MagMutual First to Allocate Millions for Loyal Policyholders
MagMutual Insurance Company, the Southeast’s largest medical professional liability insurer, has announced that it will set aside the full value of its obligation for the Owners Circle® loyalty program. By voluntarily specifying these funds on financial statements, MagMutual becomes the first medical liability insurer to allocate funds for loyal policyholder-owners.
Since 2012, MagMutual has declared $200 Million in loyalty funds beyond dividends, including $50 million this month. CEO Dr. Joseph Wilson said the company can do this without impacting the ability to pay claims. MagMutual reported 2015 financials including total admitted assets of more than $1.6 Billion, with over $773 Million in surplus – the strongest in its 33-year history.
Starting with the next quarterly statement filed, balance sheets will reflect a line item for Owners Circle® segregated surplus.
“We’re the only company in the industry to voluntarily set aside these monies because we intend to honor our promise to policyholders,” said Wilson.
Each year, MagMutual’s physician-led board of directors considers whether and how much the company will allocate to the Owners Circle®. Credits to each policyholder’s account are calculated based on the expiring premium for each eligible named insured physician. MagMutual makes account distributions after an insured physician retires from practice or becomes fully disabled or dies. Policyholders are automatically enrolled in the program after the first year of medical liability insurance coverage.
“What’s promised in return for your loyalty is reflected on our financials” said Neil Morrell, president of MagMutual. “
Morrell said the industry is in danger of pledging more money than it has because NAIC accounting rules potentially allow insurers to understate the full liability of loyalty program declarations.
Alabama Legislature Recognizes HudsonAlpha
The Alabama House of Representatives paused during session to recognize HudsonAlpha as a key asset for the state and to welcome renowned clinical genomics expert Howard Jacob, PhD, who announced last month that he and multiple research teams from the Medical College of Wisconsin will be relocating this summer to the HudsonAlpha Institute for Biotechnology in Huntsville.
Jacob’s expertise in using clinical genomics to discover undiagnosed disorders, when combined with the existing research expertise at HudsonAlpha, will accelerate the interpretation of genomic data for the benefit of patients in Alabama and beyond.
“One of my goals at HudsonAlpha,” said Jacob, “will be to enable millions of patients and their doctors to use the knowledge from the patient’s DNA to improve healthcare.”
In the next five years, Jacob and the research teams expect an additional 200 jobs on the HudsonAlpha campus as a result of the move.
“In seven years, we’ve gone from two faculty members and eight companies to where we are now, with 15 faculty members and more than two dozen companies,” said Rick Myers, HudsonAlpha President and Science Director. “Think about where we’re going to be in another seven years.”
First Installation of Major Equipment at Grandview Medical Center
One of the first major equipment installations has taken place at Grandview Medical Center. Using a 350-ton crane, the new 13,600-pound MRI was lifted over the parking deck connector and placed inside the building. This is one of three MRIs that will be installed at the Grandview campus. It marks the first in a series of major installations as the hospital prepares to open in the fall.
“This is an exciting milestone as we look forward to moving into our new campus this fall,” said Keith Granger, Chief Executive Officer, Grandview Medical Center and Trinity Medical Center. “Our patients who need MRIs will have access to leading technology.”
The new MRI is designed to help maximize comfort for patients undergoing MRI exams. It features a wide opening, or bore, to add more space than standard MRIs; a table surface with different cushion densities designed to alleviate pressure points; and feet-first imaging for all exam types.
Advanced technology in the new MRI gives physicians the tools needed to make accurate diagnoses. This new system offers imaging capability for the most advanced and demanding exams with, high resolution imaging from the top of the head to the soles of the feet.
Healthsouth Breaks Ground on Inpatient Hospital
HealthSouth Corporation has broken ground on HealthSouth Rehabilitation Hospital of Williamson County, Tennessee, a 49,000-square-foot inpatient rehabilitation hospital with 40 private patient rooms. HealthSouth Williamson County, located at 1000 Physicians Way near the Williamson Medical Center campus, will provide physical inpatient rehabilitation services in a hospital setting for patients who have experienced stroke, trauma, brain and orthopedic injuries, as well as other major illnesses or injuries.
The development is expected to represent a $23 million investment in the community and will create approximately 100 full-time jobs. The hospital is proposed to open in the fourth quarter of 2015.
HealthSouth Williamson County is HealthSouth’s eighth inpatient rehabilitation hospital in Tennessee.
CRMC Joins the American Joint Replacement Registry
Cullman Regional Medical Center (CRMC) has become a participant of the American Joint Replacement Registry (AJRR).
“Joining the AJRR will help ensure that we can continue to provide patients with the best orthopaedic care possible,” said James Clements, CRMC President/CEO.
The AJRR serves as a central clearinghouse for data on total joint replacement procedures performed at CRMC and other participating sites throughout the country. The AJRR aims to monitor the implanted devices throughout a recipient’s lifetime and trace revision rates in a database containing information about the patient, the surgeon who performed the procedure, and the site where the procedure took place. Data collected will help more quickly identify implants that are performing poorly, and will help match patients, procedures, and devices to ensure that every patient is provided the best care possible.
CRMC is one of only two hospitals in Alabama that are participating in this registry, according to Orthopedic Surgeon and CRMC Medical Staff Immediate-Past President Vince Bergquist, MD who has been leading the initiative locally.
James Andrews, MD Honored
James R. Andrews, MD was honored for his lifelong dedication and contributions to the field of sports medicine, injury prevention and research when he was presented the Lord Wedgwood Award at the 2015 Wedgwood Blue Dinner Party on April 26 at The Club.
Tim Brando, national sports commentator for FOX SPORTS, served as emcee of the event. A number of sports and entertainment figures attended, including Roger Clemens, Rachel Baribeau, Tony Barnhardt, Taylor Hicks, Condredge Holloway, Bobby Humphrey, Jon Lieber, former Atlanta Braves players –Brian Jordan and John Rocker - as well as many others.
Proceeds from the dinner party and celebrity golf tournament support the Lord Wedgwood Charity. Since its establishment, the Lord Wedgwood Charity has raised in excess of $420,000 and placed more than 325 Automatic External Defibrillators in Alabama, Georgia, Tennessee, Florida, Virginia, Mississippi, Louisiana, Pennsylvania and Texas. The charity is proud that at least five lives have been saved due to its donations.
Waller Launches Online Resource
Waller has launched an online resource to help healthcare clients navigate changes shaping the healthcare industry. The website can be accessed at www.wallerhealthcareblog.com.
“Today’s healthcare environment is changing at a rapid pace, and our clients are seeking resources that will provide them with the information they need to stay informed,” said Ken Marlow, chair of Waller’s Healthcare Department.
The blog will discuss trends, new regulations and breaking news that impacts healthcare companies in a variety of sectors, including hospitals and health systems, post-acute care, life sciences, healthcare IT, physician practices, private equity and venture capital and more. It will also include reporting from the various conferences at which Waller attorneys speak and other events attended by members of the firm’s multidisciplinary Healthcare Department.
Caring.com Names Danberry One of Best
Danberry at Inverness retirement community has been named one of the Caring Stars of 2015 by Caring.com.
Caring Stars awards are based on online reviews from older adults, family caregivers, and industry experts on Caring.com, a leading senior website with 2.5 million monthly visitors. To qualify for the 2015 award, a community with assisted living or memory care had to:
Have an overall average rating greater than four stars (based on all reviews for all time)
Have no unresolved negative reviews.
Additional criteria, such as other online reputation information, were also considered.