FFacts Regulatory Insurance
The FFacts Physician Regulatory Compliance Insurance protects healthcare professionals -- physicians, hospitals and other healthcare providers -- from regulatory actions against their businesses. FFacts coverage automatically protects you from billing mistakes, data breaches, State Board of Medical Examiner’s audits, commercial payor audits, regulatory actions (STARK, EMTALA, and HIPPA) and Medicare audits. You can avert extraordinary financial losses from regulatory fines and penalties by insuring yourself under FFacts.
Today, all healthcare providers are at risk, even those who reassign their right to bill Medicare and execute the CMS-855R to receive Medicare payments -- are liable for false claims or billing mistakes submitted to Medicare. Medicare Recovery Audit Contractors (RACs) target physicians, hospitals and other healthcare providers and are paid a percentage of any provider overpayments. Regulatory Compliance Insurance protects you from not just these audits but also:
- Commercial Payor Audits and Allegations of Billing Fraud
- STARK (Patient Referral) Violations
- EMTALA (Emergency Medical Treatment Active Labor Act) Complaints
- Medicare and Medicaid Audits (RAC, ZPIC, OIG)
- HIPAA (Patient Privacy) and Data Breach Allegations
- Offer protection from six (6) year Medicare look back period
In most cases, your application for Regulatory Compliance Insurance can be turned around within 48 hours. Call us to learn more at 800.822.0262.
Healthcare providers are now at high risk for computer hacking incidents and computer system breaches. The mandate to move individual patient data into an electronic format clearly has its benefits, but it does not come without risk. A single virus or Trojan can attack your hard drive and destroy, manipulate or erase thousands of patient records in minutes. The theft of patient records potentially could leave a hospital or physician’s office or their third party operator liable for thousands in fines and related costs approximately $100 to $200 per patient record.
Even with a comprehensive security system, breaches still will occur which is why it is critical you have additional protection in the form of cyber insurance coverage.
Boynton Healthcare Cyber insurance coverage covers first party protection ie. healthcare facilities and physicians whose systems may have been compromised as well as third party exposures for damage to others computer systems. Often medical malpractice insurance can include basic cyber coverage, but the limits are relatively low.
Boynton Healthcare can cover those gaps with coverage for:
- Network security and privacy insurance – Covers electronic and physical information, virus attacks, hackers, identity theft and defense costs for regulatory proceedings.
- Regulatory Fines and Penalty Insurance – covers administrative fines and penalties
- Patient Notification and Credit Monitoring Costs
- Data Recovery Costs Insurance
- Multi-media Insurance
- Cyber Extortion and Cyber Terrorism