SYSTEM AND METHOD FOR IMPROVING THE OPERATION OF A BUSINESS ENTITY AND MONITORING AND REPORTING THE RESULTS THEREOF

• US 20080154653A1
• Filed: 03/06/2008
• Published: 06/26/2008
• Est. Priority Date: 10/23/2001
• Status: Active Grant

• Current Assignee: Timothy Gayle Goux
• Original Assignee: Timothy Gayle Goux
• Inventors: Goux, Timothy Gayle
• Granted Patent: US 8,799,024 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The present invention is a method and system for providing reduced insurance premiums to an insured entity and a reduced risk of loss to an insuring entity. A program containing certain program requirements for the insured entity is created, and procedures are designed for the insured entity to meet these predetermined program requirements. The proximity in meeting these program requirements are monitored and then communicated to an interested third party, such as the insurer. Thus, the present invention by monitoring the insured entity, and communicating information relating to the insured entity to the insuring entity, allows the insuring entity to reduce the insurance costs to the insured entity if such monitoring results in favorable information for the insurer.

Claims

1. A method for providing improved performance of an insured healthcare facility, the method comprising the steps of:

determining insurance program requirements designed to reduce risks of accidents associated with the healthcare facility;

formulating an insurance program containing the insurance program requirements;

reducing risks of accidents associated with the healthcare industry by implementing procedures designed for the insured healthcare facility to meet the insurance program requirements;

monitoring the results of the procedures to identify the conformance of the insured healthcare facility to the insurance program requirements;

identifying the conformance of the insured healthcare facility to the insurance program requirements; and

communicating data indicative of the conformance of the insured healthcare facility to an interested third party.

2. The method of claim 1, wherein the step of formulating an insurance program containing the insurance program requirements comprises an insured healthcare facility purchasing the insurance program.

3. The method of claim 1, wherein the step of formulating an insurance program containing one or more insurance program requirements comprises a single insurer offering the insurance program.

4. The method of claim 1, wherein the step of formulating an insurance program containing the insurance program requirements comprises several insurance providers underwriting the insurance program.

5. The method of claim 1, wherein the step of monitoring the results of the procedures to identify the conformance of the insured healthcare facility to the insurance program requirements further comprises providing feedback to the insured healthcare facility regarding compliance with the insurance program requirements.

6. The method of claim 1, wherein the step of communicating data indicative of the conformance of the insured healthcare facility to an interested third party further comprises the steps of:

attributing a score to the monitored results; and

providing the score to the interested third party.

7. The method of claim 6, wherein the step of attributing a score to the monitored results further comprises attributing a numerical score indicating the conformance of the insured healthcare facility to the insurance program requirements.

8. The method of claim 7, wherein the step of communicating data indicative of the conformance of the insured healthcare facility to an interested third party further comprises the step of providing the score to the insured healthcare facility.

9. The method of claim 1, wherein the step of monitoring the results of the procedures to identify the proximity of the insured healthcare facility meeting the insurance program requirements is performed after the insurance program is issued to the insured healthcare facility.

10. The method of claim 1, wherein the interested third party is an insurance underwriter.

11. The method of claim 1, wherein the interested third party is a reinsurer.

12. A method for creating an insurance product for an insured healthcare facility while minimizing insurance risks and reducing premium costs, said method comprising the steps of:

determining insurance program requirements designed to reduce risks of accidents associated with the healthcare industry;

creating a new insurance product containing one or more insurance program requirements;

distributing the new insurance product to the insured healthcare facility though a distribution channel;

reducing risks of accidents associated with the healthcare industry by providing an insurance program designed for the insured healthcare facility to meet the insurance program requirements;

monitoring the insured healthcare facility to determine whether the insured healthcare facility is meeting the insurance program requirements;

determining the conformance of the insured healthcare facility to the insurance program requirements; and

communicating data indicative of the conformance of the insured healthcare facility to a third party.

13. The method of claim 12, wherein creating a new insurance product comprises creating an insurance product comprising reduced premiums, reduced risk of claims by adherence assurances, and an increased standard in provided services.

14. The method of claim 12, wherein distributing the new insurance product to the insured healthcare facility though a distribution channel comprises distributing the new insurance product through authorized brokers.

16. A system for providing improved performances for a target entity, the system comprising the components of:

an independent program catalyst that is operative to;

identify program requirements designed to reduce risks of accidents associated with the healthcare industry;

reduce risks of accidents associated with the healthcare industry by implementing procedures directed towards assisting the target entity in meeting the program requirements;

monitoring the results of the target entity to identify the conformance to the program requirements;

attributing a score to the monitored results; and

a web-enable software solution for providing the monitoring results and the scores to the target entity, the independent program catalyst and an interested third party.

15. The method of claim 17, wherein the step of monitoring the insured healthcare facility to determine whether the insured healthcare facility is meeting the insurance program requirements is performed after the insurance program is issued to the insured healthcare facility.

17. The system of claim 16, wherein said score comprises an indication of the target entity'"'"'s conformance with said program requirements.

18. The system of claim 16, wherein the program catalyst is further operative to provide feedback to the insuring entity regarding said monitored results and said score.

19. The system of claim 16, wherein the program catalyst provides feedback to the insuring entity by utilizing the web-enable software.

20. The system of claim 16, wherein the independent program catalyst monitors the results of the target entity to identify the proximity to meeting the program requirements after the program has been issued to the target entity.

21. A method for improving performance of a healthcare facility by reducing risks of accidents, the method comprising:

determining insurance program requirements designed to reduce risks of accidents associated with the healthcare industry;

formulating a program containing the insurance program requirements;

reducing risks of accidents associated with the healthcare industry by implementing procedures designed for the insured healthcare facility to meet the insurance program requirements;

monitoring the results of the procedures to identify the conformance of the insured healthcare facility to the insurance program requirements;

identifying the conformance of the insured healthcare facility to the insurance program requirements;

calculating a performance score indicative of the conformance of the insured healthcare facility to the insurance program requirements;

communicating data indicative of the conformance of the insured healthcare facility to an interested third party; and

implementing countermeasures to improve insurance program conformance.

22. A method for improving performance of a healthcare facility by reducing risks of accidents, the method comprising:

determining insurance program requirements designed to reduce risks of accidents associated with the healthcare industry;

formulating an insurance program for insuring a healthcare facility containing the insurance program requirements;

executing an insurance relationship between an insurer and the healthcare facility;

monitoring the healthcare facility to identify conformance to the insurance program requirements by the healthcare facility, wherein the monitoring is performed by a program catalyst;

providing risk reports from the program catalyst to the insurer describing the conformance to the insurance program requirements by the healthcare facility; and

modifying the insurance program based on the conformance to the insurance program requirements by the healthcare facility.