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Rates to remain flat: PHT to refund nearly $5.2 million to members
11/18/2011
 
Eligible Palmetto Hospital Trust members will receive refunds in 2012 totaling nearly $5.2 million and PHT members will enjoy another year of flat rates. This marks the sixth year in a row that rates will remain flat for PHT members. Over that same period of time, Trust members will have received a total of $30.4 million in refunds.

“This is wonderful news for Palmetto Hospital Trust members. We are pleased to see their loss prevention strategies are paying off,” says Larry W. Gray, AIC, executive vice president, claims & risk management at PHTS. In particular, he noted the salutary impact of prompt reporting of claims, the emphasis on preventing lifting injuries, and widespread implementation of transitional duty programs.

Jay Bikofsky, chair of the PHT board of trustees, credits the Trust’s success to the confidence members have in the self-insured pool’s risk management initiatives. “PHT has been at it a long time, and over the years Trust members have seen that targeted initiatives do lower worksite accidents and injuries. Our healthcare facilities care about their workers and are prompt to adopt safe practices as their benefits become apparent,” he says.

PHTS management will deliver the refund checks to eligible members during the first quarter of 2012. According to policies approved by the PHT board, only members participating in the Trust on the date of distribution are eligible to receive refunds. Additionally, the Trust’s refund policy provides for paying refunds to members over a period of years, to allow for loss development.

The refunds approved by the board at its November 17, 2011 meeting are based on Trust participation and claims experience in 2007-2009, as well as interest income from 2009.

PHTS management will conduct renewal meetings with Trust members over the next few weeks. Along with providing specialized risk management services, PHTS remains committed to providing state-of-the-art claims administration and educational and information services. The latter are provided at no additional cost to Trust members. For more details, contact Larry Gray at lgray@phts.com or 803.731.5300.