Coverage Features We’ve Added To Give Our Insureds A Little Peace Of Mind

The 2018 No. 1 issue of the Digest is about physician burnout. Did you know there are features of your OMIC coverage that may help alleviate some of the stressors that lead to burnout?

One of the common causes of physician burnout is reported to be lack of work-life balance. How can OMIC help? Some physicians don’t want to work the long hours which can be a hallmark of medical practice. They may even choose to work part-time. OMIC understands this and offers part-time discounts for up to a 65% reduction in premium.

You may also want to take time off for maternity or paternity leave, to care for yourself or a family member who has a prolonged illness, or to take a sabbatical. OMIC offers suspensions of coverage when physicians temporarily cease practice for an extended period of time but intend to return to practice. Under a suspension of coverage you can report claims that arise from treatment that occurred prior to the suspension, but no coverage is provided for services rendered by the insured during the suspension. Coverage will still be in force, though, for other insureds on the policy. For example, the office may remain open so that non-physician staff can refer patients as needed, provide copies of medical records, or order authorized refill prescriptions. Premiums are greatly discounted during suspension since the liability exposure is likewise reduced. Suspensions may range from 90 days (60 for maternity or paternity leave) to a maximum of 1 year.

Worrying about professional liability in and of itself can lead to stress and burnout. After all, statistics indicate that approximately 75% of all ophthalmologists will have faced a claim by age 65. Having OMIC coverage should be of some comfort. As a carrier sponsored by the American Academy of Ophthalmology, our purpose is to be here for you when you are accused of medical negligence. As practicing ophthalmologists themselves, OMIC Board members know and understand the challenges and risks you face in your profession, and work hard to educate you through risk management programs and services to avoid claims before they arise. But if they do, our ophthalmic-only claims department will walk you through the process.

Sometimes, though, it is the other liabilities in your practice, the more esoteric ones, that keep you up at night. That is why OMIC has added, free of charge to its policyholders, 17 additional benefits. One of these benefits is $25,000 in disciplinary proceeding coverage to defend you when patients complain about your care to professional organizations.

We have also engaged experts in non-MPL issues to offer $100,000 in broad regulatory protection (BRP) and cyber liability (e-MD®) coverage through NAS Insurance Agency/Tokio Marine HCC. They are experienced in handling BRP claims and are committed to providing excellent service to OMIC’s insureds. We also recently launched a very robust cyber website for your quick reference and training needs.

BRP reimburses insureds for legal expenses and some fines and penalties related to regulatory proceedings, which include billing errors proceedings by Medicare/Medicaid and commercial payers, DEA, EMTALA, STARK, HIPAA or covered licensing proceedings, and peer review.

The e-MD® benefit was added as insureds began to move more of their records, communications, and marketing online. Worried about claims arising from the loss or unauthorized disclosure of patient or employee information, or your failure to report such loss or disclosure? Or how you are going to pay the breach response and notification costs; the legal expenses and regulatory fines, penalties, and compensatory awards; and public relations costs related to security and privacy breaches? And what about the income you lose due to such breaches? The 9 e-MD sections respond to these issues and more, so technology does not have to be the bane it has been for so many insureds transitioning to electronic records and communications.

Sometimes financial strains lead to burnout. OMIC works hard to provide coverage to its members at rates that are reasonable, yet conservative enough to withstand unexpected adverse claims experience. In fact, OMIC’s Board of Directors has adopted a Value Commitment “to provide its products and services at the lowest cost possible while maintaining its commitment to long-term stability, comprehensive coverage, and superior service.” As mentioned above, we achieve this through part-time discounts, as well as loss-free credits, risk management discounts, and other cost savings you may qualify for. Whenever possible, OMIC offers its courses, risk management documents, and other resources free of charge to its insureds. Our mission is not just to serve the needs of members of the American Academy of Ophthalmology by providing high quality medical liability insurance products and services” but to also “be a leader in the medical liability community and to promote quality ophthalmic care and patient safety.”

If you have any questions about what coverage and services are available for policyholders, contact your underwriting representative.

We truly hope that these benefits offer you peace of mind in your practice and will lead to a long and satisfying career in ophthalmology.