System and method for improving the operation of a business entity and monitoring and reporting the results thereof

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

• providing a risk reduction program to an insured healthcare facility;
• establishing an insurance product that requires participation in the risk reduction program;
• distributing the insurance product to the healthcare facility;
• monitoring the healthcare facility to determine whether the healthcare facility is meeting requirements of the insurance product, including satisfactory performance in the risk reduction program;
• determining, by a computer, a conformance of the insured healthcare facility to the requirements of the insurance product;
• attributing a numerical score to the conformance of the insured healthcare facility to the requirements of the insurance product;
• providing the numerical score to an interested third party;
• and
• responsive to determining the conformance is unsatisfactory, enforcing the requirements of the insurance product by employing countermeasures to assist the healthcare facility in meeting the requirements of the risk reduction program.

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

• a computer;
• an independent program catalyst that is operative to:
• select risk reduction program requirements for a target entity, designed to reduce risks of accidents associated with the healthcare industry, wherein participation in a predetermined insurance program is dependent on the target entity's agreement in advance to meet the risk reduction program requirements, and wherein the program catalyst is independent from an insuring entity providing the insurance program;
• implement procedures directed towards assisting the target entity in meeting the risk reduction program requirements;
• monitor the results of the target entity to identify the conformance to the risk reduction program requirements;
• and
• attribute, by the computer, a score to the monitored results;
• and
• a web-enabled software solution for providing the monitoring results and the scores to the target entity, the independent program catalyst, and an interested third party.

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, the insurance program requirements being one or more specific risk reduction activities required for participation in an insurance program;
• executing an insurance relationship between an insurer and the healthcare facility, the insurance relationship requiring an agreement in advance to perform the specific risk reduction activities, as well as actual performance of the specific risk reduction activities during the term of the insurance relationship to reduce insurability risk;
• monitoring the healthcare facility to identify performance of the risk reduction activities by the healthcare facility, wherein the monitoring is performed by a program catalyst that is independent from the insurer of the insurance program;
• providing, by a computer, 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 after entry into the insurance relationship responsive to determining the healthcare facility fails to adequately perform the risk reduction activities.

A computer program product embodied in a non-transitory computer readable medium, the computer program product comprising an algorithm adapted to effectuate a method for reducing risks of accidents in a healthcare facility, the method comprising:

• entering into a contractual relationship with a healthcare facility to provide a risk reduction program for the healthcare facility, wherein the risk reduction program is a contractual condition of a predetermined insurance product offered to the healthcare facility by an independent insurer at a guaranteed reduced cost;
• implementing procedures specifically directed to assist the healthcare facility in meeting requirements of the predetermined insurance product during the insurance term of the insurance product, thereby reducing risks of accidents associated with the healthcare industry;
• monitoring the healthcare facility's performance in the risk reduction program;
• and
• reporting the healthcare facility's performance in the risk reduction program to the independent insurer.