Professionals Advocate proudly introduced the Mutual Advantage Plan in 2016. This valuable financial reward program allows ProAd to allocate funds into MAP accounts for participating Doctors, who can then receive distributions of their accounts upon a qualifying event such as retirement.
We are pleased to offer this program in recognition of our Insureds’ commitment to quality health care and to Professionals Advocate. Thousands of ProAd Doctors have already joined since MAP’s introduction in September.
If you are not currently enrolled in the Mutual Advantage Plan, visit proad.com/map or contact your agent/broker for more information.
Doctors’ resolute dedication to their profession and their patients allows them to accomplish an extraordinary amount of work. Often a single day can include not only seeing patients, but also performing procedures, maintaining records, reviewing lab results, staying up to date on the latest treatment techniques, keeping abreast of regulatory changes, and managing a practice and office staff. In modern health care, with hundreds of patients and a practice to run, Doctors are called to be experts in health care, health care regulation, business practices and liability law.
At Professionals Advocate, we understand that while caring for patients is the heart of your practice, Doctors have many responsibilities, and you need a professional liability insurer that can keep up with your hectic pace and varied needs. That is why, in addition to our comprehensive and quality professional liability policies, we provide many other valuable coverages and services that allow us to always be with you in every aspect of your practice.
Treating a difficult patient can be made easier with the help of our risk management support, which includes phone access for your immediate questions and educational programs that are available in-person, online and for home study. In the event of a privacy breach of paper or electronic records, our e-dataRESPONSE+ cyber liability coverage can provide valuable protection and assistance. When you must adopt new medical or legal requirements in your practice, our large library of online resources can supply helpful tips and recommendations. You will find a wealth of resources on topics including HIPAA, ICD-10 coding, the HITECH Act, Electronic Medical Records and more. And, most importantly, in the unfortunate event that a malpractice claim is filed against you, our gold-standard claims defense team, composed of top local attorneys and our experienced claims management specialists, is ready to aggressively defend you.
In 2016, we introduced an exciting new benefit that allows ProAd to be with you even as you enter retirement at the end of a long, successful career. The Mutual Advantage Plan is a financial reward program that recognizes your dedication to providing quality health care and your commitment to the long-term success of this company. Upon joining MAP, an account is established in your name that is then made payable upon a qualifying event, such as retirement.
Professionals Advocate is proud to stand behind you in everything you do. We strive to provide the coverages and services you need as you work hard to improve the lives of your patients. No matter how many new demands are placed on you, or how crowded your schedule becomes, you can be confident that our exceptional quality of service and unyielding claims defense is always with you.
Our aggressive approach to claims defense makes ProAd one of the area’s most formidable malpractice insurers. We deliver a successful resolution in the majority of claims that go to trial. Our dedicated legal team includes top local attorneys and experienced claims management specialists who provide comprehensive litigation education and support throughout a claim so you never feel alone.
ProAd provides all the resources you need to manage your liability risk every day, in every patient interaction. We offer live risk management education programs, phone support from our medico-legal experts, and a large library of online materials, including podcasts, articles and ProAd publications. With ProAd, meaningful risk management advice is never more than a call or click away.
ProAd’s knowledgeable staff provides friendly and efficient service that fits conveniently in your busy schedule. We take pride in our dedication to personally serve each of our insured Doctors with timely solutions and expert advice, whether you contact us via phone, email or fax. In 2016, 97% of all calls to our customer service team were answered live by our representatives.
As a Doctor-directed company, we recognize the constant threat of increased liability that Doctors face from new legislation. ProAd remains active in the legislative and judicial arenas in order to give you peace of mind that you can deliver the highest quality medical and dental care to your patients without fear of undue litigation. We fight for tort reform that creates a fair legal environment for Doctors.
Malpractice litigation is not the only danger that Doctors face. Exposure of electronic or paper records by accident or malicious intent, administrative hearings and disciplinary proceedings are all alarming realities. ProAd offers a collection of coverages, including e-dataRESPONSE+ cyber liability coverage and MedGuard legal defense, to provide protection for every aspect of your practice.
Claims can arise years or decades after care was given, and you need an insurer who will still be standing behind you. ProAd’s exceptional financial stability and sound management have earned us an “A” (Excellent) rating from A.M. Best, the nation’s most authoritative source of independent insurance ratings. The past, present and future of your practice are secure with ProAd.
ProAd enjoys close relationships with dozens of agents and brokers throughout Virginia, Maryland and D.C. We know your insurance agent is your go-to source for information about your professional liability policy, so we work hard to ensure that your agent always has the latest information on new coverages, policy benefits and services from ProAd.
No matter when you need us, proad.com will be there. We offer a broad array of online resources, including a comprehensive claims portal, online and automatic bill pay, risk management education program registration, up-to-date information on your Mutual Advantage Plan account balance, a security risk assessment, specialized risk management information centers, and more.
|Cash and short-term investments||5,650,655||11,337,944|
|Long-term invested assets||125,506,540||114,959,381|
|Total Admitted Assets||136,792,227||133,991,438|
|Reserve for losses and loss adjustment
expenses, net of reinsurance recoverable
|Reserve for unearned premiums||7,773,224||7,914,953|
|Deposits recieved on policies not in force||4,278,682||5,283,199|
|Ceded reinsurance balances payable||890,784||1,178,266|
|Total Policyholders' Surplus||108,698,551||102,717,919|
|Total Liabilities & Policyholders' Surplus||136,792,227||133,991,438|
|Losses and loss adjustment expenses incurred||2,763,634||3,055,586|
|Net Underwriting Loss||(91,204)||(242,984)|
|Net investment income earned and
realized capital gains and losses
|Income Before Dividends to Poliyholders
and Federal Income Tax
|Federal income tax||1,038,502||891,182|
This exciting financial reward program was created as a valuable new benefit for our Insureds. Participants can receive a distribution upon a qualifying event such as retirement.
We modified our definition of retirement to make it easier for retired Doctors to perform volunteer medical services and serve as locum tenens without the need to purchase additional policies.
More than 2,000 Doctors took advantage of our 2016 Risk Management education programs, which included timely topics on opioid prescribing, diagnostic error, identifying abuse, and more.
This comprehensive blog makes it easier to navigate the complexities of Electronic Medical Records by providing insights and resources that can help you select, implement and maintain an EMR System.
Our informative Doctors RX Newsletter has a new reader-friendly design! This full-color publication presents information on relevant topics and provides readers with the chance to earn a CME credit.
Never miss a payment on your professional liability policy again! Sign up for our automatic credit card payment plan to have your premium automatically charged to your card quarterly.