On August 21, 2001, A.M. Best announced that it had downgraded the PHICO group from B ("fair") to an E rating ("under regulatory supervision"). This was done because PHICO was placed in "rehabilitation" on August 16, 2001 by the Pennsylvania insurance commissioner. The action by the Commissioner is designed to protect policyholders and follows a decline in PHICO's surplus from $127 million to $6.8 million.
Although many of their insureds are still with PHICO the International Chiropractic Association's (ICA's) ChiroSecure insurance program began moving its policyholders to ACE ("A+" A.M. Best rating) last year when it became concerned with PHICO's financial strength. The move by the Pennsylvania commissioner prevents PHICO from writing any new policies, while maintaining remaining surplus to address the needs of existing policyholders.
As PHICO is an admitted carrier in all states where ICA's ChiroSecure writes its policies, their insureds would generally be covered by their state's insurance guarantee fund, should PHICO's remaining surplus prove insufficient. Because their policyholders may not receive a refund if they switched carriers prior to their renewal date, ICA's ChiroSecure is notifying each policyholder and offering the option to switch carriers early, or wait until their renewal period.
Stuart Hoffman,DC, president of ChiroSecure commented:
"Our primary concern is always the practicing doctor of chiropractic. The ICA Board approved ACE as our backup insurer last year to protect our policyholders from what has proven to be an unstable insurance market. We are contacting every policyholder personally to help them assess their individual needs and take the best course of action to protect their practice at all times."Through our negotiations with ACE, we have been able to maintain the strength of our malpractice policy while negotiating even lower rates in most states. Doctors can contact me directly for answers to any questions or for additional information (480-657-8500)."
When sports chiropractors first appeared at the Olympic Games in the 1980s, it was alongside individual athletes who had experienced the benefits of chiropractic care in their training and recovery processes at home. Fast forward to Paris 2024, where chiropractic care was available in the polyclinic for all athletes, and the attitude has now evolved to recognize that “every athlete deserves access to sports chiropractic."
It is estimated that 61% of patients with CTS avoid taking surgical options due to postoperative complications and costly surgical procedures. Chiropractic care offers a comprehensive and effective treatment for carpal tunnel syndrome, addressing the condition from multiple angles. Recent studies also have unveiled a game-changing adjunct to chiropractic treatments for CTS: nerve flossing.
Some doctors thrive in a personality-based clinic and have a loyal following no matter what services or equipment they offer, but for most chiropractic offices who are trying to grow and expand, new equipment purchases help us stay relevant and continue to service our client base in the best, most up-to-date manner possible. So, regarding equipment purchasing: should you lease, get a bank loan, or pay cash?
