With over 21,000 employees, the Johns Hopkins Health System is one of the largest employers in the state of Maryland. With hospitals and campuses throughout the area and in Florida – including The Johns Hopkins Hospital and Johns Hopkins Bayview Medical Center in Baltimore, Howard County General Hospital in Columbia, Suburban Hospital in Bethesda and Sibley Memorial Hospital in Washington, D.C. and All Children’s Hospital in St. Petersburg – the large, diversified organization has turned to RCM&D for over 15 consecutive years to help manage numerous insurance programs for the growing Health System.
“If you name a type of coverage, chances are the Health System has that,” said Michael Jungblut, Senior Treasury Analyst for the Johns Hopkins Health System. “If it’s reasonable cost wise, then it makes sense for us to have the protection in place. As large as our main campus is, and with as many different locations as we have, the security and peace of mind afforded by the insurance is a very important operational matter.”
RCM&D provides to the Health System a full suite of coverage, including property & casualty, fleet vehicle, directors & officers, workers’ compensation, fiduciary, cyber and terrorism liability among the more notable insurance types. In addition, RCM&D conducts regular benchmarking, comparing Hopkins to other equivalent hospitals and health institutions to evaluate for adequate coverage levels. RCM&D assists with valuing Johns Hopkins’ property, measuring risk exposure and evaluating investments.
RCM&D also worked with John’s Hopkins legal associates and upper management to establish its first wholly-owned, single parent captive insurance company. The Health System has been able to save on premiums and reduce expenses by insuring many diverse and unique coverages in its captive—such as terrorism liability and cyber security deductibles, medical stop loss, and international malpractice.
“RCM&D has provided the actuarial and underwriting services to allow this captive to originate, and it’s really started to grow,” said Jungblut. “RCM&D will do whatever it takes to service our account. We are very pleased with them and have never considered changing brokerages.”