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Top 10 OMIC Stories of 2014

2014 was a year of great accomplishments and milestones for our company. We’ve chosen our top 10 from OMIC’s Blog, in descending order, for the most significant stories affecting OMIC during 2014. (Click on each title to link to more information for the story)

10. OMIC introduces a new online cyber liability risk management resource portal at OMIC.com.

Recognizing emerging cyber exposures associated with electronic medical records and the potential threat posed to our insureds, cyber liability coverage was added under the supplementary benefit of OMIC’s professional liability policy in 2011. Read more about this coverage here. The new cyber risk management portal guides you through state-specific analysis of your risks and provides tools to reduce risk. It also explains how to respond to a breach and provides training tools for staff and sample policy documents to provide to your employees.

9. OMIC’s policyholder service and application process goes online.

Earlier this year, OMIC unveiled MyOMIC Policyholder Services, where policyholders may perform a variety of transactions online, including payments, coverage and policy review, certificates and proof of insurance and many other service related functions. We also introduced an electronic application system through which new insureds may apply for coverage at OMIC.com. An electronic renewal application system will be live in early 2015.

8. OMIC nears 50 partnerships with ophthalmic societies.

We added 4 new societies to our list of partnerships; New Jersey Academy of Ophthalmology (NJAO), Massachusetts Society of Eye Physicians and Surgeons (MSEPS), Rhode Island Society of Eye Physicians & Surgeons (RISEPS), and the National Medical Association. OMIC maintains educational alliances with most ophthalmic societies in the United States. We share patient safety and risk management resources and also support local lobbying and tort reform efforts. Policyholders who are members of societies with an OMIC partnership earn a 10% risk management discount when they complete an approved OMIC risk management event.

7. OMIC is chosen by The Principal and Inc. Magazine as one of the nation’s “10 Best Companies for Employee Financial Security in America”

For more than a quarter century, OMIC has produced consistently superior results for its policyholders. Now OMIC has been recognized as one of a small and select group of companies that excel at giving their employees a financial edge as well. The Principal® and Inc. Magazine chose OMIC as one of the 10 Best Companies for Employee Financial Security in America.

6. OMIC Covers Bilateral Intraocular Refractive Surgery

After careful consideration and analysis of available data regarding the performance of immediately sequential bilateral refractive lens exchange and phakic implant surgery, OMIC has approved coverage for these procedures subject to special conditions for patient selection, informed consent, and surgical protocols.

5. OMIC Increases Coverage Limit on Policy Benefits

We were pleased to announce that your standard policy benefit limits for all 14 included regulatory and cyber exposures increased from $50,000 to $100,000 per policy year effective January 1, 2015. Learn more about all of the benefits within your standard policy by visiting the Additional Benefits page.

4. OMIC Declares Another 25% Dividend to be Paid in 2015

Benjamin Franklin graces the front of the $100 bill and if you’re an OMIC-insured physician you’ll (again) be seeing a lot more of him next year. OMIC has declared dividends totaling $58 Million since our inception, placing us in a leading role among our peers for average annual dividend returns.

3. OMIC, the American Academy of Ophthalmology (AAO), and Pan-American Association of Ophthalmology (PAAO) publish a library of consent forms translated into Spanish.

With financial support from the Bruce E Spivey Fund for Risk Management Studies, OMIC works with the above societies to publish a full collection of Spanish language forms on OMIC’s web site. OMIC has made significant donations to the Spivey Fund for projects such as this, which will serve to improve both loss prevention and patient education and safety.

2. California’s Prop 46 is Defeated at the Polls.

OMIC contributed to defeat of this destructive proposition as a member of CAPP. The Californians Allied for Patient Protection (CAPP) initiative was critical to protect MICRA, tort reform that has been instrumental in keeping malpractice costs manageable and protecting patients access to health care. Because California initiatives are often a bellweather for tort actions in other parts of the country, the fight to maintain MICRA was a top priority for ophthalmic practice.

And the top OMIC story of 2014 is…

1. Tamara R. Fountain, MD, Assumes Leadership of OMIC

The appointment of Dr. Fountain as OMIC’s seventh Board Chair marked a new direction for the company and a commitment to the principals that made us the largest and most successful carrier in our field. Read Dr. Fountain’s latest Message from the Chair.