Financial Analysis of the Medical Malpractice Insurance Industry — Third Quarter 2018
February 22, 2019
This new video series from Medical Liability Monitor takes a quarterly, deep-dive look at the financial health of the medical malpractice insurance industry. These videos give our subscribers and the greater healthcare community all the necessary information to understand the current financial health of the medical professional liability (medical malpractice) industry as well as actuarial predictions for the industry’s future.
BREAKING NEWS: ProAssurance Announces Leadership Changes
February 21, 2019
ProAssurance Corp. today announced that Howard H. Friedman will retire from his role as president of Healthcare Professional Liability. He will maintain his employment with the company, overseeing the continued development of the actuarial function.
Michael L. Boguski, the current president of Eastern Alliance Insurance Group (Eastern), ProAssurance’s workers’ compensation subsidiary, is being promoted to president of ProAssurance’s Specialty P&C operations, which comprises all of ProAssurance’s professional and product liability operations.
Kevin M. Shook, the current executive vice president of Eastern and formerly its chief financial officer, is being promoted to become Eastern’s new president. These changes will be effective on May 13, 2019, and each executive will report directly to Ned Rand, ProAssurance’s president and chief operating officer.
“Mike is an experienced insurance professional with a proven track record in leading an organization that creates value, delivers service excellence and maximizes operational performance,” Rand said. “I am confident our professional and product liability operations will rise to even higher levels of success under his leadership. Kevin has been a valuable partner and trusted advisor to Mike for the past 18 years and is the ideal person to succeed him. Kevin understands the customer-centric culture at Eastern and has been instrumental in developing Eastern’s industry-leading segregated portfolio cell operations, which have become a differentiating factor for ProAssurance.”
“I have been in the insurance business for almost forty years, nearly all of it in healthcare professional liability,” Friedman said of his changing role at the company. “While my work has been immensely rewarding, I also want the opportunity to enjoy other aspects of life. I have been reflecting on this and with the blessing of Ned and Stan Starnes, our chief executive officer, I decided to step away from my leadership role in healthcare and concentrate on the actuarial function at ProAssurance while allowing me to spend more time with my family and pursue personal activities outside of work.”
“Throughout ProAssurance’s history, we have been an innovative leader in our markets, and have achieved long-term success across the insurance cycles because of the effective strategies developed by an exceptional management team,” Starnes said. “We expect the changes we are announcing today will ensure that track record of success continues into the future. We are especially indebted to Howard for his dedicated service to the organization and are delighted that he will remain with ProAssurance in a vital role. We are a better company because of him.”
The Cooperative of American Physicians Cosponsors 59th Annual Health Law & Legal Medicine Meeting in Los Angeles
February 20, 2019
In addition to cosponsoring this year’s 59th Annual Health Law & Legal Medicine Meeting February 21-24, the Cooperative of American Physicians, Inc. (CAP) has announced that its CEO Sarah Pacini will be speaking at the event’s "Dr. Dorothy Rasinski-Gregory Women’s Leadership Breakfast" on February 23. CAP's general counsel, Gordon Ownby, will discuss liability issues in electronic medical records at a breakout session that same afternoon. The meeting, organized by the American College of Legal Medicine, is being held at the Millennium Biltmore Hotel in Los Angeles.
This year’s theme is “The Old, The New, and The Now,” and the meeting will provide details of new legislation, rules and court decisions as well as societal changes and shifts in the marketplace that will impact the practice of medicine with a focus on special and vulnerable populations.
“CAP is dedicated to the empowerment and education of healthcare providers as they navigate a rapidly evolving and challenging industry, and particularly as it pertains to the medical and legal aspects of this business,” Pacini said. “It’s an honor to take part in the 'Dr. Dorothy Rasinski-Gregory Women’s Leadership Breakfast,' and we look forward to connecting with so many of our physicians and members at the conference.”
CAP provides medical professional liability protection and risk management services to nearly 12,000 of California physicians.
For more information about the 59th Annual Health Law & Legal Medicine Meeting, click here.
