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  • August 23, 2016

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  • ISMIE Mutual Enhances Cyber Liability Coverage - At No Cost to You!

    Cyber LiabilityA study late last year by Experian noted that 91 percent of all health care organizations had reported at least one data breach over the last two years. It projected that major computer hacks would make the headlines in 2016, but that "small breaches (would) cause the most damage."

    That's turned out to be one prescient forecast.  But for ISMIE policyholders, there's better news. Since 2011, we've provided cyber liability coverage (in partnership with Beazley Syndicate) that's evolved with the expanding scope of the threat. Your policy now includes three new enhancements at no cost to you:

    • Cyber Extortion: Think "ransomware." Our new cyber extortion coverage provides reimbursement for losses resulting from a threat to alter, destroy, damage, delete or release electronic data, including patient, business and personal information and software.
    • Practitioner Regulatory Liability: This addition provides coverage for any claim arising from an alleged error or omission that involves billing, self-referrals or violations of HIPAA and/or EMTALA.
    • First-Party Data Protection: If a computer security failure results in losses from damage to or inability to access a data asset - such as a computer virus erasing data from a hard drive - this provision provides reimbursement to help solve the problem.

    Additionally, this expanded coverage now includes lower retentions of $5,000 for physician clinics and $2,500 for individual physicians. Higher coverage limits are available for reasonable rates.

    For detailed information on ISMIE's cyber liability protection, visit ISMIE's website. If you still have questions, don't hesitate to contact the ISMIE Underwriting Team at 800-782-4767 or by email at underwriting@ismie.com. If you utilize an insurance broker, you may also wish to contact him or her.



  • Still Time to Register for Upcoming 'Dissecting Diagnostic Error' Seminars in Springfield and Glen Ellyn

    If you missed this informative program earlier this year, you're in luck - ISMIE has added two new fall dates to its popular Dissecting Diagnostic Error seminar series, September 9 in Springfield and October 26 in Glen Ellyn. The program presents an analysis of the latest research and solutions clinicians can use to improve their diagnostic accuracy and skills. The sessions feature:

    • Mark Graber, MD, a member of the Institute of Medicine (IOM) panel behind last year's "Improving Diagnosis in Health Care" report, who will discuss major findings from the report and how electronic medical records can play a role in better diagnostic practices.
    • Gurpreet Dhaliwal, MD, a practicing emergency medicine physician, hospitalist, and author of "Blueprint for Diagnostic Excellence," who will offer guidance on diagnostic tracking and feedback systems, metacognition, real-time learning and practical skill development. 

    Date/Time: 

    • September 9, noon-3 p.m., Sangamo Club, 227 E. Adams Street, Springfield. 
    • October 26, 9 a.m.-noon, Crowne Plaza, 1250 Roosevelt Road, Glen Ellyn.  

    Eligible policyholders may earn a 1% premium discount and AMA-PRA Category 1 Credit.

    Register here to attend the seminar.



  • Know Your ISMIE History? Add Our 40th Anniversary Book to Your Digital Library!

    ISMIE HistoryOn July 1, 1976, ISMIE Mutual - then known as the Illinois State Medical Inter-Insurance Exchange - began operations with a 21-physician board and a skeleton staff all very new to the world of medical liability insurance.

    Today, ISMIE is the medical liability insurance leader in Illinois, writing coverage throughout the nation to fit our policyholders' changing profiles and needs.

    It's been quite a ride. To get the whole story, peruse our flipbook or download your own PDF copy.

    We'll be featuring highlights of our company history for the rest of our anniversary year in ISMIE News.



  • Average IT Cost per Physician in 2015 was $32,500; Could MACRA Drive it Higher?

    According to new data from the Medical Group Management Association (MGMA), physician-owned multispecialty practices spent more than $32,500 per full-time physician on information technology equipment and related staff and maintenance last year.

    MGMA says that these costs will only continue to rise based on new federal rules for the Merit-Based Incentive Payment System and Alternative Payment Models (MIPS/APM) brought about by the Medicare Access CHIP Reauthorization Act, or MACRA.

    "We remain concerned that far too much of a practice's IT investment is tied directly to complying with the ever-increasing number of federal requirements, rather than to providing better patient care," said Halee Fischer-Wright, MGMA president and CEO. 

    "Unless we see significant changes in the final MIPS/APM rule, practice IT costs will continue to rise without a corresponding improvement in the care delivery process."

    ISMIE policyholders seeking more information on MACRA can attend an August 30 webinar



  • They're at it Again...Relax, It's a Sure Thing!

    People have always fallen for one kind of investment craze or another, ever since the Dutch went nuts for tulip bulbs back in the 17th Century. Hey, even we thought the Pets.com sock puppet was kind of cute.

    We thought we had seen everything, until we read about one of today's fastest-growing investment "opportunities" for those who aren't exactly hedge fund billionaires - online litigation funding.

    Or, as we're now calling it, Mom & Pop Lawsuit Funding.

    As you may know, filing and pursuing a lawsuit is costly. Plaintiff firms are falling over themselves to secure funding for their next high-dollar claim. For many years, investors big, small and sometimes shady have taken the risk, betting big on potentially big returns that are alwayspromised by plaintiffs' attorneys.

    Every once in a while, Congress gets wound up about it, but nothing ever seems to happen

    One of these new litigation funding sites informs "accredited investors" - those who meet Securities and Exchange Commission income and asset requirements - that they can "invest in litigation and earn average returns of over 90%." Another invites individuals to "invest in a lawsuit's financial recovery" for as little as $2,500 with "no legal experience" at all.

    Gosh, that fills us with confidence.

    Maybe it's better to stick with tulip bulbs - at least they pay off every spring




  • Cyber Liability Infographic