FEATURE


fiduciary liability insurance, which an ASC would consider for the trust- ees of any qualified retirement plans provided by the center. “ASCs should also make sure they comply with Employee Retirement Income Secu- rity Act (ERISA) requirements per- taining to all qualified retirement pro- grams,” Wells says.


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Workers’ compensation and employ- er’s liability, as required by respec- tive states.


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An umbrella/excess liability policy depending on the level of protection desired by an ASC.


Finding a Broker Many ASCs use a broker to oversee the ASC’s insurance. According to Savoie, that is a worthwhile investment. “This is what they do every single day, day in and day out. Getting good coverage, good rates, user-friendly service and a familiarity with health care, particularly ASCs, are the primary things I would look for shopping around for a broker.”


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Reviewing Policies Jacobs advises ASCs to schedule a dis- cussion about their insurance cover- age with their adviser when the annual renewal deadline approaches. “You want to make sure you discuss whether the ASC is up to date on all the things it needs. For example, cyber liability is a relatively recent development that can be easily overlooked. You want to routinely ask the adviser if they have looked into the latest requirements for surgery centers and whether your ASC is well protected.” Wells adds, “The ownership group should discuss insurance as a part of its annual meeting to make sure they are aware of what is covered and what is not.” Do not necessarily just choose


the coverage that is cheapest, Savoie advises. “We do not want to spend more than we have to, but there have been times that we spent a little more money for better coverage. It is often


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EOE – M/F/D/V


better to go with the safety net pro- vided by better coverage.” Also, if your ASC undergoes a signif- icant change during the year, do not wait until your annual policy renewal date to discuss this development with your bro- ker, Jacobs advises. “For example, if you add a retirement plan, you need to let your broker know, and they should know you need to have the ERISA bond for the plan. If you purchase a big piece of equipment, you will want more coverage for it. If case volumes surge, you need to make sure you have enough cover- age on the medical liability side. On the other hand, if there has been a significant downturn, you may not need as much coverage as you did before.”


Check Your Vendors In addition to ensuring the ASC itself has proper coverage, surgery centers would be wise to make sure the ven- dors they use have appropriate cover- age as well, Jacobs says. “If you use


a billing company, for example, they are likely going to have a professional liability policy, but it is worth asking about their coverage. You will want to ask a similar question of companies that do construction work at your ASC. If there is an error and the vendors you work with are not covered adequately, that could impact you.” If your ASC engages a new vendor for a significant project, you might also want to make sure your ASC is named as an additional insured on the policy, Jacobs advises. “Under certain circumstances, the ASC should be named on that vendor’s policy. Talk to your adviser about this and any other questions you have about coverage. Insurance is an area you do not want to take lightly. It can get looked at once a year and then forgotten about. Therefore, there can easily be a hole in some aspect or another that leaves an ASC vulnerable.”


ASC FOCUS MARCH 2015


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