Ascent Underwriting, the Managing General Agent (MGA) specialising in emerging risks, has launched a medical billings errors & omissions insurance product specifically aimed at U.S. healthcare professionals.
CyberPro Medical Billings offers financial protection against HIPAA billing and coding regulation violations and features broad network security coverage.
Amendments to the U.S. healthcare Health Insurance Portability and Accountability Act (HIPAA) regulations over the last few years have led to a tightening of the billing and coding process for all healthcare providers when submitting claims for reimbursements of medical services to insurance companies and government led Medicare.
HIPAA includes a set of rules and regulations that hospitals, individual physicians and other healthcare providers must follow in order to provide their services correctly and compliantly. This ensures there is no breach of confidence whilst maintaining the integrity and availability of patient records.
According to Gareth Tungatt, a director of Ascent Underwriting, says medical practitioners have spent thousands of dollars on new technology as a result of the HIPAA changes and have been forced to redesign business processes and software to ensure compliance.
“While there are established frameworks around the billing practices, the current regulatory environment has also seen authorities actively pursuing practices that do not correctly bill, code or process healthcare claims correctly,” he says.
Ascent’s new CyberPro Medical Billings product for U.S. healthcare professionals combines protection for both the healthcare data protection risk and the business risks associated with non-compliance of HIPAA billing legislation. The cover also includes reimbursement for billing audit investigations and regulatory fines or penalties to minimise the potential financial threat.
The new product complements Ascent’s other products for professional and non-tangible risks. It is part of a number of new initiatives that Ascent is planning to develop during over the next 12 months that will enhance its niche insurance product portfolio.