AMBest

Download OMIC’s current rating report at the link here.

The A.M.Best Company is the preeminent rating organization for our industry and is the oldest and most experienced rating agency in the United States. Best does an annual review of OMIC’s financial and operational performance and issues a rating based on this analysis. OMIC has maintained a favorable rating since first becoming eligible for a rating.

“The Best’s Rating Report(s) reproduced on this site appear under license from A.M. Best and do not constitute, either expressly or implied, an endorsement of (Licensee)’s products or services. A.M. Best is not responsible for transcription errors made in presenting Best’s Rating Reports. Best’s Rating Reports are copyright © A.M. Best Company and may not be reproduced or distributed without the express written permission of A.M. Best Company. Visitors to this website are authorized to print a single copy of the Best’s Rating Report(s) displayed here for their own personal use. Any other printing, copying or distribution is strictly prohibited.”

Financials

We encourage insureds to learn about how OMIC insurance represents an investment in your practice. To keep your premiums as low as possible, OMIC operates similar to a non-profit as we promise to return to insureds any premium above was is needed to prudently and conservatively run the company through dividend returns.

Learn more about our current financial performance here.

Learn more about our current history of dividends here.

To reduce premiums further, OMIC offers the most competitive risk management program discounts in the industry. OMIC offers ophthalmic-specific risk management programs throughout the year, including live seminars, audio conferences and CD recordings, and online courses. Learn more about available courses here.

OMIC has partnerships with most ophthalmic societies in the United States. Through this cooperative venture, our insureds who are members of partner societies earn additional discounts when participating in our risk management events. Learn more about the Cooperative Venture program here.

OMIC provides one of the most generous loss free discount programs in the industry and most our our insureds receive a credit.

Courses

There are many ways for insureds to participate in OMIC educational program.

OMIC offers ophthalmic-specific risk management programs throughout the year, including live seminars, audio conferences and CD recordings, and online courses. For live service now, contact the Risk Management Coordinator:

For Assistance: (800) 562-6642 (Press 652)    Message Us: lnakamura@omic.com

Live Courses

OMIC conducts live seminars for physicians and ancillary staff at locations throughout the country. View upcoming live events on OMIC’s calendar organized under the following categories audio conferences, physician seminars, staff courses, webinars, and events.

See the OMIC calendar.

Recordings

OMIC records certain events and audio conferences so that policyholders can listen to the seminar at their leisure.

See a list of OMIC CD Recordings.

Video and Webinar Courses

See a list of OMIC Online Courses.

Contact Linda Nakamura at lnakamura@omic.com  or 1-800-562-6642, ext. 652, to discuss other OMIC course options available to OMIC insureds.

Digest Vol 28 No 2 2018

Click image to download issue

Infection is a risk of all surgeries. Endophthalmitis is a particularly worrisome type of infection because it can lead to severe vision loss, blindness, and loss of the eye. Some types of complications are hard for patients to understand. They are familiar with infections, however, and realize that they can occur after surgery. This common knowledge makes it harder for plaintiffs in endophthalmitis claims to allege lack of informed consent.

In order to prove that their outcome was caused by malpractice and not the result of a known complication, plaintiffs must show that some aspect of the health care team’s treatment was below the standard of care.

OMIC published the results of its first analysis of endophthalmitis malpractice claims in 2006. At that
time, endophthalmitis claims made from 1987 to 2005 accounted for 6% of OMIC claims and 5% of indemnity payments. (read more…)

Message from the Chair

GEORGE A. WILLIAMS, MD, OMIC Board of Directors

Stuff happens.

At the most basic level, insurance is a rather simple business involving the assumption of risk. The risk may be a hurricane, car accident, fire, illness, or medical liability. Virtually anything can be insured. In order to assume risk, we must understand the probability that an adverse event will (not may) occur. That probability is then applied across a covered population. The cost of risk is determined by frequency (how often) and severity (how much in cost) of an adverse event. The cost is distributed across the population as individual premiums and deductibles. 

Every service we provide our patients has risk and, regardless of how hard we try, there is no way to completely eliminate it. Simply put, stuff happens. Among the most feared risks for an ophthalmologist is endophthalmitis. Fortunately, the frequency of endophthalmitis is low. Unfortunately, the visual consequences of endophthalmitis are often dire and therefore the severity may be high. This issue of the Digest discusses the OMIC experience with endophthalmitis.

The low frequency of endophthalmitis sometimes leads to surgeons’ complacency or even denial. We all know the signs and symptoms of endophthalmitis, but we may think or hope that the post-procedure inflammation we see is sterile. Since endophthalmitis is a recognized complication, when it is recognized and treated in a timely manner, OMIC rarely loses a lawsuit regardless of outcome. Such cases are vigorously defended. Conversely, we almost always lose when the diagnosis or treatment is delayed. 

Although we can’t eliminate the risk of endophthalmitis, we must do all we can to minimize the risk. Attention to sterile technique has always been critical, but as Anne Menke notes, so is patient engagement. An engaged, educated patient is our first line of defense. 

The face of endophthalmitis is changing. Historically, the most common cause of endophthalmitis has been cataract surgery.     With the explosion of intravitreal injections, that is certain to change. We know from the IRIS Registry that the incidence of endophthalmitis following both cataract surgery and intravitreal injection is approximately 1 in 2,000 procedures. 

However, injections far exceed cataract surgery and continue to grow. Already the IRIS Registry has recorded over 10,000,000 injections. The power of such large numbers provides OMIC with a potent risk management tool. That is why OMIC has been a strong supporter of the IRIS Registry. 

This support is another example of the unique synergy between OMIC and the American Academy of Ophthalmology.  Of course, this is one of the many advantages OMIC has over other malpractice carriers; just what you would expect from a company of ophthalmologists for ophthalmologists. When stuff happens, OMIC will be there for you.