Gastrologix and the Digestive Health Network (DHN) today announced the creation of GastroAssure, a custom captive insurance platform for medical professional liability coverage that is now available to independent gastroenterology practices.
There are currently seven independent gastroenterology practices from across the country that share ownership in the risk bearing insurance vehicle, an opportunity that is now open to qualifying practices that wish to participate. These practices will benefit from stabilized or lower premiums and administrative costs while having more control over claims. As owners of GastroAssure, the practices will also share in the profits of the captive insurance program.
“Having more control over medical liability insurance will help independent practices thrive,” said Stephen Somers, principal at Gastrologix. “GastroAssure is a great example of what can be achieved when independent GI practices come together to lower costs and create opportunities to build assets that can generate revenue.”
GastroAssure was developed in collaboration with Curi, a Medical Mutual company (formerly Medical Mutual Insurance Company of North Carolina) and Arthur J. Gallagher, the broker for the captive insurance program.
“GastroAssure allows our practice to access benefits that are not a part of traditional insurance programs, while also being able to control pricing, coverage terms and our level of participation in risk sharing,” said Dr. Tom Shireman of Digestive Health Specialists, LLC, who serves as the DHN insurance committee chair. “As independent physicians, it is very important to us that Curi is doctor-owned and that A.J. Gallagher already works with more than 50,000 physicians. It’s clear to us that both groups are committed to helping physicians succeed.”
The captive insurance program is tailored to fit the needs of participating practices, including but not limited to what is typically offered by commercial medical professional liability carriers. Participating practices can also insure ancillary businesses such as endoscopy centers, pathology labs and anesthesia services with captive insurance parameters that mirror their current medical professional liability policies.
“We’re proud to partner with independent GI physicians as they navigate unique challenges and opportunities in today’s ever-shifting health care environment,” said Dale Jenkins, chief executive officer of Curi. “We look forward to providing the physicians and their practice administrators with the support they need to treat patients and run successful businesses.”
Gastrologix (www.gastrologix.net) is the only Group Purchasing Organization (GPO) in the U.S. working strictly on behalf of independent gastroenterologists. Gastrologix works with independent GI practices to lower costs, operate more efficiently and expand services, so that GI physicians can remain independent and continue to provide a valuable alternative to the more expensive care provided in hospitals.
About the Digestive Health Network
The Digestive Health Network (www.digestivehealthnetwork.net) is a group of independent GI practices working together to lower costs, make practice management more efficient, and develop business resources that help independent practices thrive.
Curi (www.curi.com) is the premier provider of products, services, and experiences for physicians and those who support them. From medical malpractice insurance to wealth management to well-being programs, the company – built by doctors for doctors – has been passionately curious about identifying new ways to meet the ever-evolving needs of physicians since it was founded as Medical Mutual Insurance Company of North Carolina in 1975.
About AJ Gallagher
Arthur J. Gallagher & Co. (www.ajg.com), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 35 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.