Healthcare Risk Management – April 1, 2012
April 1, 2012
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Pros and cons of a captive: Should you do it yourself?
Healthcare providers have been subject to the volatility of the insurance market for years, which has led some to look to the idea of establishing a captive as a way to cut costs, particularly with workers' compensation coverage. A captive can be a great solution in some circumstances, but don't jump without looking first. -
When is a captive right for you?
Captive insurance companies aren't for everyone, says Timothy E.J. Folk, vice president with The Graham Co., a healthcare consulting company in Philadelphia. -
Retention levels, aggregate levels key
Captive insurance agencies require the insured to take on more claims risk, but that risk is not unlimited. Even with a captive, you don't risk paying entirely out of pocket for a major claim or repeated claims in one year, says Christopher M. Keith, a producer with The Graham Co. in Philadelphia. -
Most captives formed offshore
There are about 5,000 captive insurance companies in the world, with most being sponsored by U.S. entities, according to information provided by Capstone Associated Services in Houston, TX, which assists organizations with setting up captives. -
Many provider benefits are in the cloud
Why should a patient's electronic health record (EHR) be stored on-site, when the records can be cost effectively stored on the Internet at a remote location? This question is posed by Bernard Rosof, MD, MACP, CEO of the Quality in Healthcare Advisory Group, a consulting firm in Huntington, NY. -
Monthly reports, audits improve security of cloud
Security is a major concern for healthcare providers using the cloud, says Paul Rubell, JD, partner in the Corporate Law Group at the law firm of Meltzer Lippe Goldstein & Breitstone in Mineola, NY. -
Whistleblower lawsuits are a growing risk
Healthcare leaders have to worry about complying with plenty of industry-specific requirements and the potential cost when a whistleblower reports malfeasance. Another risk, however, comes from the broader world of corporate fraud. -
SEC encouraging more whistleblowing
The Securities and Exchange Commission (SEC) Whistleblower Program was created in Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011. -
Trouble: Risk manager becomes whistleblower
A hospital being sued by its own risk manager is deep trouble, says Barbara E. Hoey, JD, a shareholder with the law firm of Littler Mendelson in New York City. -
Investors: Hospital group hid whistleblower suit
Health Management Associates (HMA) shareholders filed a class action in Florida federal court recently and claimed stock prices dropped after it was revealed the hospital group had used Medicare fraud to inflate prices and hidden a wrongful-termination whistleblower suit by an employee who uncovered the alleged fraud. -
Nearly $4.1 billion recovered in health fraud
The government's health care fraud prevention and enforcement efforts recovered nearly $4.1 billion in taxpayer dollars in 2011, the highest annual amount ever recovered. -
TJC: Worker fatigue can threaten safety
With the link between healthcare worker fatigue and adverse events s well documented, The Joint Commission (TJC) issued a new Sentinel Event Alert: Healthcare worker fatigue and patient safety. -
Alcohol abuse called problem for surgeons
Alcohol abuse is a "significant problem" for surgeons in the United States, with more than 15% of respondents in a nationwide survey signaling that they might have dependency issues, the American College of Surgeons reports. -
Jury awards patient $7.6 million in case of permanent spinal cord injury
In 2003, a 14-year-old girl went to the emergency department (ED) with complaints of weakness in her legs. The radiology department performed an MRI, but it failed to diagnose an abnormal mass on her spine. When the mass bled four years later, the patient suffered permanent spinal damage. -
$1 million awarded to paralyzed dentist
A 68-year-old paraplegic male was undergoing occupational therapy to increase his level of independence following a spinal cord injury.