Wisconsin Medical Journal
108 #3
108 #3
Wisconsin Medical Society Insurance & Financial Services, Inc.
Wisconsin Medical Society Insurance and Financial Services, Inc. is a subsidiary of the Wisconsin Medical Society and is your resource for insurance coverage. We are an independent insurance agency with agents who are dedicated to serving the insurance needs of the medical community.
For over 25 years, Wisconsin Medical Society Insurance and Financial Services, Inc has been dedicated to helping Wisconsin physicians, clinics and hospitals obtain the coverage they need. Our services range from medical professional liability to personal auto to worker's compensation and much more.
Drug-seeking patients, patient noncompliance and patients who can’t pay are some of the toughest risk management situations physicians face in their practices. They are also the focus of an upcoming seminar titled “And You Think You’re Having a Bad Day,” which is being presented following the Society’s May 19 Quality Forum meeting in Madison at 11:45 a.m. It also will be repeated as a teleconference July 16.
The program is one in a series of risk-management sessions being offered this year by the Wisconsin Medical Society and ProAssurance Wisconsin Insurance Company (formerly PIC WISCONSIN). Each of the presentations has been approved for CME. In addition, Society members who have chosen ProAssurance as their insurance carrier through Wisconsin Medical Society Insurance and Financial Services may qualify for a 2.5 percent reduction of their premium at renewal time for participating in one of these programs.
The other programs, which have already been presented once, are being repeated as teleconferences as well. “From the Exam Room to the Courtroom,” which was presented during the Society’s Annual Meeting, will be repeated as a teleconference June 3, and the first program in the series, “Let’s Talk: Communicating the Good, the Bad and the Apology,” will be offered as a teleconference at a date still to be determined.
If you are interested in registering for any of these programs or would like additional information, contact Stephanie Taylor at 608.442.3796.
To find out if you qualify for a premium discount or if you have questions about applying for medical professional liability insurance through Wisconsin Medical Society Insurance and Financial Services, please click here.
May is Disability Awareness Month, the perfect time to dispel a few myths about disability insurance coverage. Here are the top five myths about this type of coverage, adapted from materials by A.M. Best’s Consumer Insurance Center.
Myth 1—I’m healthy and won’t be disabled.
Nearly one out of every three workers age 30 or older will suffer a disability that stops them from working for at least three months at some point during his or her career.
Myth 2—Your home is your biggest asset.
Your biggest asset is your ability to bring home a paycheck. Without a paycheck, you will not be able to pay your bills or save for retirement.
Myth 3—Worker’s compensation would pay me.
More than 90 percent of disability accidents and illnesses are not work-related. This means that 90 percent of people out of work due to an injury or illness cannot collect worker’s compensation.
Myth 4—My employer would pay me.
Short-term disability coverage would provide you with a percentage of your income for about three months in most cases. Long-term disability coverage usually kicks in after a waiting period, which can be six months or longer. Only 37 percent of workers have short-term disability through their employer, and only 29 percent have long-term disability insurance through their employer, according to the U.S. Bureau of Labor Statistics. Even if you do have coverage through your employer, that coverage doesn’t last forever. If you are disabled and receive disability insurance through your employer your employer is required to hold your position open for the time period of 12 weeks to six months and continue to cover you with disability insurance coverage. However, after this period of time, they can dismiss you. Along with losing your job, you would lose your disability insurance benefits.
Myth 5—The government would pay me.
Only 39 percent of disabled workers who applied for Social Security Disability Income payments in 2005 were approved. The average monthly benefit in 2007 was just $978 and it can take months to receive your benefits, according to the Life and Health Insurance Foundation for Education.
There are a couple of ways to obtain disability insurance. First, find out what your employer offers. Otherwise, contact a professional insurance agent to work out a plan that fits your needs.
For help with your disability insurance needs, please contact Wisconsin Medical Society Insurance and Financial Services here.
Kyle Fromm, Risk Management Consultant
PIC WISCONSIN, A ProAssurance Company
Telemedicine takes health care to a different level. Now we have the ability for physicians to provide patient care anywhere in the United States, and even around the world. Below are risk management issues to consider regarding telemedicine.
Licensing
Some states have restrictive licensure language; providing care via telemedicine in those states may require licensure or endorsement from that state's licensing board. Check with a state’s licensing board to see what you need to do to ensure compliance with that state’s regulations regarding licensure.
Professional Liability Insurance
Does your current coverage allow you to perform telemedicine? Check with your agent or carrier to ensure coverage.
