Got an extra $1.4 million to spend? You might need it if you don’t have cybersecurity liability coverage.

Did you know that it costs roughly $1.4 million to recover from a cyberattack? The cost of lost productivity, damage to your practice’s reputation, and service disruption, among other expenses, add up quickly(1). Responding to cyber incidents can be time-consuming too, depleting resources and taking your focus away from patient care.

Data transmission permeates the healthcare industry. While we assume the obvious data breach potential occurs when transmitting PHI (protected health information) data from one provider to another (physician to hospital, for example), even seemingly innocuous DME (durable medical equipment), such as insulin pumps, pacemakers, and infusion pumps, carry the threat of data theft and exposure(2).

CARE Professional Liability Association offers liability policies to protect policyholders against evolving cyber threats. A cyber liability policy covers many aspects of potential risk(3):

  • Privacy or security breach mitigation, including the cost to provide 12 months of credit monitoring and identity restoration services to affected individuals
  • Data restoration, recovery, or replacement costs when data is damaged, corrupted, or destroyed as a direct result of a network security incident
  • Income loss and business interruption expenses
  • Ransom payments to persons reasonably believed to be responsible for a cyber extortion threat
  • Brand loss: loss of net profit incurred as a direct result of a breach notification or adverse media report following a privacy/security breach
  • Claims alleging negligent acts or errors in electronic or print media that results in infringement of copyright, trademark, domain name, or plagiarism
  • Claims alleging liability for failure to prevent or hinder a privacy/security breach
  • Investigations and other civil proceedings brought by government agencies for the enforcement of privacy regulations
  • Written demands for assessments made by acquiring banks or credit card associations due to non-compliance

Contact us today. We are serious about data security and patient privacy. We can help you mitigate cyber security risks before they affect your practice.

Footnotes

  1. https://healthitsecurity.com/features/what-is-cyber-insurance-for-healthcare-organizations
  2. https://www.healthdatamanagement.com/opinion/how-cyber-risk-is-affecting-medical-professional-liability
  3. https://gallery.mailchimp.com/2e65dcb86f6030c0d5aba0903/files/5b57d519-55f8-4271-8ba6-215aa7ae0d6d/CARE_RRG_Agent_Cyber_Flyer_10.17.pdf

Professional Partnership Announcement: CARE and MGIS

We are excited to announce our newly formed professional partnership with Medical Group Insurance Services (MGIS). For more than 50 years, MGIS has specialized in creating a continuum of coverage that addresses the unique income replacement needs of physicians and dentists. Working with world-renowned underwriters at Lloyd’s of London, MGIS has added a layer of coverage for high-earning physicians and dentists: MGIS incomeprotect® | HIGH LIMITS maintains the integration of key provisions crucial to protecting high-income earners.

This new disability insurance program is available exclusively to our members.  As a physician’s income grows, finding disability insurance that adequately replaces income when a disability occurs is difficult and expensive. This insurance program solves this problem with features and pricing exclusive to association members. The coverage is provided by the prestigious Underwriters at Lloyd’s of London, through their U.S. partner, MGIS, who has delivered income protection solutions to doctors nationally for more than 50 years.

You can choose from these benefit options:

Lump Sum

  • $250,000 with a one-year elimination period
  • $500,000 with a one-year elimination period
  • $1,000,000 with a one-year elimination period

This program has other advantages that you won’t see on other offerings outside of this exclusive program:

  • Easy Enrollment. Simplified Issue (only three questions about missed work and recent medical needs; no exams are required).
  • Best Definition of Disability in the Industry. You are considered disabled if you cannot perform the actual procedures you have performed over the past 12 months. This is crucial to ensuring you qualify for benefits.

You may pre-enroll by clicking here for easy electronic enrollment. To make enrollment even simpler, you’ll want to have the following available when you log in:

  • Your NPI or SSN
  • Total earned income from all practice settings

Please send questions to HighLimitsFAQ@MGIS.com.

Contact us today if you have questions about this exciting new service offering with our latest professional partner.

Tools and Resources to Mitigate Provider Burnout

Any career that involves connecting with other people is prone to professional burnout. It is very difficult to maintain a sense of self while caring for and supporting others. Increased administrative and productivity-based demands placed on physicians has led to worsening effects of physician burnout.

Increases in burnout rates can lead to negative impacts on both healthcare organizations and providers, including(1):

  • Emotional exhaustion
  • Depersonalization/distancing behaviors
  • Feelings of ineffectiveness
  • Lack of personal accomplishment
  • Feeling overextended
  • Unwilling to sympathize/empathize with patients
  • Unable to meet workplace demands
  • Diminished quality of care
  • Poor patient satisfaction
  • Increased medical errors and patient safety events
  • Decreased retention/increased turnover
  • Substance abuse/suicide

Any one of these elements can expose organizations to potential medical liability claims. Whether the issue is a serious medical mistake, or simply a perceived wrongdoing by a patient, the risk is inherent in any medical practice. While it may seem unreasonable to completely eliminate career burnout, there are tools to help both providers and support personnel help mitigate the risk associated with these issues. With limited investment, organizations can make effective and impactful changes to address and prevent burnout.

One of our professional partners, SE Healthcare, developed a video series(2) about physician burnout. The videos take a look at the range of negative impacts to the healthcare industry for both providers and patients (including financial, clinical, resources, errors, etc.). More importantly, each video provides suggestions on negating the effects of physician burnout at your practice.

SE Healthcare also offers a comprehensive Physician Burnout Prevention Program(4). This program uses a three-pronged approach to address and minimize physician burnout within your organization. The three pillars of the program include:

  • The Assessment: A confidential, short survey focused on identifying causes of burnout; uncovers where your physicians are on the burnout continuum; identifies top causes of burnout
  • The Dashboard: Provides actionable data to address burnout; includes valuable organizational and work-unit-level data available to leadership; offers individualized reports for physicians
  • The Enrichment Center: Curriculum-based learning module; features a complete library of exclusive materials; also includes a video training curriculum

A healthcare provider typically operates in a team-based model, working closely with other clinical office staff. However, this still puts physicians in a silo of sorts, in that daily interaction with other physicians is minimal. This isolation, coupled with the fact that vocational burnout still carries a negative stigma, prevents those who could see the signs and symptoms be comfortable enough to have conversations about workplace stressors(3). The program provides individual training and education on recognition and management of burnout, both within yourself and your colleagues. The program even offers tips on how to approach a colleague in distress.

Uncertainty about whether anything can be done to impact burnout often creates a barrier to action. Despite this trend, there are a number of key actions organizations can take to reduce burnout. SE Healthcare’s program provides leadership with a communication tool to listen to physicians and help uncover underlying issues. The program equips providers with the tools and skills to relieve stress and reduce levels of burnout, thus leading to significant benefits for both the organization and the provider.

Contact us today. We can help you uncover your risk potential based on your current level of organizational burnout. We can also help you easily and immediately implement the Physician Burnout Prevention Program in your practice.

Footnotes

  1. https://www.apaservices.org/practice/update/2018/01-25/mental-health-providers
  2. https://www.youtube.com/watch?v=RsN7vShw7UA&list=PLcE1V4co1oBYmhL4nIrHFkOEVUXL41CN3
  3. https://www.sehealthcarequalityconsulting.com/2019/12/19/using-our-eyes-and-ears-how-leaders-can-listen-to-physicians-to-help-detect-burnout/
  4. https://www.sehealthcarequalityconsulting.com/physician-burnout-prevention-program/