PRODUCT

Ascent Underwriting has launched CyberPro Medical Billings, a medical billings errors and omissions insurance product specifically aimed at the US Healthcare professionals.

January 2014

Ascent Underwriting has launched CyberPro Medical Billings, a medical billings errors and omissions insurance product specifically aimed at the US Healthcare professionals.

"CyberPro Medical Billings" offers financial protection against HIPAA billing and coding regulation violations and features their wide ranging network security coverage.

Amendments to the US healthcare Health Insurance Portability and Accountability Act (HIPAA) regulations over the last few years has seen a tightening of the billing and coding process for all healthcare providers when submitting claims for reimbursements for medical services to insurance companies and government led Medicare.

HIPAA includes a set of rules and regulations that hospitals, individual physicians and other healthcare providers must follow in order to provide their services correctly and compliantly. This ensures there is no breach of confidence whilst maintaining the integrity and availability of patient records.

As a result of the HIPAA changes medical practitioners have spent thousands of dollars on new technology and have been forced to redesign business processes and software to ensure compliance. While there are established frameworks around the billing practices, the current regulatory environment has also seen authorities actively pursuing practices that do not correctly bill, code or process healthcare claims correctly.

In answer to this issue, Ascent has created "CyberPro Medical Billings" to provide a comprehensive solution combining protection for both the healthcare data protection risk and the business risks associated non-compliance with HIPAA billing legislation. Importantly, the cover includes reimbursement for billing audit investigations and regulatory fines or penalties to minimise the potential financial threat.

The new product complements our comprehensive solutions for professional and non-tangible risks. It is part of a number of new initiatives that we are planning to develop during over the next 12 months that will to enhance our niche insurance product portfolio.

Our initial target area are SME healthcare practices with the maximum of 50 practitioners/$50m revenues. We will also be capping policy limits at $1,000,000 and are quoting business with effect from 17th December 2013 for Inception dates after 1st January 2014.

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