Erick Mortenson Joins Pinnacle Actuarial Resources as Consulting Actuary
August 21, 2020
Pinnacle Actuarial Resources announced that Erick Mortenson has joined the organization as a consulting actuary in the Denver area.
Mortenson previously worked at Willis Towers Watson, where he was a senior vice president focused on providing analytics solutions in areas including reinsurance and medical professional liability. Prior to that position, Mortenson worked in a similar role for Aon Benfield.
“We’re very pleased to welcome Erick to Pinnacle,” said Joe Herbers, Pinnacle managing principal. “His extensive data science and predictive analytics background enhances the strength of our predictive analytics team. He is an accomplished team leader and project manager and possesses the financial expertise that is a great additional value for our clients.”
Curi Recognized as Top 50 Property & Casualty Insurer by Aon’s Ward Group
August 20, 2020
Curi has been named as one of the top 50 performing insurers in the property-casualty industry by the Ward Group. The Ward Group, part of Aon, provides benchmarking and best practices for the insurance industry.
The Ward Group analyzes the financial performance of nearly 2,900 property-casualty companies in the United States every year to identify top performers. Each company on the list must pass primary safety and consistency tests and achieve superior performance over a five-year analysis period. The Ward Group examined company performance from 2015 to 2019 in order to compile the 2020 list.
Among the many key safety and consistency metrics assessed by Ward, candidates must maintain minimum surplus and premiums over each of the five years analyzed, as well as demonstrate the potential to grow while maintaining strong financial results. Growth performance and stability metrics include growth in revenue, surplus, and average combined ratio during the period 2015 to 2019.
“We are proud to be recognized as a top-50 property-casualty insurer by the Ward Group—especially as the only MPL-specialized carrier during such a challenging time for our industry,” said Dale Jenkins, Curi CEO. “Curi’s strong financial foundation is more important than ever as we continue to help our physician members and their practices not only survive, but thrive in the COVID-19 crisis and beyond.”
Conventus Inter-Insurance Exchange Launches New, Upgraded Website
August 19, 2020
Conventus Inter-Insurance Exchange announced the launch of its modern and easy-to-navigate website, www.conventusnj.com, providing physicians, practice administrators and brokers with valuable resources for their clinical and business operations.
Conventus focuses the new website on providing easy access to information and tools that help physicians and their teams with the daily challenges of managing a practice. Many resources are made available exclusively to Conventus insured members, but there is publicly available knowledge for physicians, practice administrators and brokers.
“Considering the medical professional liability insurance space is crowded in New Jersey, it is crucial for successful brokers to stand out by demonstrating value beyond just standard insurance offerings,” said Amy Berezein, Conventus president. “Brokers must leverage comprehensive solutions and industry resources that provide them with a competitive advantage in today’s competitive medical professional liability insurance space.”
The website features educational solutions to help physicians, practice administrators and brokers navigate today’s rapidly changing healthcare environment. The site’s Knowledge Center is organized into logical components to enable users to acquire the information that they need as quickly and effectively as possible.
• Clinical Resources provide valuable information and tools designed to help practices address clinical issues, enhance patient safety, maximize office workflow, and find solutions for measuring and realizing efficiencies in the office.
• Operational Resources help busy medical professionals keep their practices current on the latest regulations impacting operations.
• Compliance Resources provide comprehensive service support, training, and policies/procedures focused on the development of corporate compliance programs, such as OSHA, HIPAA, and Fraud and Integrity.
• Value-Based Care and Quality Payment Program resources support practices implementing processes to succeed in their transformation to value-based care.
• Webinar Resources are online educational programs to help practice teams understand emerging risks and learn practical mitigation strategies.
• The Conventus 24/7 Practice Advice Hotline is an exclusive, confidential, and free hotline for insured members and their staff to receive real-time advice and consultation.
• Educational Briefs include risk alerts and e-newsletters focused on providing up-to-date information on current healthcare trends and key issues that impact physician practices.
• eLearning allows for online Continuing Medical Education (CME) and Maintenance of Certification (MOC) approved courses for more than 25 specialties.
Healthcare Errors Most Likely to Lead to A Medical Malpractice Claim
August 19, 2020
Misdiagnosis and Delayed Diagnosis. According to a 2018 report by the medical professional liability insurance company Coverys, Diagnostic Accuracy: Room for Improvement, diagnosis-related failures are the single largest root cause of medical malpractice claims and result in indemnity payments higher than the next five highest categories combined. More than half (54%) of diagnosis-related claims are considered high-severity cases — with 36% of those cases resulting in death.
Medication Errors. The U.S. Food & Drug Administration estimates that as many as 1.3 million patients are harmed annually as a result of preventable medication errors. According to a 2016 benchmark study of medication errors conducted by CRICO Strategies, one-in-nine medical malpractice claims involve a medication error.
Surgical errors. According to a 2020 white paper by Coverys, Surgery Risks: Through the Lens of Liability Claims, 25% of the more than 10,000 closed medical malpractice claims analyzed by the medical professional liability insurer cited a surgical allegation. Of those, 78% of surgical allegations were related to practitioner performance during the surgery itself; 47% of those claims from more than 50 surgical specialties involve just three specialties: General Surgery (22%), Orthopedic Surgery (17%), and Neurosurgery (8%).
Childbirth injuries. Medical injuries during child birth are among the most expensive to indemnify. According to the Birth Injury Justice Center, approximately 7 out of every 1,000 children born in the United States will suffer a birth injury. A significant percentage of birth injuries are avoidable and occur because of medical negligence or physical trauma.
Anesthesia injury. According to a 2020 anesthesia closed-claim study by The Doctors Company, the mean indemnity for anesthesia injuries increased by 12.5% since 2013 — from $373,593 between 2007-2012 to $420,250 between 2013-2018.
A.M. Best Affirms The Doctors Company’s ‘A’ Excellent Financial Rating
August 10, 2020
A.M. Best has affirmed The Doctors Company’s financial strength rating (FSR) of A (Excellent) and the company’s long-term issuer credit rating (ICR) of “a+” and stated the outlook of these ratings is stable.
These ratings apply to the parent group, The Doctors Company, An Interinsurance Exchange, and the following subsidiaries: TDC Specialty Insurance Company, TDC National Assurance Company, TDC Special Risks Insurance Company, and The Doctors Company Risk Retention Group, a Reciprocal Exchange.
The FSR of A is assigned only to select companies with excellent ability to meet ongoing insurance obligations. The “a+” ICR is assigned to entities that have an excellent ability to meet their ongoing senior financial obligations.
“These ratings from A.M. Best reflect the strength and stability of our company, even under the economic impacts of COVID-19,” said Richard E. Anderson, MD, FACP, chairman and CEO of The Doctors Company. “Our financial strength helps us better serve our members and is integral to our mission to advance, protect, and reward the practice of good medicine.”