New society partnerships provide benefits for more ophthalmologists
During the past year, we’ve entered into educational partnerships with three new societies: the Wisconsin Academy of Ophthalmology, the Oregon Academy of Ophthalmology, and the Vit-Buckle Society.
OMIC maintains alliances with most ophthalmic state, subspecialty, and special interest societies in the United States. The Vit-Buckle Society is our 52nd partner organization. Through these cooperative agreements we share patient safety and risk management information and support local lobbying and tort reform efforts.
Policyholders who are members of partner societies earn a 10% risk management discount (an average premium credit of $800) when they complete an approved OMIC risk management event. Since 2000, OMIC has distributed more than $17 million in special premium discounts through this program.
Participate and save on your premium
1. Join (or maintain) state, subspecialty, or special interest partner society membership. (Go to omic.com/partners to see our current list.)
2. Participate in one jointly sponsored OMIC risk management activity per year. For some partners, a jointly sponsored event is any OMIC risk management activity, including a live seminar, audioconference, webinar, or online course. (Certain partners may require attendance at a live OMIC-society event, which is usually conducted during the society’s annual meeting.) To find out what your society requires, visit the partner page at omic.com/partners.
Risk management discounts
Premiums are reduced for physicians who participate in OMIC’s risk management program. To earn your credit, you must complete one activity per year. Credits are generally applied to the renewal policy period following the year in which an activity was completed. Your underwriter will track activity and automatically apply any applicable discounts for you.
OMIC generally awards a credit of 5% for risk management activities; however, you may qualify for a 10% discount as an active member of an OMIC partner society. We will honor the credit for approved activities non-OMIC physicians complete within one year of joining OMIC.
If you believe you have not received credit for completing an OMIC-sponsored risk management course, event, or activity, speak with your underwriter. For contact information or to identify your representative, visit omic.com/policyholder-services/contact-my-rep/underwriting.
New regulatory and cyber (eMD) liability benefits
We are pleased to announce that four new coverage benefits are being added to your professional liability policy effective January 1, 2016. Enhancements include Proactive Privacy Breach Response Costs and Voluntary Notification Expenses, which allow insureds an opportunity to take preemptive actions to avoid adverse situations prior to legal requirements to do so; BrandGuard™, which provides reimbursement for lost revenue directly resulting from an adverse media report or notification to patients regarding security or privacy breaches; and PCI DSS Assessment coverage to pay fines or penalties levied by the Payment Card Industry Data Security Standards Council (for VISA, MC, AmEx, Discover, and JCB merchants who are not PCI DSS compliant). Policyholders can learn more about these and other OMIC benefits at http://www.omic.com/policyholder/benefits/.
Coverage for regulatory and cyber electronic media (eMD) exposures is included in OMIC’s standard professional liability policy at no additional premium, subject to a per policy period sublimit of $100,000 per claim and in the aggregate. The sublimit for disciplinary proceedings related to direct patient treatment is $25,000.
Congratulations to the winner
Thank you to everyone who connected with us during the annual meeting of the American Academy of Ophthalmology in Las Vegas, Nov. 14–17, 2015. We had more than 1,200 people attend our seminars, events, and exhibit booth. Thank you for your support and for another great year of accomplishments. A special congratulations to Dr. Michelle Boyce of Kansas, who was the winner of our drawing for an iPad Pro! Dr. Boyce is a resident in the Department of Ophthalmology at the University of Kansas Medical Center.
YO news
Ophthalmologists in their early years of practice are encouraged to connect with us on the YO News page at http://www.omic.com/partners/yo-news/. You will find resources designed specifically for young ophthalmologists and links to our social media community pages. Events that OMIC has sponsored in the past, such as the YO Global Reception and YO Lounge instructional courses, are also highlighted.
Rate decrease and policyholder dividend approved for 2016
OMIC’s Board of Directors is pleased to announce a nationwide rate decrease and a 20% policyholder dividend for insureds effective January 1, 2016.
After a favorable year buttressed by excellent claim results and lower than expected operating expenses, OMIC is experiencing one of our best years ever. In recognition of this development, we are implementing a rate decrease in all states totaling approximately $6 million nationally. The amount will vary by coverage area and insureds will be notified of the decrease in their territory.
