Announces $5 million surplus distribution to eligible subscribers
TORONTO, May 16, 2012 /CNW/ - Over 250 people including subscribers, partners, board members and staff gathered on April 30 for the 25th Annual General Meeting and 10th Annual Healthcare Risk Management Conference of HIROC (Healthcare Insurance Reciprocal of Canada). 2012 is a milestone year for HIROC because it marks 25 years since the reciprocal was formed.
"There were more than a few skeptics about the reciprocal concept when HIROC got its start in 1987," said HIROC board chair Bryan Leier. "But from the beginning, the early founders knew this little upstart was never going to think conventionally about itself or its role in the healthcare world."
What made HIROC distinct, according to CEO Peter Flattery, was a desire by the members to work as partners, not just to share losses but to reduce risks and in the process, make significant contributions to improving patient safety and healthcare in Canada.
HIROC started with 52 subscribers and today works with over 550, making it the largest healthcare liability insurance organization in Canada.
Throughout its 25-year history, HIROC has paid particular attention to mitigating the harm and costs of accidents in healthcare organizations through its risk management program. At the AGM and Risk Management Conference, HIROC unveiled the new Risk Assessment Checklists, a more streamlined and user-friendly version of the previous self-appraisal tool.
"Our early subscribers were looking for an insurance provider that could deliver solid protection and long-term financial stability and I'm proud to say, we have delivered on that promise," said CEO Flattery. Solid financial growth in 2011 led to an announcement at the AGM that HIROC will be making a surplus distribution of $5 million to eligible subscribers.
"This brings our total distribution since inception to over $81 million," said Peter. "That is money that is going back into the healthcare system."
At the AGM, the board announced the appointments of Elizabeth A. Bardon as Chair and Cathy Szabo as Vice-Chair. Elizabeth is a member of the senior leadership team at Hotel Dieu Hospital, Kingston, Ontario where she has worked for the past 15 years. She is a Certified Health Executive through the Canadian College of Health Leaders who holds a Health Services Management certificate from the Canadian Healthcare Association and a Master of Arts Degree from the University of Guelph.
Cathy Szabo is Chief Executive Officer of the Central Community Care Access Centre, headquartered in Newmarket, Ontario. She is a Registered Nurse, holds a Masters Degree in Public Health from the University of Minnesota and is a Certified Health Executive through the Canadian College of Health Leaders.
HIROC also welcomed three new members to its board: Kevin Empey, Chief Executive Officer, Lakeridge Health, Oshawa, Ontario; Robert Howard, President & CEO, St. Michael's Hospital, Toronto; and John Stinson, Chief Executive Officer, South Eastman Health, La Broquerie, Manitoba.
Healthcare Insurance Reciprocal of Canada (HIROC) works in partnership with healthcare organizations across Canada to create meaningful and productive change resulting in greater safety, a reduction in claims and incidents, and improved system efficiency. Founded in 1987 with 52 healthcare organizations in Ontario, HIROC has expanded to over 550 subscriber organizations across Canada. Subscribers include regional health authorities, hospitals, midwives, long-term care facilities, community health centres, homecare organizations, associations and regulatory colleges.
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