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., www.fincorholdings.com
or (800) 777-6428