Biomedical Engineering Reference
In-Depth Information
c. Are federal funds available for any of the
following:
•
Bioterrorism preparedness appropria-
tions (and, if received, can the orga-
nization set aside these funds for
cash-flow interruption in an emer-
gency);
•
New CMS funds appropriated in the
Medicare Modernization Act for hospi-
tals to aid hospitals providing uncom-
pensated care; and/or
•
Post-event appropriations?
d. Can the institution create a new funding
stream through patient surcharges or other
mechanisms?
e. Are Red Cross funds available?
f.
d. What causes of loss are covered by the
institution's policy? Are distinctions made
between differing causes of loss (e.g.,
natural disaster vs. terrorism vs. naturally
occurring bio-incident)? Must the emer-
gency be publicly declared in order to
make a claim under the insurance, or may
other crises that trigger an interruption of
one or more operations generate a claim?
e. Does the institution have a copy of the
policy in an easily accessible location? Can
the Finance Section Chief locate a copy in
an emergency?
f. When was the institution's policy last
reviewed? Does the institution have a
policy in place for how often its coverage
is reviewed?
g. What documentation is required to file a
claim?
h. Have appropriate steps been taken to iden-
tify and protect vital records (e.g., are
copies of important records kept off-site,
or in a safe place where they may be
accessed easily following an emergency)?
Are vital insurance records stored in a fire-
proof cabinet?
2. What property insurance is available?
a. What method will be used to value the
insured property?
b. How does the institution's insurer evaluate
preventive/mitigating action?
•
Does the policy allow for reduced
premiums if preventative measures are
taken?
•
Does the policy require mitigation of
known risks?
c. Are recent improvements or additions
insured? Must the organization notify the
insurer to cover such improvements?
d. What costs are covered (e.g., repair to pre-
disaster condition; rebuilding; relocation
costs)? Have sublimits that may apply in
an emergency been established (e.g., flood
or earthquake limits)? Are these limits
adequate for recovery from a catastrophe,
or will additional resources be required?
If the institution is designated as an isola-
tion or quarantine facility, are there plans
(on a federal and/or state level) to provide
compensation to facilities if revenues are
adversely affected?
C. Institutional Insurance Coverage
Managing risk is an important part of ensuring
continued viability and protection in the event
of an unexpected occurrence for any business,
including the provision of healthcare. (For addi-
tional information on terrorism and natural-
disaster risk management, please see
Appendix
B
.) Insurance plays a vital role in the manage-
ment of risk by providing a mechanism for
spreading that risk. Insurance allows businesses
to accept what would otherwise be unaccept-
able risk.
1. Does the organization review its insurance
coverage on a periodic basis?
a. What is the current level of coverage?
What coverage is available? What are the
institution's deductibles?
b. Is the organization subject to minimum-
coverage requirements for the different
types of insurance?
c. How should the institution determine
appropriate
coverage
levels? What
resources/tools
are
available
to
aid
assessment of risk/vulnerability?
