Financial Management Seminar & Corporate Governance Workshop Bring Together the Mutual Industry
The PAMIC education committee recently hosted the Financial Management Seminar and Corporate Governance Workshop at the Hershey Country Club. We hope that our presenters offered education with key takeaways for those in attendance. For those who were unable to attend below is brief slideshow.
Mid-Atlantic Mutual Advantage Convention a Success at the Kalahari Resorts & Conventions
PAMIC recently celebrated our 110th Mid-Atlantic Mutual Advantage Convention! We thank our members and the Convention Committee for making this event possible. During the Chairman's Reception everyone in attendance posed for a commorative photo taken by a drone!
Photo by Picture Perfect Productions
Medical Office Facelift Increased Risks as Facilities Evolve by Bruce Tagg
Medical offices have evolved significantly over the past several decades, becoming more high-tech and electronically driven to keep up with the pace of change. Medical records have converted from paper to electronic files. Computers have replaced notepads for handwritten notes. Stationary exam tables have transformed into adjustable beds. In addition, some facilities now perform outpatient procedures that were formerly restricted to hospitals, making high-value equipment such as MRI machines and CT scanners more commonplace. While these seemingly small upgrades and enhanced procedures may appear insignificant, they drastically increase a medical office’s potential for loss.
More advanced equipment leads to a significantly higher value of contents/equipment. A small ambulatory center is estimated to have contents worth more than $850,000, exclusive of specialized equipment, such as imaging, respiratory, endoscopic, surgical, etc. The cost of a typical 3 tesla MRI machine can exceed $3 million with an additional $250,000 for the cost of installation, while a simple X-Ray machine can cost as much as $60,000 for a used unit. This could lead to higher business interruption due to the length of time to repair or replace specialized medical equipment. In addition, it is not uncommon for insureds to lease more complex medical equipment. In the event of a loss, an insured will still be required to make the lease payments even if the facility is closed after a loss--potentially jeopardizing the business viability if proper coverage levels are not maintained.
For the full article navigate to page 29 of the Spring 2017 Pulse by clicking here.
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