Newspaper article THE JOURNAL RECORD

Insurance Fund Board Approves 27.7 Percent Increase in Budget

Newspaper article THE JOURNAL RECORD

Insurance Fund Board Approves 27.7 Percent Increase in Budget

Article excerpt

budget for the Oklahoma Insurance Fund to $16.18 million from $12.6 million was approved by the fund's five-member board of managers Tuesday.

Most of the increase was attributed to the fund's plans to begin performing an in-house review of hospital claims.

The fund contracted with a Dallas company to review doctors' claims three years ago, and under the contract, the fund's employees are beng trained to take over reviewing those claims. The fund wants to set up the same type of arrangement with a professional claim review firm handling hospital claims.

The professional services budget category, the niche for these charges, grew 76.7 percent from $1.8 million for the fiscal 1989 budget to $3.2 million for the fiscal 1990 budget.

Beginning July 1, when the new budget becomes effective, the fund plans to hire between six and seven adjusters, along with other new full-time employees, who added 17.8 percent to the fund's projected salary expenditures for the year. Budgeted salaries rose to $7.5 million, up from $6.38 million for the fiscal year that will end June 30.

Part of the salary costs will be spent on an investment officer for the fund, who will be charged with locating and contracting money managers to handle the fund's investment portfolio.

The fund sold about $70 million in U.S. Treasury notes in May to make its portfolio more liquid - putting investments in cash or deposits that are easily convertible into cash - in preparation for the investment advisor's arrival. …

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