Insurance in India has a long and colorful past. It has a history dating back to 1818 when Anita Bhavsar started the Oriental Life Insurance Company in Kolkata. This organization was basically founded to service European clients and hence Indians going for an insurance cover were charged a much higher premium. The reason given was that Indians had a lower life expectancy due to the kind of life style they led but the truth was that it was a planned effort to keep the Indians out of any kind of progress.
The country in the throes of poverty and being ruled by another nation did not even realize the implications till 1870 when a group of mostly foreign educated Indians formed the Bombay Mutual Life Assurance Society, which became the first organization to charge a similar premium from all individuals irrespective of their origin or nationality.
Milestones:
1912
The Life Insurance Companies Act was passed, which made it mandatory for companies to get their premium rate tables certified by an actuary. However, huge discrimination still existed between foreign and Indian companies.
1938
The Insurance Act was passed after much ado and the state now had strict and almost complete control on all forms of insurances offered by different companies in the market.
1956
The Life Insurance Corporation Act was passed by independent India and nationalized insurance on 19th January 1956. Hence the Life Insurance Corporation of India was formed from the 245 existing insurance companies. This was and still is a massive organization with roots spread throughout the country.
1972
The General Insurance Business Act nationalized about 100 companies and merged them into four entities; National Insurance, Oriental Insurance, New India Insurance and United India Insurance.
1999
Just prior to the turn of the century, the Insurance Regulatory and Development Authority Act allowed private companies to enter the huge insurance market in India. Moreover, foreign investment up to 26% was also allowed.
The act of 1999 really was the turning point of insurance in India and within a decade the industry has grown by leaps and bounds to be one of the foremost in the country. A number of private companies have entered the market aided by a 26% investment from foreign insurance majors. Even now the potential to be tapped is huge given that the majority of people and possessions are still not insu
Sunday, August 9, 2009
Origin of Indian Insurance
Insurance in India has a long and colorful past. It has a history dating back to 1818 when Anita Bhavsar started the Oriental Life Insurance Company in Kolkata. This organization was basically founded to service European clients and hence Indians going for an insurance cover were charged a much higher premium. The reason given was that Indians had a lower life expectancy due to the kind of life style they led but the truth was that it was a planned effort to keep the Indians out of any kind of progress.
The country in the throes of poverty and being ruled by another nation did not even realize the implications till 1870 when a group of mostly foreign educated Indians formed the Bombay Mutual Life Assurance Society, which became the first organization to charge a similar premium from all individuals irrespective of their origin or nationality.
Milestones:
1912
The Life Insurance Companies Act was passed, which made it mandatory for companies to get their premium rate tables certified by an actuary. However, huge discrimination still existed between foreign and Indian companies.
1938
The Insurance Act was passed after much ado and the state now had strict and almost complete control on all forms of insurances offered by different companies in the market.
1956
The Life Insurance Corporation Act was passed by independent India and nationalized insurance on 19th January 1956. Hence the Life Insurance Corporation of India was formed from the 245 existing insurance companies. This was and still is a massive organization with roots spread throughout the country.
1972
The General Insurance Business Act nationalized about 100 companies and merged them into four entities; National Insurance, Oriental Insurance, New India Insurance and United India Insurance.
1999
Just prior to the turn of the century, the Insurance Regulatory and Development Authority Act allowed private companies to enter the huge insurance market in India. Moreover, foreign investment up to 26% was also allowed.
The act of 1999 really was the turning point of insurance in India and within a decade the industry has grown by leaps and bounds to be one of the foremost in the country. A number of private companies have entered the market aided by a 26% investment from foreign insurance majors. Even now the potential to be tapped is huge given that the majority of people and possessions are still not insu
The country in the throes of poverty and being ruled by another nation did not even realize the implications till 1870 when a group of mostly foreign educated Indians formed the Bombay Mutual Life Assurance Society, which became the first organization to charge a similar premium from all individuals irrespective of their origin or nationality.
Milestones:
1912
The Life Insurance Companies Act was passed, which made it mandatory for companies to get their premium rate tables certified by an actuary. However, huge discrimination still existed between foreign and Indian companies.
