Conventus Chairman Testifies in Trenton.Business Editors/Political Writers/Health/Medical Writers WOODBRIDGE, N.J.--(BUSINESS WIRE)--March 29, 2004 Dr. Albert A. Talone, Chairman of the Board of Governors for Conventus Inter-Insurance Exchange testified before the New Jersey State Assembly & Senate, sharing his thoughts on the state of tort tort, in law, the violation of some duty clearly set by law, not by a specific agreement between two parties, as in breach of contract. When such a duty is breached, the injured party has the right to institute suit for compensatory damages. reform in New Jersey and on bill A50, the "New Jersey Medical Care Access and Responsibility and Patients First Act." The legislation proposes various tort liability reforms, health care system reforms and professional liability insurance reforms, all designed to ease the financial pressure New Jersey physicians are facing. Dr. Talone has been very proactive in fighting for the rights of all New Jersey physicians. As Chairman of Conventus, the state's only physician owned and governed medical professional liability insurance company, Dr. Talone recognizes the impact that these issues have on the affordability and availability of insurance for all physicians. "Thousands of our physicians continue to treat our New Jersey citizens to the best of their ability," Dr. Talone testified. "The state continues to be greatly distressed by the continuing trend in rising premiums and its impact on our ability to keep the best and brightest in medicine in New Jersey as well as our diminishing di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. capacity for semi-retired clinicians to continue to practice medicine." In his testimony, Dr. Talone focused on declining and untimely reimbursements that physicians receive from third parties. He also addressed the dismal dis·mal adj. 1. Causing gloom or depression; dreary: dismal weather; took a dismal view of the economy. 2. performance of insurance reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. to hospitals. These two issues combined have made it difficult to keep hospitals and clinics staffed with the appropriate personnel, ultimately threatening the quality of care that is available to New Jersey citizens. In addition, Dr. Talone commented on rising professional liability insurance premiums, the fastest rising overhead cost a physician must manage. Increasing severity of medical malpractice Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. claims coupled with mismanagement mis·man·age tr.v. mis·man·aged, mis·man·ag·ing, mis·man·ag·es To manage badly or carelessly. mis·man  age·ment n. by many commercial insurance carriers has led to a tight market that struggles for stability. A leading advocate for New Jersey physicians, Dr. Talone has demonstrated that physician involvement in critical issues produces results. This idea drove Dr. Talone to be a founding member of Conventus. At Conventus, Dr. Talone is proving that by joining together, physicians can take control of their own destiny and limit, at least from an insurance perspective, the impact that today's environment has on their bottom line. About Conventus Inter-Insurance Exchange Conventus Inter-Insurance Exchange is a not-for-profit, non-assessable reciprocal Bilateral; two-sided; mutual; interchanged. Reciprocal obligations are duties owed by one individual to another and vice versa. A reciprocal contract is one in which the parties enter into mutual agreements. insurance exchange providing medical professional liability insurance in New Jersey. Conventus is the only company in the state that is both owned and governed by its members, but is managed by experts in the property and casualty insurance industry. The management team at NIP (Novell Internet Printing) See NetWare 6. Management Company, the Exchanges' Attorney-in-Fact, has extensive experience in medical professional liability insurance and in managing underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. results for companies like Conventus. |
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