June 2021
Our e-newsletter for Enterprise Risk Management, Claim Settlement and Healthcare Solutions.
The reopening from the pandemic is creating significant opportunities and risks for our clients. We are supporting our clients with re-measurement of their claim valuations due to inactivity for over a year. Also, we are supporting clients with outsourced risk and claim management functions as needed. Please contact us with any questions or comments you may have during this time. We thank you for trusting Blackburn Group with your business needs, and we will always strive for personalized care and excellence now and in the future.
Robert J. Blackburn, Managing Principal
Insurer Uses Medicare MPPR to Reduce Payments
In a recent Florida 4th District Court of Appeals case, the Court ruled on behalf of State Farm to reduce payments utilizing Medicare’s Multiple Procedure Payment Reduction method. State Farm appealed the original case by asserting that a limit on price per procedure is not a limit on number of procedures utilized. Read more >>
More Risk, Claim and Healthcare News …
Colonial Pipeline Attack Prompts DHS Directive. On May 27, 2021, DHS announced a new directive which will require pipeline operators to report confirmed and potential cybersecurity incidents to the Cybersecurity and Infrastructure Security Agency. View article...
NCCI Annual Issues Symposium 2021 Highlights Workers Compensation. On May 13, 2021, NCCI Chief Actuary Donna Glenn shared a quick recap of the workers compensation insurance line including a calendar year combined ratio of 87, a sign of profitability for insurers. Workers’ compensation reserves remain robust with the redundancy growing to $14 billion as of year-end 2020. View article…
New Approaches to Cyber Risk Coming. According to a new AM Best report, “Ransomware and Aggregation Issues Call for New Approaches to Cyber Risk,” cyber insurance is now a primary coverage for a corporation’s risk management and insurance purchasing decisions. Insurers urgently need to reassess all aspects of their cyber risk, including their appetite, risk controls, modeling, stress testing and pricing, to remain a viable long-term partner dealing with cyber risk. View article...
MTA Transit System Hacked. Suspected Chinese hackers broke into the Metropolitan Transportation Authority in New York, creating an emergency response to counter a potentially crippling cyberattack against North America’s largest transit system, MTA officials confirmed on 6/2/21. The officials said in a statement that that agency received an alert from the FBI and other federal agencies saying three of its 18 computer systems were put at risk. View article...
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