Wisconsin Injured Patients & Families Compensation Fund Waives Premiums for Next Fiscal Year
June 17, 2020by
The Board of Governors for the Wisconsin Injured Patients & Families Compensation Fund today voted to waive premiums for the next fiscal year for the healthcare professionals and providers enrolled in the fund.
The premium holiday was originally requested by the Wisconsin Medical Society and endorsed by the Fund’s Actuarial and Underwriting and Finance/Investment/Audit committees before it was approved by the Board. The holiday will be in effect from July 1, 2020, until June 30, 2021.
“COVID-19 has posed unprecedented health and economic challenges to our state, and the healthcare industry is no exception,” said Bud Chumbley, MD, a Board member and the CEO of the Wisconsin Medical Society. “The premium holiday approved today by the Board will provide some financial relief to many of the Wisconsin medical professionals and providers who have been affected by the pandemic and who face ongoing challenges."
The mission of the Injured Patients and Families Compensation Fund is to provide excess medical malpractice coverage to Wisconsin healthcare providers and to ensure that funds are available to compensate injured patients. Healthcare providers obtain primary medical malpractice insurance from private insurance companies in an amount required by statute. Physicians, Certified Registered Nurse Anesthetists who primarily practice in Wisconsin and many types of healthcare facilities are required to participate in the Fund.
The Fund was created in 1975 to provide excess medical malpractice insurance for Wisconsin healthcare providers. It is governed by a 13-member Board of Governors that is chaired by the Commissioner of Insurance and administered by the Office of Commissioner of Insurance. The Board is composed of four public members appointed by the Governor, three insurance industry representatives, a member named by the Wisconsin Association for Justice, a member named by the State Bar of Wisconsin, two members named by the Wisconsin Medical Society, and a member named by the Wisconsin Hospital Association.
As of June 30, 2019, there were a total of 17,261 Fund participants composed of 147 hospitals with 19 affiliated nursing homes, 15,003 physicians, 855 nurse anesthetists, 20 hospital-owned or controlled entities, 73 ambulatory surgery centers, 1 cooperative, 14 partnerships, and 1,129 corporations actively participating in the Fund. As of June 30, 2019, Fund participants consisted of 87 percent physicians, 6 percent corporations, and the remaining 7 percent included all other participants.
For more information, visit the Fund website at https://oci.wi.gov/Pages/Funds/IPFCFOverview.aspx.