Gastrologix and the Digestive Health Network have created GastroAssure, a new captive insurance platform for medical professional liability (MPL) coverage.
The new platform is now available to independent gastroenterology practices.
Currently, there are seven independent gastroenterology practices across the US that share ownership in the risk-bearing insurance tool.
Practices will benefit from stabilised or lower premiums and administrative costs while having more control over claims. As owners of GastroAssure, the practices will also share in the profits of the captive insurance programme.
Participating practices can also insure additional businesses such as endoscopy centres, pathology labs and anaesthesia services with the captive insurance framework that mirror their current medical professional liability policies.
Stephen Somers, principal at Gastrologix, said: “Having more control over medical liability insurance will help independent practices thrive.”
He added: “GastroAssure is a great example of what can be achieved when independent GI practices come together to lower costs and create opportunities to build assets that can generate revenue.”
GastroAssure was developed in collaboration with Curi, a Medical Mutual company, and Arthur J. Gallagher, the broker for the captive insurance programme.
Dr Tom Shireman of Digestive Health Specialists, LLC, who serves as the DHN insurance committee chairs said: “As independent physicians, it is very important to us that Curi is doctor-owned and that A.J. Gallagher already works with more than 50,000 physicians. It’s clear to us that both groups are committed to helping physicians succeed.”
Dale Jenkins, CEO of Curi said: “We’re proud to partner with independent GI physicians as they navigate unique challenges and opportunities in today’s ever-shifting health care environment.”