Well-known global professional services organisation, Aon, and Medicoop,
a co-operative bank dedicated to the exclusive needs of healthcare
professionals, have entered into an agreement to jointly assist doctors and
nurses in meeting their consequential liabilities as private practitioners.
Elaborating on this partnership at a launch function in Johannesburg yesterday,
Medicoop MD, Theuns Botha, reminded his guests that when a service organisation
such as a bank provides financial solutions to health sector clients, it has to
be mindful of the fact that short term insurance becomes a consequential
liability: “The least we can do is to ensure that our members have access to
Aon as the preferred short term insurance partner as Medicoop’s professional support
to members requires similar professional support from our strategic partners.”
Medicoop’s primary function, he explained, was to enable its health professional members to buy into practices
and set up new practices. Services included assisting new entrants and existing
health professionals to provide best options to asset rental solutions for new
equipment, operational banking accounts, investment opportunities, co-ownership
in the co-op, point of sale facilities and providing a series of additional
finance products and services, including auditing, insurance, practice management
and staff recruitment.
“One of the points I’d like
to stress here,” Botha said, “is co-ownership in the co-op. Simply put, being a
co-operative provider our doctor members have a share in the bank.”
Beyond the typical property
and casualty risks faced in the healthcare environment, it was also noted
during proceedings that legal suits against practicing healthcare professionals
are far more commonplace in an increasingly litigious society, while the risks
to property, assets and business continuity are many and diverse.
Adding to this point in the
formal launch announcement, Aon South Africa marketing head, Mandy Barrett
added: “This agreement, therefore, paves the way for new doctors entering the
daunting practice environment, often fraught with risks and liabilities that
can put professional reputation and business and personal assets on the line.
In this situation insurance is often seen as a grudge purchase. The agreement
is set to assist new doctors to secure their business and personal assets and
enable them to grow their new medical businesses, and in this manner expand the
Photo Caption: Theuns Botha (left) Medicoop
MD, and Aon South Africa CEO, Terence Williams, with Dr Gwen Ramokgopa,
immediate past Gauteng Health MEC, guest speaker at the Medicoop/Aon
partnership agreement launch function in Johannesburg yesterday.