Hurricanes, like the recent Hurricane Florence that hit North Carolina and South Carolina, can cause massive economic harm and property damage to physician practices, hospitals, pharmacies, and healthcare providers of all kinds. Business loss may include loss of patients, inventory, files, equipment, and the inability to continue operating the business. Other potential losses include the loss of payor contracts, adverse impact on wholesaler and distributor arrangements, licensing issues and prescription audits of pharmacies, which can lead to “refill too soon” discrepancies and financial recoupments.
Navigating insurance claims should not be a distraction from recovering and rebuilding your business. Whether insurance policies cover such losses is often a complex analysis and arduous task to support claims. Often, insurance carriers deny claims, requiring businesses to fight for what they are entitled. Just reviewing and understanding insurance policies and coverages can be overwhelming and confusing. Carriers often improperly deny or disclaim coverage.
For insurance claims, the first step is reviewing your company’s policy, including the important Business Interruption/ Business Income Insurance coverage (BI Coverage). The BI Coverage provides recovery for your company’s loss including: loss of profits, costs associated with utilizing a temporary location, extra expenses incurred in continuing to operate your business, and any costs associated with government-mandated closures.
It is important that businesses be aware of, and comply with, all filing deadlines contained in the insurance contract, as well as compiling and producing all documents evidencing the loss.
For payor or regulatory issues, Frier Levitt can guide you on any disaster recovery practices you will need to implement in order to avoid losses of contracts and/or licensing issues.
Frier Levitt attorneys have extensive knowledge and experience of both the business of healthcare and the related insurance coverage issues. We assist healthcare providers of all types with recovery and help maintain the success of their business. Frier Levitt can assist in determining available coverage, submitting claims and challenging claim denials. We also assist in challenging or defending any contract disputes with payors, wholesalers, as well as any regulatory issues stemming from hurricanes. Claims can often be handled on Alternative Fee Arrangements.
Additionally, Frier Levitt reviews existing policies at no cost, including Professional Liability policies, to make sure businesses are properly and fully covered for future events. Contact Frier Levitt today to speak to an attorney.