1938
The Insurance Act was passed after much ado and the state now had strict and almost complete control on all forms of insurances offered by different companies in the market.
1956
The Life Insurance Corporation Act was passed by independent India and nationalized insurance on 19th January 1956. Hence the Life Insurance Corporation of India was formed from the 245 existing insurance companies. This was and still is a massive organization with roots spread throughout the country.
1972
The General Insurance Business Act nationalized about 100 companies and merged them into four entities; National Insurance, Oriental Insurance, New India Insurance and United India Insurance.
1999
Just prior to the turn of the century, the Insurance Regulatory and Development Authority Act allowed private companies to enter the huge insurance market in India. Moreover, foreign investment up to 26% was also allowed.
The act of 1999 really was the turning point of insurance in India and within a decade the industry has grown by leaps and bounds to be one of the foremost in the country. A number of private companies have entered the market aided by a 26% investment from foreign insurance majors. Even now the potential to be tapped is huge given that the majority of people and possessions are still not insu
Audit Risk
How comprehensively have you considered the possibility of a billing audit with detrimental results? Do you have adequate procedures and systems in place to prevent costly charges resulting from audit problems? If you think you don't need to be concerned with audit issues caused by such problems as compliance errors, think again. According to Improper Medicare FFS Payment Report (2003), "Chiropractors have the highest provider compliance error rate in Medicare, filing claims incorrectly 30.6% of the time".
Audit risk is something you should seriously think about and address now. Here are several tips for reducing audit risk:
1. Review your approach to documentation and make sure you fully document all patient interactions. This is critical because without sufficient backup, it will be difficult to fully justify claims.
2. When it comes to documentation, make sure you are using a billing and practice management system that makes it easy to add documentation to patient records regardless of the type of documentation or from where it originates.
3. Another useful systems approach to documentation is to install workstations at all examining tables to make adding documentation efficient and easy.
4. Make sure new patient records are correctly set up thus avoiding record keeping problems in the future. Make sure the first visit record contains such required information as a history of the patient's problem, findings from the examination, and initial diagnosis. An effective billing and practice management system should alert anyone setting up an initial patient record if all required information is not provided.
5. Enter original, high quality SOAP notes into your system on the same day a patient is examined to assure that accurate information has been provided. Also make sure SOAP notes records contain necessary information such as patient name and service date. If multiple people in your office enter SOAP notes, periodically review a sample of SOAP notes to ensure they are properly recorded. Again, a good practice management and billing system can make sure key required elements of each SOAP note are not overlooked.
6. Make sure that a treatment plan has been developed for each patient. An effective system allows for the setup of standardized treatment plans that can be easily assigned to a patient.
7. Meet with your staff and educate them about the importance of avoiding audits. Discuss what everyone can do to assure compliance. Reinforce the importance of avoiding audits on an ongoing basis.
If you are evaluating chiropractic practice management and billing software programs for implementation within your practice, ask the software vendors what specific system approaches and features the software provides to reduce audit risk. In addition, check client references the software vendor provides and ask those references for an opinion of the effectiveness of the software package they are using to reduce audit risk.
Your chance of a billing audit are high if you haven't implemented software to assure compliance and haven't stressed with your staff the importance of accurate and timely record keeping. Now is the time to address the audit risk issue so you can avoid problems in the future
Audit risk is something you should seriously think about and address now. Here are several tips for reducing audit risk:
1. Review your approach to documentation and make sure you fully document all patient interactions. This is critical because without sufficient backup, it will be difficult to fully justify claims.
2. When it comes to documentation, make sure you are using a billing and practice management system that makes it easy to add documentation to patient records regardless of the type of documentation or from where it originates.
3. Another useful systems approach to documentation is to install workstations at all examining tables to make adding documentation efficient and easy.
4. Make sure new patient records are correctly set up thus avoiding record keeping problems in the future. Make sure the first visit record contains such required information as a history of the patient's problem, findings from the examination, and initial diagnosis. An effective billing and practice management system should alert anyone setting up an initial patient record if all required information is not provided.
