Professional Insurance Archives | Page 9 of 12 | VAST
July 12, 2013

Emerging Risk for the Healthcare Industry – Employment Related Practices Liability

e typically define an emerging risk in one of two ways: A new risk that did not previously exist A change occurs causing a either an increase in frequency or an increase in severity Employment Practices Liability is again an emerging risk for the healthcare industry.  The second half of 2012 and the first of 2013 have yielded an increase in these types of lawsuits by employees against an employer.  There are a variety of reasons why these types of lawsuits are on the rise, but coupled together create a significant increase in frequency for employers in healthcare: Poor economy … Continue reading

June 5, 2013

Social Media – what are my employees actually doing?

Facebook, Twitter, Blogging, MySpace, Google+, Pintrest, etc… what’s next?  There will always be a next, but in the interim maybe a better question is how will these platforms evolve.  Maybe one last question… have they already evolved?  My opinion is yes they have evolved as the user, but we may not yet recognize it as employers. Words Hurt – Pictures tell a thousand words – Video can crumble all you have worked to build. First and as a disclaimer; Social Media, Websites, App’s can be phenomenal tools and are very special technologies.   These are in no way the culprit or … Continue reading

May 29, 2013

What makes a good compliance officer and compliance program?

Will you be hunted or the hunter?  The choice many will face is, “will I look for our problems (they will exist – no organization is compliant all the time) and find solutions or will I bury my head in the sand and wait for an auditor to knock my door?”  Compliance is a critical component of any organization in healthcare. A quick Google search of “healthcare compliance officer returned 1.75billion results.”  Unfortunately I don’t have the time to read each result today, but let’s just say there is more than enough information on the importance of compliance, how to … Continue reading

May 15, 2013

What does the HIPAA/HITECH Mega Rule mean to you?

Earlier this year, the HHS released the HIPAA/HITECH “Mega Rule”. While most of the country was in the middle of preparing for Health Care Reform, taxes, etc… this may have snuck up on you and your team.   What does this mean for you? Review of Data Breach Response Plan or Unauthorized Disclosure (presumed breach vs. significant financial/reputational risk) Changes to Business Associate Agreements Fundraising + Marketing Communications Notice of Privacy Practices Potential Penalties Encryption of Mobile Equipment I have often heard an argument that small hospitals and smaller/solo physician groups should not be concerned because rules like this are only … Continue reading

May 1, 2013

Impacts of Health Care Reform on Medical Malpractice for Healthcare

It appears safe to say that healthcare reform is here to stay.  The breadth of what HCR does for our country is far reaching and in some way will touch every citizen.  Visit our HCR pages to learn more about how HCR will impact you or your business or sign up for VAST’s Health Care Reform Navigation System™.  Today’s focus will be how Healthcare Reform impacts physicians, hospitals and allied health professional’s Medical Professional Liability (Medical Malpractice) policies. Medical Malpractice impacts our country’s healthcare spending, but is a drop in the bucket when compared to the total dollars spent.  For example: According … Continue reading

April 10, 2013

Three Insurance Tips From a Retiring Physician

Last Friday, I received a call from a physician letting me know that he had decided he was going to officially retire.   We worked through a few business items like “how to apply for his free tail” and what was next for him.  The conversation gravitated toward the challenges that physicians face coming out of school today as his son is currently in medical school.  I asked: What advice do you wish you had when you began your practice (specific to insurance)?  He said three specific things that jumped out to him: Buy as much life and disability insurance as … Continue reading

April 3, 2013

Taxability of Benefits

You may recall my last blog was about knowing what your definition of disability is.  That is the first of two major components to being an informed consumer of your disability benefits program.  The second major component is the taxability of those benefits. According to the National Association of Insurance Commissioners,“More than half [56%] of U.S. adults say they would be unable to pay their bills or meet expenses if they become disabled and could not work for a year or longer.”  Many employers offer a disability benefits program to their employees.  The disability plan is used to aid in the replacement … Continue reading

March 20, 2013

How to Prevent Slip + Falls

Slips, trips and falls are a serious safety risk for many businesses in a variety of industries. The Healthcare industry is often at more risk than many industries for a variety of reasons.  Think of the types of healthcare facilities that are open to a high risk of slips, trips, or falls: Hospitals Elder Care Facilities – Nursing Home, Assisted Living, Senior Care, Continuous Care Retirement Communities Medical Office Buildings – with multiple practices located within Private Medical Practices Surgery Centers Physical Therapy | Rehab Centers Some characteristics unique to the healthcare community include: High volume of patients, visitors and … Continue reading

February 27, 2013

Cyber Liability + Daytona | Nationwide Crash

These two topics fit together like peanut butter and jelly.  You are probably wondering what cyber liability and the Daytona 500 crash have in common…  Well nothing really, except each risk can be managed. If we review the Daytona | Nationwide crash, we can see how they manage risk. You will identify many principles already in place and based on post-crash interviews, it appears they will continue to review for future improvements.  We will then review the risk of Cyber Liability and see how we could manage this risk more effectively. Daytona | Nationwide Crash: Prevention Strategy: The catch fencing … Continue reading

February 20, 2013

CEO + CFO Insurance Considerations When Selling a Hospital

Old News – across America many hospitals | health systems are facing financial challenges. New News – many hospitals | health systems are looking for the right upstream partner.  Choosing the right partner and executing the transition period are examples of Strategic and Hazard Risks.  Today, I will focus on the Hazard Risk of “How to tie up all liabilities when selling your hospital.” If you are like most hospitals you will have some “Occurrence” policies and some “Claims Made” policies.  If you have an Occurrence policy, the process is quite simple.  However, most Medical Professional Liability policies are written … Continue reading

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