MediGroup Physician Services has entered into a partnership with Captive Alternatives (CapAlt), where captive insurance will be offered to its members.
According to CapAlt, a captive allows a business owner to create a formal, self-funded risk management program while getting adequate insurance coverage for “hidden” business risks.
Captive insurance premiums are tax deductable to the medical practice, and the captive’s excess surplus funds can be used by the organization for future business investment.
Captive services offered by CapAlt using the enhanced model known as a protected captive will provide an opportunity for qualifying individual MediGroup members, as well as MediGroup member organizations such as group practices and individual doctors to adopt the same benefits currently enjoyed by most Fortune 500 companies.
“With the growing popularity if captives, MediGroup has determined that it should include the offering of a captive program as part of its mission to provide leadership and education to its members,” said Andy Klearman, CEO of MediGroup.
“Such services will enable physician members and MediGroup to further their mission to promote the science and art of medicine, the care and well-being of patients, the protection of the public health and the betterment of the medical profession.”
Mark Jacobs, CEO of CapAlt, added: “Setting up a captive insurance company can involve layers of complexity and the learning curve is often so steep that it deters qualified applicants.
“We anticipate that the ability to establish a protected captive quickly is going to be very beneficial for MediGroup members and look forward to working with MediGroup Physician Services to extend the benefits of a protected captive to their members and related associates.”
MediGroup Physician Services, Captive Alternatives, US, Healthcare, Risk management, Insurance, Reinsurance, Captives, Tax, Andy Klearman, Mark Jacobs