Welcome from the CEO

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Charting the Course
Headwinds bring change, but they also bring opportunity. One thing we know about healthcare is that it is always evolving. Healthcare organizations, perhaps more than businesses in other sectors, are truly impacted not only by market shifts and consumer preference, but by changes that occur in their communities and with the people they serve. BETA is a constant in a sea of change. Our founding reason for forming a risk-sharing pool was to help control and stabilize the cost of medical professional liability and workers' compensation insurance for our member healthcare organizations. As an insurer, we've had to adapt to changes in the insurance marketplace and workplace shifts, and as our members have grown and changed, we have too. Over time we've expanded our offerings, upgraded systems and processes and modified how we work. Even in the midst of change, from market shifts to the upcoming impacts of the new MICRA provisions, one thing we know for sure. BETA's true north has been, and will always be, our commitment to healthcare and the success of our members.

A Macro Look at MICRA
The landmark MICRA legislation is the biggest change to the medical professional liability landscape in nearly 50 years. It will take a while for the full impact of the modernized law to have an effect across the insurance continuum, from carriers to healthcare organization policyholders, but here at BETA we do expect a few things. Claims frequency is expected to increase and the new provisions, over time, will make exposures somewhat predictable. So, what are we going to do in the meantime? What we've always done over the past 43 years. We have a wealth of claims data to mine and are at a distinct advantage in evaluating risk and developing models to fairly and accurately price for the unique exposures and claims histories of our members. While other insurers may decide to exit California due to the uncertainty, we'll stay the course as we have always done. With our sole focus on the healthcare space we'll use our knowledge and risk management expertise to not only reduce risk exposures and apply a principled approach to responding to harm in healthcare to achieve resolution of claims, but also remain a vibrant market for our member healthcare organizations.

Connecting Data, Technology and Decision Making
Just as we use our data as a factor in pricing for the risk in underwriting, BETA takes a synergistic approach to utilizing data to drive decision-making across our enterprise. The sharing of data among Claims, Risk Management and Safety and Underwriting populates a data set from which we generate robust analytics to inform not only new business and renewal decisions, but also populate real-time member dashboards. Recent work on looking at a member account's complexity not only drives our ability in Claims to continuously monitor open files for early damages, workload and reserving but also provides data insights that can indicate the need for additional BETA support and resources. This information gives us an opportunity to proactively work with our members to address trends we see in the data and offer services and programs such as our Employee Safety & Wellness Initiative that help members tackle issues before they turn into risks requiring mitigation, or even into claims. We find that our programs, initiatives and services make a difference, not only for members but also have a hand in BETA's results.

Financial Highlights
BETA's gross member contributions written were $190 million for the year ended December 31, 2022, 7.1% higher than budget, including $4.1 million in new business. Net income from operations was $3.6 million. The BETA Council authorized $11.4 million in member dividends - the 31st consecutive year that BETA has returned dividends to its members. Total assets were $714 million as of December 31, 2022.

Work has changed, and BETA is changing how we work and experience our work life. Culture isn't static and BETA continues to look at ways to enhance and evolve our culture and advance a common purpose. A cross-functional team of BETA employees worked on revising BETA's Mission and Vision statements and created a new set of corporate Values that reflect how we want to show up for ourselves and our members. Belonging, Compassion, Continuous Improvement, Collaboration and Courage will be our beacon and guide. In addition to looking at ourselves, we took the opportunity to examine the dynamic world of work that impacts workflow, teams and operations. Our move to a more flexible work model led to a look at our physical workspaces and we undertook remodeling projects at all of our BETA office locations with an eye toward engagement, collaboration and innovation. Our new and reimagined workspaces are light-filled, tech-enabled spaces that provide not only modern workstations for in-office employees, but flexible work pods for those who come into the office for meetings and other functions. There are huddle rooms and spaces for informal gathering and hallway conversations. These refreshed workspaces enhance our hybrid work model and go hand in hand with the work we are doing to advance BETA's culture by creating a work environment that contributes to a larger goal of wellbeing and productivity.

Change is often a disruptive force that presents us with opportunity. The past three years introduced headwinds, and we've had to navigate, or tack, into that upwind. By placing ourselves as high into the winds as possible to keep our sails full, new opportunities emerge. Disruption can catalyze plans and bring new ideas to the fore. Healthcare is a resilient space, and BETA will be there for its members with a steadfast focus on providing flexible coverage solutions and consistent and leading-edge claims and risk management services. Our commitment is unwavering, and we will help our members chart their futures as a trusted partner invested in their operational continuity, safety and success.


Download (.pdf) the 2022 Annual Report.

Members can log in to view current audited financials and prior annual reports here.


Since 1979, BETA Risk Management Authority has grown to 159 JPA members, becoming one of the nation's largest risk-sharing pools.

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