Resolve. Deciding firmly on a course of action; resoluteness. At BETA, resolve is at the heart of what we do on a daily basis, and our people embody its intent: faithful, loyal, constant, steadfast. It was a uniquely challenging year, and the impact of COVID-19 has not changed BETA's mission of partnering with our members to manage risk and improve the quality, safety and financial results of our member healthcare organizations by providing superior risk management products and services.
People supporting people
The staff at BETA demonstrated focus, dedication, and professionalism in supporting and serving our members with passion. From pivoting to working from home to creating new tools and processes and leveraging existing systems to support the heroic work of our members, 2020 was a year in which everything changed, yet the fundamentals of relationship and service remained the same.
As our members experienced resource shortages and dealt with standards and regulations that were constantly changing, we mobilized to help. The COVID-19 pandemic also led to precipitous drops in elective surgeries and procedures, and in-person medical visits plummeted, impacting member revenues. This situation led the BETA Council to approve an accelerated, single payment of all 2020/2021 dividends (instead of our standard two separate payments) to help ease potential member cash flow issues that arose due to the pandemic. Returning 100% of each eligible member organization's dividends early in the contract year is one of the many ways that, as a member-owned and governed organization, BETA demonstrates commitment to our healthcare organizations when they need it most.
Innovations in data
Part of BETA's unique approach to risk management at its member organizations is proactively introducing risk management techniques with an eye towards mitigating, rather than reacting to risk. By enhancing our digital reporting capabilities and delivering data to members via dashboards and Risk Management Stewardship Reports, BETA is innovating with intelligence. We are making advances in our delivery of data that will allow members to not only review and analyze their claims, risk and safety, and underwriting performance, but also benchmark their performance against other healthcare facilities. This new capability will help members make data-driven decisions that will help protect both patients and employees.
BETA achieved outstanding financial results in 2020 and is well positioned to continue to serve our growing and committed membership. We had written premiums of $161 million, and we ended the year with a net position of $305 million. Net income from operations was $35.4 million, and the BETA Council authorized $15.7 million in member dividends - the 29th consecutive year that BETA will return dividends to its members. Total assets were $703 million, and BETA's net investment income totaled $22.7 million.
Optimism for the future
With 2020 behind us, things will slowly return to a more normal state. On the insurance side of things, we are already seeing Healthcare Entity Comprehensive Liability (HCL) and Workers' Compensation claims returning to pre-pandemic levels. While it was a challenging year in many ways, 2020 also provided incredible contrast that highlighted what we value most. The year made us appreciate face-to-face conversations and interactions with family, friends, co-workers, brokers and members. Compassion and empathy was front and center as we all learned to navigate our new realities.
We are truly optimistic about 2021, and the future of BETA is bright. As we continue to grow and change as an organization, we remain steadfast in our commitment to providing best-in-class service and helping our members manage risk so they can deliver the best patient care while reducing harm to patients and protecting employees in the workplace.
2020 ANNUAL REPORT
Since 1979, BETA Risk Management Authority has grown to 153 JPA members, becoming one of the nation's largest risk-sharing pools.