Diagnoses
Providing care by telemedicine has its advantages and disadvantages. There’s a disadvantage to not being able to examine a patient in-person. With telemedicine, you must rely on those physically present to ensure you receive accurate information. Documentation and communication are especially crucial in telemedicine; protocols should be in place to ensure you receive accurate information.
Prescribing
Again, documentation and communication are crucial. Ensure medication reconciliation protocols are followed. In addition, when prescribing controlled substances, make sure you comply with state-specific regulations regarding pain management and addiction.
Additional Resources:
Providing peace of mind in an uncertain world!
We are proud to announce a new membership benefit that is being offered to members of the Wisconsin Medical Society. Along with The Prudential Insurance Company of America, the Wisconsin Medical Society is offering individual life insurance at group rates lower than many individual plans. This plan was designed specifically for the needs of physicians and their families.
To apply for this coverage click here.
As a physician, how will you protect your future income?
We are proud to offer members of the Wisconsin Medical Society and their staff EPIC Life Insurance's long-term disability product that is designed to protect your future income in the event you are unable to work as a result of a disability. Please contact a Wisconsin Medical Society Insurance & Financial Services agent at 866.442.3810 for further details or complete our on-line contact form.
To read more about this coverage click here.
Wisconsin Medical Society Insurance & Financial Services &WPS are proud to remind you of our partnership in regards to providing members of the Society with a health plan for early retirees. The Society’s WPS Endorsed member health insurance for individual physicians offers lifetime coverage for retirees who are not currently on a WPS Group plan and who
If you are not yet a member of the Wisconsin Medical Society, contact our Membership Department at 800.792.8975 or membership@wismed.org.
You must be a Wisconsin resident to be eligible for this offer.
For over 25 years, Wisconsin Medical Society Insurance and Financial Services, Inc has been dedicated to helping Wisconsin physicians, clinics and hospitals obtain the coverage they need. Our services range from medical professional liability to personal auto to worker's compensation and much more.
News & Information
May 19 seminar features CME, potential for premium discount
Posted May 7, 2009Drug-seeking patients, patient noncompliance and patients who can’t pay are some of the toughest risk management situations physicians face in their practices. They are also the focus of an upcoming seminar titled “And You Think You’re Having a Bad Day,” which is being presented following the Society’s May 19 Quality Forum meeting in Madison at 11:45 a.m. It also will be repeated as a teleconference July 16.
The program is one in a series of risk-management sessions being offered this year by the Wisconsin Medical Society and ProAssurance Wisconsin Insurance Company (formerly PIC WISCONSIN). Each of the presentations has been approved for CME. In addition, Society members who have chosen ProAssurance as their insurance carrier through Wisconsin Medical Society Insurance and Financial Services may qualify for a 2.5 percent reduction of their premium at renewal time for participating in one of these programs.
The other programs, which have already been presented once, are being repeated as teleconferences as well. “From the Exam Room to the Courtroom,” which was presented during the Society’s Annual Meeting, will be repeated as a teleconference June 3, and the first program in the series, “Let’s Talk: Communicating the Good, the Bad and the Apology,” will be offered as a teleconference at a date still to be determined.
If you are interested in registering for any of these programs or would like additional information, contact Stephanie Taylor at 608.442.3796.
To find out if you qualify for a premium discount or if you have questions about applying for medical professional liability insurance through Wisconsin Medical Society Insurance and Financial Services, please click here.
Disability insurance: Five things you need to know now
Posted May 7, 2009May is Disability Awareness Month, the perfect time to dispel a few myths about disability insurance coverage. Here are the top five myths about this type of coverage, adapted from materials by A.M. Best’s Consumer Insurance Center.
Myth 1—I’m healthy and won’t be disabled.
Nearly one out of every three workers age 30 or older will suffer a disability that stops them from working for at least three months at some point during his or her career.
Myth 2—Your home is your biggest asset.
Your biggest asset is your ability to bring home a paycheck. Without a paycheck, you will not be able to pay your bills or save for retirement.
Myth 3—Worker’s compensation would pay me.
More than 90 percent of disability accidents and illnesses are not work-related. This means that 90 percent of people out of work due to an injury or illness cannot collect worker’s compensation.
Myth 4—My employer would pay me.
