Alterna has entered into the alternative risk marketplace, focusing on providing medical professional liability to physicians, clinics, and hospital groups via one company.
Alterna offers in-house expertise in financial reporting, regulatory compliance, underwriting and policy issuance, risk management consulting and live support, continuing medical education, claims administration, and other management services including marketing, reinsurance, and web hosting.
Most group insurance facilities, such as RRGs and captives, have several third-party service providers supporting their core structure that can result in gaps in service and information sharing.
The use of third-party service providers is why “we formed Alterna with a one company approach,” explained Mary-Lou Misrahy, CEO of Alterna, in a recent release.
"In addition to being able to unbundle services when wanted by the insured group, we are also leveraging our deep in-house expertise to the advantage of physicians and hospitals. This way groups have a choice to stick with their existing vendors, or they can receive all the needed expertise and service under one roof."
In the release Alterna explained that physicians, clinics and hospitals have a variety of captive insurance structures to choose from, all with different regulatory requirements depending on the state in which the captive is located. The participants in the captive, however, do not have to be located in the same state as the captive.
"All this can get complicated which is why the deep expertise of the captive management company is critical," adds Misrahy. "It's time that physicians, clinics, and hospitals had both deep medical professional liability experience combined with captive management expertise."
