Archive for March, 2010

Congress recesses at height of Flood season without extending national program

The U.S. Senate failed to pass an extension of the National Flood Insurance Program (NFIP) last week, which means the program will temporarily cease to issue or renew flood insurance policies. A FEMA memo issued back in October addressed the lapse, or “hiatus” as it was called. At the beginning of March, this also lapsed (2/28-3/2) and was remedied when Congress came back into session, but only for 30 days. Congress has been extending for short periods of time for the last year rather than making a number of changes to the program and extending for a number of years. Read more…

Reform will lead to growth in health insurance costs for businesses

National Health Care Reform, as signed into law this week, will lead to steeper growth in health insurance costs for businesses. The federal government had an opportunity to finally address the unsustainable costs in healthcare and the burden placed on US businesses, and chose instead to develop a trillion dollar program which does little to address costs; and instead layering further pressures on a private system in crisis. By developing a political strategy of vilifying the insurance industry, low hanging fruit no doubt, the administration lost sight of the real problem in our system, the eighty five to ninety cents of every premium dollar that are attributable to the cost of services. One need only look to the Massachusetts model to realize Obamacare will not work. Read more…

President’s revised health reform bill just released

The House Committee on Rules has just released the 153 page amendment to the Health Reform Bill. The release of these revisions clears the way for a Sunday vote in the House and the potential of passage of Federal Health Care Reform through the controversial reconciliation process. Preliminary CBO scoring is projected at $940 Billion over ten years.

Upon a quick read of the amendments, I wanted to provide a brief summary of a few of the changes to the Senate bill as was passed on Christmas Eve. Read more…

Pharmaceutical heist highlights a growing trend

The $75 million theft of pharmaceuticals from an Eli Lilly warehouse on Sunday in Connecticut is just the latest in a series increasingly large thefts of prescription drugs. Authorities say the thieves lowered themselves from the roof of the warehouse after cutting a hole in it. According to Freight Watch International, a supply cain security consultant, the number of prescription drug shipment thefts quadrupled over the past four years. Read more…

New legal requirements for conducting clinical trials in Italy

March 12, 2010 Leave a comment

Italy Clinical TrialsA decree goes into effect March 14th requiring minimum insurance for any company conducting clinical trials in Italy. The new requirements were established by Italy’s Ministry of Labor, Health and Social Policy to safeguard participants in clinical trials conducted wholly or in part in that country.

The requirements state that the insurance policy must cover any civil liability of the sponsor and investigator without excluding any damage which may have been caused by accident or attributed to negligence. In addition to death and permanent and/or temporary injury, damages include economic loss directly resulting from participation in the clinical trial. Read more…

Ask the Experts: Concerns for privacy in healthcare

March 11, 2010 Leave a comment

The Health Information Technology for Economic and Clinical Health Act (known as the “HITECH” Act), enacted as part of the American Recovery and Reinvestment Act of 2009, substantial expands the HIPAA privacy and security rules. A recent survey conducted with the readers of Modern Healthcare found that privacy is a big concern with several key changes in healthcare information privacy laws of the act. This installment of “Ask the Experts” takes a look at risk management issues regarding this issue within healthcare operations.

Chile quake will be costly

chile quakeIt has been reported that Chile’s recent earthquake could result in up to $8 billion in claims, according to catastrophe modeling company EQECAT Inc. The report released this week says insured losses from the 8.8 quake that struck on Feb. 27 could have insurers paying from $3 billion to $8 billion. The range of potential loss is wide because the estimate is not yet supported by information from the scene of the earthquake, there remains uncertainty as to the extent of infrastructure damage, and business interruption costs depend on the speed at which transportation and utility networks are restored. Read more…