AM Best Upgrades Issuer Credit Rating of Texas Hospital Insurance Exchange
November 26, 2019
AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “bbb” and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Texas Hospital Insurance Exchange (THIE) (Austin, TX). The outlook of the Long Term ICR has been revised to stable from positive, while the outlook of the FSR remains stable.
These Credit Ratings (ratings) reflect THIE’s balance sheet strength, which AM Best categorizes as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).
The Long-Term ICR upgrade reflects AM Best’s opinion that THIE’s management has demonstrated improved balance sheet strength through consistent and positive growth in policyholder surplus, favorable loss reserve development, and the implementation of risk-mitigation strategies that address tail-risk events related to potential man-made catastrophes. The company’s strong operating performance was a major contributor to the growth in policyholder surplus.
The strong balance sheet strength assessment also considers THIE’s strongest level of risk-adjusted capitalization, partially offset by its limited scale and financial flexibility. In addition, a significant percentage of policyholder surplus pertains to subscriber savings, which are earmarked to be repaid to the company’s members, beginning five years after a subscriber leaves THIE.
Partially offsetting these positive rating factors is THIE’s limited business profile and narrow spread of risk due to its focus on writing workers’ compensation and medical professional liability insurance for small rural hospitals in Texas
A.M. Best Affirms Superior Rating for the Cooperative of American Physicians’ Mutual Protection Trust
November 26, 2019
The Cooperative of American Physicians, Inc. (CAP) today announced that the Mutual Protection Trust (MPT), the organization’s core product, has again earned an A+ (Superior) Rating with a Stable Outlook from A.M. Best Company, a global full-service credit rating agency dedicated to serving the financial and healthcare service industries. This marks 13 consecutive years that MPT has achieved this rating.
“We are pleased to have received this affirmation of the exceptional quality of our organization,” said Sarah E. Scher, JD, CAP chief executive officer. “Our member physicians rely on the financial strength of MPT in order to conduct their business with peace of mind, which in turn allows them to focus their efforts first and foremost on patient care.”
A.M. Best also acknowledged the financial strength of the Cooperative of American Physicians Insurance Company, Inc. (CAPIC), which earned a rating of A- (Excellent) and was also listed as having a Stable Outlook. CAPIC is a wholly owned subsidiary of CAP and provides reinsurance and other benefits to CAP and its primary medical professional liability partner, MPT.
As part of its grading report, A.M. Best acknowledged MPT for its sound invested asset base and the financial flexibility and capital strength that it maintains. The report also highlights CAP’s “favorable market position in California as the second-largest provider of MPL coverage in the state.”
The Doctors Company Appoints Chief Financial Officer, Chief Risk Officer
November 20, 2019
The Doctors Company announced today the promotion of longtime company executive Marco Vanderlaan to chief financial officer (CFO) and chief risk officer.
Vanderlaan has held a variety of senior leadership positions with The Doctors Company over 18 years. He most recently served as senior vice president, business assessment, a role he has held since 2010. He has also held executive positions in finance, reinsurance and strategic planning.
Vanderlaan succeeds David Preimesberger, who assumes new roles as senior vice president for strategic planning and chief ethics officer.
“I am pleased to welcome Marco to his new role,” said Richard E. Anderson, MD, FACP, chairman and chief executive officer of The Doctors Company. “He has demonstrated vision and foresight in mergers and acquisitions, enterprise risk management, internal audits and our ethics program, and has been instrumental in the growth of the Tribute Plan — an unrivaled financial benefit for our members. I am confident that expanding Marco’s role will help accelerate our next phase of growth as we meet the complex insurance, risk management and risk financing needs of physicians, large groups, hospitals and healthcare systems.”
“I am honored to take on this position and drive key priorities to build upon our market leadership position,” said Vanderlaan. “I look forward to growing the financial success, risk intelligence and conservative business philosophy that empowers our mission to advance, protect and reward the practice of good medicine.”
CMIC Group Announces Appointment of Edmund Schiavoni, MD, to CMIC Board
November 20, 2019
CMIC Group announced that Edmund Schiavoni, MD, has joined the CMIC Board of Directors. Since 2014, Schiavoni has served on the CMIC RRG Board of Directors and was elected president and chairman of the CMIC RRG Board in 2017.
