SALT LAKE CITY, May 24, 2016 /PRNewswire/ -- The MGIS Companies, Inc. (MGIS), a leading program manager of insurance products and services designed specifically for physicians, today announced its new Income Protect | Multi-Practice solution targeted specifically at the fast-growing multi-practice entity (MPE) segment of the healthcare market. It combines the advantages of an enhanced group physician long term disability (LTD) insurance product from Sun Life, a leading group disability insurer, with a dedicated administrative program from MGIS that helps ease benefits administration across multiple practices.
"The development of the Multi-Practice solution is a direct response to an important trend in the healthcare industry," said Jeff Brunken, president of MGIS. "Based on our analysis of market direction and conditions, we believe MPEs will become the fastest growing healthcare segment over the next four years, driving group disability premiums in this space to as much as $635 million by 2019."1
The MGIS analysis suggests that formation of MPEs – which include such structures as Accountable Care Organizations (ACOs), Practice Management Organizations (MPOs) and Independent Physicians Associations (IPAs) – has been accelerated in recent years by implementation of the Affordable Care Act.
The IncomeProtect | Multi-Practice solution simultaneously addresses MPEs' need to offer big-organization purchasing power to attract and retain independent medical practices, while preserving customized plan features and administration – all without creating an administrative burden.
"Forward thinking brokers can now offer this emerging segment a group LTD insurance solution built specifically for their clients who are part of the evolving healthcare business," said Brunken. "These custom products come with high-touch service and account-level flexibility, making this a package that is fully aligned to the needs of all parties."
For more information on IncomeProtect | Multi-Practice, please visit www.mgis.com/products/incomeprotect-multigroup.
The MGIS Companies, Inc. is a leading national insurance program manager with deep experience in building and managing specialized programs for medical professionals. We partner exclusively with highly rated carriers and focus on group disability and life, and medical-professional liability insurance for medical groups of all sizes and specialties, including emerging group structures with unique insurance requirements. MGIS works exclusively through local brokers and benefit advisers. The MGIS group disability policies are underwritten by Sun Life Assurance Company of Canada (Wellesley Hills, MA), and in New York, by Sun Life and Health Insurance Company (U.S.) (Lansing, MI) (collectively "Sun Life"). Both companies are highly rated for financial strength. The MGIS medical-professional liability insurance policies are backed by Nationwide™, rated A+ (Superior) by A.M. Best. For more information visit our website http://www.mgis.com.
1 Market forecast based on MGIS analysis of the estimated employer-provided LTD, STD and life insurance market from 2014 through 2019. Estimates assume the multi-practice segment grows from 10% to 30% of the combined healthcare employee market and are based on demographic data from LIMRA, the U.S. Census Bureau and the American Medical Association. Premium estimates are based on MGIS proprietary data and industry sources including Medical Economics, The Journal of the American Medical Association (JAMA), Deloitte and Levin, Kaiser, Physicians Practice and Modern Healthcare.
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SOURCE The MGIS Companies, Inc.