Medical Liability Monitor presents a very timely webinar… Post-Pandemic Telehealth: How the Extraordinary Increase in Telemedicine During the Pandemic Will Alter the Current MPL Insurance Landscape
May 25, 2021
DATE: Tuesday, June 8, 2021
TIME: 2 p.m. EDT; 1 p.m. CDT; 12 p.m. MDT; 11 a.m. PDT
PLACE: Your computer
COST: $147 through 6/2/21; $197 thereafter. Registration includes access for up to five participants in multiple locations.
REGISTER NOW: tinyurl.com/2x28wbrb
The COVID-19 pandemic ushered in a sudden, significant increase of telemedicine. It’s not going away. So, what does it mean for the medical professional liability industry?
MPL insurers have to consider how much — and what kind of — coverage they will provide to their telemedicine practitioners. But how should they underwrite telemedicine risks with little historic claims data available? What kind of risk management resources can they offer to get ahead of expanding telemedicine risks? What kinds of claims are anticipated? And how can MPL insurers help their insureds stay within ever-changing regulatory requirements?
Get answers to these questions and more when you register to attend “Post-Pandemic Telehealth: How the Extraordinary Increase in Telemedicine During the Pandemic Will Alter the Current MPL Insurance Landscape” on Tuesday, June 8, 2021. We’ve put together an incredible panel of insurance experts from The Doctors Company, CNA, and CFC Underwriting, along with a healthcare legal expert from Heidell, Pittoni, Murphy & Bach, LLP.
We’ll analyze the available claims history for telemedicine and provide our best assessment of what you can expect regarding claims going forward. You’ll come away with a roadmap to help you establish the best possible insurance product for the telehealth segment — and tips from experts on how to price it.
Here is just some of the information you'll get during this in-depth 90-minute webinar:
1. The challenges associated with underwriting telemedicine.
2. How to put together an insurance product for the telehealth segment.
3. What past telemedicine claims have looked like and what they can tell you about the makeup of future claims.
4. Legal ramifications of working with patients this way.
5. Risk-reduction techniques for telehealth practitioners.
6. How you can help your insureds stay within the state-by-state patchwork of regulations and lawsuits.
7. The types of exposure and how to address them using different kinds of insurance coverage, including med-mal, cyber, E&O, privacy, technology, and more.
8. The benefits of covering physicians who do a lot of telemedicine — and how to price the risk.
9. How to deal with licensing and regulatory concerns.
10. The clinical and operational standards of care that telehealth practitioners need to follow.
11. How the rapid adoption of telemedicine during the pandemic created new challenges and risks for traditional MPL insurance.
12. The potential risks involved with the predicted increase in remote monitoring — and what you can do to minimize those risks.
…and much more!
REGISTER NOW: tinyurl.com/2x28wbrb
MLMIC Insurance Company Announces New CEO
May 13, 2021
MLMIC Insurance Co. announced yesterday that Michael J. Schoppmann, Esq., assumed the role of its chief executive officer and vice chair, effective May 12, 2021.
Schoppmann previously served as MLMIC’s president and chief operating officer and has a long history of representing healthcare providers in New York and nationally. According to MLMIC, he was instrumental in the transition of MLMIC from a mutual insurance company to a member of the Berkshire Hathaway family.
Also announced yesterday, Edward J. Amsler, Esq., MLMIC’s immediate past CEO, has been named chairman of the MLMIC Board of Directors. He will work with Mr. Schoppmann on strategic planning. Timothy Krieg, Esq., has been appointed chief operating officer and will oversee MLMIC’s daily operations.
“Mike’s background, reputation and drive will be extremely valuable to MLMIC as it continues to serve and attract policyholders in this increasingly competitive environment,” Amsler said. “I look forward to continuing to work with Mike — and all of our leadership team — to develop and deliver exceptional medical professional liability insurance products and services in New York.”
Bill Passolt to Receive 2021 MPL Association Award of Excellence in Honor of Peter Sweetland
May 10, 2021
The Medical Professional Liability (MPL) Association today announced that William C. Passolt of OMS National Insurance Company (OMSNIC) will be the recipient of the 2021 Award of Excellence in Honor of Peter Sweetland. Passolt is being honored for his outstanding contributions and longtime dedication to the MPL insurance community, the MPL Association and healthcare professionals. The MPL Association is the international organization representing the medical professional liability insurance community.
