Transformation. Change, metamorphosis. At BETA, transformation means evolution, not revolution. While change is at the heart of the healthcare industry, BETA's steadfastness of purpose and singular focus as the expert provider of insurance solutions for the healthcare space, defines us and guides our mission of protecting our members, when they need us most.
Today, BETA is the market leader in healthcare facility liability coverages and we're a significant player in providing workers' compensation coverage to the healthcare industry. We're a trusted partner committed to serving the needs of our members - from hospitals, health centers, clinics, hospices, medical groups, and aging services organizations, to physicians and other healthcare workers.
A legacy built together
We've built a 40+ year legacy of nurturing and developing relationships that stand the test of time and deliver on our promise to provide members with flexible and comprehensive coverage options, programs, and tools that mitigate risks and reduce coverage costs. Our growth in members and premiums has been steady over time and our member retention is extremely strong.
The journey is the destination
BETA has a unique approach to risk management. By working with personnel at all levels of a healthcare organization who are responsible for different facets of risk management and seeking to understand their culture and the environment they work in, we work alongside our members' teams to proactively introduce risk management techniques with an eye towards mitigating, rather than reacting to risk.
By investing in our members' risk management efforts through our incentive programs and services - our members experience fewer incidents and ultimately, lower claim costs. In a recent review of claims frequency for member facilities participating in BETA's Quest for Zero ED and OB initiatives, we determined that the implementation of a Quest for Zero initiative has not only averted claims and losses, but also contributed to an estimated annual savings of $4.1 million dollars per year.
BETA had a stellar year in 2019 and our financial results reflect it. We had earned premiums of $136 million, and we ended the year with a net position of $269 million. Net income from operations was $23.5 million, and the BETA Council has authorized $14.5 million in member dividends – the 28th consecutive year that BETA has returned dividends to its members. Total assets were $680 million, and BETA’s net investment income totaled $19.9 million.
Introducing our BETA Council Chair
On January 1, 2020, Donna Hefner, CEO of Sierra View Medical Center became Chair of the BETA Council, the first woman and the first nurse to lead BETA's governance. She has always been an advocate for patient and employee safety, with her hospital participating in every risk management and safety initiative BETA offers. Welcome Donna!
The future of BETA
The path forward for BETA will be a blend of continuing existing successful initiatives and new and expanded products and services. Focused on providing consistent and leading-edge service to our growing and committed membership, BETA has all the ingredients to continue growing, succeeding and being a great place to work. When you add the outstanding team of almost 150 insurance and risk management professionals and an engaged governing board in the BETA Council, BETA's members can focus on their healthcare mission while BETA continues its focus on helping our members manage risk.
2019 ANNUAL REPORT
Since 1979, BETA Risk Management Authority has grown to 153 JPA members, becoming one of the nation's largest risk-sharing pools.