YOs: We Want Your Feedback
TAMARA R. FOUNTAIN, MD, OMIC Board of Directors
The early years of practice are exciting, but they can also be overwhelming. As young ophthalmologists navigate a fast moving and changing healthcare landscape, we are here to help. We encourage YOs to call us with questions about insurance and risk management issues. We also want your feedback on how we’re doing. Think of this as your online “suggestion box” and leave a comment below. I will respond as soon as I’m able. Thank you!
Visit the YO News page for helpful hints, articles, and resources targeted specifically to younger ophthalmologists.
TRIA Endorsement Published and Added to Insurance Documents Section
Coverage is included in the policy for otherwise insured damages arising out of certified acts of terrorism. The Terrorism Risk Insurance Act, including all amendments (“TRIA”), defines an act of terrorism as any act that is certified by the Secretary of the Treasury, in consultation with the Secretary of Homeland Security, and the Attorney General of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property, or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of certain air carriers or vessels or the premises of a United States mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion. Any damages otherwise insured under the policy caused by certified acts of terrorism may be partially reimbursed by the United States under a formula established by federal law. To view, download, or print Policy Booklets, Bylaws, and other featured documents visit the Insurance Documents page (login required).
Season’s Greetings and Happy New Year in 2015!
Instead of sending a traditional holiday card, OMIC made a donation to the following charities that directly benefit eye care and research.
Visit these organizations to learn more about their great work.
The Members Report
Excerpt from 2015-2016 Members Report…
“We have some really great news. OMIC is experiencing another year of positive operating performance, one of our best years ever. From year-end 2013 through June 30, 2014, admitted assets grew by more than $6 million to a total $266 million and policyholder surplus grew by more than $10 million to a total $174 million. OMIC is forecast to record a net increase in policyholders in 2014—a goal we have achieved every year we’ve been in business. In recognition of these achievements and OMIC’s continued favorable claims trends, your Board of Directors has extended current rates through your 2015 policy period and will initiate significant rate decreases in 2016. The Board also declared a 20% dividend for all physician-insureds active on December 31, 2015, to be applied to 2016 renewal premiums.”
OMIC’s 2015-2016 Members Report was mailed to insureds in early November. If you did not receive your copy or would additional copies, contact us at omic@omic.com.
In this report:
MESSAGE FROM THE CHAIR Tamara Fountain, MD discusses OMIC’s strategic plan.
REINSURANCE Learn about OMIC’s reinsurance program.
UNDERWRITING PHILOSOPHY Ray Fontenot, VP Underwriting and Betsy Kelley, VP Product Management describe OMIC’s position on managing risk.
MESSAGE FROM THE CEO Tim Padovese examines the value of debate and the art of good leadership.
FINANCIAL HIGHLIGHTS National awards and recognition for OMIC’s superior financial stewardship are featured.
OMIC Chosen as one of The Principal® 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.
Read more: press release. 2014 Best Practices: booklet.
We are proud of our strong financial stewardship of employee resources and retirement funds. We view our commitment to employees the same as we view our commitment to policyholders – achieve consistent above average results with the most dynamic and comprehensive program available.
Along with the recognition, The Principal awards a donation to a charity selected by each winning company. OMIC chose GLIDE to receive the $2,500 donation. OMIC matched the amount for a total of $5,000 to this wonderful organization.
Learn more about The Principal 10 Best Companies for Employee Financial Security.
OMIC’s record of employee retention is one of the best in the industry with many on staff surpassing 20 years of service. Even the first employee hired by OMIC back in 1987 remains employed by our company.
OMIC looks out for our policyholders, too. Our company consistently lands among the top 15% of U.S. mid-sized insurance companies for financial stability. Recent accolades bestowed upon OMIC are a reflection of the hard work and dedication of our Board and staff and the loyalty of our insureds. In addition to a Special Recognition award from the American Academy of Ophthalmology on our 25th anniversary, OMIC ranked #1 among PIAA (Physician Insurers Association of America) companies in two long-term financial benchmarks, combined and operating ratios. As a result, AM Best has awarded us with an A (Excellent) rating and a creditor mark of a+ (Outstanding).
OMIC was also featured on the cover of Risk and Insurance Magazine as one of America’s most successful insurance captives and ranked #10 out of 255 medical malpractice insurers on SNL Financial’s list of the best performing mid-sized commercial insurance companies. In nearly three decades of superior performance OMIC has beaten our peer group of insurance companies in claim performance and dividend returns consistently since our founding.