Short-term disability coverage would provide you with a percentage of your income for about three months in most cases. Long-term disability coverage usually kicks in after a waiting period, which can be six months or longer. Only 37 percent of workers have short-term disability through their employer, and only 29 percent have long-term disability insurance through their employer, according to the U.S. Bureau of Labor Statistics. Even if you do have coverage through your employer, that coverage doesn’t last forever. If you are disabled and receive disability insurance through your employer your employer is required to hold your position open for the time period of 12 weeks to six months and continue to cover you with disability insurance coverage. However, after this period of time, they can dismiss you. Along with losing your job, you would lose your disability insurance benefits.
Myth 5—The government would pay me.
Only 39 percent of disabled workers who applied for Social Security Disability Income payments in 2005 were approved. The average monthly benefit in 2007 was just $978 and it can take months to receive your benefits, according to the Life and Health Insurance Foundation for Education.
There are a couple of ways to obtain disability insurance. First, find out what your employer offers. Otherwise, contact a professional insurance agent to work out a plan that fits your needs.
For help with your disability insurance needs, please contact Wisconsin Medical Society Insurance and Financial Services here.
A Quick Look at Telemedicine
Posted September 19, 2008Kyle Fromm, Risk Management Consultant
PIC WISCONSIN, A ProAssurance Company
Telemedicine takes health care to a different level. Now we have the ability for physicians to provide patient care anywhere in the United States, and even around the world. Below are risk management issues to consider regarding telemedicine.
Licensing
Some states have restrictive licensure language; providing care via telemedicine in those states may require licensure or endorsement from that state's licensing board. Check with a state’s licensing board to see what you need to do to ensure compliance with that state’s regulations regarding licensure.
Professional Liability Insurance
Does your current coverage allow you to perform telemedicine? Check with your agent or carrier to ensure coverage.
Diagnoses
Providing care by telemedicine has its advantages and disadvantages. There’s a disadvantage to not being able to examine a patient in-person. With telemedicine, you must rely on those physically present to ensure you receive accurate information. Documentation and communication are especially crucial in telemedicine; protocols should be in place to ensure you receive accurate information.
Prescribing
Again, documentation and communication are crucial. Ensure medication reconciliation protocols are followed. In addition, when prescribing controlled substances, make sure you comply with state-specific regulations regarding pain management and addiction.
Additional Resources:
- The American Telemedicine Association: Telemedicine Standards and Guidelines
- The Telemedicine Information Exchange
- Alliance of State Pain Initiatives
- The American College of Radiology
Exclusive Term Life Insurance Plan for Wisconsin Medical Society Members
Posted August 5, 2008Providing peace of mind in an uncertain world!
We are proud to announce a new membership benefit that is being offered to members of the Wisconsin Medical Society. Along with The Prudential Insurance Company of America, the Wisconsin Medical Society is offering individual life insurance at group rates lower than many individual plans. This plan was designed specifically for the needs of physicians and their families.
To apply for this coverage click here.
Exclusive Long-Term Disability Plan for Wisconsin Medical Society Members
Posted March 30, 2008As a physician, how will you protect your future income?
We are proud to offer members of the Wisconsin Medical Society and their staff EPIC Life Insurance's long-term disability product that is designed to protect your future income in the event you are unable to work as a result of a disability. Please contact a Wisconsin Medical Society Insurance & Financial Services agent at 866.442.3810 for further details or complete our on-line contact form.
To read more about this coverage click here.
Society offers health plan for retirees
Posted March 18, 2008Wisconsin Medical Society Insurance & Financial Services &WPS are proud to remind you of our partnership in regards to providing members of the Society with a health plan for early retirees. The Society’s WPS Endorsed member health insurance for individual physicians offers lifetime coverage for retirees who are not currently on a WPS Group plan and who
- Are current members of the Wisconsin Medical Society at least two years prior to early retirement
- Are between the ages of 50-64 at retirement
If you are not yet a member of the Wisconsin Medical Society, contact our Membership Department at 800.792.8975 or membership@wismed.org.
You must be a Wisconsin resident to be eligible for this offer.
Contact Us
To request more information please use our on-line contact form or call us at 866.442.3810.
The Wisconsin Medical Society Member Term Life Insurance Plan
A new membership benefit has arrived! As a member of the Wisconsin Medical
Society, you can now apply for life insurance at group rates lower than many
individual plans. To apply, click here.
Special Introductory Offer for Long-Term Disability Plan Guarantee Issue
The Wisconsin Medical Society Member Group Disability Insurance Plan. See story here for more information.
© Wisconsin Medical Society - All rights reserved - 2009
Contact us here.