Britton Gallagher and the International Academy of Compounding Pharmacists announced a new risk management service offered to the Specialty and Compounding Pharmacy industry in response to significant insurance policy deficiencies they have recently uncovered.
MISSOURI CITY, Texas, June 6, 2019 /PRNewswire/ -- Britton Gallagher and the International Academy of Compounding Pharmacists (IACP) announced today a new risk management service offered to the Specialty and Compounding Pharmacy industry in response to significant insurance policy deficiencies they have recently uncovered.
The service is called RiskAlert-RxSM, a comprehensive risk exposure and insurance policy audit service specially designed to assist Specialty Pharmacies, Compounding Pharmacies and Outsourcing Facilities better understand their risks of loss, how their current insurance program addresses these exposures and provide step by step solutions to address any deficiencies with their current insurance program.
Britton Gallagher has conducted scores of these audits, and they have found significant gaps in existing insurance policies, including provisions that exclude coverage for exposures at the heart of Specialty and Compounding Pharmacy/Outsourcing Facility operations.
Bruce Ball, Britton Gallagher's CEO and Practice Leader of their Life Sciences division, states, "I am truly amazed at how many significant limitations exist in the insurance programs for Specialty and Compounding Pharmacies. Owners and senior management incorrectly assume they are covered and do not know these gaps in coverage exist. When presented with the results of the RiskAlert-RxSM audit, one owner of a 503A pharmacy stated they wanted us to find a new insurance company NOW, and not wait until their renewal because the shortfalls were so significant! We are bringing this auditing service to the industry to raise awareness of these underlying issues and assist owners in solving these significant problems."
This new service is offered free of charge with no requirement that the pharmacies create a business relationship with Britton Gallagher. Britton Gallagher is an insurance brokerage firm, not an insurance company, which means they will provide a non-biased, non-conflicted review of the company's policy. Britton Gallagher is in a favorable position to be completely transparent with the business owner.
IACP Executive Vice President, Scott Brunner, stated, "The RiskAlert-RxSM program is a new member service that we feel is another step towards protecting our compounding members' businesses and patients. Bruce Ball and the team at RiskAlert-RxSM are experienced life science insurance brokers and they understand the risks associated with compounding pharmacies. Ensuring you have the correct coverage for your practice is one of the most important steps you can take as a compounding pharmacist and business owner."
Brian Williamson, PharmD and Greg Rockers, RPh, principals with a compounding pharmacy consulting service, The Williamson Rockers Group, added, "As former compounding pharmacy owners, we have been in the shoes of pharmacists who incorrectly believe they are appropriately covered. We now realize just how short-sighted that belief was. As we conduct regulatory and operational gap analyses of compounding pharmacies, we now ask to review the insurance policy. Gaps in insurance coverage are as significant as gaps in operational and regulatory compliance. Coverage exclusions are time bombs that can destroy a business."
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SOURCE Britton Gallagher
