DC Risk Solutions stands apart from other healthcare liability insurance brokers by going beyond the expected to provide services that help solo practices to large groups to be more efficient and effective. DC Risk Solutions helps keep the moving parts of a practice running smoothly.
DC Risk Solutions has gained a reputation for being acompany that has been able to take decisive decisions quickly in response to threats and opportunities. The founder and CEO of DC Risk Solutions Shawn Evans adopted this business model from the Lloyds of London insurance market which used to pride itself on the fact,‘You could insure anything, if you could price the risk’, and convinced others they can make a profit. “We have always approached our business in the same way! Find a need and work to offer a solution,” says Shawn. “Very early in my career I was given the opportunity to move to London and work in the Lloyds insurance market. At that time, its very survival was in question following a few years of catastrophic losses.” During this phase Shawn learnt, he along with his peers, needed to work and function as a market and appreciate the healthy competition around them. However, as a group they had to work together to turnaround the entire market so it would survive.
“We were a small number of individuals who specialized in the healthcare sector and we needed to work together with a common goal while competing daily,” explains Shawn. “As a collective group we had to look at all of the clients as important part of the market, so we supported each other, even the competitor’s client! I was taught to be positive and focus on what I can do to make something better rather than focus on others faults or what they had done.” Armed with this philosophy, Shawn has come a long way and taken his company to new heights with each passing year.
Building a Singlepoint of Service
DC Risk Solutions was started in the UK in 1998 to provide an insurance solution for high severity low frequency medical claims. “In those days a $1 mill claim was considered catastrophic. We leveraged the rise of the dot com era with the desire of insurance companies and self-insured employers to carve out risks they were not able to handle,” says Shawn.
The company’s latest product, Integrated Payor Solutions is a salesforce native Medical claims adjudication and payment platform designed with this goal in mind. Currently payor organizations need to access multiple systems and input the same information multiple times to be able to manage, pay, and provide reporting on medical claims to be compliant with the rules and regulations. “We have built a single-point of service system where all of the information resides, where administrators and any third-party service providers can access the information and work in a secure environment.”
Integrated Payor solutions was built to give a first in class Medical Claims Administrator Solution for small to medium firms built on Salesforce with all the security, integration capabilities, and scalability being salesforce native brings. This is a SaaS model that is priced on a per-Employee per-month basis which tracks directly with their clients revenue. The current market offerings are a combination of home grown and purchased technology for specific tasks that generally do not work well together. In many cases clients have to bundle different programs together and build work arounds where they are not readily compatible, there is no “one” platform that does everything.
“We saw this opportunity when we were working with clients to reduce their costs and improve patient outcomes and discovered very little is possible without real time data delivered at the place and time where it can affect outcomes,” adds Shawn. “Every time we looked at these programs, technology was the roadblock. The information was not delivered to the individuals who could use it or it was delivered too late.” Hence, he and his team built a single modular system on Salesforce that is customized for client’s exact needs which when offered with their consulting services at a price below what they are currently spending. Shawn states, “This is critical as our clients are in a very low margin business so the ROI on even a $500k implementation will take years which is why they have held out for so long with their current systems.”
Looking at the Future
DC Risk Solutions is preparing the marketing launch of Integrated payor Solutions once the current shelter in place restrictions are lifted. They have begun to fill the sales funnel through contacts and colleagues however they believe a cloud solution will be in high demand as clients and prospects need to have flexible secure systems. “As we anticipate the ability to work remotely will be necessary for the foreseeable future,” says Shawn. “At the same time, we are modifying the Payor Solutions solution for insurance agencies / Underwriters which we plan to launch in 2021 once we have completed beta testing.”