Convention Issue
Southwest Dental Conference
AUGUST 6-8, 2015
privacy of such information. Two of
Make plans NOW to advertise in the the most common causes
of
North Texas Dentistry data breach are loss and theft of a device gone missing, the
Convention Issue containing ePHI.
Once the device and the data it contains have
In the game of Monopoly, an unfortunate roll of the dice sometimes lands you face to face with the policeman who ushers you
directly to jail. If you haven't secured a get-out-of-jail-free card,
you're forced to spend time and energy trying to get out, while
everyone else continues to advance around the board.
tected health information which compromises the security or
covered entity is required to report the breach of their patient
data to HHS, to their patients, and also to the media if their
When it comes to HIPAA compliance, sometimes an unfortuPromote your business and services to patient pool is large enough. Unless, that is, the data on the lost
the North Texas Dental Community
nate event can lead to a breach that forces you to spend time
or stolen device has been protected by a safeguard called
and energy with most likely real-world cash) working with the – before the Southwest Dental Conference
(and perfect timing and perfect targeting
encryption.
Department of Health & Human Services (HHS) to determine
Encryption is the process of using an algorithm to transform
whether you had established the right policies and procedures
plaintext information into an unreadable format that can only
for handling Electronic Patient Health Information (ePHI),
b e
Hocus Pocus and see insurance for what it really is; simply a financial tool for the transfer of risk. Sit down with someone who has
the expertise to explain the component parts to you and help you
to understand how they work together to address the risks that
concern you most (and likely some you haven’t even considered).
Create an insurance budget based on that advice. Once you’ve
crafted a program that works to meet your specific requirements,
plan to revisit and revise it from time to time as things change. Our
lives are not static.
The right partner for your practice.
What do you think is the most common mistake den‐
sts make in their insurance decisions both person‐
ally and professionally?
Kyle Wallace, CIC has been active in the insurance business since 1985 and
started working exclusively with dentists in 1997. Terri Wallace has over 20
years of experience in managing small businesses. Kyle and Terri are the
owners of Wallace Specialty Insurance Group in Richardson, Texas serving
dentists throughout the Southwest. For more information, send an email to
[email protected] or call 972-663-5190.
A
In your field of exper se what would be the most
important advice you would offer a seasoned den st
and a new den st?
For more than 60 years, LegacyTexas has been a trusted banking partner
to North Texas dentists. One who understands what it takes to develop a
successful practice. And one with the resources to make it happen. So whether
you’re just starting out, upgrading equipment or expanding your office, look no
further than LegacyTexas.
For more information, contact:
Stan O’Neil 817.287.5722
Steve Young 972.461.4806
LegacyTexas.com
EXPERIENCE
SERVICE AND
ACCOUNTABILITY
Q
&
KW: For both new and seasoned dentists, my first and most important piece of advice would be to think about your insurance program as a whole, not as individual policies, much in the same way
you might think about your investment portfolio. Strip away the
28 NORTH TEXAS DENTISTRY | www.northtexasdentistry.com
KW: A common mistake among dentists is acting as their own
insurance advisor and putting their insurance program in place in
a piecemeal fashion buying a little here and a little there based on
what they perceive to be a good deal. The reality is that in most
cases this approach leads to overpaying for insurance, insuring for
lesser or even unnecessary risks and completely missing others.
They end up spending their insurance budget inefficiently and
often times even ineffectively. There is an emotional component
to the purchase of insurance, some forms more than others.
Insurance sales people know this and often use it to their advantage, especially those who sell only one line of insurance. Take out
the emotion and you’ll see the picture much more clearly. This will
also help you to invest your insurance dollars wisely.
Most of us understand the concept of getting what you pay for.
It’s generally the reason we choose to purchase one thing over
another. This concept holds true when applied to insurance.
Unfortunately, there seems to be a disconnect when it comes to
insurance. A few very vocal insurance companies have built marketing campaigns around the promise that you can get more coverage for less money and it’s just not true. You really do get what
you pay for. Still, you don’t always have to buy the most expensive insurance to get what you need. The key is knowing where
you should conserve and where you shouldn’t. Most consumers
need the assistance of a professional to make these decisions.
Unfortunately, very few take full advantage of the assistance
available.
Specializing in Turn-Key Dental
Specializing in Turn-Key Dental
Office Solutions Since 1994
Office Solutions Since 1994
What issues do you see in the insurance world that
affect den sts and their dental prac ce?
KW: As long as I’ve been working exclusively with dentists (20
years now), where the dental world and the insurance world collide
you mostly hear, “malpractice, malpractice, malpractice”. It’s a
scary word and the risk is real. Still, we know how to address the
risk both with insurance and risk management techniques. A good
Kyle & Terri Wallace
Wallace Specialty Insurance Group
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www.esa-construction.com
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