Medicus Insurance Co. has created an endorsement that gives insureds coverage for unintentional network security, billing, regulatory and privacy violations. The new endorsement is called Medicus Advantage Gold.
The Medicus Advantage Gold endorsement has been added to all Medicus policies in Arizona, Georgia, Illinois, Indiana, Iowa, Missouri, Minnesota, Nebraska, Ohio, Utah, Virginia and West Virginia at no additional charge to its insureds.
The endorsement will take effect on April 1, 2010 and continue to be rolled out in all of the 23 states in which Medicus is an admitted carrier subject to regulatory approval where required.
“In a world where patient privacy is a growing concern and identity theft leaves healthcare providers vulnerable to allegations of fraud and abuse, Medicus believes it is crucial to offer our insureds protection against these evolving risks,” Medicus President Eugenie Shea said.
One significant concern facing healthcare providers is the Recovery Audit Contractor (RAC) audit. These audits can be costly to healthcare providers. The Medicus Advantage Gold endorsement helps alleviate some of the defense costs, civil fines and penalties that arise from unintentional billing errors.
Additionally, Medicare and Medicaid incentives offered by the 2009 American Recovery and Reinvestment Act are propelling the rate of adoption of Electronic Medical Record (EMR) systems. As healthcare providers move from paper to electronic files, there is potential exposure to additional vulnerabilities to privacy and errors present in a digital environment. The new Medicus Advantage Gold endorsement will not only defend Medicus insureds in the event of a network security breach, but also protect the insureds’ patients who are inadvertently exposed to potential identify theft resulting from a breach.
The Medicus Advantage Gold endorsement includes:
- Defense for unintentional violation of HIPPA privacy regulations
- Coverage for unintentional billing errors and omissions
- A higher limit for Stark Violations
- Defense for network security and privacy breaches
- Coverage for multimedia claims including copyright infringement, libel/slander and false advertising allegations
- Acts committed by rogue employees
Source: Medicus Insurance
Was this article valuable?
Here are more articles you may enjoy.