MIAMI, June 10 /PRNewswire-FirstCall/ -- Physicians Healthcare Management Group, Inc. ("Phyhealth") (Pink Sheets: PHYH) announced today that its exclusive affiliate, Physhield Insurance Exchange, a Risk Retention Group, has received approval from the state of Maryland Insurance Administration to underwrite medical malpractice insurance in the state. The insurance will be sold through the sales force and Internet site of Maryland-based Palumbo Insurance Associates, a full service commercial insurance agency specializing in medical malpractice and other insurance products geared toward physicians. Physhield is now authorized to operate as a liability insurer in Maryland, Florida, Texas and Nevada.
Physhield is structured as a reciprocal insurer and is owned by its physician subscribers. Phyhealth's subsidiary, Phyhealth Underwriters, Inc., serves as the Attorney-in-fact for Physhield and is contracted to perform Physhield's insurance management, underwriting, claims and administration functions. Physhield will underwrite medical malpractice insurance for physicians of all specialties; subject to their meeting Physhield's underwriting requirements.
Phyhealth's CEO, Robert Trinka, stated, "Physhield has been positioned as a separate business entity that is a critical component of Phyhealth's overall strategy of partnering with physicians to develop community health plans. Physhield is designed to help physicians stabilize the cost of their medical malpractice insurance and the Maryland product leads Physhield's initiative to expand its programs to cover all qualified physicians who are interested in getting more value for their medical malpractice premium dollar. In conjunction with qualifying tax structures, Physhield will enable physicians to reduce insurance costs, thereby making more practice dollars available to devote to actual patient care. Palumbo Insurance Associates' extensive customer base in the state of Maryland should provide a strong distribution network for our underwriting services."
Tony Palumbo, President of Palumbo Insurance Associates commented, "We are very excited to be working with local Maryland agents to deliver such a competitive alternative solution to the traditional medical malpractice policies sold in the state at this time. Physhield Insurance Exchange will allow the vast majority of physicians that have good loss histories to get off the insurance company pricing roller coaster and put their insurance premium dollars to work for them and their practices instead of the insurance company."
To find out more information about the program and how you can enroll in the Physhield Insurance Exchange, contact Palumbo Insurance Associates at 410-836-8591 or go to their website located at www.palumboinsassoc.com/physhield.html and fill out a contact form and one of the Palumbo Insurance associates will contact you.
About Physicians Healthcare Management Group, Inc.
Phyhealth develops fully integrated healthcare organizations in partnership with physicians. Phyhealth Plans are designed to preserve the physician-patient relationship and deliver high-quality affordable healthcare within its selected communities. Phyhealth offers a turnkey, prepaid health plan solution to physicians for their individual patients who prefer to choose their own doctor and who make their own healthcare insurance purchasing decisions. Phyhealth Plans are unique in integrating all aspects of the delivery and financing of care, including providing medical liability insurance protection through Physhield Insurance Exchange, Phyhealth's exclusive risk retention group. The Phyhealth model empowers physicians to proactively manage their patient's general health and medical care and enhances physician financial rewards by increasing practice revenues, reducing expenses and restoring the economic value (equity) of their medical practices. Phyhealth Underwriters is the attorney-in-fact for Physhield and has a long-term agreement with Physhield to manage its operations.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Physicians Healthcare Management Group, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE Physicians Healthcare Management Group, Inc.