Partnership will broaden Arkansas Mutual’s access to capital, products and services
Little Rock — May 7, 2015 —Arkansas Mutual Insurance Company announced today that it will be joining Constellation, a mutual holding company, and its family of companies. Arkansas Mutual is a provider of medical professional liability insurance for physicians, located in Little Rock; it will be the third Constellation member company, joining MMIC and UMIA. The terms of the transaction were not disclosed.
Sarah Franklin of Gurdon, Ark., has been named the first recipient of the Arkansas Mutual Medical Student Award, a scholarship for third-year medical students at the University of Arkansas for Medical Sciences (UAMS) who want to practice primary care in rural Arkansas.
The $10,000 scholarship was funded by Arkansas Mutual Insurance Co. in partnership with UAMS College of Medicine to encourage more medical students to enter primary care fields such as family practice and general internal medicine and to practice in rural Arkansas where access to physicians is limited.
The Centers for Medicare & Medicaid Services (CMS) has released a new webcast introducing the “Road to 10” tool. Accessible through the “Road to 10” link on the CMS website. The webcast covers the history of the International Classification of Diseases (ICD) and the benefits of ICD-10. This is the first in the new “Road to 10” webcast series. Five more webcasts will follow—all aimed at helping small practices get ready for ICD-10 by the October 1, 2015, compliance date.
Also available now is a brief video introduction to the “Road to 10” tool. Developed in collaboration with physicians, the “Road to 10” tool offers:
- Clinical documentation tips
- Coding concepts
- Clinical scenarios
- Training calendar
Go to the CMS ICD-10 website at
http://www.cms.gov/Medicare/Coding/ICD10/ProviderResources.html to get started on the “Road to 10” today.
HIPAA was enacted to safeguard patient security and privacy. The act includes 2 key pieces: The Privacy Rule and the Security Rule. The Privacy Rule helps protect private patient information and the Security Rule standardizes security protocols for electronic health information. Covered groups, including health care providers must adhere
to all provisions, including training requirements. The Office of Civil Rights (OCR) oversees and enforces all
Training of your workforce is a requirement. I have divided this into four (4) training groups:
April marks the 7th anniversary of the initial meetings regarding the creation of Arkansas Mutual Insurance Company, the only single state medical professional liability company in Arkansas. After measuring interest from several dozen Arkansas physicians, on April 19, 2007, I met with the Friday firm attorney Mike Pickens, former two-term Arkansas insurance commissioner and past president of the National Association of Insurance Commissioners. This was followed by a meeting with UALR insurance Professor Lars Powell, PhD. Over the next year and a half I had countless meetings with physicians, attorneys, accountants, bankers, consultants, financial advisors, etc. The list of meetings that had to take place to form such a highly regulated company seemed endless. But all these meetings had one thing in common: they were with Arkansans.
AMIC IS PROUD to announce that Jason Lofton, MD has joined the Board of Directors. Jason is a family practice doctor practicing in DeQueen, AR. Jason was born in Texarkana, TX and lived in Oklahoma, Arkansas and North Carolina as a child. His family moved back to DeQueen in 1994, his senior year of high school and he has called DeQueen home ever since. Jason is Texas born but he is Arkansas educated. He graduated from the University of Arkansas in Fayetteville and then medical school at UAMS. He did his residency training in Family Medicine at the AHEC in Fayetteville.
By: Rebecca Tutton, RN JD
I JOINED ARKANSAS MUTUAL in July 2013 with the assignment to build the risk management program for you, the policyholders. As I listened to policyholders and their staffs, it became apparent that the Health Insurance Portability and Affordability Act, known as HIPAA, was paramount on everyone’s agenda and providing resources for HIPAA training and compliance became my first focus.
By Lars Powell, PhD
When government and commerce collide, it can leave behind sticky residue that economists call inefficiency. Decades of academic studies pose theories and parse terabytes of data to determine why this happens and how much it costs. The insurance industry stands out in the economic literature as a frequent loser among regulated sectors.
Physicians have a retirement planning vehicle available to them that few are aware of, the Roth IRA Conversion. The
principal difference between Roth IRAs and traditional IRAs is that, you don’t receive a tax deduction for making a contribution to a Roth IRA, but those contributions grow tax free and you don’t have to pay any tax upon withdrawal.
A message from your CEO, Corey Little
WHEN I FIRST STARTED meeting with Arkansas physicians and insurance experts about the formation of an Arkansas medical malpractice insurance company, Houston Nutt and Stan Heath were Razorback coaches. It was 2007 and Razorback fans were not happy. Neither were the Arkansas doctors that I visited with. These doctors were irritated by being abandoned by St. Paul and unhappy with St. Paul’s decision to leave the med-mal market. They realized that as long as they were with an out-of-state company they would not be able to control such events. Just like with the Hogs,
it was time for a change.