Don’t Miss the PLUS 2019 Healthcare & Medical PL Symposium: March 12-13 in Chicago
February 18, 2019
The Professional Liability Underwriting Society (PLUS) is once again hosting its annual Healthcare & Medical PL Symposium at Chicago’s Loews Hotel on March 12-13, 2019. The Symposium brings together speakers, sponsors and a vast network of professionals focused on big topics within the MPL market.
“The healthcare market is quickly evolving and shifting, and we work hard to consider the most up-to-date content and speakers for the Symposium each year. It will be two days packed full of helpful information,” said Robbie Thompson, PLUS executive director. “The PLUS Healthcare and Medical PL Symposium gives our members and attendees not only an opportunity to get together with their colleagues in one place, but to also meet many more.”
Each year, the PLUS Symposium is both well-attended and positively reviewed. Many of the sessions include educational components and qualify for CE/CLE credits; other sessions feature non-industry thought-leaders. This year’s keynote presenter is Kathleen Sebelius, former U.S. Secretary of Health & Human Services. She is one of America's foremost experts on national and global health issues, human services and executive leadership. As CEO of Sebelius Resources LLC, former Secretary Sebelius provides strategic advice to companies, investors and non-profit organizations. From April 2009 through June 2014, Sebelius served in President Barack Obama's Cabinet as the 21st Secretary of the Department of Health & Human Services.
Some of the other presentations include:
- An MPL Market Update: The two-part panel will cover a MPL market update and industry perspective from reinsurance professionals. The first part will cover industry financial results and analysis for each major MPL business segment presented by Conning. Part two will be a discussion by reinsurance professional of challenges, opportunities and emerging issues in this complex space.
- Private Equity in the Healthcare Industry: PE firms have taken an increasingly large role in healthcare, investing in the full range of companies: insurers, hospitals, pharmaceutical companies, medical-technology firms and many kinds of service providers. Historically, success has come from making “smart bets” on companies well positioned to capitalize on an industry trend or shift.
- Disaster Preparedness, Insights for Healthcare Facilities: As healthcare facilities face traumatic events such as violence in the workplace, mass shootings and natural disasters, the panel will share insights concerning issues of liability, coverage, risk analysis and crisis management.
- National Perspectives - Telehealth Trends & Policy: Telemedicine and its implications — from HIPPA regulation and what an underwriter should consider when they underwrite this risk to entities developing algorithms to diagnose patients, who is monitoring and catching “red flags” and CMS proposals for telehealth benefits for Medicare Advantage Plans — what does this mean?
- Sexual Abuse in the Healthcare Environment: Doctors and other medical professionals are put in a unique situation of trust with their patients. Generally, when your doctor tells you to do something, you trust that he has your wellbeing at heart. However, some professionals will use this trust to manipulate specific situations for their own sexual gratification. Insurers must assess the clues that are red flags for a bad risk.
- Stay Ahead of the Curve - Claim Trends for Nurse Practitioners: A dialogue about medication management and non-compliant patients.
- Data: When Will the Machines Take Over? The analysis of that data into a single, actionable patient record, and the actions through which care providers can improve both clinical outcomes for providers and financial outcomes for Med Mal insurers.
For further details on the event, including how to register, full session descriptions, speakers and more, visit the PLUS website at www.plusweb.org
Medmarc Insurance Group, Pharmacists Mutual Announce a Strategic Alliance to Package All-Lines Insurance Coverage for Life Sciences Companies
February 11, 2019
Feb 7, 2019--Medmarc Insurance Group, a subsidiary of ProAssurance Corp., and Pharmacists Mutual Group announced a strategic alliance to package industry-specific insurance coverages to the life sciences companies.
Insurance brokers who place their medical technology clients with Medmarc will now have access to Pharmacists Mutual for property, general liability, commercial auto, workers compensation, umbrella and employment practices liability policies through Hamilton Resources Corp., Medmarc’s in-house insurance agency.
"We are thrilled to enter into this relationship with Pharmacists Mutual," said Ned Rand, president, chief operating officer of ProAssurance and president of Medmarc. "Medmarc has focused for 40 years on providing products liability and manufacturers E&O insurance products and services to medical technology companies, and it is important for us to be aligned with a well-respected carrier such as Pharmacists Mutual to offer our brokers and insureds competitive commercial insurance products tailored to the life sciences industry.”
