Welcome from the CEO

Focus
Healthcare is exciting, complex and unique. New ways of doing business and reaching and connecting with the community, new technological innovations and the challenge of implementing new mandates and regulations are the norm. The risk is ever-evolving. At BETA Healthcare Group, we understand healthcare.

It's in our name and it's what we do - our sole focus, our reason for being. It is just as important to us to help our member hospitals, healthcare facilities and medical groups prevent a claim from happening in the first place as it is to be there for them in the event of a claim. BETA occupies a unique position given its expertise in both risk and healthcare. We have a pulse on risk and exposure, but also developments in the always changing healthcare industry. With over 45 years of managing risk through expertise, we are at the nexus of safety for patients and employees and are nimble in delivering creative, innovative and leading-edge solutions.

A Seat at the Table
Our knowledge of how to strengthen systems for patient safety, our work towards reducing medical error and our commitment to lending our expertise to healthcare organizations beyond our insurance pool led to an invitation to attend the White House Healthcare Safety Forum on World Patient Safety Day. The gathering put BETA in the room and at the table. Leaders from healthcare organizations, patient and workforce advocates, healthcare executives and key government officials all came together to address unexpected harm events, Just Culture and system safety and discuss how to prevent harm in healthcare. It was our first foray to the Hill and gave us an opportunity for voice and connection.

World Patient Safety Day also saw Heather Gocke, Vice President of Risk Management and Safety at BETA, participating in the march to Capitol Hill and placing a flag on behalf of her mother who experienced a significant medical error that changed her family's life forever and a flag for her sister-in-law who was lost to poor prescribing practices. Representing BETA alongside Patients for Patient Safety US in their advocacy efforts on World Patient Safety Day, she has described it as an incredibly inspiring experience mixed with beautiful moments in remembrance of those who have been impacted by medical harm.

A Voice for Our Members and Brokers
The BETA 2024 Customer Satisfaction Survey provided us with the opportunity to give voice to our members and brokers and learn about their experience with us. The anonymous survey gauged satisfaction regarding their overall experience as well as specific interactions with BETA departments and member touchpoints including the BETA website. Our overall satisfaction score was 95%, up from the 91% we scored in 2022. The comments were overwhelmingly positive about BETA with survey participants describing our employees as knowledgeable professionals who are responsive, supportive and helpful. BETA HEART was credited for advancing member's safety programs and called "a guiding light for healthcare." BETA is viewed as a true partner that is proactive and supportive of its members in a way that is not characteristic of other insurers, and the survey revealed member statements such as "BETA is here to help our organization succeed" and BETA is "committed to doing the right thing." Not an organization to rest on its laurels, BETA is taking the feedback, insights and ratings across various departments and metrics to help us address any pain points, improve our overall experience and refine our strategies moving forward.

Financial Highlights
BETA's gross member contributions written were $204 million, 4.2% higher than budgeted for 2024 and we added $5.6 million in new business. Net income from operations was $4.9 million. The BETA Council has authorized $6.2 million in member dividends - the 33rd consecutive year that BETA has returned dividends to its members. Total assets were $776 million, and BETA's net investment income totaled $21 million.

The Journey is the Destination
Healthcare is always on trajectory of change and transformation, and BETA, with its singular focus on the healthcare space, is along for the journey. We've grown and changed along with the industry, but what doesn't change is the need for solutions that combine distinct product features, sophisticated underwriting, competitive pricing and responsive claims and risk management services. Helping our members directly impact their patient experience and employee experience in terms of safety and wellbeing is what drives and motivates us every day. Just as focus is defined as "the center of interest or activity," BETA's focus is to deliver on our promise of partnering with our member healthcare organizations to not only manage risk, but also to make a positive impact on their quality, safety and financial results.