Since 2005, OMIC has lowered rates by an average of nearly 40% nationally. OMIC continues to outperform competitors by making fewer and lower average indemnity payments than the multispecialty industry average.
OMIC will also apply a policyholder dividend for all physician insureds in the form of a 20% credit toward 2016 renewal premiums. Since the company’s inception, OMIC has announced dividend credits totaling more than $65 million, leading peer companies by a wide margin. Issuance of dividend credits is determined each year after careful analysis of operating performance. OMIC remains committed to returning premium above what is necessary to prudently operate the company and to do so at the earliest opportunity.
Issuance of the dividend requires that an active 2015 professional liability policy be renewed and maintained throughout the 2016 policy period. Mid-term cancellation would result in a pro-rata dividend. Dividends appear on your policy invoice as a credit to either your annual or quarterly billing installment. OMIC issues dividends as a credit toward renewal premiums for two reasons: premium credits offer favorable tax implications for policyholders and allow for easy and efficient distribution of dividends, which keeps operating expenses as low as possible.
Michael C. Tigani, MD – OMIC Nominee to Academy’s Leadership Development Program (LDP) XVII Class of 2015
OMIC Risk Management and Underwriting Committee Member Michael C. Tigani, MD was accepted for the LDP XVII, Class of 2015. Dr. Tigani was nominated by OMIC to join a select group of twenty participants chosen from among a large group nominated by state, subspecialty and specialized interest societies. The purpose of the Leadership Development Program (LDP) is to provide both orientation and skill development to future leaders of state, subspecialty and specialized interest societies.
Nominees to the LDP must agree to develop a project that will benefit the nominating group. As a member of the OMIC Risk Management Committee, Dr. Tigani chose a project that would educate OMIC members regarding the malpractice reporting guidelines of the National Practitioner Data Bank and state Board of Medicine. With assistance from OMIC staff and Virginia defense counsel, Dr. Tigani developed an educational format (case studies) that he used at the workshop, Oh No! Who Needs to Know?, presented at the 2015 Virginia Society of Eye Physicians and Surgeons (VSEPS) Annual Meeting. The subject matter and format of the presentation were well received. About 60 ophthalmologists attended the workshop. Attendees who subsequently responded to a VSEPS survey found the flow chart and handout material to be very useful.
Dr. Tigani is pleased to share the slides and handout material from the VSEPS workshop as well as a PIAA article related to the interplay between state board actions and medical professional liability (MPL).
Insurance for tangential perils of medical practice
NAS Insurance Services has been chosen by OMIC as a preferred referral market for a range of business-related insurance products. Founded in 1975, NAS was the first to conceive of insuring businesses for legal expenses related to numerous perils they experience—a type of coverage not provided by typical liability insurance at the time.
The NAS Insurance Agency can help you shop for a variety of business coverages that are tailored specifically for ophthalmic practice. NAS accesses top-rated carriers and markets not available on a direct basis, including Lloyds of London. The agency can obtain competitive quotes for business owners policies and general liability coverage through major carriers such as The Hartford. As highlighted in this Digest, it is important to have appropriate and comprehensive coverage in place for slips and falls and other tangential perils of medical practice.
OMIC policyholders already have 14 insurance benefits provided under their standard malpractice policy that cover regulatory, fraud abuse, HIPAA, and eMD (cyber liability) exposures. Learn about the coverage you already have as an insured by visiting www.omic.com/policyholder/benefits.
To buy additional coverage for the regulatory and cyber benefits included in your malpractice policy or to learn about or purchase other common insurance products, such as business owners and workers compensation policies; employment practices, directors and officers, and managed care errors and omissions liability insurance; and ERISA fiduciary bonds, contact Dana Carulli at NAS at 877.808.6277 or dcarulli@nasinsurance.com.
Reduce exposures that can lead to patient slips and falls
There are some proactive steps you can take to make your office safer for patients.
- Make sure work areas are neat, clean, and orderly. Provide safe and adequate space for patients to maneuver around your office and exam rooms.
- Ensure that carpets and rugs are well secured to the floor to prevent bunching up or tripping hazards.
- Inspect outside areas. Redirect sprinklers aimed at pedestrian walkways and eliminate algae or mold that may have formed on surfaces, making them slippery. Correct uneven areas, cracks, or depressions in sidewalks or entrance areas.
