Alterna has entered into the alternative risk marketplace, specifically focusing on providing medical professional liability services for physicians, clinics, and hospital groups through one company.
Most group insurance facilities (i.e., risk retention groups (RRGs), captives) have several third-party service providers supporting their core structure which can result in gaps in service and information sharing.
Alterna offers in-house services like financial reporting, regulatory compliance, underwriting and policy issuance, risk management consulting and live support, continuing medical education (accredited and specialty-specific), claims administration, and other management services including marketing, reinsurance, and web hosting.
Physicians, clinics, and hospitals have a variety of captive insurance structures to choose from, all with different regulatory requirements depending on the state in which the captive is located. The participants in the captive, however, do not have to be located in the same state (or even country) as the captive. “This can get complicated which is why the expertise of the captive management company is critical,” says Mary-Lou Misrahy, chief executive officer for Alterna.
Alterna currently has two risk retention management companies under contract servicing SCRUBS RRG and EMPAC RRG.
Alterna provides the health care industry with alternative risk options, management, and services through a team of industry specialists. The company is a wholly owned subsidiary of Physicians Insurance A Mutual Company, which has provided medical professional liability insurance for 30 years. Alterna has offices in Florida, Nevada, Vermont, Washington, and West Virginia.