The Program s carrier, Fair American Insurance and Reinsurance Company (FAIRCO), is rated A+ Superior.
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1 2017 YEAR IN REVIEW
2 YEAR IN REVIEW 2017 The year 2017 was a very productive and busy one for PRMS in service to our almost 9,000 clients and the behavioral healthcare community in general. We continued our celebration of our 30-year anniversary WITH GRATITUDE TO OUR MANY CLIENTS AND SERVICE TO THE COMMUNITY. The Program s carrier, Fair American Insurance and Reinsurance Company (FAIRCO), is rated A+ Superior. We take pride in our efforts to do more for both psychiatrists and the behavioral healthcare community at large and support state, regional and national psychiatric organizations and foundations, and many behavioral healthcare initiatives. For instance, in 2017, PRMS partnered with over 39 psychiatric organizations in support of their goals and initiatives. JUST TALKING TO YOU MADE ME FEEL SO MUCH BETTER, YOUR WAS WONDERFUL, AND I SLEPT LAST NIGHT BETTER THAN I HAVE IN SEVERAL DAYS! - PRMS INSURED CLIENT 2017 IN REVIEW 2
3 PRMS SPONSORED AND/OR ATTENDED ALMOST 200 EXHIBITS AND MEETINGS. IN 2017 PRMS WAS PLEASED TO SPONSOR OR PARTNER WITH THE FOLLOWING ORGANIZATIONS: American Academy of Addiction Psychiatry American Association of Community Psychiatrists American Association of Directors of Psychiatric Residency Training American Association of Emergency Psychiatry American Association of Psychiatric Administrators American Society for Adolescent Psychiatry Arizona Psychiatric Society Association of Medicine and Psychiatry Association of Women Psychiatrists Bronx District Branch Brooklyn Psychiatric Society California Psychiatric Association Career, Leadership and Mentorship Program Central California Psychiatric Society Florida Psychiatric Society Georgia Psychiatric Physicians Association Greater Long Island Psychiatric Society Indiana Psychiatric Society Indo-American Psychiatric Association Kentucky Psychiatric Medical Association Mississippi Psychiatric Association New Jersey Psychiatric Association New York County Psychiatric Society New York State Psychiatric Association North Carolina Psychiatric Association Northern California Psychiatric Society Orange County Psychiatric Society Pennsylvania Psychiatric Society Psychiatric Society of Virginia Psychiatric Society of Westchester County Queens County Psychiatric Society San Diego Psychiatric Society Senior Psychiatrists, Inc. Society for the Study of Psychiatry and Culture South Asian Mental Health Initiative and Network South Carolina Psychiatric Association Washington Psychiatric Society Washington State Psychiatric Association West Hudson Psychiatric Society 2017 IN REVIEW 3
4 IN REFERRALS RECEIVED DONATED $4,150 TO 42 ORGANIZATIONS The PRMS Refer a Colleague program, established in 2013, is part of our ongoing commitment to support the behavioral healthcare community. For every referral received regardless of whether a policy is purchased we donate $25 to a mental health organization. In 2017, there were 166 referrals received and we donated to 42 organizations for a total of $4,150. IN ,400 DOCTORS REACHED DEVELOPED AND PRESENTED 4 CME SEMINARS THROUGHOUT THE COUNTRY PRMS SHARES OUR RISK MANAGEMENT EXPERTISE WITH PSYCHIATRISTS TO HELP THEM PROTECT THEIR PRACTICES AND ENSURE PATIENT SAFETY. IN 2017: Provided our Physicians Residency Education Program to over 500 attendees including 18 PREP sessions and nine Grand Rounds. Reached 2,400 doctors via in-person or online risk management sessions. Developed and presented four of our highly acclaimed telepsychiatry CME seminars throughout the country. Wrote and published beneficial and timely material to help protect doctors practices and ensure patient safety including developing a series of articles on one topic such as opioids or suicide prevention. Presented On Our Minds, a monthly service for PRMS clients to keep them current on recent events in psychiatry IN REVIEW 4
5 SINCE ,500+ CALLS HAVE BEEN ANSWERED ON 66,000+ ISSUES IN 2017 RISK MANAGERS ANSWERED 3,000+ CALLS COVERING 4,000+ ISSUES TOP TOPICS* 3% FORENSIC 3% HIPAA 3% PRACTICE ARRANGEMENTS 4% TECHNOLOGY 4% OTHER 22% INFORMATION REQUESTS** 7% BUSINESS 7% TREATMENT 11% SUBPOENA 10% TERMINATION *Representing 74% of the calls ** Patients requests for access to their own records, third-parties such as insurance companies and attorneys requesting a patient s records, etc IN REVIEW 5
