The Doctor’s Advocate | Fourth Quarter 2018
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Industry and Company News
A.M. Best Affirms Our “A” Excellent Ratings and Stable Outlook
A.M. Best has affirmed our financial strength rating (FSR) of A (Excellent), upgraded our long-term issuer credit rating (ICR) to a+ from a, and stated the outlook of these ratings is stable. 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.
A.M. Best stated that the ratings reflect The Doctors Company’s balance sheet strength, along with solid underwriting performance over the last several years.
“These ratings from A.M. Best reflect the stability and reliability of our company as we serve our members nationwide,” said Richard E. Anderson, MD, FACP, chairman and CEO. “Our financial strength is integral to our mission to advance, protect, and reward the practice of good medicine.”
Premium Discount Offered to Oncologists from Certified Practices
Oncologists who achieve quality certification through the Quality Oncology Practice Initiative® (QOPI®) Certification Program will be eligible for up to a 10 percent discount on their malpractice insurance through a collaboration between The Doctors Company and the American Society of Clinical Oncology, Inc. (ASCO®), and its wholly owned subsidiary, QOPI® Certification Program, LLC (QCP).
Physicians participating in outpatient hematology-oncology practices who receive the three-year QOPI® certification will be eligible for the discount. Eligible physicians who are in already-certified practices may receive the discount on their next insurance renewal upon request.
QOPI is a voluntary self-assessment and improvement program launched by ASCO in 2006 to help hematology-oncology and medical oncology practices assess the quality of care they provide to patients.
Learn more about the premium discount and the additional benefits of membership in The Doctors Company at thedoctors.com/qcp.
The Doctors Company Agrees to Acquire Hospitals Insurance Company and FOJP Service Corporation
The Doctors Company has entered into an agreement to purchase Hospitals Insurance Company (HIC), a New York admitted and licensed insurance company, and FOJP Service Corporation, which provides third-party comprehensive insurance and risk management advisory services.
HIC provides insurance coverages and services to many of the most prestigious and best-known healthcare organizations in the New York metropolitan area, including Mount Sinai Health System, Montefiore Health System, and Maimonides Medical Center. Founded by these systems more than 35 years ago, HIC/FOJP writes over $180 million in premiums and manages $135 million in self-insured premiums, with assets of $1.6 billion and policyholder surplus of over $580 million.
The transaction is subject to regulatory approvals and is expected to close in 2019. After the transaction closes, The Doctors Company expects to further expand its presence and capabilities in New York—while maintaining all the HIC programs currently in place for its institutions and physicians.
The Doctor’s Advocate is published by The Doctors Company to advise and inform its members about loss prevention and insurance issues.
The guidelines suggested in this newsletter are not rules, do not constitute legal advice, and do not ensure a successful outcome. They attempt to define principles of practice for providing appropriate care. The principles are not inclusive of all proper methods of care nor exclusive of other methods reasonably directed at obtaining the same results.
The ultimate decision regarding the appropriateness of any treatment must be made by each healthcare provider considering the circumstances of the individual situation and in accordance with the laws of the jurisdiction in which the care is rendered.
The Doctor’s Advocate is published quarterly by Corporate Communications, The Doctors Company. Letters and articles, to be edited and published at the editor’s discretion, are welcome. The views expressed are those of the letter writer and do not necessarily reflect the opinion or official policy of The Doctors Company. Please sign your letters, and address them to the editor.