Ascent Underwriting, a managing general agent (MGA) specializing in emerging and professional risks, has made changes to its medical billings errors and omissions product and increased limit availability to $5 million.
CyberPro, which was launched in December 2013 to offer financial protection against US healthcare billing and coding regulation violations, will now include coverage for qui tam investigations and reputational harm. In addition, coverage for full prior acts is available.
As well as the placement of individual risks, Ascent can now offer reinsurance solutions for other insurance carriers looking to offer medical billings and cyber coverage as part of their own offerings.
Gareth Tungatt, chief underwriting officer of Ascent Underwriting, said: “We launched our medical billings product at the end of last year to protect US healthcare professionals on an individual risk basis. We are, however, already receiving frequent requests for tailored reinsurance facilities and structured programs from companies wishing to take advantage of Ascent’s proprietary products and incorporated risk management solutions.
“Although most practitioners have invested heavily in new technology and revised business procedures, they are still at risk of fines and prosecutions resulting from incorrect healthcare claims billing, coding or processing. In answer to this growing threat we have enhanced our cover and increased its flexibility while maintaining the vital reimbursement for billing audit investigations and regulatory fines elements.”
CyberPro medical billings is part of Ascent’s portfolio of insurance solutions for professional and non-tangible risks. It provides a solution combining protection for both healthcare data protection risk and the business risks associated with patient billing and coding exposures.
Amendments to billings 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.
Ascent Underwriting, US, CyberPro