Healthy expansion Featured

8:00pm EDT June 25, 2008

In 1999, Thomas F. Dickinson was hired as a salesperson at FinCor Holdings Inc., selling medical insurance policies to hospitals. Nine months later, he was named CEO of the integrated risk management company.

When he took over, medical professional liability was the company’s only product, and all of its clients were Michigan hospitals, with just four of them accounting for more than 50 percent of FinCor Holdings’ revenue. Dickinson realized this was a risky business model and developed a strategic plan to expand the company’s client base both beyond hospitals and to other states.

He expanded the company’s offerings to other insurance products, including medical malpractice liability, and today, its risk management products and services are available in 50 states and its client base has expanded to include not only hospitals but health systems, physicians, clinics and long-term care facilities.

As a result, annual sales have more than tripled in the eight years since Dickinson took over, and the company has a compounded annual growth rate in revenue of 16.2 percent.

To achieve that growth, Dickinson bought

out other insurance agencies to gain access to clients and products and created an agency to write policies for underwriters while selling directly to clients. He also dedicated one of the companies to focus solely on providing risk management services, helping hospitals use best practices, and reducing errors, complications and other potential malpractice issues.

HOW TO REACH: FinCor Holdings Inc., or (800) 777-6428