Schiavoni received his medical degree from the Georgetown University and has practiced primary care internal medicine for more than 25 years. He is the president of Southern New Hampshire Internal Medicine Associates, a physician-owned practice with three locations and 22 providers. He has previously held many hospital leadership roles including chief of medicine, chair of credentials and chair of the Board of Trustees. Schiavoni currently serves on the Board of Directors of Village MD of New Hampshire, a partnership focused on enhancing the role of primary care practices in a value-based healthcare environment.
“We are pleased to have Dr. Schiavoni expand his role to the CMIC Board of Directors,” said Stephen J. Gallant, chief executive officer of CMIC Group. “He has been a great asset to the CMIC RRG Board and we look forward to his contributions on the CMIC Board as well.”
ACS NSQIP recognizes 88 participating hospitals for achieving meritorious surgical patient care outcomes
November 11, 2019
The American College of Surgeons National Surgical Quality Improvement Program (ACS NSQIP) has recognized 88 of an eligible 592 hospitals participating in the adult program for achieving meritorious outcomes for surgical patient care in 2018. ACS NSQIP participating hospitals are required to track the outcomes of inpatient and outpatient surgical procedures; these outcomes are then analyzed by ACS and reported back to hospitals. These results direct patient safety initiatives within the hospital and impact the quality of surgical care.
The ACS NSQIP recognition program commends a select group of hospitals for achieving a meritorious composite score in either an “All Cases” category or a category which includes only “High Risk” cases. Each composite score was determined through a different weighted formula combining eight outcomes. Outcomes in the following eight clinical areas were evaluated:
- Cardiac: cardiac arrest and myocardial infarction
- Unplanned Intubation
- Ventilator > 48 hours
- Renal Failure
- SSI: superficial incisional SSI, deep incisional SSI, and organ/space SSI
- UTI: urinary tract infection
To be eligible for either list, the hospital must have submitted at least one case in each of the calendar years, 2016, 2017, and 2018, though only performance in calendar year 2018 was evaluated for the 2018 meritorious lists. Five hundred and ninety-two of the 722 NSQIP hospitals participating in 2018 met the 3-year criteria to be eligible for Meritorious consideration.
The 88 hospitals achieved the distinction based on an outstanding composite quality score. Risk-adjusted data from the July 2019 ACS NSQIP Semiannual Report, which presents data from the 2018 calendar year, were used to determine which hospitals demonstrated meritorious outcomes. Seventy-two hospitals were recognized on the “All Cases” list and 72 hospitals were recognized on the “High Risk” list; the 72 hospitals represent ten percent of the 722 calendar-year 2018 ACS NSQIP hospitals. Fifty-six hospitals were recognized on both the “All Cases” and “High Risk” lists, 16 other hospitals were on just the “All Cases” list, and 16 other hospitals were on the “High Risk” list only – yielding 88 hospitals in total. These meritorious hospitals are also eligible to display these achievements amongst their staff and within their institutions.
A listing of the recognized hospitals is available here
ACS NSQIP is the only nationally validated quality improvement program that measures and enhances the care of surgical patients. This program measures the actual surgical results 30 days postoperatively as well as risk adjusts patient characteristics to compensate for differences among patient populations and acuity levels. The goal of ACS NSQIP is to reduce surgical morbidity (infection or illness related to a surgical procedure) and surgical mortality (death related to a surgical procedure) and to provide a firm foundation for surgeons to apply what is known as the “best scientific evidence” to the practice of surgery. Furthermore, when adverse effects from surgical procedures are reduced and/or eliminated, a reduction in health care costs follows. ACS NSQIP is a major program of the ACS and is currently used in nearly 850 adult or pediatric hospitals.
Hub International Acquires Certain Assets of California-Based Newsura Insurance Services, Inc.
November 5, 2019
Hub International Limited announced today that it has acquired the medical professional liability and associated property and casualty lines of insurance brokerage business of Newsura Insurance Services, Inc. Terms of the transaction were not disclosed.
Located in Roseville, Calif., Newsura provides insurance and risk management services to the healthcare industry, specializing in medical professional liability insurance for medical groups. Its focus on the healthcare industry supports Hub's Specialty Practices by complementing and strengthening Hub's existing capabilities. Newsura vice president-Healthcare Industry, David Hulsebus, will join Hub California as part of the transaction.