COPIC Comment: Support for changes and challenges ahead in health care

Wednesday, January 01, 2014 11:38 AM

Ted J. Clarke, MD
Chairman & CEO
COPIC Insurance Company

As we move into 2014, all eyes will be on health care as we see more data related to the implementation of the Affordable Care Act that will fuel discussions around the question: Is our health care system headed in the right direction? Amidst all the opinions and perspectives, there is one fact of which we cannot lose sight – the challenges that have been placed upon medical professionals and facilities to meet requirements, manage costs and show results of improved care.

COPIC recognizes these challenges and looks at ways in which we can further support our insureds as they navigate the complexities of today’s health care environment, while also planning for the years to come. The following are some of the ways in which we are providing support. 

Separate limits of liability for employed allied health professionals (AHPs)
The changes in health care have placed an increased focus on the role AHPs will serve in delivering care to patients. To support flexibility in this area for medical practices and health care systems, COPIC now offers separate limits of liability for employed AHPs. Some key provisions of this new option include:

• Insureds can select specific AHPs for which they would like separate limits.
• AHPs with separate limits are offered tail coverage upon cancellation.

For more information about this coverage option, please contact your COPIC underwriter by calling (720) 858-6000.

Alternative risk management arrangements
COPIC facilitated the formation of a Risk Retention Group (RRG) – a liability insurance company that is owned by its members – as a flexible option for insureds who expand their operations into other states. Some of the benefits of working with this RRG include:

• Nationwide reach and protection – An RRG can insure members throughout the country by registering in all states where coverage needs to be written.
• Return on investment – Members may benefit when there are favorable loss conditions that allow for the distribution of dividends or reductions in premiums.
• Ownership in business decisions – Because members are owners, they participate in the oversight of operations and have a voice in how the RRG is managed.
• Rate stability – Increased emphasis on risk management and careful selection of members allows for improved loss experience, and this often translates into lower costs.

For more information, contact COPIC Sales at (720) 858-6186 or sales@copic.com.

Expertise for your personal and business needs
COPIC Financial Service Group offers products and services that complement your medical liability insurance and address situations specific to health care professionals. Whether it’s planning for your personal insurance needs or reviewing coverage options to protect your business practice, COPIC Financial can provide expert consultation on timely issues such as:

• Additional cyber liability insurance to meet the level of protection that your organization requires.
• A review of benefit plans for your employees to determine cost-effective solutions that meet ACA requirements.
• Other areas of service include: workers’ compensation, business owners insurance, disability/life insurance and investment/retirement planning.

For more information, contact COPIC Financial at (720) 858-6280 or visit www.copicfsg.com.

Advocacy that informs and educates on a state and national level
COPIC continues to invest in proactive advocacy efforts to educate legislators about the importance of a stable medical liability environment. As health care is experiencing significant change and there is substantial “noise” about what is wrong and what is right, it is vital that we continue these efforts to inform legislators about the factors and issues that matter. In particular, we focus on how access to care, quality of care and cost are interconnected. The relationships we build through these efforts not only benefit our insureds in Colorado, but they also extend our connection when policymakers are involved with national organizations or move onto positions at a federal level.