"We are very pleased to be celebrating Medmarc’s 40th Anniversary with the joint announcement of our alliance to provide a wide range of insurance products to Medmarc’s insureds," said Ed Yorty, Pharmacists Mutual president and CEO. "Pharmacists Mutual was founded over 100 years ago to offer insurance protection to members of the Iowa Pharmacy Association. We have since grown to become a leading national insurer dedicated to serving the needs of our members in selected healthcare markets. We look forward to providing Medmarc’s distribution partners and insureds with the same level of service and dedication they have come to expect from with Medmarc.”
“Both Medmarc and Pharmacists Mutual have long histories of creating insurance products and services that meet the unique needs of healthcare innovators and professionals dedicated to saving lives and improving the quality of life in local communities and around the world,” said Karen Murphy, the executive vice-president of Medmarc and head of life sciences for ProAssurance. “Through our new alliance, we will offer a broad array of tailored insurance coverages supported by dedicated teams of underwriting, claims and risk management professionals — providing innovative companies with innovative solutions.”
Brokers may obtain a proposal today at www.medmarc.com/apply or by calling 800.356.6886 ext. 1360.
NORCAL Group Foundation Awards Nine Grants Focused on Improving Health & Wellness
February 7, 2019
The NORCAL Group Foundation, dedicated to improving healthcare in local communities, announced its largest group of grant recipients to date. Nine organizations have been awarded funding for initiatives and programs focused on patient care, patient safety and physician wellness:
• Anchorage Project Access (Anchorage, AK)
• Beacon Clinic for Health and Hope (Harrisburg, PA)
• Champions for Health (San Diego, CA)
• Foundation of the Pennsylvania Medical Society (Harrisburg, PA)
• Fresno Madera Medical Society – Joy of Medicine (Fresno, CA)
• Pediatric and Family Medical Center (Los Angeles, CA)
• Ravenswood Family Health Center (East Palo Alto, CA)
• Sacramento El Dorado Medical Society: Community Service, Education and Research Fund
• Sierra Community Medical Foundation (Rocklin, CA)
“This grant cycle we were pleased to support several organizations that are developing and implementing programs to address physician burnout, as this issue continues to be a growing concern within the medical community,” said Julie Burns, president of the NORCAL Group Foundation. “We’re also delighted to be able to assist several groups providing healthcare services to low-income and underserved members of the community, and we are impressed with the work that they’re doing.”
The NORCAL Group Foundation has supported 15 programs in five states since its inception and is working continually to expand its reach.
The next grant cycle opens March 1. Interested applicants should visit www.norcalgroupfoundation.org for information and application requirements.
MedMal Direct Announces Appointment of Melodee Dixon as President and CEO
February 1, 2019
Jacksonville-based MedMal Direct Insurance Co. announced the appointment of Melodee Dixon as president and chief executive officer. Butler Ball, MedMal Direct's founding president and CEO, will continue to serve as the CEO of Physicians Trust, Inc., MedMal Direct's parent company. Ball will also continue to sit on the board of directors of MedMal Direct.
Dixon has more than 30 years of insurance operations experience exclusively in the medical professional liability sector. She has served as MedMal Direct's chief operating officer since December 2016. Prior to joining MedMal Direct, she held executive roles for various insurance carriers and managing general agencies.
"Melodee's experience and dynamic leadership style will serve the company well as we approach our second decade of providing physicians with direct access to quality medical malpractice coverage," said Ball. "I look forward to supporting her in this exciting new chapter of MedMal Direct's growth and success."
According to the company, Dixon's appointment as CEO aligns with the evolution of MedMal Direct's leadership team to support a focus on innovation, technology and direct relationships with physician insureds. Other recent appointments to the company's executive leadership team include Marc Hammett, an industry veteran who was appointed chief financial officer in July 2017, and Bryan Carter, who joined the company as senior vice president of sales and marketing in November 2018 with more than 25 years in sales and operational leadership experience.
Melodee Dixon, President and CEO of MedMal Direct Insurance Company
"This marks a fantastic milestone for our company; one that has been years in planning and about which I am thrilled. We have positioned ourselves for our next phase of growth with the management team we now have in place. Their experience and technical expertise will bolster our work toward scaling the business and taking it to the next level," Ball said.