Passolt is president and CEO of both OMSNIC and its subsidiary, Fortress Insurance Co. He joined OMSNIC in 1992 as its vice president of finance. Prior to joining the company, he was a senior manager with Arthur Andersen LLP. Passolt is a certified public accountant and a member of the American Institute of Certified Public Accountants. He has served as a director of the OMS Foundation since 2015 and as a director of the Eastman Dental Center Foundation since 2013. In 2019, Passolt was made an honorary fellow of the American Association of Oral and Maxillofacial Surgeons, the highest honor awarded to a nonmember.
Over the past 20 years, Passolt has served in various leadership roles at the MPL Association, including Section Chair of the Technology, Human Resources, and Finance Workshop and Leadership Forum. He has participated in the MPL Conference Committee, CEO Section, and the Regional Member Roundtable. In 2011 and 2016, Passolt received the Leadership Award from the PIAA (now the MPL Association).
“We are extremely pleased to honor Bill for his exceptional dedication to the MPL industry and this Association. His unwavering support and active commitment to the Association exemplifies the spirit of this award," said Brian K. Atchinson, president and CEO of the MPL Association. "We are grateful for his service.”
“Bill has shown a significant commitment to advancing the interests of policyholders at OMSNIC,” said Dr. James Q. Swift, chair of the MPL Association Board of Directors and director and chair of OMSNIC. “He has successfully led OMSNIC while preserving its mission of serving and protecting oral and maxillofacial surgeons and dental professionals enabling them to provide safe patient care.”
The MPL Association Award of Excellence in Honor of Peter Sweetland, established in 1993 by MPL Association’s Board of Directors, was created in honor of the late Peter Sweetland, one of the MPL Association’s chief architects and most fervent supporters. The award recognizes an individual who has provided exemplary service to the industry and to the MPL Association, and who epitomizes the high ideals and ethics for which Peter Sweetland stood.
ProAssurance Completes NORCAL Transaction
May 6, 2021
ProAssurance Corp. announced its acquisition of NORCAL Mutual Insurance Co. was completed May 5, 2021. NORCAL’s members approved the transaction at a special meeting on April 26.
Under terms of a previously announced agreement, NORCAL became part of ProAssurance following its demutualization. Through its tender offer to NORCAL policyholders who elected to receive stock in the conversion of NORCAL Mutual, ProAssurance has acquired over 98% of the stock of NORCAL Insurance Co., the successor to NORCAL Mutual. The base consideration for the transaction at closing is $441 million.
“The completion of the NORCAL transaction marks a significant milestone in our Mission to Protect Others,” said Ned Rand, ProAssurance Corp. president and chief executive officer. “NORCAL is one of the leading writers of medical professional liability insurance in the country. We believe their contributions to our customers and culture will expand our product capabilities with broader geographic scale and efficiencies and will support a true nationwide platform to deliver value to our customers and stakeholders. We are delighted to welcome NORCAL’s employees and policyholders to our family.”
Sandra Beretta, MD, immediate past chairperson of NORCAL’s Board of Directors, said, “I am delighted that NORCAL is now officially partners with such an impressive organization. NORCAL has been a stable, long-time participant in the medical professional liability insurance marketplace, and the combination with ProAssurance will bring policyholders further confidence, knowing NORCAL will be able to offer them an even higher level of financial security and service.”
“ProAssurance’s financial strength, diverse risk transfer capabilities, success in integrating acquisitions, and — most importantly — its focus on policyholder success were the key factors in the decision to join with them,” she continued. “NORCAL has protected physicians and other healthcare professionals for more than four decades. As part of the ProAssurance family, NORCAL has increased its ability to serve its policyholders for many years to come.”
Policyholders who elected to receive NORCAL stock and tender it to ProAssurance will receive their allocated share of the converted company’s equity in cash, and are eligible for a share of Contingent Consideration in an amount of up to approximately $83 million depending upon development of NORCAL’s ultimate net losses between Dec. 31, 2020, and Dec. 31, 2023. ProAssurance is funding the transaction with $248 million of cash on hand, and NORCAL will pay $2 million to policyholders who elected to receive the discounted cash option for their allocated share of the converted equity. The remainder of the base consideration, approximately $191 million, is in the form of contribution certificates issued to certain NORCAL policyholders in the conversion of NORCAL Mutual, and those instruments are an obligation of NORCAL Insurance Co. Base consideration and maximum contingent consideration are subject to non-material change as the equity allocation is reviewed and finalized post close.