Professional Medical Insurance Services, INC. officially joined the IOA family on November 3, 2014. The PMIS team will join IOA as the Medical Malpractice Division. With 8 locations across the nation, the team already serves clients in many states and with IOA’s resources will continue to expand its specialty footprint.
“We feel that the people, culture and nationwide resources of IOA are a natural fit to help our team grow and deliver an even better service to current and future clients”, said William J. Reese.
Reese founded PMIS (est. in 1988) in response to the need for a brokerage that could provide the highest level of expertise in healthcare related risks, while at the same time providing a customer driven service environment. Since its beginning, PMIS has become recognized in the insurance marketplace for its integrity and professionalism. Prior to forming PMIS, Reese served as the President of Healthcare Insurance Services and joined the agency in 1988. In this capacity, he was instrumental in developing the agency into the largest writer of professional liability for emergency department contract groups building the book to $70,000,000 in premium volume. Reese then transformed the agency from a single product niche for emergency department groups to providing comprehensive products for all of the healthcare industry. During his tenure, he was responsible for the #24 spot of the top 100 insurance brokers in 1996 by growing the book to over $300,000,000 in premium volume. While at HIS, Reese developed and maintained loyal insurance relationships (affiliations, connections), which helped to maintain greater than 90% client retention. He created exclusive broker relationships with the major national insurance carriers – e.g., CNA, AIG, Reliance, Zurich. He maintains strong ties to these companies today. Reese has assembled a team of experts in this niche industry across the country to provide medical professionals with all necessary lines of property/casualty coverage, employee and individual benefits and alternative risk product evaluations and set-ups.
“In a changing marketplace the PMIS team joining IOA will create another tremendous resource of expertise for our advocates”, said John Ritenour, Chairman and Founder of IOA.
IOA is excited to bring an organization onboard that prides itself on its level of service. We invite you to engage our people, discover what we do, grow your business and experience a service you never want to leave.
EXCLUSIVE Medical Spa Policy For AmSpa Members:
PMIS has been named as the EXCLUSIVE broker representing a new MedSpa insurance product for the American Medical Spa Association (AmSpa). What make this so exciting to us? In addition to the policy features common to a typical medical spa policy, this policy…
1) …has highly competitive minimum premiums! Discounts are also available for being loss/claims free!
2) …uses a simplified underwriting process. Gone are the days of having to complete applications that seem to go on forever!
3) …includes automatic coverage for a Medical Director’s administrative functions, good faith examinations and any incidental patient care.
4) …includes automatic coverage for independent contractors working at and on behalf of the med spa!
5) …has varying deductible options (zero deductible available). When a deductible is elected, you only have an out-of-pocket expense when an indemnification (settlement/award) is made on your behalf!
6) …gives at least $500,000 of defense costs beyond the policy’s limits of liability. This means you have your full policy limits available for any settlements and/or awards resulting in the unlikely event of a claim.
7) …includes $50,000 of limits for claims alleging HIPAA violations, Billing Errors, etc.
8) …includes $50,000 of Cyber Liability limits (i.e., unauthorized access/use of your network, breach of privacy, data recovery, customer notification & credit monitoring, etc.)!
9) …provides $100,000 per claim/$300,000 annual aggregate limits for claims alleging sexual abuse/misconduct.
10) …offers General Liability (Property coverage will be available soon!)!
11) …does not automatically exclude procedures being performed (i.e., HCG, Lipolysis, etc.). Underwriting will evaluate and offer consideration to a wide array of services.
This product is EXCLUSIVELY available to members of AmSpa! Contact us today to find out if you can take advantage of this amazing new product!
Discounted Medical Malpractice Insurance Coverage for Facial Plastic and Reconstructive Surgeons:
Through the Medical Protective Company, PMIS can now offer American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS) members access to AAFPRS Medical Protective Insurance Program.
Program Highlights: The program will underwrite those members performing more than 20% facial plastic surgery in their own facial plastic surgeon class description. Members who qualify for the facial plastic surgeon rating class will receive a 5% credit and those that are also ABFPRS (American Board of Facial Plastic & Reconstructive Surgery) board certified will receive an additional 5% credit.
PMIS also accesses an exclusive program written through The Doctor’s Company for members of the American Society of Plastic Surgeons (ASPS).
Program Highlights: ASPS members who remain claims free may receive an additional credit of up to 17.5%. Additionally, members with favorable claims histories receive a 5% program discount.
Group Buying Survey – Results
With group-buying (i.e., Groupon, Livingsocial, etc.) activities so widely used within the medical spa industry, PMIS elected to conduct a survey to determine just how effective and well received this advertising/marketing strategy works. Our results were obtained from a group of medical spa owners after sharing a series of questions regarding their participation/non-participation in group-buying activities. Here are the results:
- Out of the group approximately 50% did participate in some form of group-buying
- Of those that did not participate, only 11% intended to participate in the future
- Of those that participate, group-buying has been used for:
- 25% 6-10 years
- 50% 1-3 years
- 25% less than a year
- The services most often used:
- 66.7% Groupon
- 55.6% Living Social
- Other services available but not used by this group:
- BuyWithMe; DealOn; Dealster; Eversave; SocialBuy; Suburban Mommas; Tippr; Troop; Swap; Woot
- The number of group-buying campaigns conducted annually:
- The time of year these campaigns are done:
- 50% of the campaigns resulted in an increase of customer visits/treatments at the facility
- The average in increase in services sold ranged from 10% – 100%
- 50% of the campaigns did not increase customer visit/treatments. Those reasons provided for why this may have resulted:
- “People buy more than they can use; inconvenient locations, time. Everyone buys on price only; little repeat business.”
- “Population of group buying participants are primarily coupon clippers.”
- “These campaigns seem to only generate “price shoppers” not customers we can retain as clients.”
- “Groupon people are usually looking for the next Groupon to get their spa treatment and are used to massive discounts and reluctant to pay our full price.”
Most would agree that these campaigns do not result in repeat business or new customers, however, one participant did say that they generally see an average of two repeat visits per new customer.
- The services advertised most often during a group-buying campaigns are:
- 50% Microdermabrasion
- 20% Laser Hair Reduction
- 20% IPL
- 10% Facials
Of the above, those that typically attracted most customer response were:
- 40% Laser Hair Reduction
- 40% IPL
- 20% Microdermabrasion
- Services are sold both individually and in a package
- 50% or less were successful at up-selling additional services
- 25% of the participants felt that group-buying was more cost effective than other types of advertising/marketing strategies
- 25% of the participants indicated that group-buying was more effective at increasing revenues when compared to traditional advertising/marketing strategies
- Patients felt like they were getting a “deal.”
- Reason others did not feel group-buying was an effective advertising/marketing strategy:
- Users are bargain shoppers
- Groupbuyers don’t care about quality
- Groupbuyers are only looking for the for next big bargain
- Lack of repeat clientele AND the large percentage that Groupon takes, making it difficult to even break even.
- 50% felt that they were “forced” to participate in this type of marketing or possibly risk losing market share
Is group-buying right for your organization? As can be seen, our results certainly contained mixed results. It would seem that there is great potential for increasing your client base and revenues; however, balancing the correct formula for your spa may require a little trial and error.
This and other valuable information was presented at the IECSC in Las Vegas on June 9-11, 2012 as part of “Gotcha Covered: Insurance, Scope of Practice and You”.