Digest Vol 27 No 1 2017
In a recent study of OMIC diagnostic error (DE) claims, we learned that those involving a retinal condition were the most common, accounting for 38% of the claims closed between 2008 and 2014. By far, the most frequently missed diagnosis in our entire study was retinal detachment (RD). The RD claims represent 79% of the DE retina claims and 48% of the DE retina payments. Remarkably, while there were only six claims for failure to diagnose retinopathy of prematurity, those claims comprised 47% of the DE retina payments. Read more…
2017 Members Report
OMIC’s 2017 Members Report was mailed to insureds in October. If you did not receive your copy or would additional copies, contact us at omic@omic.com.
In this report:
MESSAGE FROM THE CHAIR George Williams, MD discusses the effect of big data on our specialty.
MESSAGE FROM THE CEO Tim Padovese celebrates 30 years of OMIC service by announcing some big news.
FINANCIAL HIGHLIGHTS A 30-year look at OMIC financial and operational successes.
OMIC declares 2017 dividend and announces no rate change throughout 2018
OMIC President & CEO
Timothy Padovese
That’s Benjamin Franklin on the $100 bill and you’re going to be seeing a lot more of him in 2018. As President and Chief Executive of OMIC, I am pleased to announce a 20% dividend for policyholders renewing during 2018. That’s twenty Benjamins for the average insured.
Since 2005, OMIC has declared dividends totaling more than $70.9 Million; an impressive return considering our annual direct written premium has averaged approximately $40 Million during this period.
In addition to the dividend, premiums will remain unchanged in all states throughout 2018. That means more Benjamins will be staying in your pocket.
OMIC has steadily decreased average rates since 2008, when claims trends began showing marked improvement. We believe our commitment to ophthalmology and expertise in claim management is the reason for the incredible claim results. We do know that regardless of operating success, there will at some point be a natural cycle in our industry that brings worsening results. We believe our consistent return of premium is in line with a long-standing commitment to fiscal conservatism. We’ve added millions to policyholder surplus in recent years in order to protect OMIC from future unexpected claims activity.
Our success is a direct result of our policyholders’ continuing support of our program. We’re also proud of the fact that, unlike many of our multispecialty competitors, OMIC’s philosophy has always been to return any premium above what is needed to prudently operate your company at the earliest opportunity.
We hope you will spread the good news to colleagues who may have not yet joined OMIC that great rewards are achieved when ophthalmologists join together in support of our profession.
OMIC Events and Seminars at the Upcoming AAO 2017 Annual Meeting in New Orleans
Please stop by the OMIC Booth #3039 at the Morial Convention Center (next to the Academy Resource Center). Find out about the 2017 dividend to be paid in 2018. Ask us about any insurance, risk management, or claim issues.
Events at the OMIC exhibit
In celebration of our 30th anniversary, please join us for the following events in the exhibit hall.
Champagne and Beignets
Sunday, Nov 12, 2017 (immediately following the OMIC Forum) 3:30 to 5:00 p.m.
Coffee Bar
Sunday, Nov 12 and Monday, Nov 13, 2017 9:00 to 11:00 a.m.
Courses that earn a discount
Sunday, November 12, 2:00 to 3:30 p.m., Morial Convention Center, New Orleans Theater C
OMIC Bruce Spivey MD Forum: Vulnerabilities in Real World Patient Care
(SPE #19). Trexler M. Topping, MD, Ann A. Warn, MD, MBA, Anne M. Menke, RN, PhD,
and Tim J. Padovese, MBA, will discuss workable ways to address issues such as informed consent, telephone care, and appointment follow up. There is no additional fee for this course.
Monday, November 13, 12:45 to 1:45 p.m., Morial Convention Center, Room 270
Why Take the Risk? Mitigating Malpractice Risk with Patient Education and Informed Consent and also titled “Why Take the Risk: Effective Management Strategy with Patient Education and Informed Consent (SPE #23). George A. Williams, MD, OMIC Board Chair and Philip Rizzuto, MD and Devin Harrison, MD are the speakers for this panel discussion. There is no additional fee for this course.
Monday, November 13, 2:00 to 3:00 p.m., Morial Convention Center, Room 294
Medicolegal Issues with Electronic Health Records (AAO Instruction Course #532). Michelle Pineda, MBA, OMIC Risk Manager, will identify EHR challenges. NOTE: You must purchase an “ACADEMY PLUS COURSE PASS” to attend this course.
(Prior to meeting, the cost is $225. Onsite Fee is $275 paid at the Registration Desk)
Events and courses for nurses and technicians (No OMIC discount)
Friday, November 10, 9:40 to 10:25 a.m., ASORN meeting at the Morial Convention Center. Fall Risk in the Office/ASC. Anne M. Menke, RN, PhD. ASORN registration required.
Sunday, November 12, 11:30 a.m. to 12:20 p.m., Hilton New Orleans Riverside Hotel, Grand Ballroom C
Medico-Legal issues of the electronic healthcare record: an OMIC perspective (Course #035U4). NOTE: Staff must purchase a JCAHPO ticket.
Young ophthalmologist event The YO Lounge (No OMIC discount)
Saturday, November 11, 2:00 to 3:00 p.m., “Manage YO Practice” event at the Morial Convention Center, at the YO Lounge, Room 222. The Academy’s Young Ophthalmologist (YO) Committee offers an informal setting for YOs to learn/chat with AAOE and OMIC representatives on the issues of Informed Consent, Advertising, and Comprehensive Guidelines on Co-Management. No OMIC discount is offered for attending this event.
Senior Ophthalmologist event The SO Lounge (No OMIC discount)
Monday, November 13, 1:00 to 2:00 p.m., “Manage YO Practice” event at the Morial Convention Center, at the SO Lounge, Room 224. The Academy’s Senior Ophthalmologist (SO) Committee offers an informal setting for SOs to learn/chat with the FAAO, AAOE and OMIC representatives on the issues of practice transition tips and issues relevant to senior ophthalmologists. No OMIC discount is offered for attending this event.
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