Ascent Underwriting, a managing general agent (MGA) specializing in emerging and professional risks, has enhanced its CyberPro medical billings errors and omissions product and increased limit availability to $5 million.
The insurance product was launched at the end of last year to offer financial protection against U.S. healthcare billing and coding regulation violations and now includes coverage for qui tam investigations and reputational harm. In addition, coverage for full prior acts is available.
As well as the placement of individual risks, Ascent can now offer reinsurance options for other insurance carriers who may be looking to offer medical billings and cyber coverage as part of their own offerings.
According to Gareth Tungatt, chief underwriting officer of Ascent Underwriting, the company has been receiving frequent requests for tailored reinsurance facilities and structured programs from companies.
“Although most practitioners have invested heavily in new technology and revised business procedures, they are still at risk of fines and prosecutions resulting from incorrect healthcare claims billing, coding or processing,” said Tungatt. “In answer to this growing threat we have enhanced our cover and increased its flexibility while maintaining the vital reimbursement for billing audit investigations and regulatory fines elements.”
CyberPro medical billings is part of Ascent’s portfolio of insurance products for professional and non-tangible risks. It provides combines protection for both healthcare data protection risk and the business risks associated with patient billing and coding exposures.
Amendments to billings 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 for medical services to insurance companies and government led Medicare.
Ascent Underwritingis a specialist MGA developing and underwriting emerging and professional risk policies on behalf of a number of Lloyd’s syndicates accessed by London market brokers to protect their clients worldwide.