6 DAVID CASH, JD, LLM, PRMS Assistant Vice President, Risk Management, presents to the New England Council of Child and Adolescent Psychiatry. Thank you very much for your sponsorship of resident scholarships to attend the Indiana Psychiatric Society Fall Symposium This is a unique learning opportunity, with a critically timed focus on the Opioid Epidemic, which affects so many of our patients. I greatly appreciate your support, and that of PRMS, in making this event possible, and for making it possible for me and many other resident physicians to attend. I am eager to share and apply the knowledge that I learn from this symposium, and thank you again for your generous support. Have a wonderful holiday season! PGY-2 Resident, Indiana University School of Medicine 2017 IN REVIEW 6
7 PRMS Executive Vice President JACKIE PALUMBO presents GAP President JOHN LOONEY, MD along with SUSAN LOONEY a letter of agreement for the PRMS endowment. As part of our continued investment in the future of psychiatry, PRMS teamed up with the Group for Advancement of Psychiatry (GAP), a think tank of leading psychiatric minds, to endow its first named child psychiatry fellowship, the PRMS Fellowship in Child Psychiatry for GAP. GAP fellowships cover everything from administrative psychiatry to psychiatry in the workplace as a two-year experience during which the fellow attends four semi-annual meetings and works with a GAP committee on its current project. Fellows contribute to the writing projects of their committees and develop a plenary presentation on a topic of their choice, presented to the general GAP membership at the fellows final meeting. We are proud to work with such a prestigious group as GAP to fund this fellowship and help produce a growing body of knowledge and innovative perspectives to help psychiatrists continue supporting the mental health needs of our country s children and adolescents IN REVIEW 7
8 PRMS continued to use social media to help psychiatrists in the purchase of insurance as well as in the protection of their practice. LinkedIn risk management posts featured timely topics such as suicide among veterans, bullying, marijuana risks, the Goldwater Rule, telemedicine, HIPAA, and many more. We were pleased to also share these important posts with state and national psychiatric societies. IN CLAIMS AND LAWSUITS FILED IN ,090 CASES RESOLVED WITHOUT ANY MONEY PAID IN SETTLEMENT We were founded on the philosophy of a strong defense for our clients. Since 1986, all claims and lawsuits, whether they are fully defended through trial, mediated or settled directly, have always been actively managed by PRMS claims staff in full collaboration with our insured psychiatrist. In 2017, there were 143 claims and lawsuits filed compared to 232 filed in The average indemnity payment was $254,391 in comparison to $134,003 in There were 159 administrative actions compared to 160 in There were 1,090 cases resolved without payment compared to 1,160 in I CAN T SAY HOW MUCH I APPRECIATE YOUR COMPANY S WILLINGNESS TO HELP, REGARDLESS OF THE TIME OF DAY. YOU GUYS HAVE DONE A LOT FOR ME IN PARTICULAR, AND I AM VERY THANKFUL WE HAVE YOU ON OUR SIDE. PRMS INSURED CLIENT 2017 IN REVIEW 8
9 RAIN, RAIN, GO AWAY But rain did NOT stop another successful NAMIWalksNYC event from happening in May at the South Street Seaport Promenade in New York City. PRMS was delighted to once again sponsor several psychiatric societies participation in NAMIWalks JENNA QUINN, PRMS Events Manager (far left), joined the Jacobi Ninjas, a team from Jacobi Medical Center located in Bronx, NY. CHRIS TORRE, PRMS Account Advisor (far left), walked again with Montefiore Psychiatry from Montefiore Medical Center also located in Bronx, NY IN REVIEW 9
10 I just wanted to pass on how many people have wonderful feedback and appreciation for PRMS! And my own gratitude as well! Thank you! PRMS insured client HAPPY CAMPERS! PRMS was pleased to support the Total Family Care Coalition s Garden Bugs Summer Camp for youngsters in the District of Columbia, age six to 13. We donated toys, art supplies, books, board games, camp supplies and other items to help get the camp off to a great start. There were several donations of sporting equipment from soccer balls to jump ropes to keep the campers busy outside in the summer sun. Total Family Care Coalition s mission is to keep families together for a better community. The organization is a leading provider of advocacy and support for families in the District of Columbia dealing with emotional, behavioral and mental health issues IN REVIEW 10
11 2017 YEAR IN REVIEW I HOPE I DON T NEED YOUR ASSISTANCE AGAIN, BUT IF I DO, I LL KNOW I M IN GOOD HANDS. PRMS INSURED CLIENT ON BEHALF OF EVERYONE AT PRMS, we greatly appreciate the privilege to be of service to our clients and to support behavioral healthcare. We wish you a wonderful 2018 and know that we are here for you! 2017 IN REVIEW 11
12 PsychProgram.com (800) LinkedIn.com/company/PRMSprograms facebook.com/prmsinc/ MORE THAN AN INSURANCE POLICY
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