News & Press Releases
OBS Medical’s Visensia patient monitoring technology lowers cost of medical malpractice insurance
Carmel, Indiana, March 25, 2009 - OBS Medical has entered into an agreement with Beazley, a major Lloyd’s of London-based insurer of medical malpractice for US hospitals, for Beazley to provide insurance coverage at a reduced cost to hospitals that implement OBS’s Visensia® patient monitoring technology to provide early warning of clinical crises.
Recognized by Frost and Sullivan as a 2008 North American Technology Innovation award winner, OBS Medical’s Visensia hospital patient safety suite fuses data from multiple vital signs into a numerical index of a patient’s wellness. When the predictive index reaches or surpasses a set threshold, an alert is triggered, indicating a patient may be at greater risk of deterioration.
Hospitals that use Visensia in a manner approved by Beazley’s underwriters will be entitled to receive reimbursement of a portion of the premium paid for their medical malpractice insurance at the end of the policy period. The value of this return premium will vary, depending on the coverage provided. Return premiums of more than $100,000 have already been paid out to individual Beazley clients that have implemented agreed measures to improve the quality of patient care.
Beazley’s Lloyd’s syndicates, rated A by A.M. Best, insure US hospitals on a non-admitted or surplus lines basis and coverage can only be arranged through an accredited surplus lines broker.
OBS Medical’s Chief Operating Officer Wayne Nethercutt said, “Clinical data have demonstrated the value of Visensia in providing early warning of potentially fatal deteriorations in patients’ condition that might otherwise be missed. I am delighted that Beazley, a major insurer of hospitals’ medical malpractice exposures with a track record of innovation, has recognized the benefits this can bring in reducing med mal claims.”
About Beazley Group
Beazley Group plc (BEZ.L) is the London-based parent company of global, specialist insurance businesses with operations in the UK, US, France, Germany, Singapore, Hong Kong and Australia. Beazley manages four Lloyd’s syndicates: Syndicates 2623 and 623 underwrite a broad range of insurance and reinsurance business worldwide; Syndicate 3623 focuses on accident and health business; and 3622 is a dedicated life syndicate. In 2008, Beazley underwrote gross premiums of £875.7 million. All Lloyd’s syndicates are rated A by A.M. Best. In the US, our underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company, Inc., an admitted property/casualty carrier in all 50 states; and surplus lines risks, backed by the Beazley syndicates at Lloyd’s. Beazley Insurance Company, Inc. is rated A by A.M. Best.
We are market leaders in many of our chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
About OBS Medical
OBS Medical is based in Carmel, Indiana and provides innovative clinical algorithms for safer hospitals, safer patients and safer drugs. Based on intelligent algorithms such as neural networks, data fusion and ECG waveform recognition, OBS Medical technologies cover a range of medical applications including automated early crisis warning (Visensia®), automated assessment of ECG waveforms including QT interval measurement and morphology tracking (BioQT™), and EEG analysis for brain-state assessment. OBS Medical is a wholly-owned subsidiary of Oxford BioSignals Ltd. based in Oxford, UK, which was originally spun out from Oxford University.
Contact:
OBS Medical
Meredith Formsma
1-866-424-6744
meredith.formsma@obsmedical.com
http://www.obsmedical.com