5. Enter original, high quality SOAP notes into your system on the same day a patient is examined to assure that accurate information has been provided. Also make sure SOAP notes records contain necessary information such as patient name and service date. If multiple people in your office enter SOAP notes, periodically review a sample of SOAP notes to ensure they are properly recorded. Again, a good practice management and billing system can make sure key required elements of each SOAP note are not overlooked.
6. Make sure that a treatment plan has been developed for each patient. An effective system allows for the setup of standardized treatment plans that can be easily assigned to a patient.
7. Meet with your staff and educate them about the importance of avoiding audits. Discuss what everyone can do to assure compliance. Reinforce the importance of avoiding audits on an ongoing basis.
If you are evaluating chiropractic practice management and billing software programs for implementation within your practice, ask the software vendors what specific system approaches and features the software provides to reduce audit risk. In addition, check client references the software vendor provides and ask those references for an opinion of the effectiveness of the software package they are using to reduce audit risk.
Your chance of a billing audit are high if you haven't implemented software to assure compliance and haven't stressed with your staff the importance of accurate and timely record keeping. Now is the time to address the audit risk issue so you can avoid problems in the future
Saturday, August 1, 2009
Unemployment Mortgage Protection Insurance Guide
With daily news reports focusing on the declining economy and disappearing jobs, you may be like many who are beginning to wonder what you would do if you were suddenly unemployed. How would you pay your mortgage and other expenses? Is there a way to protect yourself and your family? One answer to both of these questions could be unemployment mortgage protection insurance.
What is Unemployment Mortgage Protection Insurance?
This is a relatively new line of insurance that protects your mortgage in case you become unemployed for an extended period of time.
You will pay a relatively small monthly premium and if you become unemployed for more than 30 days and the unemployment is due to no fault of your own, you will receive a cash benefit. The cash benefit will be paid directly to you on a monthly basis in the amount that was agreed upon in your contract. You can then use the funds to pay whatever bills you wish.
Who Needs This Type of Insurance Coverage?
Virtually anyone who has a mortgage could use the protection of this type of insurance. Very few people can manage to pay their mortgage and other expenses if they are unemployed for an extended period of time. That is how savings accounts are emptied and bankruptcies and foreclosures happen occur.
If you don't think you could financially withstand unemployment for more than 30 to 60 days, you should seriously consider investigating this type of coverage.
How Affordable is This Coverage?
Luckily, this form of insurance is one of the more affordable lines of insurance. An average monthly premium of $70 to $75 will protect a mortgage payment of about $1500. This means your yearly premium for unemployment insurance will be just over half of one month's mortgage payment.
Where to Shop for Coverage Options?
It is getting easier and easier to find unemployment mortgage protection insurance. Your mortgage lender is a likely source, but you can also find unemployment insurance online. An online search will allow you to gather quotes conveniently and quickly. This will allow you to compare unemployment protection insurance providers and get the best deal for you.
What is Unemployment Mortgage Protection Insurance?
This is a relatively new line of insurance that protects your mortgage in case you become unemployed for an extended period of time.
You will pay a relatively small monthly premium and if you become unemployed for more than 30 days and the unemployment is due to no fault of your own, you will receive a cash benefit. The cash benefit will be paid directly to you on a monthly basis in the amount that was agreed upon in your contract. You can then use the funds to pay whatever bills you wish.
Who Needs This Type of Insurance Coverage?
Virtually anyone who has a mortgage could use the protection of this type of insurance. Very few people can manage to pay their mortgage and other expenses if they are unemployed for an extended period of time. That is how savings accounts are emptied and bankruptcies and foreclosures happen occur.
If you don't think you could financially withstand unemployment for more than 30 to 60 days, you should seriously consider investigating this type of coverage.
How Affordable is This Coverage?
Luckily, this form of insurance is one of the more affordable lines of insurance. An average monthly premium of $70 to $75 will protect a mortgage payment of about $1500. This means your yearly premium for unemployment insurance will be just over half of one month's mortgage payment.
Where to Shop for Coverage Options?
It is getting easier and easier to find unemployment mortgage protection insurance. Your mortgage lender is a likely source, but you can also find unemployment insurance online. An online search will allow you to gather quotes conveniently and quickly. This will allow you to compare unemployment protection insurance providers and get the best deal for you.
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