THE VALUED VOICE

Vol. 64, Issue 25
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Thursday, June 18, 2020

   

IPFCF Board Approves Premium Holiday for 2020-21

The Injured Patients and Families Compensation Fund (IPFCF) or “Fund” Board of Governors approved a premium holiday for the next fiscal year, from July 1, 2020 through June 30, 2021. Hospitals, certain other health care facilities, physicians and certified registered nurse anesthetists are required by state statute to participate in the Fund, which provides excess medical liability coverage above the primary coverage rate of $1 million per episode and $3 million per year.
 
Hospitals and health care systems are major contributors to the Fund, paying premiums not only for facilities but also for their health care employees. The premium holiday was first approved by numerous Fund committees before gaining unanimous approval from the board on June 17. Ralph Topinka, chief legal officer, ProHealth Care, represents hospitals on the 13-member Board of Governors. WHA Senior Vice President of Finance and Chief Operating Officer Brian Potter sits on the Fund’s Actuarial Committee, and WHA General Counsel Matthew Stanford is a member of the Fund’s Legal Committee.

“This premium holiday comes at an opportune time, as hospitals and health systems face unprecedented lost revenue challenges due to the COVID-19 pandemic,” WHA President and CEO Eric Borgerding said. “Wisconsin is fortunate to have a well-managed Fund, and we’re pleased the Board unanimously agreed that the premium holiday is an actuarily sound move to make.”

This story originally appeared in the June 18, 2020 edition of WHA Newsletter

WHA Logo
Thursday, June 18, 2020

IPFCF Board Approves Premium Holiday for 2020-21

The Injured Patients and Families Compensation Fund (IPFCF) or “Fund” Board of Governors approved a premium holiday for the next fiscal year, from July 1, 2020 through June 30, 2021. Hospitals, certain other health care facilities, physicians and certified registered nurse anesthetists are required by state statute to participate in the Fund, which provides excess medical liability coverage above the primary coverage rate of $1 million per episode and $3 million per year.
 
Hospitals and health care systems are major contributors to the Fund, paying premiums not only for facilities but also for their health care employees. The premium holiday was first approved by numerous Fund committees before gaining unanimous approval from the board on June 17. Ralph Topinka, chief legal officer, ProHealth Care, represents hospitals on the 13-member Board of Governors. WHA Senior Vice President of Finance and Chief Operating Officer Brian Potter sits on the Fund’s Actuarial Committee, and WHA General Counsel Matthew Stanford is a member of the Fund’s Legal Committee.

“This premium holiday comes at an opportune time, as hospitals and health systems face unprecedented lost revenue challenges due to the COVID-19 pandemic,” WHA President and CEO Eric Borgerding said. “Wisconsin is fortunate to have a well-managed Fund, and we’re pleased the Board unanimously agreed that the premium holiday is an actuarily sound move to make.”

This story originally appeared in the June 18, 2020 edition of WHA Newsletter