IronHealth, the specialty healthcare unit of Ironshore Inc., has introduced an insurance program to address the institutional risk exposure created by the specific reporting requirements of Section 111 of the Medicare, Medicaid and SCHIP Extension Act of 2007 (MMSEA). Ironshore’s new liability policy, Medicare Reporting and Secondary Payer Act Liability (MRSPAL), protects against risk exposure and subsequent penalties to institutions from failing to file in a timely manner or from negligent filing of known liability payments to Medicare beneficiaries. The federally-mandated reporting obligations will take effect on January 1, 2012, with required monitoring of potential risk exposure retroactive to October 1, 2011.
Ironshore’s MRSPAL coverage was developed and is being provided by IronHealth and Ironshore Specialty Casualty, which is being made available to their respective market sectors on an open brokerage basis.
“Timely and accurate reporting of payments to Medicare beneficiaries places additional pressure on institutions that now face another layer of government oversight of corporate liability payment practices,” said Matt Dolan, president of IronHealth. “Liability risk of non-compliance carries significant penalties, costly fines, and increased scrutiny of Medicare reporting procedures.”
Section 111 of MMSEA requires timely and detailed reporting of any and all payments to Medicare beneficiaries under liability insurance, including self-insurance, no-fault and workers’ compensation coverages. Responsible Reporting Entities, as defined in MMSEA, are obligated to report any liability payments or settlements made to Medicare recipients, thereby enabling the government to obtain reimbursement of monies advanced for covered medical services and treatments.
IronHealth provides professional liability coverages for hospitals, physician group practices, and long-term care and managed care facilities, as well as developing insurance programs for the life sciences industry.
Support for the product will be provided by MGU Specialty Risk Services, Inc. (MGU), a Tampa, Fla. company that focuses exclusively on federal reporting regulations.
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