Ascent Underwriting, the Managing General Agent (MGA) specialising in emerging risks, has launched a medical billings errors and omissions insurance product specifically aimed at US healthcare professionals.
CyberPro Medical Billings offers financial protection against Health Insurance Portability and Accountability Act (HIPAA) billing and coding regulation violations and features their wide ranging network security coverage.
Amendments to the US 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.
“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,” said Gareth Tungatt, a director of Ascent Underwriting.
“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 Ascent’s comprehensive solutions for professional and non-tangible risks. It is part of a number of new initiatives that Ascent is planning to develop during over the next 12 months that will enhance its niche insurance product portfolio.
E&O, Ascent Underwriting, CyberPro Medical Billings, HIPAA