Patients Compensation Fund (PCF) Announces Rate Reduction
“For the past three years, the highest legislative priority of the LSMS has been preservation of the caps and the financial integrity of the PCF,” said Dr. Vincent Culotta, vice chairman of the PCF Oversight Board and chair for the LSMS Council on Legislation. “This decision by the Board to reduce the rates is not only the result of a sound strategic plan, but also the tireless efforts of the LSMS and physicians who volunteer to serve on the Board and advocate on behalf of all physicians.” The LSMS is the only organization that nominates candidates for the four physician positions on the PCF Board.
This past legislative session, the LSMS sponsored a bill, that was adopted, that placed the rate-making authority and maintaining of actuarially sound reserves for the fund under the fiduciary responsibility of the PCF Board. The legislation precludes the commissioner of insurance from establishing arbitrary levels of reserves and determining the appropriate level of surcharge rates for the fund. This strengthens the solidarity of the Board in its oversight responsibility for the financial health and security of the fund.
“When your colleagues are elated at the reduced rates, remind them that organized medicine provided instrumental leadership in getting this reduction for all physicians,” said Dr. Culotta. “If they are not LSMS members, please encourage them to support the Society. Your annual LSMS membership dues are the best way to ensure continued success of our legislative advocacy efforts.”
Members of the PCF Board include Mr. Clark Cosse, Chairman; Dr. Vincent Culotta, Vice Chairman; Mr. Kent Guidry, Secretary; Mr. Joseph Donchess; Dr. Melanie Firmin; Dr. William St. John LaCorte; Dr. Katharine C. Rathbun; Mr. Manuel DePascual; and Mr. James E. Hritz.