News

• Is Your Practice Insured Against Employee Theft? - We often read or hear media reports involving theft of funds entrusted to the care of volunteers or not-for-profit employees. However, it is not just nonprofits that are the objects of such thefts. Physician practices also find themselves being victimized. For example, "Woman Pleads Guilty to Stealing $783,000," was the headline of a recent newspaper article detailing the theft from a local ophthalmology practice by its business manager over a 10-year period. This theft might have continued, except that the bank at which the practice maintained its account discovered certain irregularities and notified the practice. The employee was fired, subsequently pleaded gulity to charges of fraud and, according to the article, will likely receive a three-year prison term. The physicians in the victimized practice say they have learned their lesson and have changed their policies and procedures as a result of the loss they suffered. To learn about how to protect your practice against such thefts, go to PhysiciansNews.com.

• Central Pennsylvania Physicians Risk Retention Group in Top 50 - CPPRRG was included in the "Power 50" as defined by the May 2008 Captive Review, a guide to alternative risk transfer. The RRGs were ranked in order of financial prowess based on 2007 figures where available, or 2006 year-end numbers, weighted heavily towards the amount of premium written but also incorporating assets and surplus. The list was then presented to a panel of industry experts, who nominated individual RRGs based on subjective reasons. Example reasons included dominating their market sector, leading the RRG industry, or giving voice to RRGs in the regulator arena.