12th September 2018/ CFC NEWS
CFC introduces medical billings cover for US healthcare providers
Comprehensive policy provides protection against allegation of healthcare fraud and abuse, includes cyber and privacy cover
London, 12 September 2018 — Specialist insurance provider, CFC, has introduced a new product to its growing suite of healthcare insurance solutions available to US healthcare providers.
Allegations of healthcare fraud and abuse by government entities and private payers are more prevalent than ever before. CFC’s new Medical Billings insurance covers the defense costs of actual or alleged billings fraud as well as expenses arising from an independent audit on billing practices following an allegation of fraud.
Timothy Boyce, US Healthcare Team Leader at CFC, comments: “Since the formation of the False Claims Act, allegations of healthcare fraud and abuse have increased exponentially. Healthcare providers have to navigate a challenging and often confusing set of reimbursement guidelines which has seen the rate of billing errors rise above 30 percent. Our new Medical Billings product has been specifically designed to provide comprehensive protection following billing error allegations by the federal government, private payers or regulatory investigations.”
The policy also offers reimbursement for fines and penalties arising out of a range of medical regulatory violations including HIPAA-related fines and penalties, Stark law, EMTALA and Federal False Claims and Social Security Acts.
Its cyber and privacy insuring clause has been tailored to address the specific cyber exposures faced by healthcare companies and includes specific references to HIPAA and HiTECH legislation, as well as offering a separate section for extortion to address the growing threat of ransomware.
CFC’s Medical Billings product is the latest in its extensive portfolio of healthcare insurance solutions for US companies.
- Launched last fall, CFC’s ground-breaking eHealth product now insures hundreds of US domiciled companies, offering telemedicine related services to the US military and Veterans Association in more than 70 countries. Providing a blend of medical malpractice, tech E&O and cyber, the policy is designed to eliminate the gaps present in traditional insurance offerings for digital healthcare companies..
- CFC’s healthcare suite also includes tailored solutions for allied health and medical practitioners working in a wide range of specializations, long term care facility providers, and businesses and individuals working in the health & wellness arena.
- A leading provider of cyber insurance, CFC launched an expanded version of its standalone cyber policy for US healthcare providers in April.
“We’re constantly reviewing the needs of the healthcare industry, as well as the changing regulatory landscape, to ensure we’re offering valuable, compelling solutions to our US healthcare insureds” adds Boyce.
For more information, please head to the Medical Billings product page.