding all new physicians to the program negotiating with TDC on program design and premium rates and co-managing with TDC any claims that are covered under the program. Oversees MedStar's systemwide Risk Management program. Responsible for developing implementing and managing programs and activities to minimize risks related to patient safety regulatory compliance and financial loss. Provides leadership to entity-level risk management staff to ensure comprehensive incident reporting and proactive identification of potential risks. Maintains and analyzes risk management data to evaluate trends and the ongoing effectiveness of risk reduction strategies. This includes creating policies procedures and educational programs for staff. Works closely with legal patient safety and claims management teams to ensure appropriate response to harm events and claims of liability. Promotes a culture of safety and continuous improvement across the entire MedStar system. Directs program design and procurement of all lines of commercial insurance for MedStar Health this includes applications collection and maintenance of data claim notices and claims management. This includes property directors' and officers' liability automobile workers compensation cyber risk and financial and professional liability insurance. Oversees the workers compensation claims management program operated by a third-party administrator including approving all reserves established at or above a certain limit reviewing and approving all settlements and appeals and overseeing and negotiating the third-party administrator's contract for services. In collaboration with MedStar's Finance Department works with outside actuary to forecast and report on the performance of MedStar's workers compensation program for budget adequacy to support claims payments Effectively manages insurance consultant/broker relationships to insure sufficient access to all necessary insurance markets optimal pricing and coverage and advice on programmatic changes as appropriate. In collaboration with MedStar's quality and safety leadership provides effective leadership in the development and implementation of clinical loss prevention strategies including the identification and resolution of significant patient quality and safety issues. Report to MedStar's Senior Leadership MedStar's Board of Trustees and other leaders within MedStar on the insurance and self-insurance programs new and emerging risk issues issues that represent enterprise risk and the financial implications these represent. Actively participate in MedStar's internal efforts to educate and elevate all clinical and nonclinical staff regarding all issues that represent risk to the organization disposition of staff and its associates. Works closely with Vice President Government Affairs and executive leadership to represent MedStar in connection with outside governmental legislative and regulatory activity related to medical professional liability exposure and its impact on MedStar its physician staff and other associates. This includes playing a leadership role with the Maryland and District of Columbia legal and insurance industry as well as with organizations such as the Maryland and DC Hospital associations and others. Manages the department's operations and organization which includes recruiting training developing the department staff developing departmental and individual goals and objectives consistent with MedStar's mission and vision and values and its annual and long-term strategic goals. Effectively manages all budgetary responsibility including the risk management departmental budget MedStar's insurance budget and the budget for MedStar's captive insurance company. Represents MedStar in internal and external risk management leadership roles. Minimal Qualifications Education Advanced degree in one or more of the following disciplines: law finance business or healthcare administration or an equivalent combination of education and experience. required Experience 10+ years of successful healthcare risk management and insurance experience with an expert understanding of insurance coverages. required Demonstrated knowledge and experience in: Risk financing underwriting claims management risk management principles within a complex multi-institutional healthcare system Captive insurance company operations Patient safety Associate safety Benchmarking and metrics monitoring required Knowledge Skills and Abilities Strong communication organizational analytical and project management skills High degree of innovation creativity independent judgment decision-making self-motivation and confidentiality Staff management experience Experience in interacting professionally at all levels of an organization Concentration problem solving memory and analytic ability needed for administrating programs meeting deadlines and producing reports Ability to present complex insurance information and approaches to meet the needs of the organization Ability to provide a long-range view of organizational risk and insurance recommendations to see their broad impact on the organization Proven oral and written presentation skills to clearly articulate messages Demonstrated experience and credibility in risk management and insurance with an understanding of how they function in a complex organization Ability to promote trust and influence with internal leadership peers and external stakeholders Collaborative leader who creates an atmosphere of equity and inclusion Someone who seeks input and feedback regularly to improve personal and departmental operational performance A proven leader who values coaching and mentoring to support the success of others This position has a hiring range of USD $337,600.00 - USD $456,700.00 /Yr.