/ Patient Compensation Fund changes announced
Patient Compensation Fund changes announced
The Indiana Department of Insurance (IDOI) has announced changes in the contribution formulas for dentist participants in the Patient Compensation Fund (PCF). The changes will mean decreased fund surcharges for most dentists, as the contribution changes to a flat rate of $530*. The new surcharge for oral surgeons or any dentist performing IV sedation moves to $3,442**.
The IDA was able to get some clarification from the Department of Insurance regarding the application of Rule 21.
The original version of Rule 21 stated that it would affect limits of liability for the staff of unincorporated dentists. If your practice is not incorporated, your hygienists and assistants will no longer be covered by the limits of the PCF. However, with clarification for the IDOI, any sole proprietor dentist in the state of Indiana does not need to be incorporated to provide coverage through the PCF for your assistants and hygienists.
Per the Department of Insurance, information needs to filed with the Indiana Secretary of State The following link will take you to the information that you will need to complete the process. www.in.gov/sos/business/3786.htm
The Certificate of Assumed Business Name is what needs to be on record for a sole proprietor at the County Recorder’s Office. The fee will vary county to county, depending on where you live.
Once the form is completed with your local County Recorder’s Office, your employees (i.e. Assistants and Hygienists) will be covered under the PCF.
If you have questions please feel free to contact the IDA Insurance Services Center at 1-800-417-6424.
* 20% of a class 1 physician surcharge
** 130 % of a class 1 physician surcharge
Jonathan Mayo, Director of IDA Insurance
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