BARBERTON, OHIO, UNITED STATES, October 12, 2022 /EINPresswire.com/ -- Christian Healthcare Ministries (CHM), the nation’s oldest and largest healthcare sharing ministry (HCSM), in July became the country’s first HCSM to earn accreditation for excellence under an independent process designed to get to the heart of a HCSM’s financial and operational standards, principally for purposes of consumer protection and education.

Demotech, a Columbus, Ohio firm that provides independent Financial Stability Ratings^® in the fields of life, health and fraternal insurance, property and casualty insurance, title insurance and self-funded entities, used its Faith-Based Sharing ReviewTM (FbSR), to provide a detailed, independent review process for healthcare sharing ministries. Participation in Demotech’s process requires a commitment to frequent, periodic re-evaluation. Demotech is the only ratings organization besides AM Best mentioned by name in the Ohio Revised Code as a state-recognized ratings organization.

CHM is a non-insurance, 501c3 ministry through which members voluntarily share funds to pay each other’s eligible health care costs. CHM sought Demotech’s in-depth review and analysis of ministry functions because of the value in obtaining an independent assessment of the manner in which CHM works to serve its members in all 50 states and missionaries around the world.

Demotech’s Faith Based Sharing Review enables an independent and objective analysis from which stakeholders can have a greater understanding of HCSM credibility. Several HCSMs, including some claiming to be ministries, have operated with practices that have created difficulties for their members in being reimbursed for their healthcare costs.

Demotech’s Faith-Based Sharing Review™ evaluates ministries based on the 30-point criteria, grouped into:

• Core qualifications, as defined by the law
• Transparency of operations
• Ministry motivation
• Financial accountability
• Member/Consumer protection

One differentiator applicable to CHM is that the ministry does not contract or engage with insurance agents to “sell” ministry memberships. This is a consumer protection standard in that consumers associate insurance agents with insurance products, a factor for insurance regulators and state legislators throughout the country.

CHM sought accreditation because measurement and analysis are vital to any organization, said J. Craig Brown, CHM president and CEO.

“Accreditation is a measurable, tangible standard by which members, prospective members, and anyone else, can see how in the area of health care costs CHM works to fulfill the New Testament verse of Galatians 6:2, to “bear one another’s burdens and so fulfill the law of Christ. CHM isn’t an insurance company: it’s a voluntary cost sharing ministry. In its 41 years, members have satisfied 100% of each other's eligible medical bills—over $8 billion—not as a community of shared faith we said we would.

“We challenged ourselves to achieve accreditation from an independent entity that had been performing evaluations for decades,” Brown added. “This is an amazing testimony to the power of God in the life of our ministry, and inspires and demands of us our best efforts. Accreditation—achieving it and maintaining it—is a continuous process. We’re confident in the excellence of our ministry, but we’re not asking members and potential members to take our word for it: through accreditation, we have independent, third-party validation.”

Brown said he made accreditation a goal shortly after assuming CHM’s leadership post in April 2020.

“I saw becoming the first HCSM to earn accreditation was good for our members, prospective members, and further separated CHM from other HCSMs,” he said. “Demotech is renowned for its ‘Financial Stability Ratings’ of private sector organizations on which people depend,” said Brown. “They are the leaders in their field.”

Said Brown, “We’re proud of 95 points out of 100 rating, and grateful for the recognition, but we won’t settle until it’s 100 out of 100.”



ABOUT CHRISTIAN HEALTHCARE MINISTRIES

Christian Healthcare Ministries (CHM) is a budget-friendly, biblical, and compassionate healthcare solution through which Christians in all 50 states and around the world voluntarily share each other’s medical bills. We’re not health insurance; instead, we’re the first and longest-serving healthcare sharing ministry, having satisfied over $8 billion of our members’ medical bills. CHM members contribute fixed monthly financial gifts to assist members in paying their medical bills. No member is ever removed from membership, nor is their monthly gift payment increased because of an expensive health condition. No one is denied membership because of a medical condition.

The ministry, under the leadership of President and CEO J. Craig Brown II, is headquartered in Barberton, Ohio.
• Web: chministries.org
• Facebook: iheartchm
• YouTube: https://www.youtube.com/c/iheartchm
• LinkedIn: linkedin.com/company/iheartchm/

ABOUT DEMOTECH, INC.

Demotech, Inc. is a financial analysis firm specializing in evaluating entities based upon their business model and the execution of that business model. Since 1985, Demotech has served the insurance industry by assigning Financial Stability Ratings^®️ (FSRs). The introduction of Faith-Based Sharing Reviews™ is yet another example of the innovative solutions they bring to analysis issues.

Visit www.demotech.com for additional information.

Katlyn Stryker
Christian Healthcare Ministries
+1 330-798-5790
email us here

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.